Chap. 231.—An ACT to Provide for the Payment of Interest on tk:
Public Debt.

Approved April 28, 1874.

1. Be it enacted by the genera] assembly, That it shall be
the duty of the auditor of public accounts to pay into the
public treasury, subject to the warrant of the second auditor,
so much of the public revenue as the second auditor may
certify to be necessary to pay the interest on the public debt
as herein provided.

2. There shall be paid at such times as in the judgment of
the governor of the commonwealth, the auditor of public ac-
counts, the second auditor and the treasurer (who are hereby
constituted a board for that purpose), the condition of the
treasury will warrant, having regard to the surplus in the
treasury and the accruing revenues, and the amount neces-
sary to the support of government, two per centum upon the
principal of the public debt, bearing an interest of six per
centum per annnm, as evidenced by bonds issued under the
provisions of the act approved March thirtieth, eighteen hun-
dred and seventy-one, and as amended by the act approved
March seventh, eighteen hundred and seventy-two. There
shall also be paid at the same times, one and two-thirds per
centum upon that part of the public debs assumed by thi
state under act of March thirtieth, eighteen hundred and
seventy-one, which bears an interest of five per centum. A
like interest shall be paid upon two-thirds of the debt, the
securities representing which have not been changed since
the thirtieth day of March, eighteen hundred and seventy-
one: provided, that the interest herein directed to be paid
shall be limited to the interest payable in the year eighteen
hundred and seventy-four: provided, further, that if, in the
opinion of the board aforesaid, the condition of the treasury
will not justify the payment of interest in full, as hereinbe-
fore stated, then it shall be the duty of said board, and they
are hereby authorized and directed, to pay so much thereof
as in their judgment the condition of the treasury will allow.

3. It shall be the duty of the second auditor, upon the pay-
ment of the interest herein provided for to the creditors of
the state, to issue and deliver to such creditors non-interest
bearing certificates for that portion of the interest due and
remaining unpaid; and where interest shall be paid and cer-
tificates given for interest due upon coupon bonds, it shall be
the duty of the second auditor to take in, cancel and file
away in his office the interest coupons so paid or redeemed.

4. Every interest certificate issued by authority of this
act shall state upon its face the kind of bond upon which the
interest accrued, and the time it was due and payable, for
which such certificate is given; and every interest certificate
issued by authority of this act shall, in the case of coupons,
be payable to bearer, and, on registered stock, to bearer or
order, at the option of the holder.

5. This act shall be in force from its passage.