The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-02-20

The second adjourned meeting of the con.
ference Of the joint committee of the Eegis.
| lature with the bondholders was held id the
Senate chamber yesterday afternoon. The
Chair caused the reading of the proposition
Of the commiltee-as follows:
PROPOSITION OF TIE COMMITTEE.
"To provide by proper bill for the pay.
| meut of interest due LIST January and 1st
July, 1873, as follows: Pay at rates as fol-
lows: Four per cent. per annum on the
funded debt; four per. cent. per annum on
twO-thrdS OF the uDfunded debt; and at
same rate on the five per cent. bonds.
"For each coupon redeemed to issue a Ger.
tIficatc for onc-third to the following effect !:
Due by The State of Virginia to the bearer
(one"third amount of coupon rcdeemeU with
out interest,""
During the coIloquial discussion which en-.
sued Mr.. Scott asked whether the plan made
any condition for the payment Of past due
interest. The Chair announced that it was
only the interest of 1873 which they had pro-
vided for. Mr.. Coghill, of Amherst, remark
cd that if there was sufficient amount of
money they would pay all; but he was doubt
full if the revenue of the State would admit of
the payment Of even four per cent.
Mr.. Williams Then, what is to be done
with them?
The Chair: They will have to stand.
MIR. kirkpatrick said this was nothing
more than trial. We cannot tell what will
be the operation of the measure if adopted.
We do not propose at present to lcgisIate for
past due interest, and will make no provision
tor 1t, but let II stang until the resources OF
the State will enable her to pay il oil,
Governor Martc; thls proposition 10
a'late ohe-third oi Inc interest ShOuid pass,
and you could enlist the sympathy or The
bondholders, you might be successful. In
tue mean time it should be understood that
no law which may be passed by the LeglsIa-
ture can coGrce the bondholders into sllrrcn-
dcring their vested rights.
Mr.. CoglIill: The committee are satisfied
that the Legislature Will not pass TAX bill at
a greater rate OF taxation than fllty cents on
the hundred dollars, and place that sum on
every new subject OF taxation.
Mr.. Maurv cited figures obtained from the
Auditors Office to show that the State can
DAY all of the interest due, during the cur
reut wear, and much of that past due, with
the balance now in the treasury "a million
| and half Of tlollars) and the taxes to be paid
in during the year. But the man who holds
| these bonds as an investment will be willing
! tiGcatc for the balance, TO be paid when the
condition of the finances OF the State will
| permit it to he done, rather than throw
them OH the market to be sold at ninety
cents on the dollar: besides this, the stamp
tax and the proposed Increase of the license
tax will give Won so5O.O0O more.
Licu.cnant- Governor Marvc incurred
whether leayinr out of the prorosilion the
:. O. Al 4
10 increase than to lessen the burden OIL the
Treasury by having the coupons thrown
into the hands of the shcritls for taxes, as they
had a right TO do.
Mr.. kirkpatrick would throw it out as Il
suggestion that the committee was willing to
accept thls proposition, Dut lis acceptance
doesn't COMMIT the roaoiioiaerS. we 90
uoI as cplhliiiuee ieel authorized 10
60 luItner tnali we nave gone. we sun
90 hot lheah 10 say diia' Iilis Is dts tue
Leo'satuie VII. uo. tmey may see tnel
way .'e',' ~ Wv n.y. I noiiuuo..u's :.'u
".eep. '".s ft tI an,. .oup,e ni'n ~ d
iequcsa ~. ."o .io.e ~ IAN. SUM-
.'enN''' "'''o' III ie9"4" W p'''' "uo 'o"-
poHs. ,r,
MI. oco't' ne liaiii embarrassing ques-
tioh heloIe Us Is inc hl,llon Oh past que cou-
lons5 ''nu soaie acIloh shoula oe 1;'keh III lc-
5aru ~ teni.
Inc Dohohoiuers Ia meeting To-Day en-
pressed themselves Wii'ihS 10 meet inc L.
SNiIuIIc IL, spl.l. VI al'less' tou'u ho.
lhc pohuS ~ i''"Ivu "iele Tue! were Ii I
seai "ho .nt J', tS roui Pc ..ht e., W h .n1
a'iu. nom o"n 'Eu usu'i ~. oGr n..
I''ueis !ion Solie'.ins in.ciEs., ioiiInsu "
Tue OPINION oi llle supreme court ,hey WIN
oclliauu pasMeut uniess you hlahe soilie
PROVISION lor rcaecmihS then.
Inc DohdhoiacrS mere re'ifcd TO an ante,
room 10 consult upon inc proposition ana
upon ictilins, M ocol1, WIN a ie" eA-
pana.ols ieiliuhS, l"escN'eo tle ioiio"ihS
report as
RESPONSE OF THE COMMITTEE OF BoNDHoLDERs
"The UNDERSIGNED. rcpresentino = minority
Of the committee aptjoilIted nv Such 0f tho
holders oC the bonds nc the St,1e of Virriri.
~ convened undcr the instructions of tho
| General Assembly to consider nronnsit;onc
| suhmittoJ Inv tha ioint committee of rho
I:nnor,I Assemhiv bnvo had under cnn.ifnr.
a,in,, ,ha nrnncsit;nn nhoya sond IN no
" "unrsa thor,o h,xo 70 sou thai rndor.I.rd-
I', tI, ,,rouas;.;nn - nra'.;3a n, ad;,,st
Want at,, c RI the intoroit a,crn;na dmr;n O.
tho yo,r M wo ,nnrove and nrccnt the
.ao ~, t,r 90 oo,,oornc ~, hnnds n,,rod h,
MS and we will advise its accentancc Inv the
holders whom we represent or NAV lnllu-
cnce. II will be observed that the proposed
adjustment makes no provision for the mast
dine counons of 1879, and that the holders
ING the same as they NAV think proper, =
ave respectfully suggest that in our judc.
ment il will be found eyncdnnt for fine STATE
to provide similar mode of adjustment for
these coupons, because we believe that bv
so providing, relief rather than increased
burden will be produced. and that such a
=,