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

A majority Of the joint committee, to which
was referred the financial condition of the
State, have adopted the report of the sub com
mittee, with its draft Of bill to be reported to
the Assembly. 1t consists of seven sections,
and provides
Holders of all legal evidences Of Virginia
Indebtedness Except the new consolidated
bonds the five per cent. dollar bonds, and the
sterling bonds) may fund two thirds of the
same, together with accrued interest up to
July LIST, 1871. in new bonds, payable "a
years after that date, with interest at 3 per
cent. payable semi annually for II years, 6
per cent for the next ten years, and per
cent. for the remaining II years. The bonds
may be either coupon Or registered and eth
err may be exchanged for the other. The now
outstanding ssdollar bonds may be funded in
new bonds, bearing interest for II years at
the rate Of q per cent, for the next 10 years
at per cent. and the remaining II years at
II per cent. The consolidation bonds issued
under the funding act OF 1871 may be ex-
changed for the new bonds authorized by this
act Coupons Of such bends shall no longer
receivable for taxes Upon the surrender Of
old bonds under this act, certificate for
the unfunded one-thrd part thereof shall be
issued certifying that the same shall be paid
together with per cent. interest, to the ex-
tent that the State Of West Virginia may
turn over to Virginia moneys OR property in
discharge Of her part of the old common debt
Also until such settlement With the State of
West Virginia, the interest accrued since Ju-
" 1, 1871, on two-thirds Of the s'sterling
bonds" at the rates provided for other bonds
by this act, shall be paid. and certificates is
sued for the balance of like tenor, With the
certificates above provided for. Ofthe inter
est accrued on the sterling bonds up to July
1, 1871, one-third shall be paid in money,
and the remaining two-thirds shall be funded
in new sterling bonds bearing the rates Of in
terest provided in this act. A sinking fund
is to be created as follows: AT the end of
each year the balance remaining unappropri-
ated in the treasury shall be held by it sto
the credit of the sinking fund.- the amount
TO be realized from the claims Of the State
against the Chesapeake and Ohio Canal Com
pany, and other companies, and from its stocks
in other improvement companies, shall be al
SO carried to the credit Of said sinking fund
In the year 1880, and annually thereafter, a
tax oftwo cents on the one hundred dollars
shall be paid into the treasury to the credit
of the same fund. The treasurer, the audi
tor of public accounts and the second auditor
are made commissioners Of the sinking fund,
who shall annually apply whatever sum may
be in the treasury to the credit of said fund
10 the purchase and reilempt;on Of State bonds
The minority of the joint Committee on
Finance Of the Legislature, having agreed up
on a report, it and the report ofthe majority,
were,on 18th, presented in both Houses, and
ordered to be printed. The minority report
is signed by Henry W. Thomas, Charles
Hcrndon, J. K. Connally, Gilbert $. Meem,
Roscoe G. Greene, on the part of Senate, aud
James v Brooke, VIM. L Sutherlin, a. G.
Cummings, Z. R. Bagwell, r I. Daniel, j.
W. Lawson, J. H. Kelly, W. i poague, and
s. Chapman Sealc, of the House, and is as
follows: &