The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-02-19

State outstanding prior 10 the withdrawal
of West Virginia from the preexisting Or
ganization, together with the arrears OF
interest accrued on the debt hereby
assumed, and hereby srspends the recog;
milton or payment Of the remaining third
of such principal and interest until, by ne
gotiation or otherwise, the due, proportion
Of West Virginia's liability for the whole
debt is ascertained and established, and
thereafter, re this State should duly appear
to be responsible for any part of such sus-
pended debt, 1t will assume such further
obligation as may be so made apparent.
2, The Treasurer is hereby authorized
to pay out of any money in the treasury
not otherwise appropriated two per cent.
on the LIST Of July, 1867, on the debt due
by this act assumed, and two per cent. on
the 1st Of January, 1868.
8. Certificates Of debt Of the State may
be transferred under existing laws, and
each stakeholder or transferee shall be au-
thorized to collect interest, under this act,
upon two-thirds Of the amount OF debt
held by him.
4. Ali arrears of interest due to the LIST
of January, 1867, on the entire State DEBT
including that part thereof hereby sus-
pended and not previously funded, may DC
funded under the provisions OF the acl
passed March 2, 1866, entitled an act 70
provide for funding the interest on the
public debt"
3. The interest on the debt assumed by
this act accruiDg after the 1st of January,
1868, together with the interest for July,
1867, and January, 1868, remaining unpaid
under this act, shall be raiseUby adequate
taxation, to be assessed and collected from
time to time under legislation appropriate
for that purpose.
6. A sinking fund shall hereafter be cre-
ated by appropriate legislation to provide
for the extinction of the principal debt in
this act assumed.
I. Nothing in this act shall be construed
as intending to affect the constitutionalre-
quirement providing for an adjustment
with the State of West Virginia the pro-
portion of the public debt Of Virginia
proper to be borne by the State Of Vir-
ginia and West Virginia. ..
s. This act shall be in force from its
passage.
On motion of Mr.. MCRAE, the title Of
the bill was amended so as to read as fol-
lows: can. act in relation to the obliga-
tions of the State, and securing certain re-
lief to the creditors thereof" and Mr.
MCRAE was requested to communicate the
passage of the bill to the House Of Dele.
gates.
WASHINGTON SPRINGS COMPANY.
Mr.. DAVIS, by leave, presented bill to
incorporate the Washington Springs Com.
pany, which was taken up, read the first
and second time, and referred to the Com.
mittee on Roads and Internal Navigation
THE RICHMOND AND DANvILLE RAILROAD
COMPANY.
On motion of Mr.. KEEN, Senate bill tc
authorize the Richmond and Danville Rail.
road Company better to provide for it,
liabilities by the creation of new mort:
gage was taken up, read the first and
second time, and then, on motion OF Mr.
MITCHELL, laid on the table and ordered
to be printed.
CUMBERLAND GAP RAILROAD.
On motion of Mr.. BOILING, Senate bill
to provide for the completion of line O
railway from the Virginia seaboard TO the
Mississippi and Ohio rivers, by facilitating
the construction Of the Cumberland GaI
railroad, was taken up; when, by genera
consent, Mr.. PECK withdrew his amend.
ment.
Mr.. ROBINSON, by general consent, with
drew his substitute for the bill.
The question recurring on the adoption
of the substitute offered by Mr.. Boiling
sundry amendments were adopted, or
motions of Messrs. BOILING, PECK, and
ROBINSON.
On motion of Mr.. KEEN, the substitute
as amended, was ordered to be printed
and comes up as unfinished business to-
morrow.
THE CENTRAL RAILROAD.
Mr.. GAIT, by leave, introduced.a bill Il
authorize the Virginia Central Railroad
Company to use temporarily that portion
of the Covington and Ohio Railroad Com
pany east of the Allegheny tunnel.
ADJOURNMENT.
On motion of Mr.. GRAY, the Senate adj
iourned.
HOUSE OF DELEGATES.
The House was called to order by the
Speaker.
PLACED on THE. CALENDAR.
A number of bills were placed on the
calendar.
BILLS, ETC.
The following bills, resolutions, and pc.
titions were referred under Rule No. 81
By Mr.. WATKINs.-A bill authorizing the
appointment of commission on prison dis
cipline and reform.
By Mr.. MARsHALL.-A resolution inqui.
ring into the expediency Of amending the
stay law.
By Mr., PowELL.-A resolution inquirinp
into the expediency of empowering the
commissioners of the revenue Of Amherst
county to appoint in each magisterial dis
trict the time and place giving ten days
notice. of performing the duties of their
offices.
By Mr.. BENTLEY.-The petition o.
Charles II. Nourse asking that interest be
allowed on the stock Of the Old James
River Company.
EVENING SESSION.
Mr.. q. TURNER offered resolution pro.
viding for the adjournment of the House
at half-past P. NJ. daily commencing on
Tuesday the 10th instantly, and resuming
its session at half-past p. NJ. The reso-
luton was agreed to.
AMENDED BILLS.
The House concurred in the amendments
Of the Senate to
A bill to incorporate the Ashland
Savings Bank;
A bill to incorporate the Metropolitan
Savings Institution of Richmond;
A billto incorporate the Merchants and
Mechanics Savings Bank of Richmond;
A bill to incorporate the Mutual Fund
and Dollar Savings Bank of Richmond and
A bill to incorporate the Savings Bank
of ScottsYille.