Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1878-02-19
The Public Debt.

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1T PASSED THE HOUSE.
The following is copy of Senate bill,
No. "A, patron, Mr.. Brooke. as it passed
she Senate Thursday, the 18th inst:
A bill providing for the re-ddjustnaent Of
the public debt ot'the Commonwealth OF
Virginia.:
Be it enacted By the General assembly,
Of Virginia, That it shall be lawful for
the owner Of any taX-receivable coupon
bond or bonds of this State, or register
ed bonds lawfully convertible into the
same, funded under the act OF March
30th, 1871, entitled an act to provide for
the funding and the payment OF the
public debt, and bearing six per centum
interest, or of fractional certificates issu-
ed hinder said act, and fundable in bonds |
fthe above description, to exchange the
same for registered or coupon bonds of
the State of equal amount, of the denomi- |
nations of one hundred dollars, and |
multiples thereof, dated 1st July, 1885,
and to become due and payable in thirty
four years after date. but redeemable at
the pleasure of the State after ten years
the interest, which shall be at the rate
of four per centum per annum, to be
payable sen1i-annually on the 1st day of
January and July in each year at the
treasury of the State. The coupons shall
be paid in like manner semi-annually,
and be also receivable within twelve
months after maturity, for all taxes,
debts, dues, and demands due to the
State, except the capitation tax, the
tax levied for free schools, and fines i'm
posed for offences committed against the
State, which shall be SO expressed upon
their face. The coupon bonds issued
under the provisions of this act may be
exchanged at any time for registered
bonds, but no further exchange shall be
made. For the interest remaining I'M
paid on any bond at the date ofexchange,
whether in the form of attached coupons
or otherwise, non-interest bearing certifi-
Gates shall be issued. signed by the
Treasurer and countersigned by the Sec
ond Auditor, the same to be paid off and
discharged from such moneys as may be
provided by law. The owners of bonds
of the State known as sterling bonds
may, in like manner, exchange the same
for like bonds as are above provided for,
or, at their option, for sterling bonds
similar to those held by them, except
that the new bonds shall, in either case,
be for two-thirds of the amount of those
so exchanged; but where the exchange
is for sterling bonds, the interest shall
be at the rate of three and one-third per
centum only.
2. Whenever the bonGholders first
above mentionedshall have exchanged
the bond in the manner above provided
for, to the extent of three. fourths Of the
entire amount funded under the provi-
sions of the act of March 80, 1871, to be
evidenced by the joint certificate of the
Governor, the Second Auditor and the
Treasurer, then it shall be lawful FOR the
owners of the class of bonds known as
peelers Funded under the act of March
30, 1871, as amended by the act of March
7tn, 1872 to exchange their bonds for
others of equal amount and bearing four
per centum interest as provided in the
first section; and, under like circum-
stances, it shall be lawful for the owner
of bonds or stocks of the State bearing
six per centum interest and not funded
under the provisions of said act of March
thirtieth, eighteen hundred and seventy
one, to exchange their said bonds or
stocks to the extent of two-thirds of the
principal thereof for bonds of, the char
acter provided for in the first section,
bearing four per centum interest--the
remaining one-third to be considered as
ia is concerned. In the meanwhile, that
Is to say, at any time from and after the
passage of this act any person owning
or presenting for exchange tax-receiva
BITE coupon bonds funded under the act
OF March thirtieth, eighteen hundred
and seventy-one, and bonds of the other
classes mentioned in this section, in the
proportion in amount of three of the for
merto the one of the latter, (deducting
in the case of those not funded above,
one-thlrd thereof may exchange them
for bond or bonds of the character
mentioned in the first section Of this act
to the gross amount of the bonds SO ex-
changed, less the one-third so deducted
for the unpaid interest on said bonds at
the time of such exchange, there shall
be issued non-interest bearing certifi-
Gates, redeeInable at the pleasure of the
State but such certificate shall be for
only two-thirds of the amount of the in
terest in case of bonds from the principal
whereof one-third of the principal is re-
quired to be deducted as above. ses
3. The bonds issued under the provi-
sions OF this act shall be subject to the
following conditions, which shall be ex-
pressed upon their face, to-wit: that the
Governor and General Assembly by
concurrent action, may suspend the re-
ceivability of coupons if the public secu-
rites shall, in their Judgment, require
1t, IN times ofwar or rebellion, SO long as
such necessity may continue.
A. In the funding herein authorized,
for any fractional sum less than one
hundred dollars, certificates shall be is
sued bearing the same date and rate of
interest and payable at the same time
as the bonds issued under the provisions
OF this act, which shall be exchangeable
for bonds authorized by and as provided
for in the first section and like certifi-
hcates shall be granted for any fractional
excess III such exchange, la
b. The provisions of the said act of
March Both, 1871, which relates to the
west Vlrginiaone-third certificates, shall
not De taken or construed as binding this
commonwealth in any event to any
greater or other liability than to account
LOT any moneys which may be received
lr0m west Virginia, and any greater or
other liability on her part is hereby ex-
pressly disavowed. 80.
g. ANY executor, administrator, guar
dian, trustee, committee, or other fiduci- /
airy holding bonds of this Common
wealth. eXchangeabIe under the prov
slons OF this act, shall have authority to |
make such exchange and such ex-
change shall be deemed an exercise Of
sound discretion in any case in which
their said action shall be brought into
question.
Z: The Treasurer is hereby authorized
and directed to cause to be prepared, en-
sraved, or Autographed registered and
coupon bonds and certificates of the
character authorized by this act, in such
numbers as may be sufficient to meet the
demand from time to time, and when
shall commence the issuance
hereof The bonds and certificates shall
,e signed by the Treasurer and counters
igned by the Second Auditor; thel
coupons shall be signed by the Treasur-
r or a fac smile of his signature shall
e stamped or engraved thereon. Each /,
denomination of bonds herein authoriz.