Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1871-04-01
Alexandria Gazette
The Public Debt OfVirginia.

The Public Debt OfVirginia.
The following is the nc! to provide inr the
funding and payment Of the public debt rs final
ly passed the Legislature Of Virginia:
Whereas in the. formation Of the State
of West Virginia there were included within It's
boundaries about one-thlrl Of the territory
and population of the State OF Virginia; and
whereas, in the ordinance authorizing the on
ganization Of said State, it was provided that
the said State shall take upon itScfa just pro
portion of the public debt Of the Commonwealth
of Virginia prior to the first day ct january,
eighteen hundred and sixty one, which provi-
sion has not yet been fulfilled, although repeat
ed and earnest efforts in that behalf have been
mldc by this State, and will continue to be
made as long as may be necessary; and where
as. the people Of the Commonwealth are anXi
o,lS for the prompt liquidation Of her portion
Of said debt, which is estimated to be two
thirds Of the same; and whereas, it has been
suggested that the authorities of West Nir-
ginia may prefer to pay the State portion of
said debt to the holders thereof. and not to
this State, us the constitution of this State pro
videS: Now, therefore, to enable the State OF
West Virginia to settle her proportion Of said
debt with the holders thereof, and to prevent
any complications or difficulties which might be
intcrposcd to any other manner OF settlement,
and for the purpose Of promptly restoring the
credit of Virginia by providing for the prompt
and certain payment of the interest upon her
proportion of said debt rs the same shall be-
come due; therefore,
l. Be it enacted, &c, That from and after
the passage Of this act. no bond, certificate, or
other evidence OF Indebtedness shall be issued
for any portion Of the debt of this State; nor
shall any interest be paid upon any part or por-
nf al InI,t brrl lIrluf ftnr
vided.
:. The owners Of any of the bonds, stocks
or interest certificates, heretofore issued iy
this State which are recognized by its consti-
tuition and laws as legal, except the five per
cent dollars bonds and what are known
as sterling bonds, but including the stock OF
the old James River Company, aud the bonds
of the James River aud kamwha Company,
guaranteed by the State, may fund two thirds
of the amount OF the same together with two
thirds of the interest due or to become due
thereon, to the first day of July, eighteen hun
dred and seventy-onc, In SIX per cent. coupon
or registered bonds of the State OF the de-
nominations, of one hluudrcd, and multplcs
thereof, dated that day, aud to become due
and payable in thirty four years alter date. but
redeeuIlble ut the pleasure OF the State after
ten years, the interest to be payable Seml-an-
nuay, ON the first days OF january anu july
in each Wear The bonds shall be made paya
bile to order or bearer and the coupons to
bearer, at the treasury Of the State, and bonds
payable to order may be exchanged Tor bonds
payable to bearer, and registered GondS may
by exchanged for coupon bonds; or wee versa
at the option OF the holder. The coupons shall
be pavable sem-annualy. and bc receivable ut
and after maturity for nil taxes, debts, dues aid
demands due the State, Which shall be cX
pressed on their face, and the bonds shall bear
ON their face declaration to the effect. that
the redemption thereof is secured 10y Il sinking
fund. provided for bv the law, under which
they are issued The holders Of the five per
cent, dollar bonds MAY in like manner, fund
the same in like bouls, bearing, however,
five instead of six per ccntum interest. In the
funding herein authorized for any fractional
sums less than one hundred dollars, certificates
shall be issued bearing the same date and rate
ofntcrest and payable at the same time rs
the bonds issued under this section, which cor
titicates, in SUMS of one hundred dollar; or any
multiple thereof. shall be eXchangcable for
bonds of the character herein authorized to Lc
issued, and new certificates Of like character
may be issued, for amy fractional sums less
than one hundred dollars which may remain IN
making such exchange.
3 Upon the surrender of the old and the
acccntance of the new bond for two thirds OF
the amount DUE as provided in the last pre-
cccding section, there shall bc issu cd to the
owner or owners for the other one third, stock
or certificate of indebtedness SO surrent tered l
certificate bearing the same date as the new
bond, setting forth the amount OF the bond
which is not funded, as provided in the last
preceding section, and that payment OF SAID
amount, with interest thereon at the rate pre-
scrbcd in the bond surrendered, will lc pro
Cnttl nnf
shall hereafter be had between the States OF
Virginia and West Virginia. in regard to the
public debt of the State of Virginia existing at
the time of its dismcmbcrmcnt, and that the
State of Virginia holds said bonds, 50 tar as
untunded, in trust for the holder or his as
>gnces; and provided, further, that until such
final settlement with West Virginia, there
shall be paid, upon what are known rs sterling
bonds, in the manner now prescribed 10y law,
two-thirls of the interest ACQUIRING on the
principal of bonds, after July first, eighteen
hundred and scvcnty-one: and for the interest
accrued to said date, certificates dated on that
day, shall be Issued, drawing the same rate OF
interest rs the bonds, two-thirds of which shall
he paid as provided to he paid on the bonds
The remaining onc-third Of unpaid interest,
both on the bonds and certificates, shall be pay
able in money, and the principal of said certiti
Gates in new sterling bonds of the same charac-
ter rs the old, in accordance with such final
settlement as shall be made with West Nir
ginia.
{ The Treasurer is hereby authorized and
directed to forthwith cause to be prepared en-,
yravcd or Autographed reg istcrcd bonds, and
bonds with coupons and certificates OF the
character mentioned in the second and third
sections Of this act; and when prepared Shah
commence the issuance of the same as herein
provided. The bonds and certificates shall be
signed by fhe Treasurer, and countcrsigncd by
the Second Auditor: the coupons shall be sigh
10y the Treasurer or fac similc of his slsna-s
turc shall be stamped Or engraved thereon
Each determination ot' bonds herein author
ized to be issued, both registered and coupon,
shall constitute series, and the bonds of each
series shall be numbered from one upwards. as