Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1878-01-17
The Virginia Debt
We find tho following in the New York Tri,
hnna of Wnlnasdau.

Wo hnd tho following IN the New York Tri.
bune Of Wednesday,:
The Funding Association is considering plan.
for the funding Of the Virginia debt, delepa''
ton from the Virginia Legislature being in The
meeting in The Drexel building. TIE m 81 q
point Of difference is the disposition of that DAFT
of the bonded debt which Virginia claims ba'
longs to West Virginia. Most of this was cor.
trscted by the Old Dominion before the sepsrs.
ton of territory. 1t amounts to about SS,NO.
000 If this is included in the funding scheme
Virginia assumes It. the total amount Of bonded
debt will be $22, 600, 900 and the Virginia dele.
gates expect the bondholders to take much
smaller percentage than if bonds are issued only
for the present deot of Virginia. $l4 600 0)O-
The members Of tho delegation say that they
position OF compromise, but to learn what the
bondholders propose to do. Virginia, they
claim is anxious to fund the debt on az favorA.
bic terms as possible They report that the
Reputation party is largely in the minority. II
is feared, however, that if the attempt is mad
So OOOC0) imposed on West Virginia, q bill for
funding the debt will fail. The Virginia dec.
gates are understood to be in favor CT hsvinp
new bonds issued TO run for twenty years, bear
ing per CT Mt interest, and for 10 per cent Of tina
original debt The bondholders have uecline
ously suggested by Rich mond officials. Anolher
meeting will be held to-day.
The session on Thursday says the Virginia
Representatives, who have bean in consultation
with tha Funding Association, have left the city
to be present at the session Of the Legislature
which meets to-day at Richmond. They will ad
vocate the payment of two.thrds Of the oriy
nal dobt at par, with bonds bearing per cant
The debt of Virginia proposed to be funded i:
thus stated by 3 member Of tho Funding Asso,
citation
Consolidated debt.... ...........S2l, 0000U
Common Observation-Disclosures. 10000
Back interest. Observation-Disclosures" 3.OOOMJ
Total ....... ......e ..."".S3l,O 10000
To this may be added $1,000 600 which Viz.
ginians claims should be assumed by Wet Vir.
ginis Governor Holiday, it is claimed, is
strongly in favor Of tho State paying the fu!
deb. without any scaling, and the member; OF
the Funding Association express confidence 0.
securing that result finally. An agent will ba san!
to Richmond next week with sn Act to provide
for funding $3l 600 00J Of the State debt at p,r.
leaving the SIS. 000, 900 spportioned 10 Yves.
Virginia for future consideration. No Prov.
sion wa' made in the Act creating the State g:
West Virginia, f)r the assumption Of any po:.
ton Of the debt created while she was an integrs
part of Virginia, and it hae boon o dispute
question ever since between the authorize; y.
the two States, Virginia contendng ths: mss.
much as the territory of the now State derive!
tho full benefits from the funds secured by the
issue of the various bonds. Wost Virginia should
be willing to assume at least $l5. DOC. 600, one
third, which was the proportion Of territory
taken for the new State. The members q: tho
Funding Association express belief tina! thi;
debt will be paid finally by West Virginia.