Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1868-04-02
Financial Affairs.

=: In the Virginia Convention, on Monday, Mr..
Clements offered the following:
"Rcsozucd, That the Comm ittce on Finance
and Taxation BIO instructed 20 report IN ordl-
nance suspendng theintcrest on the State debt. "
I, 4 lengthened discussion cnsued, during which
many inquiries were put concerning the finance
matter Mr. Clements finally answered them.
Hc said that the first thing that the committee
did alter thcy.werc appointed was to go to zen.
SchoIed to get his sanction in the NATTER
Gen. ScholeId declined to sign the ordinance
passed by the Convention to raise money as he
did not feel justified in SO doing, but consented
to refer the matter to Gen. Grant lorihis advice.
The Auditor in the meantime had ascertancd
that the money could be borrowed from some
of the Richmond bankers at ten per cent. The
committee went to Washington, and had an IN
tervicw with Gen. Grant. The General had IN
his possession communication from General
Scholicld upon the subject which had carried
the committee to Washington. Gen. Grant
remarked, among other things, that he had
hcard.that there we're members in the Conven-
ton who would stay here any length OF time II
they could get their pay. Mr.. Clements san!
that majority OF the members, while they did
not come 10 the Convention to make anything,
did not wish to lose much Had they gotten
four dollars, they would have lived on it; as
they had gotten eight dollars, they wished to
receive it, Cen Grant replied, with some en-
phasis ''Oh you shall have your pay" lie
said that he would send Gen. Schofeld Il letter
of advice in the matter the next morning. MIR.
Clements desired to know what the conteats OF
that letter would be. The comnitteo we're d.
rectcd to return the next morning. They dld
did return, and he General told them that he
had advised Gen. Schofield to mako arrange
mcnts for paying the expenses OF tho ConVen:
ton up to the 9th OF April He had, it seem.
ed, received int;naton from Gen. Schofield
that he could effect such loan. In answer 10
the question if the Convention could not ad-
iourn by the 9th of April, Mr.. Clements replied
that he did not think they could. Gen. Grant
did not say anything about when he wlshedlthc
Convention to adourn, or anything about linn
ting its time. He did not think he lad the
power to issue al order in the premises, so he
merely sent Gen. SchoGed letter Of advice.
The committee then went to see some Of the
moneyed men in Washington, and they there
ascertained that the money could be obtained
from the First National Bank of Washington,
Mr. McKenzies bank in Alexandria, or the
First National Bank of Richmond at seven per
ct. ; but with the names of Gen. Schofleld and
the State Auditor attached to the securities, at
SIX per cent. &c..
On Saturday last, the gentleman who came
from Washington to raise the money went to
Gen. Schofeld and proposed the issuing of Ger
tifcates, payable on the 1st Of August, instead
of negotiating loan. The committee objected
to this plan They suggested this morning that
the payment Of the State interest on the lst of
July be suspended to which Gen. Schofeld
agreed. The ordinance and resolution were
therefore proposed
On motion of Mr.. JIG. Gibson to refer
the resolution to the Committee on Taxation
and Finance, the vote resulted-ayes, sc !;
noes, 81. .,'.. ... .-...' .-..