The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-03-22
The Legislature and State interest

The Legislature and State Interest
The General Assembly adjourned yes
terday until the 10th Of April. In the
House, the bill to pay four per cent. in'e-
rest on the State debt, with the SENATE
amendment thereto, was the only l.n-
nor,.n, measure under consideration. The
Senate,s amendment was very distasteiui
70 the House but in order that the Dill
might pass, it was accepted, and the bill
became law.
The section stricken out Of this Dill oy
the Senate, as we have already explained,
authorized the Board of Public Works to
exchange the shares Of the State IN the
internal improvement corporations for
State bonds upon fair terms.
This provision was. thought most i'm
portant by the House, and Mr.. CRUAr
promised that as soon as the General As.
sembly resumed its deliberations he would
introduce a bill providing for the sale o.
the States interest in the public works
upon the plan proposed in the section
stricken out by the Senate. Mr.. PENDLE'
TON expressed his qualification at this an
nouncement, aud hoped that the Legisia'
ture would, as soon as possible, take inc
proper steps to dissolve all connection De-
tween the State and the improvement cor
porations.
The passage of the law to pay four per
cent. interest on the State debt VIII i'h.
nrove the value of State bonds and AFFORD
great relief to many persons who are In
needy circumstances. Yet it is TOO true
that the hardships and pressure of the last
two wears have caused vast amount OF
stock to change hands, and in that way TO
very much diminish the number of those
whose wants now make the payment OF this
interest a partial relief from want if not
severe suffering.
The effect upon the value of State bonds
was very decided yesterday. The opening
price was 3l@32, and it advanced rapidly
after the passage Of the interest bill tt
371s; at which it closed.
The following is the bill as it finally
passed:
An act to prouide for the payment Of I
part Of the interest upon the public deot.
Passed March 2lst. 1867.
Whereas, from the immense loss Of pro
property sustained by this State in the lat'
war, it is found impossible under presen
circumstances to pay full interest on th'
public debt; and whereas it is the desire
and purpose of the General Assembly L
make provision for paying the same a
fully as the resources Of the State viii
warrant; therefore
l. BE it enacted by the General Assembly
That the accounting officers Of the Trea
sury pay on the lst day of July, 1867, ant
January, 1868, two per cent. interest upoi
the principal of the public debt of TIT
State, excluding therefrom the bonds givei
for interest on said debt under the act o
the General Assembly, passed I'd March
1866; that being the interest which tn:
State feels obliged to pay, until there Is
settlement of accounts between this State
and West Virginia.
2. Nothing in this act shall be construed
as intending to effect the constitutions
requirement providing for an adjustment
with the State of West Virginia OF tn
proportion of the public debt of Virgins
proper to be borne by the States OF Vlr
ginia and West Virginia.
8. All necessary expenses incurred il
carrying out the provisions OF this act shall
be paid upon the warrant of the auditor Q
public accounts, drawn upon the pubii
treasury ont of any money therein no
otherwise appropriated.
S. This act shall be in force from its pas
GAGE