Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1878-03-27

EIGHTEEN YEARS; FOUR FOR THIR-
TY-TW0-THE BONDS To BE NON
TAXABLE-NO EXCHANGE TO BE
MADEUNTIL SIS, OOO.00 OF CONsaLs
DEPOSITED FOR FUNDING-THE
GOVERNOR To ISSUE His PROCLA-
NATION INVITING THE BONDHOL-
DERS TO FUND.
The following bill has passed both
houses OF the General Assembly,:
| Whereas tlIs General Assembly has
expressed the belief that the present
rate Of taxation is as high as can BE-
borne without destroying, or at least
greatly impairing, the industrial inter
ests and rec'4perative power Of the
State. and whereas the present Genera
Assembly vas elected with especial re-
ference to reimbursement OF the pub
lie debt OF the State. So that the inter-
est may be punctually paid alike on all
classes of it. without an increase OF the
rate or aggregate Of taxation, 50 that
said read ustment may b. satisfactory
aud final. and public agitation OF tie
subject may cease; and whereas tine
General Assembly, recognizing its duty
first To preserve and ensure the cOntln-
ucd existence of the State, including
the public free school system. is willing
and anxious to restore the former
equality of all the public creditors by
distributing ratably among them the
entire excess OF the public revenues de-
rived from the present rate Of taxation,
after the most economical slmlnislrd
ton of the State government consistent
with the efficiency ofthe public service;
therefore.
|. Re ii caactcd by he cane a. -lssem-
bly, Of Virginia, Tia; the Governor Is
hereby authorized to cause TO be cX-
changed, dollar for dollar. for the priu-
cipal OF each outstanding bond Of the
State issued under the acts approved
March so, 1871. and March :, 1872, a
registered bond bearing interest at the
rate Of three per ccnlum per annum
ior eighteen years and iour per ccntum
for thirty-iwo years until paid. and cX-
cmpt. both principal and interest. from
taxation by the state. or by any county
or corporation therein. which shall be
expressed on the face 81 the bond; the
interest payable scmi-annually, on the
lst DAYS Of January and July OF each
year. at the Treasury, said bonds to be-
dated Oh the lst day of July. ISIS. t.
be- due and payable fifty years after
date. but rcdeemablc altcr ten year, ~
tie pleasure Of the General Assembly.
P,ccidsd. Thatno exchange o. bonds
as herein provided Tor. shall BE- made
until the holders ot not less than fifteen
millions Of the taX.recciylhie coupon
bonds Of the state shall have satisfied
a board consisting Of tic Commission
ers Of the Sinking Fund. together with
the Attorney General. OF their READINGS,
10 make said exchange. aud that for The
purpose 81 said cNchan-o Obey have de
posted said bonds viii. such agent Or
agents Is may he satisfactory 90 said
board above named.
TIE WEST VIRGINIA PORTION.
,. The owners Of any other interest
bcarin. bonds % the state, which an
recognized by the Constitution and law,
as LEGAL, and which have not been fund.
ed under the aforementioned acis. ma}
fund twO-thiri, OF the amount thereof
Together with twp-thrs oi ,hc un-
paid interest accrued thereon. up to thr
lsl day Of July. 1871. in the bonds d,s-
cribcd in the first section OF this act; F
and the said owners may receive for the /
onc-third If lla principal and ,
interest a certificate that the said
amount is due and payable by the State I
of West Virginia. and that payment OF 4
the same has been apportioncd to the
said state Of West Virginia. in part set ,
Element Of the liability of said state for
the debt Of tho Commonwealth Of Viz .
.lnia. as it was at the time OF the con
tracing Of SAID debt: P,ocdc3, That no
such three per centum bonds. and no
such certificates, shall be issued. A. in
this section provided, except and until
the owner or owners. or his or their
authorized AGENT. shall enter in book +
to be kept Tor that purpose. and ac-
knOWlcdsed before the Second Auditor /
that he or they DO release and forever
qullclalm and discharge The Common /
wealth OF virginia from all liability Tor /
sand remaining ouc-third, and it shall !
be the duty Of the Second Auditor to /
c0untcrsign and preserve such entry aud /
gmcnt.
INTEEEsT--AND NOT VIRGINIA GER T
TIFICATES.
3. The Treasurer shall issue and re- 7
ulster non-ntcrcst bearing certificates .
Tor the amout OF the accrued and unpaid I
interest up TO July l,t. ISIS, upon all T.
classes OF the debt exchanged under thi~ I
act to the parties entitled thereto. which
shall be rcdccmable nj the pleasure OF
the General Assembly. and 10 be So
expressed on the face Of the certificate: 7
And prorided .fUthcr, in regard TO the
bonds allowed to be funded under 81 /
section of this act, that such non-nlcrest I
bearing certificates shal. bc issued ior
two-thirds only of tie unpaid interest
accrued thcrcupon between the Isl day !
ofJuly. 1871. aud the lSt day ol jail. !
1873; and Tor the remaining one third a /
certificate may be issued apporli0nin- /
amounts to the State or West Virginia. |
as in said second SECOND section Is pro.
vidcd.
THE Plate FROM WHICH BONDS ARE /
To BE PRINTED. e..
I. The rules prescribed in the act ap.
proved March 80, 1871. in respect to I
signing and issuing the new
bonds and certificates. regulating the
same, aud in tikin. in, cancclin.. and /.
registering the old bonds. shall lee OH
served b. The officers of the Treasury
in the execution of tins act except 30 far
as the same be modified By the pro-
visions Of this act: Pcoriicd. That all
parts Of such bonds and certificates rs
may be necessary 10 be printed roma
plate wnich shall be the property Of tn,
Commonwealth. aid shall remain in the
kccp.ns or under the onutroi OF the
Second Auditor mi prJriIe} fufhr.
That the whole amount OF bonds -
ur.uicd. or in any mnuner prepared.
shall ~ no case exceed the amount Oi
twenty nine millions three hundr Il and
nifty thousand and lwenty-siX dol.
aud thirty-eight cen 5, and also one
million four hundred and twcnty-eisiil
thousand two hundred and ioriy-hve