The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-03-09
General Assembly Of Virginia,
-. -------i 49, 49, 2 ~---2s
TUESDAY, March $3.50.
SENATE.
The Senate met at IL o'cloek--Mr. "AD'

YELL Inc CudA'
VIRGINIA. MARBLE cQNrASY.
The Senate bill incorporating the VIZ
-;nia Marble Company was, under sus-
,ension OF the rulea passed and commuh'--
,ated 10 the House.
GoyrRNoR'S CLERK.
The hill allowing the Governor an addi-
ional clerk. with salary OF 81 1000, was
rcad and ordered for engrossment and
/ third reading.
PRIVILEGES AND ELECTIONS.
Mr.. PERRIN. from the Committee on
Privileges and Elections, reported TINT the
committee Ind fixed Wednesday, March
18th, for hearing evidence in the case Of Mr..
7. Amber Smith.
The committee on the petition Of Jacob
Cohen, contesting the seat of ". <. Perrin,
"erorted adversely to the claims of Cohen,
he having failed in complying with the re-
1uircments Of law in not cOntesting the
light within twenty-five days after the
election.
GOVERNORS MEsSAGE.
| Colonel Owens, private secretary and
lid to the Governor, submitted tho follow
| ing message:
| COMMONWEALTH OF VIRGINIA, !
| EXECUTIVE CHAMBERS,
RICHMOND, March 8, 1870.
| Gentlemen Of the Senate and House Of
Dclg0tcS:
OF the many subjects demanding wise,
| cautious. and comprehensive legislation
from the General Assembly, none can exceed
in gravity and importance Tic financial
condition of tine Commonwealth. The mag
nitude of the public debt; the character,
condition. and ultimate disposition OF the
assets and securities held by the state
The prompt restoration of our credit and the
mode of accomplishing it; the sources OF
orr revenue and the ability of the people
70 respond to taxation i'll an amount sum
Gent to meet the current expenses OF inc
government and and maturing interest upon
| The State debt are all subjects demanding
| profound consideration and the most mature
| leliberation and action on your part.
The Legislature which convened IN 1866,
several months after the close of the war,
finding it impossible in the then I'M
Ipoverished condition of the State to provide
| for the payment of the matured interest
upon the public debt, by an act passed
March 2nd, 1866, authorized the funding
If such interest in new bonds OF like char
acter and bearing the same rate OF interest
as the old bonds, to be dated on tue lst day
If January, 1866, and running not less
than ten nor more than thirtr-four years
but il was expressly provided that no in
terest should be paid upon the bonds thus
authorized to be issued until the LIST day OF
July. 1867: and il VAS further provided by
he same act that allunfunled and matured
interest on the old bonds, on the lst dav OF
January, 1867, might then and thereafter
be. in like manner funded III like bonds,
but dated on that day and drawing interest
from that date.
Under this act large proportion OF the
then matured interest has been funded. On
the 2lst day of March, 1867, the General AS
sembly passed an act providing for the
payment, OH the lst day Of July, 1867, and
m the lst day of January, 1868, of two
Dor centum of interest upon the principal
VI the public debt of the State. excluding
.herefrom the bonds given for interest un-
Ter the first aforementioned act, that
peing lin the language Of thcacO the inter
,st which this State feels obliged to pay until
here is O settlement of accounts between
his State and West Virginia." Soon after
the enactment of this law the State passed
under military control by virtue of the laws
of Congress. and its affairs were admins
;cred by military authority from that time
until the restoration of the State to repre5en-
,ation in the Federal Congress on the goth
LAY of January last. FROM the ad journment
of the General Assembly, ll.lS6l, to the as
semlling Of your honorable bodies on the
Sth day Of February last, the State has been
without any law-luaking power savethe ar
bitrary will Of the military commanders.
Fortunately, those military commanders
have been honorable men, who, according to
heir Judgment, az far as practicable, admin
istered the law ne they foundit, collecting
md dsbursing the public revenues in accor-
lance with existing statutes. These facts are
here stated in vindcatioI of the honor anu
GOOD faith Of our people, and for the pur-
Csc of explaining to the creditors of the
State the reasons why our credit has re-
NAMED to this time III condition of dis
aonor. Our people have not had the con-
/ oil and management Of their own affairs.
Under the law Of March, 1867, two per
centum Of interest was paid on tue lst day
Of July, 1867, and like sum Oh the LIST
LAYS Of january and July, 1868. But the
| increased expenses incident to the peculiar
condition of affairs and the administration
Of the Government by military authority,
together with the expenses of the Consti-
tutional Convention Of lS67-'S, and the
partial, though perhaps not culpable,
failure to collect all Of the public revenues,
prevented the payment thereafter of the
interest, az provided by the laws
Of 1867. However, the. two per centum due
january !, 1869, on the sterling bonds was
paid, together with one per ce,tum on the
dollar bonds, and subsequently, in August
1869, one per centum more was paid on the
latter bon,is. This comprises all the ipte-
rest which has been paid since the war,
leaving unpaid one per centuln per anuum
on al. Of the old six per centum bonds, and
one-half of one per centum per annum on
the five per centum dollar and sterling
| bonds to January /, 1869, and FIVE and six
per centum per aunum respectively since
that date, together with ell the interest
upon the funded interest bonds, dated re-
lspectiyely January !, leGG-'G7, as well az
the interest on the unfunded interest due
on old bonds ut the latter date. The old
and recognized debts or liabilities of the
State, direct and contingent, correctly
stated, are as follows
Six per cent registered bonds 81 sos So 20
| FIVE per cent registered bonds ...... 3,ono Oh
six per cent. coupon bouds........... LIES eyo 20
Five per cent. sterling bonds reduced
TO dollars. lst 900 ~
Bonds Guaranteed by the state:
hesapeake and Ohio Canal Com
pany .............. ................ 500 COO %
| Virginia Central Railroad Company. let, 900 90
| Richmond anu Danrilie Railroad
Company. Observation-Disclosures. zoo, ooo 90
City oi heelns ...................... 366,V0O 90
| Al,.Nn nlri.t anal InIn Il Ii.ify