The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1871-12-20
EXCITEMENT AT RICHMOND
OVER THE FUNDING BILL.
The January Interest on Bonds Not
to be Paid..AllegRtiOnS Of Fraud
and sharp Practice.


Correspondence ofN. Y. Herald.
RICHMOND, Va, Dec. II, 1S1l.-There
is considerable feeling here about the &C.
ton Of the Legislature upon the Funding
bill, which was passed by the last Legis.
lature, and under which about twenty. five
millions OF dollars of the debt has been
funded. The following joint resolution
passed the House yesterday ordering o
suspension Of operations under the blll
Rssoirtd That until proper steps have been
taken 10 ascertain the entire amount that will be
required 10 pay the current expenses OF the State
government, and the interest Of the State debt
Us provided for by the funding act, and tho In
creased rate OF taxation II may necessitate should
the whole debt be funded, the second auditor
should, and no Is hereby instructed to, discon.
tlnue any further use Of the new bonds until such
time RG these facts can he Asc0rLalned and such
legislation DO perfected In the promises, should
any be necessary, As the public good may require.
The vote was very decisive-104 to IS.
1t was sent to the Senate, and the indica-
tons are that 1t will pass that body by an
equally decisive majority. This, 1t is
quite certain, will be followed immedi-
ately by another resolution suspending the
payment Of the January interest on the
bonds already issued.
The opponents Of the funding measure
declare II was passed by fraud and gross
corruption In the interests OF the home
brokers and of Wall street, and that the
interests Of the State were entirely sacri-
feed, and therefore they will repeal II
and make another and moro equitable
bargain with the creditors Of the State.
They do not propose reputation Rs the
remedy, but declare that the State Is so
completely impoverished that II Is impo5.
Siblc for the people 10 bear the necessary
taxation TO redeem the coupons and pay
the expenses Of the government. They
propose to open up the entire question,
particularly as fraud Is charged In its pas.
sage and sharp practice Is alleged on the
part Of the bondholders and spectators.
They reply TO the argument, that the part
already funded Is In the nature of bind.
ing contract and the interest must be paid,
that the coupons cannot DO refused when
offered In payment for taxes, that the bill
was not passed In violation Of the COnsti.
tuition, and that the courts will 30 decide.
And that, furthermore, II could not do
away WIN huO VIbiuul COlltuCl uCtWCCu
the State and the holders of the bonds.
1t Is quite certain that the whole thing
will be fully ventilated, as the advocates
of the Funding law are very unpopular
and in very small minority. The In.
terest, 1t is safe to say, will not be paid on
the 1st of January; for aside from the
passage OF the resolution, which will be
at once proposed TO suspend the payment,
the Legislature will refuse TO make IN up.
preparation, and this when there Is nearly
two million dollars in the Treasury col.
lectcd for that purpose.
The effect this will have upon Virginia
securities will, of course, he visible at
once; but It should be understood that
there Is no considerable number of people
In the State In favor Of even a partial re.
pudiation Of the debt, and ail who are
moving In this measure declare that they
have only the honor and interest of the
Commonwealth at heart. They desire to
save the people and TO rebuke fraud and
corruption; they promise to at once initiate
measures for tho settlement Of the debt
on joint and permanent basis.