The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1871-04-06
THE PUBLIC DEBT.

The following is a correct copy of the bill
to provide for the funding and payment of the
public debt as finally passed in the House Of
Delegates last night
Whereas, in the formation of the State OF
West Virginia there were included within its
boundaries about one-third of the lerrytory
aud population of the State Of Virginia ; and
whereas, in the ordinance authorizing the or
ganzation of said State, it was provided that
the said State shall take upon itself a, just
proportion of the public debt of the Common
wealth of Virginia prior to the first day Of
January, eighteen hundred and sixty-one.
which provision has not yet been fulfilled, al
thought repeated and earnest efforts in that
behalf have been made by this State, and will
continue to be made as long as may be nee
essary; and whereas, the People Of this Gem
monwealth are anxious for the prompt liqu-
dation of her portion of said deot, which is
estimated to be two thirds of the same; and
whereas. it has been suggested that the au-
thorities Of West Virginia may prefer to pay
that States portion of said debt to the hol-
ders thereof, and not to this State as the con
stitution Of this State provides Now, there
fore, to enable the State of West Virginia to
settle her proportion of said debt with the
holders thereof, and to prevent any complica-
tons or difficulties which might be interposed
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 pro
portion of said debt as the same shall become
due; therefore, 6sesss "a
l. Be it enacted by the General Assembly
Of Virginia, That from and after the passage
of this act. no bond, certificate, or other evil
depce 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-
ton of said debt, except as hereinafter pro-
vided # te
g The owners Of any Of the bonds, stocks,
or interest certificates, heretofore issued by
this State, which are recognized by it's con-
stitution and laws as legal, except the five per
cent. dollar bonds, and what are known as
sterling bonds, but including the stock Of the
old James River Company, and the bonds Of
the James River and Kanawha 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
hundred and seventy-one, in six per cent.
coupon or registered bonds Of this State, of
the denominations Of one hunded, and multi
Piles thereof, dated that day, and to become
due and payable in thirty four years after date,
but redeemable at the pleasure Of the State
after ten years, the interest to be payable
semi-annually, on the first days Of January and
July in each year. The bonds shall be made
payable to order or bearer, and the coupons
to bearer, at the treasurer of the State, and
bonds payable to order may be exchanged
bonds may be exchanged for coupon bonds,
or, vice versa, at the option Of the holder
The coupons shall be payable semi-annually,
and be receivable at and after maturity for
all taxes, debts, dues and demands due the
State, which shall be so expressed on their
face declaration to the effect that the re-
demption thereof is secured by sinking fund,
provided for by tie law under which they are
issued. The holders of the five per cent, dol
lar bonds may, in like manner, fund the same
in like bonds, bearing however, FIVE instead
of six per centum 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 of in
tsrest, and payable at the same time as the
bonds issued under this section, which eer-
tifcates, in sums of one hundred dollars, or
any multiple thereof, shall be cxchangeable
for bonds Of the character herein authorized
to be issued, and new certificates Of like char
acter may be issued for any fractional sums
less than one hundred dollars which may re-
main in making such exchange
3. Upon the surrender Of the old and the
accep ancc Of the new bond for two thirds Of
the amount due, as provided in the last pre-
ceding section, there shall be issued to the
owner or owners, for the other one third of
the amount due upon the old band, stock or
certificate of Indebtedness so surrendered, a
certificate bearing the same date as the new
bond: setting forth the amount Of the bond