The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-02-08
RATE OF SUBSCRIPTIONS.
RATES OF ApvERTIsINa.
THE STATE DEBT OF vIRGINIA.
An Important Bill introduced into
the Legislature.


An Important Bill introduced into
the Legislature.
The following bill has been intro
.duced in the Senate of Virginia:
Whereas, from the immense loss OF
property sustained by this State in the
late war, it is found impossible under
present circumstances TO pay full in
terest on the public debt; and whereas
it is the desire and purpose of the GEN
eral Assembly TO make provision for
paying the same as fully as the re-
sources of the State will warrant, there
fore
1. Be it enacted By the General Assem-
bly, of Vir9iniu, That in liquidation OF
the principal and interest of the debt
of this State, the Second Auditor be,
and he is hereby, directed to cause
bonds of the State to be issued, bearing
date first day of January, 1868, called
consolidation bonds, said bonds to be
issued in sums of one hundred dollars,
or multipleS thereof, if registered; and
il coupon, in sums of not less than FIVE
hundred dollars nor more than one
thousand dollars. all payable thirty
years after date, and the interest thereon
payable semi-annually, as follows, to
wit: AT the rate of three per centum
pei annum for the first four years; at
the rate of four per centum per annum
for the next four years; at the rate of
five per centum per annum for the next
four years; at the rate of six per cen-
tum per annum for the next six years;
at the rate of seven per centum per an
mum for the next four years; at the
rate of eight per centum per annum
| for the next four years; and at the rate
of nine per centum per annum for the
last four years. The principal and in
terest shall be payable at the office of
the second auditor, in the city of Rich
mond, Virginia. -...
2. The holders of all bonds and GER
titicates OF stock of this State now out
standing, whether registered or coupon,
| with the interest due thereon, shall, at
any time after the passage OF this act,
until the 1st day of January, 1869, have
for like amount in consolidation
bonds, either registered or coupon, as
the holder may elect, in the manner
| following, to-wit: the bonds offered for
exchange, as well as the coupons at
| tached TO the coupon bonds, shall be
surrendered to the second auditor, who
shall cancel the same and endorse
| thereon the words, Exchanged for con-
solidation bonds" which endorsement
shall be attested by the treasurer. In
lieu of the bonds and interest coupons
thus cancelled, the second auditor shall
deliver consolidation bonds, either reg
istered or coupon, to the full amount OF
said bonds, and interest due thereon up
to and including the list day of Janu-
ary, 1868; provided. that such bonds,
when thus issued, shall be in sums OF
one hundred dollars, or multiples
thereof, if registered, and in sums oi
not less than five hundred dollars nor
more than $1,000, if coupon; and that
! whenever certificates for fractional
parts of the registered debt, with the in
terest thereon, shall be presented, in
sums amounting in the aggregate &c
one hundred dollars, or multiples
thereof, consolidation bonds may be is,
sued therefor to the same extent.
8. To provide for the certain and
prompt payment of the semi-annual
, interest of the consolidation bonds
aforesaid, as indicated in section lst o
this act, a tax sufficient therefor shall
be annually levied, collected, and sa.
credly applied to that object.
! 4. The privilege is hereby granted tC
the holders of two or more of the regis
; tered bonds of this Stete to present the
same at the office OF the second auditor
and receive in exchange therefor, anC
} to the same extent, one or more regis
tered. bonds; provided
; however, the same shall be issued IL
sums of one hundred dollars, or multi
pies thereof. For any fractional suns
: arising from such an exchange, regis
tered certificates shall be- issued, bear
ing the same rate of interest as tn
principal. ' it
5. The privilege granted by this act t,
the holders of State bonds to exchang
. the same, with the interest thereon, 70
consultations bonds, shall expire on tn
1st of January, 1869. s a 7a
6. The accrued interest on the consol
: iciation bonds authorized by this &C
shall, until otherwise provided by law
be receivable in pay ment of all publ
dues. -a1a.
{ II. To provide for the reduction of tn
principal of the debt, it is hereby ful
ther enacted that the Governor, Audito
of Public Accounts and Treasurer b'
t and they are hereby, appointed con-
missioners to advertise for written pre-
posals, and exchange either publicly c
privately, at their option, all stock:
bonds and other securities now owne
or held by the State in the various il
u ternal improvement companies Their
q in, and to receive in payment thereto
e bonds of the State; at such valuation
as may be agreed upon. The bonds r.
ceived by the commissioners aforesai
under this act shall be deposited wit
the second auditor, who shall, in Il
presence of the treasurer, examine an
cancel the same -.1-a