Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1851-07-22

$50 much Of the public revenue shall be set apart by
the Legislature, AMI made striking fund.- as will be
sufficient to pay the interest OF the public debt
crues aud discharge the principal when becomes due
And the Legislature shall have power to appoint
mssioners OF the sinking fund.- and direct the manage
ment OF said fund by law; and if the Legislature shall
tail TO appoint such commissioners, and to provide by
law for the management of said sinking fund.- the Au
dor Treasurer and Attorney General shall be er of
clio commissioners of the said fund, whose duty il shall
be to apply the said fund herenbefore directed, and
to invest the said fund in the stocks of the Unied States
or any State or city stock yielding six per cent per an
num-" Rejected, ayes 80, noes 6S.
Mr.; GooDE moved the following as substitute for
the Sth section
"The Legislature shall regularly make adequate pro-
vision Tor the payment OF the interest on the existing
debt OF the State, and whenever, alter The LIST day oil
January, 1852, law shall be passed authorizing the
creation of public debt, The same law shall impose
tax taxes adequate pay the interest such debt
as it falls DUE and also to pay and discharge the prnc-
pal of such debt within "a years from the time when
the same is contraced and the law imposing such
shall remain in force and be irrepeaable; aud the said
taxes shall be annually invested for the purpose OF
creating fund for the extnguishment of the debt
| for which the tax was imposed"
| The Legislature shall pass such laws may be
necessary and proper to carry this section into effect
! The substitute disagreed o-ayes 43, noes 81.
Mr.. STRoTHER moved to add to the section, the fol-
lowing proviso
Provided, the Legislature may at any time direct a
sale at not less than par of the stocks held by the
State In internal Improvements and other companies
Tor the purpose ofpayng the debt OF the State" Re-
jected.
Mr.. CAMDEN moved TO insert after the word 1852 -
these words: exclusive of money deposited with this
State by the Government of the United States" Re-
jected.
Mr. BIRD moved the following as proviso "Pro-
vided, also, that not more than 100000 per annum,
shall be raised for the payment of the principal OF
1852"
Mr. Boris moved the following proviso "Provi.
land flnd tied in The ban q
of this Commonwealth shall be added to that portion
of the capitaon tax appropriated to the purposes of
primary education, aud shall be applied in the same
way" Disagreed to-ayes 80, noes 73
Mr.. MILLER moved the following substitute for the 9Th
section:
1.-THE General Assembly shall, from time to time, pro-
vide by law for raising and collecting a sufficient
to deffay the expenses of the State for each year,
and also sufficient sum to pay the annual interest up
on the State debt. Whenever hereafter State debt
shall be created, the General Assembly shall at the
time provide suitable and certain for its pay
ment within period not exceeding years from the
time OF the creation thereof" Rejected.
Mr. ScoTT of Fauquer, moved the following
additional section to come in alter the 9Th:
Except that whenever the James River and Kama
wha Company shall enter its obligation in such
may be prescribed by law, to construct railroad
from some point on its present work between the town
OF Buchanan, in the county OF Boetour and the town
of Covngton, in the county OF Allegheny to the Ohio
river it shall be the duty of the General Assembly, with
the assent of the said company to on behalf of
Tie payment OF OF the sdO COM
pany for which the State is now liable, and con-
nect the same together with the debt due by
the said company to the State, into stock of the said
company for the use of the State ; and thereafter,
to enable the said company to complete the said road
it shall be the duty Of the General Assembly, from
time to time, the exigencies of tie work may
require to endorse the bonds OF the said company to
amount equa in the aggregate to three millions OF dol
lars: Provided that before such endorsement be made,
the said company shall execute mortgage on Its
works and the income thereof in such manner as may
be prescribed by law, to save the State against any
loss that may arise by of its said liability"
The question being put, the amendment was disa-
greed to, ayes 81, noes 10, as follows:
AYEs-Messrs Bird ofShenandoan, Bolts, Caperon,
Chiffon, Cooke, Faulkner, Ferguson, Fultz, Hays, ia
cob Lyons, McComas, Miller, Pendleton, Price, Scott
of Eau uier, Scott of Richmond City, Seymour. Shelf
fey, Smith of Kanawha, Smith of Greenbrier, Snod
grass, Stanard Stephenson, Stewart of Morgan, Sum
mers, Taylor, Van Wrinkle, Watts of Roanoke, Wing
field and Wse-3l.
NoEs-Messrs. Mason, Prest, Armstrong, Banks.
Barbour, Beale Bland Blue Bocock, Bowles Braxton,
Brown, Byrd of Frederick Camden Carlile Carter of
Russell, Chambss, Claiborne, Conway, Cox, Edmunds,
R. H. Garnett, M. Garnett, Goode. Hall, Hill, Hoge.
Hopkins Hunter, Jasper, Kenney, Kilgore. Knoe,
Leake, Letcher, Lyon, Lucas, Lynch McCandlish,
Martin of Marshall Martin of Henry, Moore, Murphy,
Neeson, Newman, Randolph, Rives Scoggn, Scott OF
Caroline Shell, Smith of Norfolk County, Smith Of
King 4 Queen, Souhall, slraughan Tate, Tredvay,
Trigg, Turnbull, Wallace, Watts of Norfolk County,
White, Williams of Fairfax, Williams OF Shenan-
doah, Worsham, and Wysor-70.
Mr. WISE moved to strike out the 9th section, which
reads as follows:
"The Legislature shall not pledge the faith of the
tons OF any company or corporation whatever"
Pending the consideration of which, the hour OF two
having arrived, the Chair vacated and the Conyen
ton took a recess until Al o'clock.