The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-02-21
RATES OF ADVERTISING
THE DEBT oPyIRGINIA.
debate on the Subject In the Rich
mOnd Les-fsIature.

Iue StaIe, ana 10 provide Tor the gTadu-
al payment of the principal and inter
est thereof" was taken up and read a
second time.
Mr.. u. Turner offered an amendment
to the second section by inserting the
words "two-thirds Of the amount of the
principal and interest of said bonds and
certificates"
The object of the amendment being to
limit the amount paid by Virginia to
two-thlrds of the public debt.
Mr.. Crump addressed the House in
an elaborate and able argument in be-
half of the bill. He commenced with
an eloquent allusion to the condition of
Virginia while they sat there deliber-
ating on the public interests. He COM
pared the General Assembly of Virginia
at such time as this, entering upon
this discussion, to the noble Roman
Senate sitting in grave and calm delib-
Grafton while the Gauls were thunder
ing at the gates of Rome. After passing
through such a war as that which had
desolated the land and filed it with
mourning-after the loss of two bill
lions of slave prOperty-the annihila-
tion, of every bank and every corpora
ton in the State-that we should even
discuss the question of paving the
large public debt of the State was u
matter of wonder. The world should
feel no surprise were Virginia, in her
Au1hco SOHulIlOLff ~ duuOuLC6 InAI SIG
was utterly unable to pay, and make
no efforts with that view.
Mr.. Crump then entered into an ex-
PLANTATION of his bill By. sections, suS-
tanning all its features with great clear
ness and force.
The bill declares in the preamble
that from the immense loss of Virginia
in the late war she is unable to pay
full interest; but is desirous of paying
the same as fully as the resources OF
the State Will warrant. Therefore" !"
it proceeds to enact
ist. That in liquidation of principal
and interest of the public debt, the Sec
ond Auditor shall issue bonds bearing
date the lst of January, 1868, in sums
of 500 and multiples thereof if regis
tered, and If coupons, not less than $500
nor more than 81 900, payable thirty
years after date, and interest payable
semi-annually, as follows: Three per
cent. per annum the first four years:
four per cent. the next four; five per
cent. the next four; six per cent. the
next six years; seven per cent. the next
four; eight per cent. the next four, and
nine per cent. the last four.
2. The holders of bonds of the State
to have the privilege of exchanging
their bonds and interest due for these
registered or coupon bonds until the
1st of January, 1869.
8. Declared that a tax sufficient To
meet the semi-annual interest shall be
levied.
4. Provides that for fractional sums
arising from the exchange of bonds,
certificates shall be issued bearing the
same rate of interest as the principal.
5. The privilege of exchanging 10 ex-
pire on the 1st January, 1869.
6. The accrued interest on the con-
solidation bonds to be receivable in
public dues.
z. Appoints the Governor, Auditor OF
Public Accounts, and Treasurer. COM
missioners to advertisafo written pro-
posals to exchange, "publicly or pri-
vately at their option" all stocks,
bonds, or other securities now owned
or held by the State in the various in
ternal Improvement companies, and TO
receive in payment therefor bonds OF
the State at such valuations as may be
agreed upon. ar.
8. Expenses in carrying out the act
to be paid by warrant on the Auditor,
etc.
9. Enacting clause. ~. o. NJ
Mr.. Crump estimated the first years
tax to meet the three per cent. interest
at thirty-five cents on the hundred dol
lars value. He gave a detailed state.
ment as to the probable taxation to
work out the scheme according to the
estimates of the Auditor. He spoke OF
the probable relief to be afforded by the
part of the bill authorizing the ex-
change of the States stock in public
improvements for her bonds; alluding
also to pending improvement bills
proposing this exchange and facilitating
the operation by which the prospect
was for such a reduction of the liabili-
ties of Virginia that her burthens oi
taxation would become light, and the
should pay wonld be reduced to one oi
trifling Importance. a
Mr.. Crump, after explaining fully the
provisions of the bill, assumed that
Virginia wRs bound for tho public
debt; and had no right to leave a part
of il unpaid, as incumbent upon West
Virginia. He maintained that she was
coustitutionally and legally bound tc
provide for the payment of the whole
OF il. As to what part West Virginia
had to pay, that should be left to ar
rangement upon the principles of jus.
einia could only be fully maintained
| by providing boldly and manfu1ly fol
the whole debt. l-- ~ 4in lb..
He concluded with strong appeal tc
the House to pass the bill.
Mr. SeaweIl offered a substitute
which provides for the payment oftwo
thirds OF the accruing interest upor
the bonds of the State issued prior Il
the 18th April, 1851. sThe payment o
this two-thirds interest to be made OF
the Ist July next and lst January
1865. The preamble declares that tn,
condition ofthe State is now such tha
the Legislature is satisfied that it shoult
begin to pay the accruing interest OF
so much ofthe public debt as it pro
/ per it should assume until by settle
ment with West Virginia 1t is ascer
tained what portions OF the public deb
shall be properly paid by each.
r. Mr.. q. Turner, desiring to addres
the House onthequestion, and it beini
near three o'clock, moved an adjourn
ment; which was carried. - ..l..5s.. f
Doubtless churches will increas
according to the demand for them, an
the statistics of our cities indicate tha
at the present time the large majorit
do not care to hear the gospel. How
reach the non-worshipping masses is tn
Igreat practical question of the day.
The statistics that follow are believed
be, substantially correct. The popula
a-..... &, 100 nnn Thara arc nm