The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-03-06

THE BUCHANAN AND CLIFTON-FORGE RAILROAD.
House bill transferring to the Buchanan
and Clifton-Forge Railway Company GER
tain convicts now ut work upon the canal
was twice read.
MIR. MARSHALL moved to suspend the rules
recurring the reference Of the bill to COM
mittee. , a.
Mr.. HURT of Pittsylvania opposed the
motion. In bis Judgment the bill ought to
go to committee. He had been informed
BY the Auditor that these convicts might
cost the State if transferred about 900
per month.
The bill was referred.
THE PUBLIC DEBT.
Mr.. KoINER presented bill for the con-
solidation OF the public debt, and to pro-
vide for the payment OF the same rate OF
interest on the whole.
The bill was read, as follows:
Il Bill to Provide for Consolidating The
Public Debt and the Payment of the Same
Rate of Interest on the Whole.
l. Be 1T enacted by the General Assembly
of Virginia. That for the purpose OF con-
solidating the debt Of the State, establish
ing its credit on a solid basis, and to pro-
vide for the ordinary expenses Of the gov
eminent and schools the Governor is hereby
authorized to cause to be exchanged, dol
lar for dollar, for each outstanding bond OF
the State, issued under the acts approved
March 80, 1871, and 7th of March, 1872,
a bond non-taxable for State, county.
or corporation purposes, which may be
registered or coupon, ut the option OF
the owner, but not interchangeable, BEAR
ing interest at the rate OF four per centum
N nf
tain payment OF said interest so much Of
the annual public revenue is hereby ded-
Gated and required to he set apart by the
semi-annually to the payment Of said inter-
est on the 1st day of January and July Of
each year at the Treasury, which pledge
shall be expressed, in effect, on the face Of
said bonds; said bonds to be dated on the
1st day Of July, 1878; to be due and paYa-
BILE forty years after date, but redeem
able after - years, at the pleasure OF the
General Assembly.
9. The owners Of any other bonds or GER
tifcates OF debt of this State which remain
unpaid and are recognized by the Constitu-
ton and laws as legal, and which have not
been funded under the aforementioned acts,
including the stocks Of the old James-RiYer
Company and the bonds OF the James River
and Kanawha Company, guaranteed by the
State, NAV fund two thirds OF the amount
thereof, together with two thirds of the I'M
maid interest accrued thereon up to the
list day OF July, 1871, in the bonds de-
scribed in the 1st section Of this act !;
and the owners may receive for the
other third OF the principal and interest a
certificate of the same, with the date, show
ing the amount allotted as West Virginia's
share; and it is hereby provided that those
who accept the provisions of this act do
relnquish all supposed claim in law or
equity against the State Of Virginia for that
part of the old debt set apart and known
as West Virginia's portion OF the same !;
and that, in any settlement which may be
made Of the old debt between the said
States, Virginia, in the capacity OF trustee,
will account to the creditors according to
the terms of such settlement, but will as
sumo no responsibility for such settlement
3. That the rules prescribed in the act APP.
proved March 80, 1871, in respect to pre-
pairing, signing, and issuing the new bonds,
coupons, and certificates, and in taking in,
cancelling, and registering the old bonds,
shall be observed by the officers of the Trea-
sury in the execution ofthis act, except so
far as the same may be modified by the pro-
visions Of this act.
4. That any excess OF revenue that may
remain after paying the expenses OF gov
including the schools and the in
terest on the new bonds, provided for in
the LIST and I'd sections, shall be applied to
paying the back interest that may remain
unpaid up to the LIST day Of July, 1873, on
bonds exchanged under this act until the
whole shall be paid.
5. That to carry out the provisions Of this
act the Governor is authorized, If he deem
it expedient, to employ to assist him fnan-
cial agent, and allow him a reasonable COM
pensation; and all necessary expenses in
Cured in the execution Of this act shall be
paid out of any money in the Treasury not
otherwise appropriated, on the certificate OF
the correctness Of the same, signed by the
Treasurer and Second Auditor, and ap-
proved by the Governor. And for the exact
Iulflment Of all the provisions of this act
the public faith is hereby soIemnlY pledged.
6. Provided, however, That the exchange
Of bonds provided for in this act shall not
commence until two thirds in amount of
The holders Of the bonds issued under the
lct Of March 80, 1871, shall notify the Gov
ernor OF their acceptance Of the terms Of
his act.
Z. This act shall be in force from its pass
lge.
Mr.. KO1NER asked that the bill be printed
md placed on the calendar.
Mr.. HINTON moved to refer the bill to the
Finance Committee.
Mr. HURT OF Pittsylvania saiG that he
hoped the bill would not be committed to
;he committee, but would be printed and
made the order OF the day for tomorrow at
y O'Clock; that he wanted this matter to
De met in calm and becoming manner.
Now that the storm OF debate was over and
Ill argument had been exhausted, and the
rue condition OF affairs was known to all
Interested, he hoped that some measure
would be adopted which would be agreea-
Die and acceptable to the people OF Virginia
md her creditors, and that for one he was
unwilling that the General Assembly should
Idiourn until something Of the kind was
lone. b, 81
Mr.. FULKERsoN regretted that this fire
brand had again been brought into the Sem
tie. he thought it was trifling with the
ubiect at this late day to offerth bill. The
'Onsol b0ndh0lders have the State by the 4
hroat, and they propose to stop the schools
q order to get their money. He went on
o describe what be considered to be the
'ritical condition Of the government.
Mr.. BLAND docs the Senator from Wash
ngton propose to do anythingr
Dir. FULKERseN: Yes, sir. propose to
make the license-tax payable In lawful mo-
icy OF the United States, and by forcible re-
dtustn1ent to settle the matter.
MIR. KoINER: This bill proposes to meet
he very difficulty the Senator from w ash
1gt0n SUGGESTS, except that it does NOT pro.
ose 70 do It by force, It IS a'friendly pro-.