Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1872-01-26

hlCHMOND, Jan. Zo -Llc ulinoilty VI lho
Joint Committee on Finance Of the Legislature,
having agreed upon report, it and the report
of the majority, were, to-day, presented IN both
Houses, and ordered to be- printed. The MI
nority report is signed by Henry W. Thomas,
Charles Herndon, J. K. Counally, Gilbert 5.
Meem, Roscoe G. Greene, on the part OF the
Senate, aud James V. Brooke, VIM. I. Suthcr-
lin, A. c. Cummings, E. r. Bagwell, L. 1.
Daniel, J. w. Lawson. J. H. Kelly, W. L.
Poague, and S. Capman Neae, Of the House.
and is as follows:
Whereas it is the earnest desire and purpose
| of the people of Virginia to preserve aud main
tain the credit and honor Of the State to the
full extent of their ability, the measure OF
which ability in their present impoverished
condition does not allow an increase OF the rate
of taxation, for State purposes, now imposed
| by law and whereas 1t IS feared that the rev.
| enue of the State receivable from all subjects
of taxation at the present rate will be lnade
quate to dcfray the current expenses OF gov
ernment and meet the full amount OF interest
upon the debt Of the Commonwealth, funded
and unfunded, as the same shall accrue; there
fore, y
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 annually as the same becomes due
and pavable, upon all bonds issued or to be IS
sued, under the act entitled IAN act to provide
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 90, 1871, bearing an interest of six per
centum, said payment shall be at the rate OF
four per ccntum per annum; upon all bonds
funded under said act bearing an interest OF
five per centum, such payment shall be at the
rate of three and onc-third per centum 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 principal OF the
debt.
> For the amount of interest unpaid there
shall be issued semi annually, as SAID interest
becomes DUE non interest bearing certificate
of that date, payable to the bearer, and redeem
able at the pleasure of the State. Said certlt1-
Gates shall be prepared in proper form, and ex-
ecuted and issued by the second auditor, who
shall keep proper registry thereof in his Of
fee, and each certificate shall be numbered
from one upwards, aud also bear on its 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 ne
, ccssary to defiay the current expenses or the
government and the interest on the public debt
as herein provided, such excess shall be applied
by the commissioners of the sinking fund to
the redemption and payment OF the interest.
/ Certificates herein authorized to be issued be-
ginning with those of oldest date The auditor
Of public. accounts shall forthwith, and from
time to time hereafter transfer to the second
auditor and to the commissioners of the sinking
fund such funds as may be necessary to meet
the requirements of this act. When any semi
annual payment of interest shall be made IN
payment or part payment OF coupon, sucn
coupon shall be credited by the payment and
the coupon cancelled.
3. Until otherwise ordered by the General
Assembly, no person or persons hereafter au
thorized to collect or recelvesaDy portion or the
taxes, debts, and demands due or to become
due to the State of Virginia, shall receive in
payment thereof, or of any part thereof any
coupon or coupons heretofore Or hereafter Is
sued under the provisions Of said act Of March
30th, ISL
i, The word ''bond" wherein it occurs in
the first section of this act shall be held to in
cludc any interest bearing debt Of the Com
monwealth, whether evidenced by bond, stock
or interest certificate, authorized to be funded
under said act of March 10th, 1871.
5. All acts and parts Of acts in SD far as they
may be inconsistent with the provisions OF this
act are hereby repealed.
6. This act shall be in force from its pa ssage.
To persons not skilled in questions of finance,
it is little surprising that the gentlemen ct the
committee who seem to entertain so nearly the
same views on the subject should not be able to
agree, aud adopt either the one or the other OF
the reports or third, which might be only
a slight modification Of the two presented. 1t
requires very acute powers of discrimination to
perceive wherein the two reports materially
differ.
In the Senate to-day bills were passed to
amend the act to incorporate the FarmVlle,
Charlottesville, and Stanardsvllle Narrow
Guage railroad to provide for a re-dlvision of
the county of Rockingham into townships; and
to prohibit the sale of Intoxicating liquors on
Sunday.
A Joint resolution, offered by Mr. Thomas,
asking Congress to authorize and make an APP
preparation for the construction of a bridge
across the Potomac river, at the city OF Wash
ington, and requesting the senators and repre-
sentatives from this State to support the pas
sage of any measure looking to the accom-
plishment. of this object, was adopted.
A bill to provide that more than one town
ship in the Commonwealth shall not pear the
same name, was rejected
The Senate bill to submit the claim of Wash
ington and Lee University, amounting. to
sl45 ,00O--donated to them by, George Pea
body to arbitration, was taken up and with
the amendment proposed by the committee,
to provide that the final decision of the case
shall rest with the General Assembly, was further
amended by imposing all the expenses Of the
arbitration upon Washington and Lee Univer-
sity, and then ordered to be engross.
The committee of Courts was instructed to
inquire into the expediency of making more
ineligible the act in relation to venlres for the
trial of feonies
The Senate joint resolution providing for ad-
iournment on the 18th ufFebruary of theGeneral
Assembly was laid on the table, on motion of
Mr.. Taylor, of Loudoun; Ayes, 10; noes, /.
The House Joint resolution relative to the
payment of balances due school teacher S, was
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