Evans v. Tillman

Citations

• 38 S.C. 238
• 17 S.E. 49
• 1893 S.C. LEXIS 69

Syllabus

<p>1. Statute — Intention.—An act of the legislature, authorizing State officials to refund the debt of the State, must be construed, in all of its provisions, together, so that the intent may be ascertained and given effect.</p> <p>2. Ibid.' — Ibid.—Public Debt — Pace Value. — A statute passed December 22, 1892, authorized the governor and State treasurer, in refunding the State debt which matured July 1, 1893, to issue new bonds bearing date January 1, 1893, with interest running from date, and to sell the new issue at not less than “par or face value,” and to apply the proceeds to the payment of the maturing debt. Other sections of the statute used the words, “face value,” in the sense of the principal of the consols, without accrued interest; and these State officers were further authorized “to offer and pay a commission to parties placing said bonds and stock.” Held, that the governor and State treasurer could sell the new issue of bonds after January 1, ‘893, at par flat — that is, for the amount stated on the face of the new bonds, without accrued interest; and this court declined to enjoin a contract made by them with certain purchasers to sell at this price. Mb. Chief Justice McIveb dissenting.</p>