Chap. 169.—An ACT to Provide for the Payment of Interest on the
Public Debt.

Approved March 13, 1873.

1. Be it enacted by the general assembly, That it shall be
the duty of the auditor of public accounts to pay into the pub-
lic 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, when demanded, after the passage of
this act, and on the first day of July, eighteen hundred and
seventy-three, two per centum interest upon the principal of
the public debt, bearing an interest of six per centum per
annum as evidenced by bonds issued under the provisions of
the act approved March thirtieth, eighteen hundred and
seventy-one, and upon that part of the public debt bearing an
interest of five per cent., there shall be paid, at the same times,
one and two-thirds per cent., and 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,
there shall be paid a like interest: provided, that the interest
herein directed to be paid, except as hereinafter provided, shall
be limited to interest falling due in the year eighteen hundred
and seventy three.

3. Upon the payment into the treasury of the interest falling
due the first of January, eighteen hundred and seventy-three,
as hereinbefore provided, it shall be the duty of the auditor of
public accounts, the second auditor, and treasurer, who are
hereby constituted a board for that purpose, to ascertain and
determine, having regard to the surplus in the treasury and
the accruing revenues, as well as the demands against the
treasury for the interest payable on the first of July, eighteen
hundred and seventy-three, and the amount necessary for the
support of the government, what amount may be paid upon
the unpaid interest falling due the first of January, eighteen
hundred and seventy-two, and the first of July, eighteen hun-
dred and seventy-two; and, after they shall have so ascer-
tained and determined, it shall be the duty of the auditor of
public accounts to pay said amount into the treasury, subject
to the warrant of the second auditor, and the same shall be
paid in accordance with the provisions of this act—the amount
hereinbefore provided being all the commonwealth is able to
pay at this time.

4. 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 certificates 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.

5. It shall be the duty of the second auditor, upon request
of such creditors of the state as have received or may receive
interest upon their debts under the provisions of this act, and
the act in force March nineteenth, eighteen hundred and
seventy-two, entitled an act to provide for the payment of
interest on the public debt, to issue and deliver to them interest
certificates, in accordance with the provisions of this act, for
such portions of the interest due and withheld on the first
days of January and July, eighteen hundred and seventy-two;
and when such certificates shall be demanded for unpaid interest
upon coupon bonds, it shall be the duty of the second auditor
to receive, cancel and file away in his office the interest coupons
80 paid and redeemed.

6. 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 paya-
ble to bearer, and, on registered stock, to bearer or order, at
the option of the holder.

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