1846.

LAWS OF MARYLAND.

CHAP. 238.

Passed March
8, 1847.

CHAPTER 238.

An act entitled, an act relating to the Public Debt of

Maryland.

Treasurer au-
thorised to re-
sume payinent
on the public
debt.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Treasurer of the State be, and he is
hereby authorised and directed, to resume the payment
of the current interest on the public debt, on the first day
of January, eighteen hundred and forty-eight, and to
make all arrangements which may be necessary to carry
the provisions of this act into effect.

Commissioner
of Loans to is-
sue bonds, &c.

Sec. 2. And be it enacted, That the Commissioner of

Loans be, and he hereby is authorised and directed,
whenever, after the first day of October, eighteen hun-
dred and forty-seven, he may be requested so to do by
any holder or holders of coupons, or certificates of in-
terest, due and unpaid upon the public debt of the State
of Maryland, up to the said first day of October inclu-
clusive, and upon the delivery to him of the said coupons
and certificates of interest to be cancelled, to issue to
such holder or holders the bond or bonds of the State of
Maryland for the amount of such coupons or certificates

Bonds redeem-
able.

respectively, which bond or bonds shall be redeemable
at the pleasure of the State, and shall on the face of the
same be entitled of the year in which the said coupons
or certificates of interest were due, and shall bear inte-

Proviso.

rest at the rate of six per centum per annum, from the
said first day of October, payable annually at the loan
office in Maryland; provided, that the interest payable
upon the main public debt now existing shall always be
first fully paid and discharged up to the first day of Oc-
tober inclusive, in each and every year, before any inte-
rest is paid on the bonds given for coupons and certificates
of interest aforesaid; and if, after paying the ordinary
expenses of the State and the interest on the said main
public debt in any year, there should not remain in the

treasury funds adequate to pay the full amount of six
per centum on the bonds so given for coupons and certi-
ficates of interest, then there shall be paid to the holder

Rate of inter-
est.

or holders of any such bonds a rate of interest propor-
tioned to the disposable balance remaining in the treasu-
ry, and there shall also be given to such holder or holders,
a certificate or certificates for the difference between said
proportionable interest so paid, and six per centum on
said bond or bonds, which certificates shall be paid out