State bond

“ The State Bond Commission or its successor may also issue and sell bonds, notes, or other obligations secured by a pledge of the excess revenues deposited in the trust fund, which shall otherwise be issued in the manner and for the purposes provided for in this Section, and if so pledged any portion thereof needed to pay principal, interest, or premium, if any, and other obligations incident to the issuance, security, and payment in respect thereof may be expended by the treasurer without the need for legislative appropriation. ”

“ Is not the force of our tender-laws destroyed by it? The worthy gentleman from Wilmington has endeavored to obviate the objection as to the Constitution's destroying the credit of our paper money, and paying debts in coin, but unsatisfactorily to me. A man assigns, by legal action, a bond to a man in another state; could that bond be paid by money? I know it is very easy to be wrong. ”

“ So that the point to be determined, from an examination of the statute, is whether a state, when lending its own bonds and taking back security for their payment, intended to protect those who might afterwards become the holders of the bonds against the consequences of its own repudiation or inability to pay, or only to indemnify itself against loss by reason of the loan of its credit to those who were engaged in constructing its great works of internal improvement. ”

“ That whereas, by the act of the legislature of 1896, the treasurer of this state is forbidden to pay, consolidate, or fund any coupon bond of the state after the expiration of twenty years from the date of maturity of such bonds, and certain bonds entered on the books of the state treasurer as 'Old bonds, not fundable, act of 1896, Blue Ridge Railroad Bonds, $37,000,' are still carried on the books of the state treasurer. ”

“ But we are inclined to the opinion-although uninformed upon the subject by any direct decision of the Supreme Court of the State to which our attention has been called-that municipal bonds and coupons were regarded by the framers both of the revision of 1849 and that of 1858, as, alike, sealed instruments to which the limitation of twenty years was applicable. The word 'bond' at common law (and even now as a general rule) imports a sealed instrument. ”

“ The bonds shall mature in periods of five years, and the board of equalization is authorized to levy a tax in an amount equal to one-fifth of the amount of their principal. The state treasurer is required to establish a bank bond payment fund into which shall be paid moneys received from taxation, from appropriations and from bank earnings. ”

“ If it exists at all, it must be by virtue of some other provision of the statute. As has already been seen, there is but one debt, and whatever pays that debt cancels all the obligations of the company upon the bonds. Whenever, therefore, it appears that payment of the bonds must be made to one, the idea of a debt on the bonds to another is excluded. Here a payment to the state is absolutely required. This obligation to pay is express, and has not been left to implication. ”

“ If the beneficiary named in this bill has a better right to the money, the Government, not being in default, should be protected against double payment. I suppose to sustain a claim upon the indemnity bond given when the duplicate was issued in 1864 we should be prepared to show that the second payment on the original bond was made upon such a state of facts as compelled or at least justified it. The passage of an act simply directing such payment would alone not be sufficient. ”

“ Why, there are among the nations national securities of various kinds issued, which are taken by the people; we have United States bonds, State bonds, county and city bonds in this country as well as in Europe, to which the people subscribe and in which they have an interest, all of which is voluntary, and the free act of the people ”

“ Among the provisions of the statute binding upon those who apply for and obtain certificates of public convenience and necessity is one that a bond, or insurance policy, approved by the state commission, shall be furnished in order to afford security for the public against injuries as well as for the protection of persons and property transported. ”

“ The money in the treasury is the property of the state, and not in any legal sense the property of the bond or coupon holders. If lost or destroyed, the loss will fall alone on the state or its agents, and the bondholders will be entitled to payment in full from other sources. ”

“ As long, therefore, as no provision is made for the final redemption or the putting aside of the currency obligation now used to repeatedly and constantly draw from the Government its gold, and as long as no better authority for bond issues is allowed than at present exists, such authority will be utilized whenever and as often as it becomes necessary to maintain a sufficient gold reserve, and in abundant time to save the credit of our country and make good the financial declarations of our Government. ”

“ Minimum allocation.—The Secretary shall adjust the allocations under subparagraph (A) for any calendar year for each State to the extent necessary to ensure that no State receives less than 0.9 percent of the national recovery zone economic development bond limitation and 0.9 percent of the national recovery zone facility bond limitation. ”

“ Limitations on Bonded Indebtedness Section 34. The legislature by law shall fix the limitation on bonded indebtedness payable solely from ad valorem taxes levied by political subdivisions.
§35. Contesting Political Subdivision Bonds Section 35. (A) Contesting Election; Time Limit. For sixty days after promulgation of the result of an election held to incur or assume debt, issue bonds, or levy a tax, any person in interest may contest the legality of the election, the bond issue provided for, or the tax authorized, for any cause. ”

“ Hence this reservation of power by the state was made broad enough to allow the state to deal with the securities which were taken from the companies at its own discretion, and in any way that might be deemed just. No such power could be exercised if the bondholders held an interest in the securities adverse to the state. ”

“ The bill further provides that the heirs to whom the payment is to be made shall execute and file with the Secretary of the Treasury a bond "conditioned to save harmless the United States from loss or liability on account of said bonds or the interest accrued thereon, and to contain such words as to cover any liability resulting from any mistake in the designation or description of the bonds, so that in no event shall the United States be called upon by a rightful claimant for a second payment thereof." ”

“ Let Congress do now what it proposed to do last year, offer to the people a three per cent. bond. If they do not take it no harm is done, no expense is incurred, no commissions are paid, no advantage is taken. If they do take it, they enable you to pay off more rapidly still your three and a half per cent. bonds. There was no express and no implied obligation made by the Senator from Minnesota, as he will himself say, that the people of the United States have the right to pay every dollar of these three and a half per cent. ”

“ From the hemispherical roof of this turret emanated a wide, unwavering cone of light, blinding in its brilliance.
"Behold," mocked Harg, "the dome control chamber in which you presumed to disbelieve. From this heart emanates the life of our city-state—and I am its sole supervisor. Even so, it is a tiny thing compared with the greater invention which was, and is, my own. The Time-warp machine. You still doubt? Let me show you, that you may marvel at the brain of Harg—About, guards! We return to the laboratory!" ”

“ But every one of us who holds a policy in a life insurance company, or whose house or furniture is insured against fire, or who has a deposit in a bank or savings institution, or who has a national-bank note in his pocket is as much interested in the value of our National bonds and in a certain sense as much a bond holder as the owner of a bond himself; for if the value of the bonds is attacked and impaired the security of your investment goes, to that extent, by the board. ”

“ On the thirtieth of March, 1971, the general assembly of Virginia passed an act to provide for the funding and payment of the public debt, by which two-thirds of the amount due on old bonds might be funded in new bonds, with interest coupons attached, 'receivable at and after maturity for all taxes, debts, dues, and demands due the state.' Under this act many bonds were put out with coupons which expressed on their face that they were receivable for taxes. ”

“ In the case of an official bond, even if its benefits are not incidental, it may well be that the legislative body is of the opinion that actions on the bond should be limited to the government in order to secure unified administration of claims. ”

“ Since 1863, our national banks have done an immense business in handling the debt of the United States: they were instrumental in diffusing the national bonds among all classes of the people: they collect for their customers the coupons at maturity: they have been and still are the factors of the government in exchanging, for those who desire it, one species of bond for another ”

“ We confine ourselves in the application of the principle to the facts of the present case, leaving other cases to be disposed of as they may arise; and we hold that a voluntary bond taken by authority of the proper officers of the treasury department, to whom the disbursement of public moneys is entrusted, to secure the fidelity in official duties of a receiver or an agent for disbursery of public moneys, is a binding contract between him and his sureties, and the United States ”

“ When I came, in examining this question, to see whether or not the law enacted in 1875 was applicable to the condition of affairs in 1893, it was apparent to me, as it must have been to every man, however ignorant he might be of the principles of finance, that the conditions of our country were such that we would not be justified, by public opinion or by the interests of our people, to sell a bond bearing four or four and a half or five per cent. ”

“ When the present system of railway travelling was about to be introduced into Europe, it of course became necessary for Parliament and for His Majesty’s Government seriously to consider and eventually to determine whether these great national thoroughfares should be scientifically formed, regulated, and directed by the State, under a Board competently organized for the purpose, or whether the conveyance of the public should be committed to the inexperienced and self-interested management of an infinite number of Joint-stock Companies. ”

“ If it was intended by congress to enlarge the scope of the section so as to include other bonds than those given for duties, (as seems to be the necessary inference from the language,) still, it is restricted to 'bonds:' the words are 'whenever the principal in any bond given to the United States is insolvent,' etc., and any 'surety on the bond' pays the money due upon 'such bond,' such surety shall have the like priority, etc., and may bring and maintain a suit upon 'the bond' in his own name, etc. ”