The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-03-29

M ia :
IT
IG. MARCH 20, 1871.
The Public Debt Passage OF the Bill
Senate bill to provide for the funding mn
payment of the public debt passed tn
House last evening". at quarter to
O'Clock, by q vote Of Is yeas to AZ nays, n
1t came from the Senate. 1t now goes {,
the Governor, and, with his signature, vii
be the law Of the land. The following i
the bili: ta 81 ~H'a = = -
"Whereas in the formation of the Stat,
of West Virginia there were included with
in its boundaries about sone.third Of tht
territory and population of the Safe o
Virginia; and whereas in the ordinance
was provided that the said State shall take
upon itself just proportion Of tina pub,
lie debt Of the Commonwealth Of Viz.
ginia prior to the 1st day Of January, 1861
which provision has not yet been fulfilled.
although repeated and earnest efforts In
that behalf have been made by this State,
and will continue to be made as long Us may
~ ~ necessary and whereas the people OF
this Commonwealth are anxious for the
prompt liquidation of her portion Of said
debt, which is estimated to be two thirds OF
the same and whereas it Inns been sug.
gested that the authorities of West Virginia
may prefer to pay that States portion OF
said debt to the holders thereof, and not to
this State, as the Constitution OF this State
provides; Now, therefore, to enable the
State of West Virginia to settle her pro-
portion of said debt with the hold
ers thereof, and to prevent any COM
plications 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 ofthe interest upon her proportion
of said debt as the same shall become due !:
therefore, =
Be 1t enacted By the General assembly of
Virginia, 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 portion of said debt except as here
matter provided. .,.a
Seq. 2. The owners of any Of the bonds,
stocks, or interest certificates heretofore
issued by this State, which are recognized
by its Constitution and laws as legal, ex-
cept the five per cent. dollar bonds, and
what are known as sterling bonds, but in
Guiding the stock of the old James River
Company and the bonds of the James River
and kanaWha Company guaranteed by this
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 1st day of July, 1871, in six per cent.
coupon or registered bonds of this State, of
the denominations of one hundred and
multiplcs thereof, dated that day, and to
become due and payable in thirty.four
years after date, but redeemable at the
pleasure of The State alter ten years, the
interest to be payable semi-annually,
on the 1st 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 Treasury of the State, and
bonds payable to order may be exchanged
for bonds payable to bearer, and registered
bonds may be exchanged for coupon bonds,
or, vice UersQ, at the option of the holder.
The coupons shall be payable semi-annu-
ally, and be receivable at and after ma
turity for all taxes, debts, dues, and de-
mands due the State, which shall be so
expressed on their face, and the bonds shall
bear on their face a declaration to the
effect, that the redemption thereof is Sc
cured by q sinking fund, provided for by
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
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 interest, and payable at the same
time as the bonds issued under this'section;
which certificates, in sums of one hundred
dollars or any multiple thereof, shall be en-
changeable for bonds of the character here
IN authorized to be issued, and new certifi-
Gates of like character may be issued for any
fractional sums less than one hundred dol
lars which may remain in making such eX-
change.
SEC. 3. Upon the surrender Of the old and
the acceptance of the new bond for two.
thirds OF the amount due, Us provided in the
last preceding section, there shall be issued
to the owner or owners, for the other one.
third OF the amount due upon the ole
bond, stock, or certificate of indebtedness
SO surrendered, a certificate bearing the
same date rs the new bond, setting forth
the amount of the bond which is not fund
ed, as provided in the last preceding Sec
ton, and that payment of said amount
with interest thereon ut the rate prescribed
i'll the bond surrendered, will be provided
for in accordance with such settlement as
shall hereafter be had between the States OIL
Virginia and West Virginia in regard to
the public debt of the State of Viz,
ginia existing at the time of its dis
memberment, and that the State oil
Virginia holds said bonds, so far as untund
ed, in trust for the holder or his aSsignees
and provided further, That until such fna
settlement with West Virginia there shall
be paid upon what are known as sterling
bonds, in the manner now prescribed by
law, two-thirds of the interest accruing on
the principal of said bonds after July
first, eighteen hundred and seventy.
one; and for the interest accrued to
said date, certificates, dated on that
day, shall be issued, drawing the same rate
of interest as the bonds, two-thirds of which
shall be paid as provided to be paid on the
bonds. The remaining one-third of unpaid
interest, both on the bonds and certificates,
shall be payable in money, and the princi.
pal of said certificates in new sterling bonds
of the same character as the old, in accord.
ance with such final settlements as shall be
made with West Virginia.
4. The Treasurer is hereby authorized
and directed to forthwith cause to be pre-.
pared, engraved, or Autographed, registered
bonds, and bonds with coupons and Ger.
tificates of the character mentioned in the
I'd and Sd sections of this act and when
prepared, shall commence the issuance OF
the same. as herein provided. The bonds
and certificates shall be signed by the Urea.
surer, and countersigned by the Second
Auditor the coupons shall be signed by
the Treasurer, or fac stnile of his sigma.
ture shall be stamped or engraved thereon
Each denomination of bonds herein au.
thorized to be issued, both registered and
coupon, shall constitute series, and the
bonds Of each series shall be numbered