South Carolina, State of, Sterling Fund Debt

South Carolina, State of, Sterling Fund Debt
Item# 4525


Sterling Funded Debt Bond, unissued/canceled
American Bank Note Company
The item shown is representative of the one you will receive






The Sterling Funded Debt was proposed by the South Carolina legislature to be used in retiring existing bond debt. The Governor was authorized to borrow a sum not exceeding 1,200,000, said debt to be represented by coupon bonds (of which this is one), bearing interest at 6 per cent, per annum, maturing in twenty years, the principal and interest payable in gold in the city of London. The execution of the scheme embodied in this act was placed in the hands of the financial board, composed of the Governor, the Attorney General, the Treasurer, the Comptroller General and the Secretary of State, who were required to place all bonds issued in pursuance of the act in the hands of a financial agent, to be appointed by the board, resident in London.

The act further provided that the "financial agency" thereby created should not be placed in the hands of any one person, but should "be entrusted to the management of a responsible banking house of first-class reputation in the new and old world." This act, notable simply because it was one of the several schemes of the corrupt ring to make money by the manipulation of State securities, never became actually operative, and it was repealed March 13, 1872 (from Reconstruction in South Carolina, 1865-1877).PA-Pennsylvania Government Bonds Scandals and Collapses Government Seal Featured State Seal Featured South Carolina State Seal Allegorical Featured Allegorical Mercury Allegorical Gabriel Allegorical Columbia Cotton Boll and Harvesting Flag Featured Male Subject Soldier Featured Bold Underprint Multiple Scenes

All certificates are sold only as collectible pieces, as they are either canceled or obsolete. Certificates carry no value on any of today's financial indexes and no transfer of ownership is implied. Unless otherwise indicated, images are representative of the piece(s) you will receive.