The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1872-02-01

w whereas III Is b'ie earnest desire ana pur-
pose Of the people Of Virginia to preserve
aud maintain tho credit and honor of the
State to the full extent of their ability, the
measure Of which ability, Ia their present i'm
| poverished condition does not allow an III
crease of the rate Of taxation, for State pur-
poses, now imposed by law and whereas it
is feared that the revenue Of the State receiv.
able from all subjects Of taxation at the pres
ent rate will be inadequate to defray the ex-
penscs of government and meet the full
amount OF interest upon the debt OF the Com
monwealth, funded and unfunded, as the
| same shall accrue; therefore,
Be it enacted by the General Assembly of
Virginia, That for the present year and until
otherwise provided By law, interest shall be
paid semi.annualy as the same becomes due
and payable upon all bonds issued Or to be is
sued, under the act entitled s'au act to proyi lie
for the funding and payment Of the public
debt" approved March 80, 1871, and upon all
other bonds Of the Commonwealth, as follows,
/ to wit: upon all bonds funded under said act
of March 30, 1871, bearing interest Of six per
| centum, said payment shall be at the rate of
four per centum per aunum: upon ali bonds
funded under said act bearing an interest of
| five per cen5um, such payment shall be at the
rate Of three and one third per cent. per an
mum, and upon all bonds not funded under
said act, such payment shall be at the same
rate as above upon two thirds Of the priu cipal
Of the debt.
| 2. For the amount Of interest I'm paid there
shall be issued scmi-annualy, as said interest
becomes due, non interest bearing certificate
Of that date payable to bearer. and redecma-
BILE at the pleasure of the State Said certif-
Gates shall be prepared in proper form, aud
executed aud issued by the second auditor,
who will keep proper registry thereof in his
Office, and each certificate shall be numbered
from one upwards, and also bear on it's face
the number Of the bond for the interest on
which it may be issued. If the revenue of
the State in any year shall exceed the amount
necessary to delray the current expenses OF the
government and the interest on the public
debt as herein provided, such excess shalt be
applied by the commissioners Of the sinking
fund to the redemption and payment Of the
interest Certificates herein authorized to be
issued beginning with those Of Oldest date
The auditor ofpubllc accounts shall forth.
With, and from time to time hereafter. trans,
fer to the second auditor and to the commis-
sioners Of the sinking fund such funds as may
be necessary to meet the requirements Of this
act. When any semi-annual payment Of in
terest shall be made in payment or part pay
ment Of coupon, such coupon shall be cred
tied by the payment and the coupon shall be
cancelled.
3. Until otherwise ordered by the General
Assembly, no person or persons hereafter au-
thorIzed to collect or receive any portion of
the taxes, debts, and demands due or to be-
come due to the State of Virginia, shall re-
ceive in payment thereof, or ofany part there
Of any coupon or coupons heretofore or here
after issued under the provisions of said act
Of March 3Oth. 1871. slsn.eg
j 4. The word "bond" wherein it occurs In
the first section Of this act shall be held to
include any interest bearing debt of the Com
monwealth, whether evidenced by bond, stock,
or interest certificate, authorized to be fund
ed under said act Of March Both. 1871.
5. All acts and parts of acts in SO far as
they may be inconsistent with the provisions
Of this act are hereby repealed.
6. This act shall be in force from its pas
sage.
Both the majority and minority reports Of
the Joint Finance Committee are given above
! Whether the minority more than the MAORI
~ report meets the demand of the financial
welfare Of the State is questionable They
have only adopted different means to obtain.
the SAME result; neither tavorng in any emer-
gency an increase of taxasion They only
differ as to the mode of distr;bu Of the.
State revenue towards the payment Of the in-
terest on the public debt-the majority favor
ing the payment Of the whole interest within
the period of thirty four years, at such rates
during certain periods as will make an aver
age during the whole period of 6 per centum
per annum, andthe majority proposing to pay
certain part Of the interest and to assume
the payment of the remaining interest by is
suing for the same, non-interest bearing GER
! tihcates. s9 ai