The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-02-23


sATJRDA Mo ORNING,
i THE NEW FUSDISG BILL
ETo Provide for. the Consolidation Of
the Public Debt ana the Pay.
ment OF an Uniform Rate
of Interest Thereupon.
i IReported 10 the House yeserdny from their Com
1 - $50 9nfstee ON Finance, zsts-szg
4. BE 1t enacted by The General Assembly
of Virginid, That in order to consolidate
| the debt OF the State and establish its credit
on solid basis. by bringing the aggregate
amount of interest thereon within the abil-
| ity of the taxpayers to meet it promptly,
and to restore to the creditors their former
equality of rights, and ut the same time to
provide for the ordinary and necessary ex-
penses of government and the support
| of the public free schools, the Cover
nor is hereby authorized to cause to be
exchanged, dollar for dollar, for each
outstanding bond OF the State issued
under the acts approved March 80, 1871,
and March Z, 1872, a registered bond bear
ing interest at the rate of three per centuns
per annuan for tacenty gears after date, and
! four per eentuna per amman thereaft until
paid, and exempt, both principal and inter-
est, from taxation by the State, or by any
county or corporation therein the interest
payable semi-annually on the 1st day of
To-, ,ar- s,l T,,1x, or a,nh vnor tho Trao.
su1y, or in New York or London. at the op-
tion OF the holder; said bonds to be dated
A., on the 1st day Of Jnly, 1878, to be due and
payable fifty years after date, but redeema-
BILE after ten years at the pleasure Of the
| General Assembly.
THE WEST VIRGINIA THIRD.
2. The owners OF any other interest-bear-
| ing bonds or certificates Of indebtedness OF
| the State, which are recognized by the Con.
stitution and laws as legal, and which have
not been funded under the aforementioned
acts, may fund two thirds Of the amount
thereof, together with two thirds of the
unpaid interest accrued thereon up to the
| 1st day OF July, 1871, in the three-per-
centum bonds described in the first section
OF this act; and the said owners may re-
ceive for the remaining one third OF the
principal and interest certificate that said
amount is due and payable by the State OF
West Virginia, and that payment Of the same
has been apportoned to the said State OF
| West Virginia, in part settlement OF the la
bility of said State for the debt Of the Com
monwealth Of Virginia as it was at the time
Of the contracting of the said debt: Provided,
That no such three-per- -centum bonds and
no such certificates shall be issued as in this
section aforesaid, except and until the
owner or owners, as aforesaid, shall enter
in book to be. kept for that purpose,
and acknowledge before the Second Au-
ditor, that he or they do release and forever
OF Virginia from all liability for said re-
naming one third, and it shall be the duty
of the Second Auditor to cO1ntersign and
preserve such entry and acknowledgment.
8. [This section relates to the bond-plate
and printing Of the bonds.]
INTEREST CERTIFICATES.
4. The Treasurer shall issue and register
Notwithstanding certificates for the
amount Of the accrued and unpaid interest
up to July /, 1878, upon all classes Of the
debt exchanged under this act to the parties
entitled thereto, and the same shall be paid
off and discharged out of any excess Of rev.
enue that may remain in the Treasury after
paying the interest on the three. per-centum
bonds herein authorized to be issued, the
necessary expenses Of government and the
moneys due the public free-school fund in
fhe order Of priority of date of the said certi-
tcates Provided, ho1oeUer, That the arrear-
ages due the school fund shall be paid be-
fore any OF the said Notwithstanding
certificates are paid: And provided further,
Inregard to the bonds allowed to be funded
under the I'd section OF this act, that such
Notwithstanding certificates shall be
issued for two thirds only of the unpaid in
terest accrued thereupon between the 1st
day of July, 1871, and the 1st day Of July,
1878; and for the remaining one third n
certificate may be issued apportioning said
amounts to the State Of West Virginia, as
in said I'd section is provided.
FIDUCIARIEs.
5. Executors, administrators, or others
acting IN fduciary capacity, may make
the exchange of bonds herein authorized,
and the same shall be deemed a lawful in
vestment.
THE SINKING FUND.
6. The commissioners OF the sinking
fund are authorized to sell for lawful mo-
ney such Of the bonds herein authorized to
be issued as are not exchanged under the
first and second sections of this act, and
with the proceeds thereof to purchase and
cancel an equal amount of the principal OF
any OF the outstanding recognized bonds
OF the State, which may be lawfully eX-
changed under the provisions OF this act:
Provided, That nothing herein contained
shall be construed to authorize an increase OF
the debt, and that the amount realized from
such sales shall not be less than the amount
paid for the bonds so purchased and re-
deemed; and for the purpose OF carrying
out this section the said commissioners shall
from time TO time, by public advertisement,
solicit sealed proposals for the purchase OF
the aforesaid three-per-centum bonds ire
serving the right to accept or reject the
same); and also. at the same time, sealed
proposals for the sale to them OF any
OF the bonds which may be lawfully
exchanged under this act, to be paid
for in 7awful money of the United
States preserving the right to reject
any or all such proposals), upon the terms
out the provisions OF this section the Trea-
surer shall deliver to the commissioners OF
the sinking fund, taking their receipt there
for, from time to time, so many Of the
bonds herein authorized to be issued as may
be necessary to the purchase and retirement
OF the bonds now representing the debt OF
the State.
Z. This section provides for keeping the
interest paid, In accordance with the terms
Of the Barbour bill.l
PAYMENT OF INTEREST.
s. The Treasurer shall, out Of said fin
terest] fund, upon the 1st day Of January
and 1ulv 1870 and unOn the same days in