The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-01-26

Smother Plan for tho Adjustment OF
the Public Debt.

the Public Debt.
A minority report from the Joint Commit
tee on the Public Debt was presented to the
General Assembly yesterday and ordered to
be printed. Their bill will be supported by
some of the ablest men in either House, in
cludiug several of the most prominent anti
funding bill men, and seems to have Il fair
prospect Of becoming law. The bill pro-
posed by the minority is as follows:
"Nhercas it is the earnest desire and
purpose of the people Of Virginia to pre-
serve and maintain 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 pur-
poses now allowed By law; and whereas it
is feared that the revenues of the State de
liyable from all subjects Of taxation ut the
present rate will be inadequate to defray the
current expenses Of the Government and
meet the full amount Of interest upon the
debts of the Commonwealth, funded and un-
funded, as the same shall accrue: Therefore
81. BE ii resolCed By the General assem-
bly Of Virginia, That tor the present year,
and until otherwise provided by law, interest
shall be paid semi-annually, or as the same
becomes due and payable, upon all bonds
issued Or to be issued under The act entitled
'an act to provide for the funding and pay
ment OF the public debt approved March
so, 1871, and upon all other bonds Of the
Commonwealth, as follows-to wit:
Upon all bonds funded under said act OF
March 3Oth, 1871, bearing an interest Of six
per ccntum, such payment shall be at the
rate OF four per centum per annum.
Upon all bonds funded under said act
bearing an interest of i've per ccntum such
pavrent shall BIC at the rate Of three and
onG-tAird per centum per annum; and
"Cnon ali bonds not funded under said
act such paylnent shall be ut the same rate as
above upon twc-thirds Of the principal OF tie
debt
-. For the amount Of interest unpaid
there shall be issued semi-lnnuaiiy as said In
terest becomes due Notwithstanding
certificate OF that date, payable to bearer ano
unrcdeemablc, at the pleasure of the State
Said certificates shall be prepared in proper
form, executed. aud issued by the Second
| Auditor, who shall keep i proper registry
thereof in his office, and each certificate shai
| be numbered from one upwards, and alst
o. tue interest on which it may be issued
ii the revenue Of the State i'll any year shall
exceed the amouut necessary to dciiaN
the current expenses of the Government ant
| the interest Oh the public debt, as herein pro
yidcd, such excess Shall be forthwith applied
| l,y the commissioners Of the sinking fund t.
the redemption and payment OF the lntcrcs
certificates herein authorized to be Issued
beginning with those Of the Oldest debt. Ih
| Auditor of Public Accounts shall torthWit!
and from time TO time hereafter transfer t
| the Second Auditor and to the commission
el.s of the sinking fund such funds as may D
necessary TO meet the requirements Of till
act. When any semi-annual payment OF III
tercst Shall be in payment orin part paylnen
of q coupon such coupon shall be credlted b.
the payment, and thercupon cancelled.
"3. Until otherwise ordered by the Genera
Assembly, no person or persons hcresltc
authorized to collect or receive any portI0l
of the taxes, dues, and demands due OF to be
come due to the State of Virginia shall re
cciye in payment thereof or OF any par
thercofany coupon or coupons heretofore O
hereafter issued under the provisions Of salt
act OF March so, 1871.
o.. The word bond, wherever it occurs L
the first section OF this act, shall be held t
include any Understanding debt Of the Com
monwealth, whether evidenced by bono
stock, or interest certificate, authorized to b
funded under the said act OF March so, 1871
"5. Al acts and parts OF acts in so far q
thew NAV be inconsistent with the provision
of. this act are hereby repealed. =,
&c. This act shall lie in force from 1t
passage"
The minority report is signed by Messr:
II. w. Thomas (chailman), Charles uerndol
J. K. GonnaIv, Gilbert S. Meem, and Rosco
G. Green, OF the Senate, and j. '. Brook
w. It. Sutherlin, A. c. Cummings, Z. K. Ba&
well. Il. It. Daniel, J. W. Lawson, j. d. he
ley, w. I. PoaSue, and S. Chapman Nealc,
the. House Of Delegates.