Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1878-04-02
NEW FUNDING BILL.
Public Debt Measure.

/ Tho Present Taxation Stated tC
be as Great as c2R bc Borne
Three Per Centggm EHtercst
for Eighteen Years; Four EoE
ThiTsy-twO.
The following is the new funding
bill as passed by both houses of the
! General Assembly:
Whereas this General Assembly has
expressed the belief that the present
rate of taxation is as high as ca be
! borne without destroying, or at least
! greatly impairing, the ildustrialinteT-
/ ests and Tecuperative power OF The
! State; and whereas the present Gen
eral Assembly was elected with special
! reference 10 readjustment of the pub
! lie debt of the State so that the inter
est may be pUnctUally paid alike on
all classes of ii without al increase OF
the rate or aggregate of taxation, so
that said rcadjustment may be salts
factory and final, and public agitation
Of the subject may cease; and where
IS the General Assembly, recognizing
It's duty first 10 preserve and ensure
the continued existence OF tee State,
including the public free school sys-
TEN, IN willing and anxious to restore
the former eQuslity OI all Of the pub
lie creditors hy distributing Tatably
among them the entire excess OF the
public revenues derived from the pres
ent rate Of taxation, after the most
economical administration OF The State
government Consistent with the etft-
Cheney of the public service, therefore
Be il enacted by the General Assem-
bly, 0f Virginia, That The Governor IS
hereby suJh0Iilcd 10 cause to be ex-
charged uai!ur i0T dollar. for the PTiu-
cipSl or esch oGt-tSGGing E,.ud OF the
State isssled under tie acts approved
March 50. 1871, sud March T. 1872.
registered bond bearing interest at the
rate OF three Tr.r ceHluu per anaura
Tor eighteen e;,gs a,d four ~ c,ntum
for thirty-tVo Nesrs until DatG -ud
exempt, both priitciIai Eud interest.
from taxation hy the Siu.e, ar ~ -t,y
county or corporation therein, winch
shall he expressed on the face OF IEe
bond =; the interest payatie e"ui an
uu4liy, on the 1t days of JauUaTy and
July of escu yesr, at the Treasury.
said bonds 10 be dated on the 1T day
OF July, 1873. To be due and payable
fifty yeRrs after date, but redeemahle
after ten yeas st the pleasure Of the
General Assembly: Provided, That
no exchange of bonds, as herein pre-
vided for, snail be made until the hOl-
ders Of not less than fifteen millions
of the taX-rpceivabIe coupon bonds of
the State shall have satisfied board,
consisting of the Commissioners of
the Sinking Fund, together with the
Attorney General, of their readiness
to make said exchange, and that for
the purpose of said exchange they
have deposited said bonds with such
agent or agents as may be satisfactory
10 said board above named.
THE WEST VIRGINIA PORTION.
. The owners Of any other interest
bearing buntis of the State, which are
recognized 10y the Constitution and
laws as legal, aud which have not been
funded under the aforementioned acts,
may fund two thirds of the unpaid
interest accrued thereon, up to the lst
day Of July, 1871, ia The bonds describ.
ed in the fist section of this act ; and
the said owners may receive for the
remains z one third of the principal
gud interest 3 certificate that said
amount Is due sud payable by the
tDAaAt VI ~ FFA 81 -ittiet t-4itl NsAs2A pay
ment of the same has been appo ton
90 tn the said State of West Nugini3
in Tart setIlcmcRy nf the liability of
said State for the debt of the Common
wealth of Virginia, as il Was at the
time Of the contracting of the said debt;
Provided, That hO sucli three ger cen
tum bonds, and no such certificates,
shall be issued, as in this sertioa pro-
vidcd except and until the owner or
owners, or his or their authorized
agent, shall enter in book to be kept
for that purpose, and acknowledged
before the Second Auditor. that he or
they do release and forever Quitclaim
and discharge the Commonwealth of
Virgins from sll liability for said
remaining oue-third, and il shall be
the duty Of the Second Auditor to
eOuuteTsign and preserve such entry
and acknowledgment.
INTEREsT-AND NOT VIRGINIA GER
TIFICATEs.
s. The Tressur shall issue and regis
ter nen-inierest besring certificates for
the smount of the sccrued aud unpaid
interest up TO July lst, 1878, upon all
classes Of the debt exchanged under
this set TO the parties entitled thereto,
which shall he redeemRblc at the
pIessure OF the General Assembly, and
10 he SO expressed on the face OF the
certificate: Aud provided further, in
regard to the bonds allowed 10 be fun
ded under the % section of this act,
that such non interest bearing certifi-
Gates shsll be Issued for tWO-tbirds on
ly Of the unpaid interest accrued there
upon between the Ist day of July,
1871. and the 1st day of July, 1875
sud for the remaining one-third, q
certificate may be issued appOrti0ning
said amounts to the State OF West Vim
ginie, as in said second Rection is pro-
vided,
TIE PLATE FROM WHICH BONDS ARE
TO BE PRINTED, &C.
4. The rules prescribed in the net mp
proved Msrch 80, 1871. in respect to
preparing, signing, and issuing the