Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1862-01-14
VIRGINIA STAT: CONVENTION.
NINTH DAT.
SATURDAY, NOVEMBER %, 1851.
ir%aSTINuEp

"2S. There shall be set apart annually, from
the a~ccruing revenues, a siIH equal to seven
per Cert. Of the Stale debt existing on the frst
day Of January, il the year one thousand eight
hundred and lIty-two. TIE fund thus set
APART shall DO called the sinking fund, and shall
be applied to tho pty taant Of the interest Of
the Slate debt, and tho principal Of such part
rs NAV be rcdcemnhla. Ii 70 part be redeema.
bic, then the residue OF the Sinking fund, after
the pavmcnt OF .uch Interest, shall DC invested
in the bonds or certificates OF deb! Of this Com
Iucnwenlth, ar Of the Confederate States, or Of
Some OF ;he States Of this Conicderacy, and
applied to tho payment oil the Slate debt, IS It
shall become r:heamaJlo. whenever, alter
the SAID frs. day Of January, q deot shall be
contracted by the Commonwealth, there shall
be set arart in like manner. annually, ior thlr-
ty>four years, i snm exceeding by one per
cert. tho aggregate amount OF the annual in.
terts. agreed 70 be paid thereon at the time Of
its contraction; "hichf IL shall be part Of the
Sinking fund. ard shall be applied in the man.
ner before directed. The General Assembly
shall rot Otherwise appropriate any part Of the
Sinking fund, Or its accFuing interest, except
in Tins OF war, instruction or invasion"
Mr.. GFo. W. PANo5LPH.-l desire to otfsr
an amendment which wag lait in my hands
Nv Col. Randolph w;:h request that I would
vGer IT, for him. The ~amCndulent is in these
words, and is iutcnded 10 come in alter The
7c.d ~"anaunliy" in the first line, ''by tho au.
ditirg end Gisbuising officer Of the treasury"
and lncu, after the words ''~ro1eemable, in tho
18th line, I propose 10 insert the following
FOR i!.:s purpose the auditing snd disburaing
~oiicerG Of :ho Treasury shall constitute Z
board TO carry into effect this section, tho or.
ganization Of which board shall be regulated
by Law"
sir. STUART.-i hn somewhat diiin:line'!
TO yG;o for that amendment iUr the reason thal
| assigned in reference 10 other propositions,
TIM, 1t goes INTO special legislation by deSig-
mating the officers who shall carry this sec!ica
into execution.
think the g=il;iaH"5 iruin Richmond viii
aoar testimony 10 tie ilcl that VIC nave Com
missloners Of the sinking fund who hara exc
cutrd their duty with signal ability, and The
result Of this amendment, ii adopted, would be
10 snptrcede thcse officers and substitute 9TH.
er ~Ctiitcrs who may MT understand the sub
ject a well. | Think, under the existing law,
tho Secretary OF tic CbmmonToallh ia OLE o!
tho Commissioners OF the sinking fInd, and
must SAL that The reports Of the Commits
sionrrs were marked b. great Sasaci!y ard in
lel,igence. | thick We had better leave tbs
a~u:ject az it is, and leave 20 the Legislature
Ih@ carrying into efec! the purposes Of this
~Hc2tio1.
shalt, therefore, nc constrained tc vote
against lie amendment.
Mr.. itaHDoLa II w.a jus: locking to the
law which says vim ave the Commission
t:s nf tbs shaking fund; bu, i.iis: III find il.
My impression YES. :hat the auditing AID dis.
burning officers g! Virginia. were tbs tniDmiS-
sicncr! If the sinking fund As iae CLAUSE
nov stands, all tia: :he Legislature would
nave to 30 in order to render This SECTION in.
imperative, wculd be to omit appointing a
board Of officers 20 calrJ it Tito Jxccu,ion.-
Unless you pro7ido in the Constitution a
board IL carry cut this section, d"go.yiag thst
duty specially upon ihcn, you leave il 10 the
discretion u: Tho L2giSialur" tosay whether
you viii haze E sNnking fund Or not.
Thu law organizing the Commissioners Il!
the sinking fund says:
'F9r lie purpose o: managing. preserving,
and applying the sinking fund created hy lhia
ac., The AuG:tc: OF PE5lic Accounts, Register
AMI Secretary Of tho Communicable, for
the tin" being, e?e hereby c~onstitu ted a coE.
p0rste b9dy under the style Of "iho Uomn:s-
%sioners Of The sinking fund"
/ nave ny objection 10 inserting in sinA
amendment tia Disturbing and auditing eli
GERS OF tie Treasury aad the Secretary III tho
Commonwealth. Bal: I thinI; It is nll impCr-
tart TO hzT q Board designated By tie Cen
a.iiu;ioE, il. order III ensure Inc execution 4i
lhat ciaasc. | vii! insert 10 the amendment
the words WHICH ! nave just indicated
The question having heen taken on The
amendment, it waa rejected. No vote was
;akei: On the second amendment, IL being q
consequential amendment the necessity OF
which WAS superseded by the rejection OF the
one just "otsd upon.
Mr. HAYNoSn.-l move 10 amend tie 28ih
SECTION By striking olt rho words ':Es!l DO"
in ti!u Grs: line, Ead Inserting in j;eu Thereof,
thn lords "ua; be"
lIr SrCART.-I shall merely %rGTua.H, in lei.
ierenca To :hIt Amendment, tina. II the UoIi-
rentioa adopts il, y s;r'keaa death blow at the
credit Of tie .:ito. Hos can sc, in time o:
var, when we heed all uur frg0uroca, avail
ourselves u vu: Credit, WIEN no Indicate IN
mr. Fundamental lew a purposc o! reputation !
We canaot expect 20 10 SO with effect, ifGuch
AZ aacEdmtn! as tEis shail be adopted.
MT. HAYMosD.-Ns have already adoptr,l m
ordinance ii lhia Convention susPcndIns the
pay ment Of interes: upon Stale bonds, brought
here from shy Free S:ata. since the 26th Of
June. II ycu adopt the proposition which
have submitted, il sill not destroy tire credi,
% Virginia. L: merely Ttsts power in the
General Assembly 81 iho Stats t. refuse the
payment eli %i1terts. IN honda held Us North
rraars- According 10 lie Pro7i@iou Ii, The
Constitution, rs It uo@ stands. wS sro bound
TO pay the Interest; the Legislature Is bound,
in unpGsition 10 the ordinance which we have
passed, guspendlng the payment of interest
upon these bonds, 10 make provision for the
VINE Of interest on all the bonds of the
CImnoE1 eaith.
l. it not proper that we should vest in the
Legislature 3 discretionary p1wer IN this mat,
tor? We do not kIlT what may arise to rem.
der il Indispensable Tor US 10 continue the sus.
pension Of the payment Of interest on bonds
held at the North. for a long period. The gen
tleman talks about reputation. | do not
know what tho purpose Of the Convention is
with regard 10 Gun bonds Now in the
hands CT alien enemies. There may be
u pTOVOSlLlOil IHliDuuLch OcI'Iv lIIs tOb'
rention yet, to confscate these bonds
II seems to me 10 be eninen!ly proper to
confer upon the Legislature 4 discretionary
power in tnis matter. II you sdopt thu amend.
ment which I have cff,rcd, this power will be
conferred whereas, iiyou adopt the section as
reported b5 the committee, the General AS
seirbly will nave no pc~er in tho premises, but
will b. compelled to carry III: the pdlcts OF the
Constitution. =.
Mr.. WYaoR.-Ths Object Q! this sacti1n md
Of The. S0,h section following is, 10 establish
the credit oi The Commonwealth upon 4 firm
constitutional basis. The amendment Of the
gentleman from Marion would wholly defeat
that object Tie 2eih SECTION declares that the
Gsnerai Assembly shall contract no debt with
Gu: a. The Same time providing The means Of
paying tbs: debt, in the 30th ~snction, they
are prohibited frhm postponing the payment
for . longer period than 81 Jes:s. Now iftbe