The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-05-30

observe that in this act no proV's'o" 70
made for continuing tho paymeh. Vi io'e-
rest beyond the LIST January, 1915, put IN
act was subsequently, passed, 10 wit, on
the Dad April, which declared, among
other things, that "the semi-annual pay
ments of interest required by the said act
| 12lst March, 1867 be continued until 9th
s,,cise prorided by la1." see no reason
to suppose that the interest on the pubic
debt will not be punctually paid. The tax
imposed 10y tho Legislature, much OF
which is now in process OF collection, Is
amply sufficient to meet all the demands
on the Treasury. Indeed, the greater
portion of the amount required to pay the
July interest is already in the Treasury.
The form of evidence to be given to the
bondholders for the amount Of their inte-
rest held by the State in allegiance will be-
lst. In respect to the registered debt The
amount unpaid will remain at the credit OF
the holders upon the books Of the Second
Auditor, for which certificate will he is.
sued if required. I'd. Interest coupons
These coupons will be presented at the Of
flee of the Second Auditor two per cent.
will be paid thereon in money, and for the
remainder not provided for new coupon
will be issued of the same number and date
as the original. may here remark that
the interest on both the registered and
coupon debt will be only for the six months
preceding the lst July, 1867. All the I'M
invested interest on the debt contracted
prior to 1861 can still be funded under the
act of I'd of March, 1866, in bonds bearing
date the lst January, 1867.
In respect to the probable reduction OF
our State debt, would remark that three
acts were passed at the last session of the
General Assembly-one on the lst OF
March, 1867, incorporating the Chesapeake
and Ohio Railroad Company, which CON
solidated the following roads-to wit The
Covington and Ohio railroad, the Blue
Ridge railroad, the Virginia Central rail
road, the Southsde railroad, and Norfolk
and Petersburg railroad. The interest of
the State in the above roads, exclusive of
the Covington and Ohio, is, in the aggre-
gate, Sc, S93, 6SO.S5. The act of incorpora-
ton provides that this company (the Chesa-
peake and Ohio) "Shall have the right
within t,r0 years after its organization to
purchase the stock held by the State in
said company at the date of the purchase,
by transferring to the Board Of Public
Works bonds of the State for an amount
equal to the stock proposed to be pur-
chased, and also to pay any debt which it
NAV owe the State at the date of the pay
ment on account of loans made to any of
the companies which may have CONSOLE
dated, by surrendering to the Board OF
Public Works State bonds for an amount
equal TO the debt proposed to be paid, and
NAV also purchase the right of the State
piInn railroad hv IN
surrender of State bonds to an amount
equal TO the value of said road at the time
of purchase under the contract with the
Virginia Central Railroad Company, said
amount to be aScertained by the commits
sioners of the Covington and Ohio Rail-
road Company, etc.
Another act was passed the 18th of
April, 1867, providing that it shall oe law
full for the Virginia and Tennessee Rail-
road Company, the Southside Railroad
Company, the Norfolk and Petersburg
Railroad Company, and the Virginia and
Kentucky Railroad Company, to form one
ioint-stock company to be thereafter known
as the Atlantic, Mississippi and Ohio Rail-
road Company. The interest of the State
in these corporations, provided it is not ex-
tinguished as to the Southside and Nor
folk and Petersburg Railroad Companies
oy the act of the lst March, 1867, is
5,5C6, 9O969. Upon the organization OF
this company the Board of Public Works
are empowered and instructed TO sell to
it the States interest in the several CON-
panies composing it for State bonds al
par, provided that such purchase of stock *
of the State in the said railroads and
bonds of the Southside railroad and Nor
folk and Petersburg railroad, shall be
made on or before the 1st day Of Nay
1868.
An act was also passed on the oath Of
April. 1867, authorizing the Richmond
and Danville railroad in certain contn-
gency to purchase the entire interest OF
the State in said road, amounting tc
Sl,9SS, 59S for State bonds at par.
The aggregate amount OF the States
interest in the roads embraced in the com
nanies aforementioned to be exchanged
for the bonds of the State at par, i
all 2s57lS.54. When the provisions o.
| thes laws are carried out the debt of the
State as it stood on the 18th day of April
1851 to wit: S34,977 ,29S.3S, will he re-
dnced by that amount, to wit: Sll, 2S5,
us. "a, making the principal of the deb
| lafter deducting the amount to the credit
of the sinking fund, say s2,O00,OOO,.
s2l ,69l, 1884.
| The interest of the State in the railroads
not embraced in the organizations above
mentioned is as follows:
The Alexandria, Loudoun and
Hampshire Railroad Company. Sl,ol7,24s o.
The Fredericksburg and Gordons
| willie Railroad Company 1913, 299 O
The Manassas Gap Railroad Com
pany observation-disclosures. 2,2So,too "
The Orange and Alexandria Rail
road Company ................... l,274,5O o.
The Richmond, Fredericksburg
and Potomac Railroad Company 27j,200 o.
| The Richmond and Petersburg
Railroad Company. 3Sj,600 U
The Richmond and York River
Railroad Company. 400, 900 8
The Roanoke Valley Railroad
| Com RAINY OBSERVATION-DISCLOSURES. so, 4u2 "
The Winchester and Potomac
Railroad Company .............. SS.333 B.
Total. Observation-Disclosures. sG,277,5Sl S
| To which may be added the inte-
rest in the James River and ka-
nawha Canal. .................. 10, 400, 900 o.