said bonds, and the faiith of the State of Oregon is hereby pledged for the payment of the bonds issued by virtue of this act and the interest thereon, and, if necessary, to provide other and ample means for the payment thereof.
SEC. 12. Whenever on the fiirst day of January or July, 1865, or upon the first day of January or July in any subsequent year, there shall remaiin a surplus after the payment of the interest as hereiinbefore provided, of ten thousand dollars or more in the fund created by section seven of this act, it shall be the duty of the treasurer to advertiise in one newspaper published in each of tthe cities of Salem, Portland, Dallas, and jacksonville, for sealed proposals for the surrender of bonds issued under the provisions of this act. He shall state in each advertisement the amount of money on hand applicable to the redmption of bonds, and he shall accept such proposals at rates nott exceeding par value as may redeem the greatest number of bonds until the amount of cash on hand for redemption is exhausted.
SEC. 13. Full and particular account and record shall be kept by the treasurer of the condition of the fund collected in accordance with the provisions of this act, open at all times to the inspection of the Governor and Secretary of State and of any committee appointed by the Legislature or any branch thereof.
SEC. 14. It shall be the duty of the trreasurer of this State to make arrangements for the payment of the interest of the said bonds when the same falls due; and in the event that the saiid interest fund should be insufficient, the saiid treasurer shall make up the deficiency from the general fund, and in the event of the insufficency of the general fund, the said trasurer is authoriized and required to make such contracts and arrangements as may be necessary for the payment of said interest and the protection of the credit of the State, and in case there should at any time be in the fund created by tthis act, for the payment of said interest and the re bonds, any surplus moneys not needed for the paument of said interest and redemption of bonds, it shall be the duty of the treasurer of State to transfer such surplus moneys to the general fund of this State.
SEC. 15. Said bonds shall be redeemed and the interest paid in the gold and silver coin of the United States.
SEC. 16. Inasmuch as there iis an urgent necessiity for raising volunteers in this State immediiately, this law shall be in force from and after its passage.
Approved, October 24, 1864.
LAWS OF OREGON. -ACTS PASSED AT THE THIRD REGULAR SESSION OF THE LEGISLATIVE ASSEMBLY.
AN ACT for the relief of the commissioned officers and enlisted men of the Oregon volunteers in the service of the United States.
Be it enacted by the Legislative Assembly of the State of Oregon:
SECTION 1. A sum not exceeding one hundred thousand dollars is hereby appropriated and set aside, to constitute a separate fund to be known as the commissioned officers' and soldiers' relief fund, for the purpose of paying a compensation to the soldiers of the companies of Oregon volunteers raiised in this State for the service of the United States, to aiid in repelling invasion, suppressing insurrection, enforcing the laws, and protecting the public property, in addition to the pay