ELIHU E JACKSON, ESQUIRE, GOVERNOR.

exchanged for obligations of this state, redeem-
able in gold coin of the United States, at the
rate of four dollars and eighty-six cents and six
and a-half tenths of a cent for each pound ster-

309

ling, and that said debt so converted, and every
part thereof, should be redeemable at the office
of the treasurer of this state, in the city of An-
napolis, or at such other place within this state
as such treasurer shall designate, after the first
day of July, in the year nineteen hundred and
three; and that said converted debt, and every
part thereof, should bear interest at a rate not
exceeding three and sixty-five hundredths per
centum per annum, payable on the first days of
January and July in each year ; therefore,
SECTION 1. Be it enacted by the General As-
sembly of Maryland, That for the purposes of

Preamble.

said conversion, extension, exchange and re-
demption of said sterling indebtedness of this
state, created under the provisions of the act of
eighteen hundred and thirty-eight, chapter three
hundred and eighty-six, amounting to nine hun-
dred thousand two hundred and fifty pounds
sterling, a loan be and the same is hereby created
to be called The Exchange Loan of eighteen
hundred and eighty-nine, to the amount of four
millions three hundred and eighty-one thousand
and sixty-six dollars and sixty-three cents, the
same being the present value, in gold coin, of
the United States, of the sterling indebtednesss
of this state, created under the act last men-
tioned, at the valuation of four dollars eighty-
six cents and six and a half tenths of a cent for
each pound sterling, the same being the ex-
changeable value of a pound sterling expressed
in the money of account of the United States,
as declared by the secretary of the treasury of
the United States on the first day of January,
eighteen hundred and eighty-eight ; and said

Exchange
loan created.

loan hereby created, in all its parts, shall bear
date of the first day of July, in the year eighteen
hundred and eighty-nine, and shall bear interest
at a rate to be fixed by the governor, comptroller
of the treasury, and the treasurer of this state,
or a majority of them, not exceeding three and
sixty-five hundredths per centum per annum,
payable in gold coin of the United States on the

Rate of in-
terest.