The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-02-18

!. ,ha order Of tho day, and was, on mo-
90. 90 VIC - NJ Goopr, deferred until Monday.
STATE DEBT.
~. ri, "to consolidate the debt Of the
state and to provide for the gradual pay
ment Of the principal and interest thereof"
was taken up and read second time.
Mr.. z. Turner offered an amendment to
the second section by inserting the words
" two-thirds of the amount Of the princi-
pal and interest of said bonds and certln-
Gates"
The object of the amendment being to
limit the amount paid by Virginia to TWO
thirds Of the public debt.
Mr.. CnuMp addressed the House In an
elaborate and able argument in behalf OF
the bill. He commenced with an eloquent
allusion to the condition Of Virginia while
they sat there celebrating on the public
interests. He compared the General AS
sembly of Virginia at such a time as this,
entering upon this discussion, to the noble
Roman Senate sitting in grave and calm
deliberation while the Gauls were thun-
dering at the gates Of Rome. After pass.
ing through such war es that when had
desolated the land and filled II with mourn
iug-after the loss of two billions OF slave
property-the humiliation Of every bank
and every corporation in the State-and
the loss Of personal property to an enor-
nous amount-that we should even dis
cuss the question of paying the large pub
lie debt of the State was matter OF won
der. The world should feel no surprise
were Virginia, in her ruined condition, TO
announce that she was utterly unable TO
nav. and make no efforts with that view.
Mr.. CRUNp then entered into an expla-
| nation of his bill by sections, sustaining
all its features with great clearnsss and
force.
The bill declares in the preamble that
| from the immense loss of Virginia in the
late war she is unable to pay full interest !;
but is DESTROYS of paying the same as fully
as the resources of the State will warrant.
"Therefore," it proceeds to enact
| LIST. That in liquidation of principal and
interest of the public debt the Second Au-
ditor shall issue bonds bearing date the lst
of January, 1868, in sums Of 800 and
multiples thereof if registered, and If
coupons not less than $500 nor more than
s, 900, payable thirty years after date
and interest payable semi-annuaily as ,ol.
lows: Three er cent. per annum tne nls1
four years; four per cent. the nsA1 ioui
five per cent. the next four; SIX per cent.
the next six years; seven per cent. lno
next four eight per cent. she neA' iou''
and nine per cent. the last four.
Q. The holders of bonds OF the STATE TO
have the privilege Of exchanging. their
bonds and interest due for these registered
or coupon bonds until the lst January,
1869.
| 3. Declares that q tax sufficient to meet
the semi-annual interest shall be levied.
4. Provides that for fractional sums
arising from the exchange of bonds, certi-
ficates shall be issued bearing the same
rate of interest as the principal.
S. The privilege of exchanging to ex-
pire on the 1st January, 1869.
6. The accrued interest on the CONSOLE
dation bonds to be receivable in public
dues.
7. Appoints the Governor, Auditor Of
Public Accounts, and Treasurer, commits
sioners to advertise for written proposals
to exchange, "publicly or privately at
their OPTION all stocks, bonds, or other
securities now owned or held by the State
in the various internal improvement COM
panies. and to receive in payment therefor
bonds of the State at such valuations as
may be agreed upon. .
s. Expenses in carrying out the act to
be paid by warrant on the Auditor, etc.
9. Enacting clause.
Mr.. CRUMP estimated the first years tax
to meet the three per cent. interest at
thirty-fve cents on the hundred dol
lars value. He gave q detailed statement
as to the probable taxation to work out
the scheme according to the estimates OF
the Auditor. bespoke of the probable re-
lief to be afforded by the part of the bill
authorizing the exchange of the States
stock in public improvements for her
bonds; abiding also to pending improve
ment bills proposing this exchange and ia
ciltating the operation by which the pro-
spect was for such reduction of the liza
biities Of Virginia that her burthens Of
taxation would become light, and the ques-
ton as to what West Virginia should pay
would be reduced to one of trihing i'm
portance.
Mr.. CRUMP, after explaining fully the
provisions of the bill, assumed that Virgil
MIA was bound for the public debt and had
no right to leave part of it unpaid, as in
cumbent upon West Virginia. He main
tanned that she was constitutionally and le-
gally bound to provide for the payment Of
the whole of it. AS to what part West
Virginia had to pay, that should be left to
arrangement upon the principles Of justice.
But the honor and credit of Virginia could
only be fully maintained by providing
boldly and manfully for the whole debt.
He concluded with a strong appeal to
the House to pass the bill.
Mr.. SEAwELL offered substitute, which
provides for the payment Of two-thirds Of
the accruing interest upon the bonds OF the
State issued prior to 18th April, 1861. The
payment of this two-thirds interest to be
made on the lst July next and lst January,
1868. The preamble declares that the
condition Of the State is now such that the
Legislature is satisfied that it should begin
to pay the accruing interest on so much Of
the public debt as it is proper it should
assume until by settlement with West
| Virginia it is ascertaiDed what portions Of
the public debt shall be properly paid by
each.
Mr.. z. TURNER, desiring to address the
House on the question, and it being near
o'clock, moved an adjournment; which
was. carried.
Ri.hnanh Man I'm U,nck-Ss Two