Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1858-08-19
ALEXANDRIA,:
THURSDAY MORNING, AUGUST 10, 1858

ALEXANDRIA,:
THURSDAY MORNING, AUGUST 10, 1855
In reference to an article on the subject of
Virginia Bonds, copied under the CONNER
eial head. 10 yesterday Gazette, a New York
letter in the National Intelligencer. says
at is thought that the reflections of some Of
the papers on the State Of Virginia, in re-
gard to the failure to redeem some Of her
bonds which have fallen due, are somewhat
premature. At all events it is better to
await an Official explanation, which no doubt
Gov. Wise is prepared to give. These bonds,
il appears, were issued "irredeemabie for
twenty years from the 22d day Of Jane, 1887,
and afterwards to be redeemed al the pleas
ure OF the General Assembly" 1t has pro-
badly not been the interest as well as the
"plessure" of the Legislature to provide for
the redemption, but that is no reason why
the pleasure" of the money-brokers should
be substituted. By the very terms OF the
issue no one who holds these bonds has a
right to complain as long as the State pays
the semi-annual interest, which she has done
punotually. and will no doubt continue to do.
The question as to her becoming"a catch
penny broker" has the "smell Of the shop"
about it. Some shaver" has perhaps been
disappointed in good operation"
The Richmond Enquirer Of yesterday says:
-" We have had occasion 10 refer to this sub
ject on several occasions heretofore, and to
explain the action of the State and of the
81 I'll, Rnto no
interpretations are continually made, to
tho prejudice of the stock, we will not hest
tate to repeat our explanations.
"There are three species of debts OF Viz
ginia, created prior to the adoption Of the new
Constitution:
First. Those redeemable at given day,
to be paid when that day arrives; and, of this,
not dollar is now due. and much the great
or portion will not be due until the year 1856.
"Second. Those redeemable at given day,
and thereafter at the pleasure of the General
Assembiy-that pleasure not to extend be-
yond IS years. Of this the whole amount
does not exceed S223, $50; and the day OF
payment has arrived for the whole; but 1t Is
expressly stipulated in the law authorizing
tho loan, and on the face Of the bonds them
selves, that the payment may be postponed
for Is years and the bond-holders have no
right to expect the payment until the 10 years
expire.
"Third. Those redeemable at given day,
but thereafter at the PLEASURE OF THE GENE-
RAJ ASSEMBLY, without limit. Of this class,
the nominal day Of payment has arrived for
about So 1000, 600; but the law, as in the last
case, expressly provides, that when the day
= IL A. 81 volA ,f hn Ian
islature to redeem or not; and the payment
NAV be postponed inde6uitely-and this is
also stated on the face of the bond. Under
these circumstances none have right to com
plain, 80 long as the interest is promptly paid,
even though the debt should be contin ued
forever, and be, as the English debt is known
to be, perpetual.
"At the time these debts were contracted,
il is we'll known that the words cat the pleas
ure of the General Assembly" were inserted
in the statute to give the State the right to
redeem, rather than to compel her to pay, be-
cause it was the general opinion among cap
it.liets that the longer the stocks had to run
the more valuable they were considered, and
it was deemed an inducement to loan, to
make the day Of payment as long as possible,
and this would be so now, if the stocks were
above par.
"But the people of Virginia in their last
Convention, determined that limit should
be put upon Indebtedness. and that all the
debts of the State should be paid within
thirty -four years, and ample provision has
boon made therefor by the Constitution. by
sitting apart q sinking fund which will ac-
complish the object in the time specified. II
every debt the State owes is not hquidated
within thirty.four years from its creation,
then will the Bears have q right to complain.
"Tbe General Assembly at its last session
provided, by sn act upon this subject. that
the Commissioners of the sinking fund shall
hereafter annually apply the entire residue
of that fund, after the payment of interest on
the public debt, as follows, viz: So much
of said fund as arises from the seven per
centum on the debt existing on the first OF
January, 1882, together with the proceeds OF
the sales Of Bank stocks, shall be applied to
the redemption Of such part of said debt as
may be redeemable aud if no part thereof
be redeemable, the said residue sbell then be
devoted to the purchase, at their market
value, and cancellation Of any outstanding
bonds or certificates Of said debt. And so
much of said fund as arises from one per CEN
tom on the debt created since the first day OF
January. 1852, shall be invested in the out,
standing bonds or certificates of the said
debt, at their market value, and held by said
commissioners for the benefit Of said fund.-
cit will be seen by this Law that there are
two kinds of debts; those prior to 1897, re-
deemable at different periods, as we have ex-
plaiusd, and those subsequent to 1852. pctTe'
deemable until the expiration of "a years
respectively from the dates of their issue
The frat class, the Commissioners OF the
sinking fund are required to redeem whea
for the last class they are TO
invest their funds in bonds to accumulate
fund with which TO redeem them when they
become due"
Ths latest acoosnts from the "sick man"
MEXICO, represent him to be in the last stage
Of = mortal disease. Zuloaga, the Mexican
is represented as pursuing an H.
,olsine course towards the American Minis
ter, who has closed his relations, with the
eovsrnusnt, and also, as robbing and im.
prisoning wealthy Mexican citizens. All
ha n taftur0.