The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-02-14
The Brooke Bill.

On Thursday last, the bill proposed by
Mr.. Brooke for the settlement of the State
debt, passed the Senate by a vote of p tc
Is, Mr.. Koiner voting for. Its provisions
are as follows
! l. That all owners Of coupon taX-receiva-
| BILE bonds issued under the provisions of
the funding bill, or of registered bonds and
fractional certificates legally fundable n-
der the provisions of said act, as amended
! by the act OF March z, 1872, in such coupon
| receivable bonds, may exchange the same
| for new four Der cent. bonds, dated LIST Ju
ly, 1878. and payable thirty four years after
date, but redcemable after ten years-said
bonds to be either registered or coupons, at
the option OF the party making the ex-
change; but when once issued to be no
| further excllangeable, except that coupon
bondholders may exchange for registered
| bonds. the coupons to be payable semi-an-
nually, and to be receivable for taxes, dues,
and demands due to the State, except the
capitation tax, the tax levied for free
schools, and fines imposed for offences
against the State; past due coupons to re-
| main as under the funding bill, or invest
ed in non-interest bearing certificates, re-
deemable at the pleasure Of the State. .,.
2. That the bonds SO issued shall be SUBJ
ject to the condition that by the concurrent
action Of the Governor and General AS
seEbly the receivability of coupons shall be
suspended in times of war or rebellion so
long as the necessity for such suspensions
shall continue.
herself bound for the West Virginia certifi-
extent than to account for any moneys she
NAV rq1nivn from West VIRGINIA..
4. That ec-fOurths of the consol debt
Including bonds and fractional certificates
legally fundable under the act of July 30,
1871, amended as above shall have been
exchanged under the provisions of the LIST
section, that the peeleP bond las Of their full
principal amount) and the other unfunded
bonds and stock las OF two-tlirts their
principal amount) may be exchanged in
like manner as provided for in the let sec
ton and that in The mean while any per-
son owning consul bonds and bonds OF the
pecler or unfunded kinds in proportion in
amount OF three Of the first to one of the |
latter ldeductipg ip the case Of upfunded |
bonds one third OF the priDcipaD may en- |
change said bonds to their gross amount in |
four per cent. bonds, as provided ia the LIST |
section. -i.,.s, [
5. The bonds known as sterling bonds I
may be exchanged as to two-thirds of their I
principal. either In new sterling bonds or,
at the option Of their holders, in bonds as
provided for ia the first section.
6. Any executor. administrator. guar
dian, trustee, committee, or other titluciary,
may exchange any bonds, stocks, Nc., held
by him, and exchangeable under this act
for new four per cent. bonds of the kind
mentioned in the frst section, and such ex-
change shall be deemed to be iudlcious and
proper in any case where bis action may be
brought into question.
The rest Of the bill is taken up with di.
'ectiezs for the putting into practical erect
is general provisions. m.a-
The bill closes with an expression of the
,elief of the General Assembly that an ad-
ustment on the plan proposed would ac-
omplish the objects set forth, and invoking
he cooperation of the bondholders, and
hedges, SO tar IS it may, the good faith of
he people in meeting the obligation it i'm
Oses.