The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-01-24
LOCAL, MATTERS.
rc.uIi Of The Hciibcrnsion~o ofthe J"tn1
,,.nm!t,cc OK The ruudinc Bill.

rc.u,i Of The iEciibcrnsions oft',e J"tn1
tcm,nlt;ce ow thc Funding Riii.
r..as.s,, committee cClhc General Assem-
~, "a consider a}l questions relating 10 the
.,,.,,i,,r hi! and the Ir:vmcut of interest upon
NE p"...c dth; have adopted the following
[,.t~. II TIC subcommittee. 4 vote was
rct,bra las. night ut 10 o'clock-avcs. IS; ;
-,ls . Tic minority are also preparing a
-, :, p~c>eu; 10 the Legislature. which, It is
...cS Is II Substance similar TO the funding
, y:4 70 proy'do fer tha Funding and
I'ayucat q asc TuJhc Debt.
U,agoq, the act Of tue General Assembly
.r\;rr;u,a approved March so, 1871, cnti-
,'ai an &C, - provide for the funding and
,,.,,,,.l, Of :hr public ich:, is, in some of it,
l.vrr.. Of Gouldful or disputed construc-
f.oa. and IN others Of Questionable constitu-
.:.o.,ty, II not suWc!EiNc Of the vital and
;,H,ren, power Of every Legislature, to
r~ -iIs.o according 10 The condition OF the
r.,;.a. from time 70 time, the subject Of
,1y1.inu: %;uonCSt which provisions arc
.s.9.c touching tie liability OF the state OF
\.,,u.a f5y the omc-:hid certificates issued
- Pursuance os said act, and declaring
.re co,,rous attachsli 70 the bonds therein
r-..N..,Itl ~ pt ItAtiNa'IS III
.art or taxes, debts. dues, and demands due
The safe; and whereas large portion Of
-. ,yhlie delt having already been funded
,.n:- SUD net. which il is not the purpose Of
-. l1,urIr! Assembly materially to disturb,
is Gne.aeI cypcd;eut TO withdraw the pro-
n,,Ii,u II ~ the creditors Of the State con-
LINED in saiG &c:, and 10 adjust the yet un-
.GcG portion upon basis more in accord
~ . with tic Gnlncial ability Of the Com
m-&wcl,,h; ana whereas the General AS
e.. .''r ! dc>iro;!S # sustaining the credit OF
Nt~-i"i1 ~ providing for the prompt pay
xii If i.,,r.s, upon !icr debt, whether
:" 4.! os Unft.nieG. to thc full extent OF her
r.al, Therefore
r. = et7n-si iy he CcHcr1l AsScmt!M
Tia, from and aft"r the passage Of this act
r.. aoui, crjGca,c. or other evidence of in
G.,.edncss, aha! ''r issued for any portion Of
'a~ G..i q. the state. except as hereinafter
;.o}.Und: bat nothing herein contained shall
! - cnu~'rUcd q toprcvcnt the issue Of new
lo.ai, of TIE 81 "c character TO assignces Of
49, c3t,> Of registered bonds.
- The owners q :Dy cf the bonds. stocks.
cs interest certificates heretofore issued by
III >;a'c which &.' recognized l'y It's Consti-
r8..,G aHi i&w- q, legal, except the conSoli-
iad bonds issued in pursuance Of al act
.s, .n>,G March -, 1871, entitled al act to
}4ny.da lo. TIE funding and payment Of the
III c 1chi. and the i've per centu!n dollar
bonds. md "Aat arc known a. sterling bonds,
Iut i4ci,,Gim@ the stock Of the old James
j.rr- Company. and thc bonds Of the James
!,Yts @ll EalaW!i2 Company, guaranteed
rv tire ~lat". -:av tur;i two-thi:ds Of the
2nnu:i ~! The same, together with two
;@rt> q III" interest Que, or - become due
fc?gpA. II the i!t-t Of July. 1871, in coupon
or I.-t-'""CA bonds Of tEt- StIta Of the de-
nom.&a'ion of one hundred dollars and mu,
tjg,> tlcTcof, d1te;l that day. and to become
da" and payable ttirty-i0ur years after date: A:
- interest 10 10 paid scmi-annualiy, upon
-" first day oI January and July Of each
Year. q, the rate d Three per ccMtum per
ilA4H tnr he iint twelve years, six
II. ceHrUm pr 2uuum for the next ten
III; md niHe pr cenIum per annum for
:. rcmJiuinS twelve Years. The bonds
s.l.l uc made ,ayahlc 10 order or bearer, aud
-'a'i 1.ar upon their face the several rates Of
..,rv>, indicated bv this section. The coll-
l..a- >4a!! correspond with the several rates
O., interest rs specified in the bonds, and the
.,@.r ohai! be payable to bearer scini-an-
D3H.!r at the treasury Of the State. Bonds
Y.EahI" t" order nay i,e exchanged Tor bonds
I,yst!c TO bearer, and registered bonds may
h, exchanged for coupon bonds, or ricc
r.ysr. At Ihc option Of the holder. The
hrH1- sh.!i tcar on their face a declaration
T. the effect that the redemption thereof is
s"glg"d bv sinking fund provided for by
IH iaN uudcr which they are issued. The
G"tlcrS of the five per ccntulm dollar bonds
miy il ike manner fund the same in like
bonds, Ac&rin9 interest, however, for the first
twelve years 1t the rate Of two and half per
cyutu!n pcr ann,lm for the next ten years,
IKE 0er c2ntu,n per annum and for the re-
U..iuimg twelve years, seven and q half per
e. mtum per auuun. And the holders Of the
consolidated bonds, funded in pursuance OF
tie said act Of March 80, 1871, may exchange
Tie same for either like class of the bonds
prescribed in this act, with all the privileges
guaranteed to other bondhoders, of ex-
change or conversion from one cliss Of secu-
titles t. another. In the funding herein all'
lao.&"1 for any fractional sums less than
"Gc hundred dollars, certificates shall be IS
sHyd, haaring the same date and rate OF ln-
i'.c,t. aud payable III the same time as the
t"at- issued undcr tbs section; which Ger.
l:'ic;e>, in sums OF one hundred dollars, or
}Hy nliiiipic thereof, snail be cXchangcable
f'r bonds Of the character herein authorized
i" be issued; and new certificates OF like
character NAV lie issued for any fractional
Suns less than one hundred dollars, which
u: : remain in n1liiG- such exchange.
.. 10 person or persons now or hereafter
III .oriZcd to collect or receive any portion
Of The taxes, debts, dues, aud demands, due
or 10 become due 70 tie State of Virgins
s!!ali receive in payment thereof, or any par'
thereof, any coupon or coupons heretofore OF
hf, ,,pn,-icin,,S nf S,,iI
.trt Of March 50. 1871, on Of this act.
!. tpon the surrender Of the old Land the
acceptance Of The new bond frr two-lLirtls.o1
tie amount due, as provided in the second
s"c,on uf ;lti~ act. there shall be issued to the
;,g,ncr or owners. for the onc-third Of the
@uouIt duc upon tie old bcutl, stock, or Ger
tlcate Of Indebtedness so surrendered, q ccr-
t!icatc Hcalin3 the sumo date as the new
bond setting forth the amount of the old
bond which is Tot funded as provided in the
second section, and tia, payment Of said
!n,IiIt, with interest NJ tie rate Of six per
cnn'um pcr annuI, will bc provided for, to
t.!c cXtcnt that the State Of virginia may re-
ccirc moneys or property in such settlement
"a stall hereafter DC had between the State
q IirginE! and West Virginia i'll regard
h thv public debt Of the State OF Vir-
~iuia, existing at the time Of its dismcm-
Lrrlncnt and that the state OF Virginia hold
sGcn bonds, 50 iir as unGundcd, il trust for
TIC holder or his assignees, to the extent
aforesaid: And provided further, That until
such iinal settlement with West Virginia
there shall he paid on what are known as
'orIlng bonds, in the manner now prescribed
!y law, tw0-it3irdS Of the interest accru;ng on
the principal Of said bonds after July lst,
1871. in the saIB, ,si,lS az interest rs Drc-
s.I1Jcd BY this &C: FOR other bonds and for
Inc interest accrued TO said date, certificates
dsitcd Oh that day shall he issued, drawing