Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1872-02-08
From, Richmond.

From Richmond.
Correspondence of the Alexandria Gazette.
RICHMOND, FEB. THE question Of the
payment of the interest upon the State debt
was further discussed in the House OF Delegates
to- day
MIR. Coghill made long speech reviewing
the history OF the debt. aud the PROVISIONS OF
the majority and minority reports land contend
ed that three per ct. was the utmost extent of
interest that the people were able to pay, and
declared that had he the power he would repeal
the whole Funding act so Us not to leave
trace Of it among the Legislative records. He
did not think, however, it could be repealed rs
to the legal rights which have accrued under it.
The new bonds have been issued and must
stand, nor can the provision for componndiu-
terest be auulled. These things have taken eff
feet and are in law valid. Farther than thus,
he contended. that the Funding act should not
be maintained. Mr.. Coghll was followed by
Mr. O'Ferrall who offered us a substitute a
preamble, setting forth that the people are la.
boring under oppressive taxation brought on
by the result Of the late war, by which Nir-
GINA was deprived of her sovereignty, reduced
to a territorial condition, her and her effects
transferred to the Federal Government, her
ability to pay her debt and her responsibility
for it exlinguiShed, aud the responsibility for
that debt devolved upon the Fcdcarl Govern
mcnt, therefore be it resolved, &c:
That such property is hereby declared liable
in the hands of the State for said debt, and that
the same is held by her in trust, in whatever
form it may have assumed, for the benefit OF
said creditors.
of all the public buildings institutions of learn
ing and charity in the State turned over by the
United States Government ut their fair market
value.
The said valuation shul be ascertained by five
cOmmissoncrs-to be hereafter elected by a joint
vote of the General ASSEMBLE -subrct to the
ratification of the General Assembly. Upon
such ratification, bonds shall be issued to each
creditor for his ratcable proportion, payable III
thirty four years from the lSt day of January,
1872 bearing interest at the rate Of six per cent
! UNI per annun, payable S'nl,annuaily -that Is;
| three per ccntum on the LIST days of July and
january Said bonds shall be signed by the
| Treasurer and countersigncd by the Second Au-
| ditor, and shall bear upon their face declala-
ton to the effect that the redemption thereof is
secured by IL sinking fund, provided for by the
| law under which they are issued.
All sums of money not otherwise appropriated
remaining in the Treasury ut the end Of each
| fiscal year, over and above the amount neccssa-
| ry to meet the current expenses OF the govern
lnent and pay the interest on the bonds author
|
| shall constitute sinking fund FIR the lquida-
ton of said bonds, and shall be paid into the
Treasury of the State to the credit OF said sink
ing fund. In the year 1850, and annually there
| after, until all the bonds issued under and by
| authority of this act shall have been paid, there
| shall be levied and collected the same as other
taxes Il tax of two cents on the one hundre
| dollars Of the assessed valuation of all property
! personal real and mixed, in the State, which
! sha II be paid into the Treasury to the credit Of
the sinking fund. The Treasurer, the Auditor
of Public Accounts and Second Auditor, are
| hereby appointed commissioners OF the sinking
fund and shall have Ca ma ority actng) the con-
| troll and management thereof and shall annu-
| ally, or oftener, apply whatever sum or sums
NAV be to the credit of the sinking fund to the
purchase and redemption of all bonds of the
State authorized to be issued under the provls-
ions of this act.
The act entitled an act to provide for the fund
ing and payment of the public debt approved
March 30 1871, and all other acts and parts Of
a cts inconsistent with this act hereby re-
pealed
Mr.. @ Farra advocated the adoption of his
substitute, and at the conclusion OF his remarks
the House adjourned.
Prior to the consideration of the debt ques-
ton the bill for the protection of the oyster
beds on the Chesapeake and its Tributaries,
was discussed.
In the Senate to-day the following bills were
f,voraby reported upon by committees to
consolidate the Indebtedness of the city Of AL
exandria in one uniform issue of stock to in
corporate the Washington, Cincinnati and st.
Louis railroad company to incorporate the
Norfolk Il Lynn Haven railroad company-re-
commended to pass for the relief of the late
sheriffs of the Commonwealth providing for
the payment Of the debt due by Washington
College to the Literary Fund also, joint re-
solution instructng the Auditor to proceed to
collect the taxes imposed upon the works Of
internal improvement by entering suit against
| the delinquent companies
Reports were uladc declaring it nexpedient
to legislate on the subject of resolution relat
ing to repeal OF charters of railways which re-
fused to pay taxes to the State for the reason
that bill on that subject is now before the
Senate also adverse to the dlscontinuance OF
the office of Second Auditor
The bill aholishing the office of Secretary of
the Board of Public Works was laid on the
table.
The Committee on Finance was instructed to
inquire into the expedency OF amending the
act imposing Il tax on oysters so as to require
the Auditor Of Public Accounts to appoint
three inspectors.
The bill to release the State interest in the
James river and Kanawha canal company was
taken up and discussed up to the hour Of ad
journment.
In the House of Delegates during the morn
ing hour, Mr.. Sangster presented petition
of citizens of Centrevilie township, Fairfax
county, for the repeal Of the fence-law in that
township.
Bills we're introduced authorizing persons
Jointly or Jointly and severally bound to he
Joined in the same action, or sued separately;
to provide artificial arms to eX-soldiers who lost
their arms in the service Of the State in the
late war, or money in lieu thereof; to regulate
the pay of Judges and clerks Of election; and
to regulate the pay of sherfs and sergeants of
cities and corporations in posting notices Of
elections &c.
In the Court of Appeals to-day decision
was rendered in the case Of the owners of the
steamtug Wenona VS.. Bragdon, supersedcas to