Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1871-12-23
From Richmond.

Correspondence of the Alexandria Gazette.
RICHMOND, Dec. 22.-Both Houses Of the
Legislature adjourned to-day for the holidays.
and already many of the members have LETT
the city Tor their homes.
The excitement consequent upon the c0nsid
Grafton of the Debt question has been great,
and is equal to, if it does not exceed, the days
of ''Consolidation' and the Pennsylvania Cen
trial war" All kinds Of rumors have been
ahoat as to the motives that have actuated the
majority-that railroad rngs-stock iobblng cir
cles--and all sorts Of improper appliances have
been brought to bear-a of which, it is hoped,
can be attributed to over heated imaginations
Whatever may have been the motive of the
majority or whatever the influences. if any,
that were brought to bear, certain it is that the
effect has been to serious affect State bonds
and the Bears" now have it all their own way
and if, as is charged, though it can hard
ly be possible, the Internal Improve
mcnt companies that have recently determined
to purchase the State interest, are Interested
in dcpreciating the bonds, they have succeeded
even beyond their expectations. During the
| week the Legislature has been in session nj ght
and day and the members have physically ell
dured considerable Inconvenience
| Both Houses. by most decided mainrities,
have passed the bill suspcnding the operations
of the Funding bill, leaving about Sl7.0OO0 900
unfunded and two classes of creditors; and the
House of Delegates has adopted Il resolution
estopine the payment of the January interest,
leaving in the Treasury nearly two millions OF
dollars; and what to do with it? is the question.
| In the Senate, yesterday evening. Mr..
Thomas, from the Finance Committee. intro
duced the following:
| l. BE it rnactcd bythc GENERAL assembly, That
it shall he the duty of the Auditor of Pubic Ac-
counts to pay into the public treasury, from
time to time, subject to the warrant Of the second
auditor, So much of the pubic revenue ~ the
second auditor may certify to be necessary To
pay one semi-annlal instalmeit Of interest on
| the public debt.
= Upon SC much as shall have hcer funded
under the provision of the act passed March
| both, 1871, one semi-annual nStalmcnt shall be
| paid in conformity Herewith
| ). Upon so much of the public debt shall
not have been funded under the provisions of the
act of March 80 1871, one scm-annua install
ment of interest upon the principal thereof, shall
he paid at the rate Of four per CT per annlIln, in
accordance with the provisions of law. in force
prior to the passage of the act Of March 80 1871.
| with such additional sum equal in amount T."
four per ct. on the accrued interest upon the lSt
of July 1871, so rs to place the creditors of the
Commonwealth who have funded, and those
| who have not funded, on the same footing, which
last sum shall be applied as credit to the inter
est due upon the prlncpa provided, however.
that nothing in this act shall be constructed 50
as to authorize the payment OF interest upon ST.
much of the debt funded under the act ot March,
1871 n is represented by the certificates issued
under the provisions Of the third section of said
act
a. Nothing contained in this act shall be CON
strued us committing the General Assembly 10
any recognition OF the constitutional validity or
financial wisdom of the funding act, or of any
supposed contracts which may harcariSrn under
it, or rs hindering or embarrassing the General
Assembly. upon full and thorough lnvcets'-
ton of its merits, or by lawfully correcting any
evils which may be found to result thcrc!roi!.
either by its repeal in whole or in part; shall
anything contained in this act be 50 construed IL
+" indicate any intention upon the part of Ill"
General Assembly to make any Discrimination
between the creditors of the State, II being Its
purpose us far n it may lawfully do SO. To place
all such creditors upon an equal footing. and TO
correct any inequalities which may temporarily
result from the provisions Of this act.
Mr. Fitzpatrick offered, as a substitute, the
following:
l. Be it cnncfed by the Gcncrm! .I<scmbIy. That
| it shall BE- the duty of the Auditor Of Public Ac-
counts to pny into the public treasury from time
to time, subject to the warrant of the second au-
dltor so much of the public revenue as tn"
second auditor may certify to b. necessary to
pay the interest ON the public debt IL herein
| provided.
2 On the first day of January and July, 49,,
and on the first day of january and July ofc"ch
succeeding year thereafter, until otherwise pro
vided there shall be paid two per centum inter
est upon the principal of the public debt OF the
State excluding thcrefrom the bonds G ven for
interest on said debt under the act of the Gcner-
al Assembly, passed March I'd, 1S66-that being
the full amount of interest which this State feels
called upon or able to pay until there is settle
ment of accounts between this State and West
Virginia.
g. Chapter 1872, approved March 80, 1871 en-
titled an act TO provide for the funding and pay
ment of the public debt, is hereby repealed, and
all bonds, certificates and evidences of debt is
sued under the provisions of said act are hereby
declared null and void, except that the holders
thereof shall, upon the presentation thereof ut
the office of the second auditor and a surrender
of the same, be entitled to receive in lieu thereof
| such bonds rs were surrendered in exchange
| therefor under the provisions of the said act Of
| March 80. 1871 and the second auditor is here
by directed to prepare and issue the Don9s pro-
| vIdcd for under the provisions OF TINS section.
| /. This act shall be in force from Its passage
The bill and substitute were discussed tc-d'y
but pending their consideration, a message
was received from the HOUSE, informing the
Senate Of the passage of a joint resolution in
structing the auditor not to pay the January IN
terest and asking immediate concurrence be
| fore however, any action was taken, motion
to adjourn prevailed and the resolution, there
fore, fails, although should the opinion Of the
ATTORNEY General be taken by the Auditor TOR
his guidance the practical effect will be the
same, for, if an appropriation IS requisite, and
the majority, as they seem to be,are determined
that the interest shall not be paid, they Can
easily accomplish their object by refusing, upon
reassemhling, to vote the requisite amount.
In the House of Delegates yesterday evening
the consideration of the question of the pay
ment of the January interest was continued,
and during the day Mr.: Nculc, Of Alexandria:
said that he had favored the resolution suspend
Ing the operation of the funding act, because
he believed that act an unwise, unfortunate and
an Injurious piece Of legisation and while he
was heartily in favor of any measure which
would give relief to his over,tazed and long
suffering constituents and to the people Of Fir-
pinia at large, he regarded the funding act, 50