The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-03-14
which reduces the old funded debt 80 49,, n
Orthc State TO-. SI|,TIV,@U| y
THE FUNDED INTEREST.

WHICH bilE lhtAASA NNSN
OrthC State to...,........,-..'..'E E!'' p'"U' "
THE FUNDED INTEREST.
The Legislature which convened in
1866. several months after the close Of the
war, finding il impossible in the then I'M
p0verishcd condition OF the State to pro-
vile for the payment Of the maturcd In.
trr,sL upon the public debt, by an act
passed March 9, 1865, authorized the fund
Ing Of such interest in new bonds OF like
character and bearing the same rate OF
interest rs the old bonds, TO be dated on
the LIST day Of January, 1896, and running
not less than ten nor more than tllrly.
four years; but II was expressly provided
that no interest should bG paid upon the
bonds thus authorized to be issued until
the lst day Of July, 1867; Gand II was iHr-
thcr provided by the same act that all I'M
funded and maturCd interest on the old
bonds, on the LIST day Of January, 1857,
might then and thereafter he, In like man
ner, funded in like bonds, but dated on
tint day and drawing interest from TINT
date. 'i
Under this act a large proportion of the
then nlatUrrl-- il:tQnaft. R':s hrHE. taIslGstl's
On the 91st day of MARCEL, 1857, the Gen
cral Assembly pissed IN act providing for
the payment, on the list day OfJnly, 1857,
and on The list day Of january, 1858, Of
two ler ccntunl. ofintCrcst upon tho prin-
Cipai OF The public debt Of the State, cx-
Guiding thOretrom the bonds given for In
tcrest under the first above mentioned act,
that being lin the language Of tllc0ctD the
interest which this State feels obliged 10
pay until there Is Il settlement Of ACCOUNTS
between this State and West Virginia"
Under the Inv Of March, 1SG7ytwo per
Centum Of interest wns paid on the LIST tlay
of July, 1867, and u like sum on the LIST
DAYS Of January and July, 1868. But the
increased eSpenscs incident to the peculiar
condition Of affairs md the administration
Of the Government by military authority,
together with the expenses Of tho Constt.
tutionaI Convention oil 1S67-,0S, and the
partial, though perhaps not culpableI Tall:
ire to collect all Of tho public revenues,
prevented tho payment thereafter Of tic
interest, us provided by the laws OF lSO7.
However, the two per cCntrm due Janll
airy /, 1860 on the sterling bonds WIS plttd
tOgctherWith ono per cGntuIn on the dol
lar bonds, and subsequently,, In August
1869, one per centuin more was paid on
the latter bonds, This comprises all the
interest which Inns been paid since the
war, leaving unpaid one per centum per
unnurn oil all Of the old six per ccntum
bonds, and oug.half Of one per Centum per
annum on the five per CCntum dollar and
sterling bonds to January !, 1900, and five
and six per centum perannum respectively
since that date, together with all tue In
terest upon tue funded interest bonds,
dated respectively january !, 1S00-O1, us
well rs tic interest on tho unflndcd into
rest due on old bonds ut the latter date.
The new funded debt Of the State, under
the act Of March 3, 1896, Is as follows
Coupon bonds dated January 1854. 900 90
Registered bonds dated January lst, ~, 900 =,
co lSDS bonds d;icd January III 1S7 io %
Registered bOhls dated january lat, -, :.
lSBI.....,...... ...........:'.'.,.' lF9So,vIS ~
Sterling bonds reduced TO dollars.,.. 46d,&oO %
.F ae'il .,,i, &7,iOt,OGa o.
To which should be added tho IN.
funded interest on old bonds. duo
January 1Gt, 1876, and not yrt fund
3D. but fUndablO In bonds OF that .i ....
date, at the ptlOn Of tho owner,
amounting In all to the sum off,. 'SOBsO u