Chap. 273.—An ACT to provide for the Payment of Interest on the
Public Debt.

Approved March 29, 1875.

1. Be it enacted by the general assembly, That it shall be
the duty of the auditer of public accounts to pay into the
pwblic treasury, subject to the warrant of the second auditor,
so much of the public revenue as the second auditor mar
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
accounts, the second auditor, the treasurer, and the attorney-
general (who are hereby constituted a board for that pur-
pose), the condition of the treasury will warrant, having
regard to the surplus in the treasury and the accruing reve-
nues, and the amount necessary to the support of yovern-
ment, two per centum upon the principal of the public debt,
bearing an interest of six per centum per annum, as evi-
denced by bonds issued under the provisions of the act ap-
proved March thirticth, eighteen hundred and seventy-one,
and as amended by the act approved March seventh, eigh-
teen hundred and seventy-two. There shall also be paid at
the same times, ono and two-thirds per centum upon that
yart Of the public debt assumed by this state under act of

{arch thirtieth, cighteen 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 tho 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-
five: 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 hereinbefore stated, then it
shall be the duty of said board, and they are hereby autho-
rized and directed, to pay so much thereof as, in their judg-
ment, the condition of the treasury will allow.

3. It shall be the duty of the second auditor, upon the pay-
ment of the interest therein 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 accrucd, and the time it was due and payable, for
which such ccrtificate 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.