The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-11-25

Mr.. Humbert introduced resolu-
tion, which was agreed to, that rules Of
the last House Of Representatives be
adopted for government of this body.
MIR. Brayton gave notice of bill to
authorize the Com mmissiouers of Aiken
County, appointed by Act of the Gen.
er"l Assembly, approved March TO-,
1874, to cause to be levied and collect
I'd Il tax of one mill.
Gu motion. adjourned.
PROPOSITIONS OF TIE LONDON BuSD-
HOLDERS ASSOCIATE ,N.-The New York
Hsruhi's Richmond tVa.) special Of
| November II, say: Arrangements be-
tween the british bond -hol.lers and
the Governor and Treasurer of Vlr-
ginia for fundiog the present debt Of
| this State have ut last been entered
into with some satisfactory results
The Legislature of Virginia, at Its last
session. appointed Governor Kemper
and Mr.. II NJ. L. Hunter, the Trea-
snrer, ommissioners to confer with
the creditors OF Virginia to SEQ if
something could not be done to put
her debt on a satisfactory basis. Ac-
corlingly. they had meeting on the
10th instant, which resulted in no.
thing. Since then. and largely owing
to Governor kemper's exertions, an
arrangement has been made by the
Virginia commissioners aud the Ame-
ricAn Bond Funding and Banking AS
sociation, limited, of London, by
which the British association engages
| m fta dial, md
in lieu thereof bonds payable in thirty
years. with principal and interest pay
able III London in gold coin, the whole
to be- secured 10y sinking fund, and
the payment Of interest. principal and
sinking fund to be taken out of the
hands Of the Legislature and vested in
the Auditor, who can be compelled to
levy and collect taxes to pny them by
mancIsmus in either Safe or Federal
| Courts. The American Bond Funding
aud Banking Association is backed by
the first capitalists Of Europe-Lo:d
Northbrook. chief of the house Of
Barring: Rothschild & Gilliat. of Lon
don; Hope. OF Amsterdam, and Sulo-
mons, of London and New York. 1t
has already made arrangemements
with tho Governors of Arkansas, Mis-
sisnipp, Alabama. South Curollba.
North Carolina aud Virginia to accept
its proposition to fund certain speci-
fed portions Of their public debt in
bonds payable in London in gold
com, and those Governors have under
taken to recommend the measure to
their respective Legislatures.
The Governor of Georgia has re-
| .onIoI
will he let severely alone. In tho OPT
nion of many the Legislature of North
Carolina will not accept the terms pro.
posed, because they will bind her to
pay. ind put 1t in the power of the
boud-holders to collect their interest
and debt. The legislation provided to
secure the payment Of the new bonds
has been prepared by oounee! eminent
at the American and English bar and
is approved by Frederick Knapp. of
Berllu, who is the German authority
on American law, and Mr.. BeDj amin,
of London. 1t ia based on the deci.
sion Of the Supreme Court of the
Unitod States IN the cases against the
Western cities and Couutirs-Va
Hoffman rS. Q iincy. Grpcko Us Du-
bnQue-and thuse adjndicatiuns which
hold that court has power to enforce
the collec ion of tax when the Le
gislature has provided the necessary
machinery. The Legislation by this
association does prOvldr necessary ma
chinory t" sconre the collection Of II
tax, whether Legi-latnre is willing or
not, and makes 1T II contract, 40 us tO
be irrepcaIahle. Judge Thomas,
Chnirman ri the Senate Committee TN
tiuarces; Mr.. Coghil!, Chairman 81
tho Jn.iciury ComMittrc; Judge Rn
bert Oula, of tins city. aud other lead
lug members OF the Lry,slature. are in
favor of tho plan.