The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-12-18

TUESDAY, December II, 1867.
The Convention met at the usual hour.
Prayer by the Chaplain.
FINANCE.
Mr.. CLEMENTS, from the Committee on
Finance, reported upon the resolution OF
Mr.. CLEMENTS preventing the Auditor
from paying the interest on the puollc
debt on the lst of January until satlstac-
tory evidence was produced that no fur
Their taxation was necessary. Inc com
mittee reported a preamble setting forth
that: "Whereas the object of the resolution
was to prevent discrimination in the pay
ment of bondholders and whereas the
Auditor of the State had already trans
.Isitted the amount necessary to pay the
sterling interest on bonds held in Europe,
and assures the committee the Treasurer
will be prepared to meet all demands
likely to be made on the State, including
interest and current expenses, any good
object likely to be accomplished by the
resolution is rendered nugatory therefore
"Resolved, The Convention take no fur
Their action Oh this subject"
Mr.. CLEMENTS, on presenting the report,
said that he, in consequence Of the per-
sistent efforts Of the press to misrepresent
the actions of the Convention, felt that he
ought to make an explanation.
He read the following article from the
Wing:
"Last Saturday the Auditor of the
State RENTED to Messrs. Barring Brothers
s. Co., Of London, sterling to the value Of
fifty odd thousand dollars to pay the Jaru-
airy interest two per cent? on the sterling
debt Of the State payable in London. On
this particular debt the interest that the
State contracted to pay is five per cent.
per annum. She is now actually paying
four per cent.-that is two per cent. semi
annually. When the last July installment
fell due, Messrs. Earrings Brothers s. Co.,
Of their own accord, paid the additional
half per cent, as an evidence of their con-
fidence in the integrity Of the State and
their kindly feelings towards her people.
They were content, they said, to await the
convenience of the State, for reimburse
ment.
"We arc positively assured that on the
lst Of January next there will be money
enough in the treasury to meet the two
per cent. interest on the public debt and
all other demands provided for by law, in
GLIDING tho expenses Of the swindling So
called Convention"
The amount required to pay the interest
due would be 1851 ,64l .6S; arrears of in
terest due on demand, sl60,000. Total,
SS4l ,64l .68. According to the corrected
statement Of the Auditor this would
amount to SOL, G4l.6S. The current ex-
penses Of the State, including the expenses
Of the Convention up to the lst of Janu-
airy, would be $4,000. There was in the
treasury 100000.
AS to the statement Of the Wing con-
corning the transmission of $4,000 sterling
on Saturday last, he could state that it
was false, for the Auditor had informed
the committee that on Saturday he had
made arrangements with banker to pro-
cure $4,000 sterling, and that the warrant
mad not been issued until yesterday.
bis object in offering the resolutions was
10 prevent any discrimination in favor of
oondholders against others. This object
had been rendered nugatory, as the war
raut Of the Treasurer had been issued for
the payment of the $50, 200 sterling. The
sSoO,0O0 interest would become due on |
the LIST of January, unless action restrained |
previous action, and on the I'd of January |
"ouid become past due. Whether re-
"st"ih'og action would be taken or not, the