Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1878-03-12

THE preceding Legislative proceedings
will be found on the first page.
In the Senate on Tuesday Mr.. Koiner
presented the following
Il Bill to Prouide for Consolidating the
Public Debt and the Payment of the
Same Rate of Interest on the Whole.
l. Be 1t enacted by the General As
se7sbly of Virginia, That for he.purpose
of consolidating the debt of the State,
establishing its credit on solid basis,
and to provide for the ordinary expen-
SEES of the government and schools the
Governor is hereby authorized to cause
to be exchanged, dollar for dollar, for
each outstanding bond of the State, issu-
ed under the acts approved March so,
1871, and 18th of March, 1872, bond
non-taXable for State, county, or corpo.
ration purposes. which may be register.
ed or coupon, at the option of the owner,
but not interchangeable, bearing inte-
rest at the rate of four per centum
per annum and for the prompt
and certain payment of said interest so
much of the annual public revenue is
hereby dedicated and required to be set
apart by the Auditor of Public Accounts,
and applied semi-annually to the pay
ment of said interest on the 1st day of
January and July Of each year at the
Treasury. which pledge shall be ex-
pressed, in effect, on the face of said
bonds; said bonds to be dated on the LIST
day of July, 1878; to be due and payable
forty years after date, but redeemable
after--years, at the pleasure of the
General Assembly.
2. The owners of any other bonds or
certificates of debt of this State which
remain unpaid and are recognized by
the Constitution and laws as legal, and
which have not been funded under the
aforementioned acts, Including the
stocks of the old James-River Company
and the bonds of the James River and
Kanawha Company, guaranteed by the
State, may fund two thirds of the
amount thereof, together with two
thirds of the unpaid interest accru-
ed thereon up to the LIST day of Ju-
ly. 1871, in the bonds described in the
LIST section of this act; and the owners
may receive for the other third of the
principal and interest certificate of the
same, with the date, showing the
amount allotted as West Virginia's share;
and it is hereby provided that those who
accept the provisions of this act do re-
linquish all supposed claim in law or
equity against the State of Virginia for
that part of the old debt set apart aud
known as West Virginia's portion OF
the same; and that, in any settlement
which may be made of the old debt be-
tween the said States, Virginia, in the
capacity of trustee, will account to the
creditors according to the terms of such
settlement, but will assume no respon-
sibility for such settlement.
3. That the rules prescribed III the
aetapproved March 80, 1871. in respect
to preparing, signing, and issuing the
new bonds, coupons, and certificates.
and in taking in, cancelling, and regis
tering the old bonds, shall be observed
by the officers Of the Treasury in the
execution of this act, except SO far as
the same may be modified by the proyi-
sions of this act.
4. That any excess of revenue that
may remain after paying the expenses
of government, including the schools
and interest on the new bonds, provided
for tie lst and I'd sections, shall be
applied to paying the back interest that
may femain unpaid up to the lst day of
July, 1878, on bonds exchanged under
this act until the whole shall be paid.
5. That to carry out the provisions of
this act tAe Goveraor is authorized, if he
deem it expedient, to employ to assist
him 2 financial agent and allow him
reasonable compensation and all
necessary expenses incurred in the exc
cution Of this act shall be paid out of
any money in the Treasury not other
wise appropriated. on the certificate OF
the correctness of the same, signed by
the Treasurer and Second Auditor, and
approved by the Governor. And for
the exact fulfilment Of all the provisions
of this act the public faith is hereby SOL
emily pledged
6. ProUided, however, That the ex-
change of bends provided for in this act
shall not commence until two thirds in
amount of the holders of the bonds issu-
ed under the act of March 80. 1874, shall!
notify the Governor of their acceptanc e
Of the terms of this act.
Z. This act shall be in force from lie
passage.
Mr.. Koiner asked that the bill be
printed and placed on the calendar.
Mr.. Hinton moved to refer the hill to
the Finance COMMITTEES.
A lengthy discussion ensued pastic.
pated in by Messrs Hurt. FulkeIson
Koiner, Bland, Hinton, Quesen berry,
Daniel, Massey, Chiles, Paul and
Brooke.
The motion to commit was rejected
ayes, @; poes. 26.
Mr.. Ghiiss presented resolution
making the bill the special nrdar fol
Thursday at ! o'clock, and the oontinu-
ing order until disposed of. Agreed to
In the House, the following resolution
offered by Mr.. Johnston, of Giles, was
adopted by the vote of SIS to 81 =
Resolpstg, That the Committee Of FL
nance be, and hereby arg, instructed to
report to this House bill for ezehangs
of bonds Of this State to the holders OF
the coupon and registered bonds of the
State the bonds to be given in exchange
to be either registered or coupon, but the
coupons not to be recei vable in payment
of Gisy dues to the State, to be mont taxa
bic and having so years 10 run, and
bearing rate of interest not greater than
1865 per cent on the hundred said ex-
change not to be made until three
fourths of the tax-receivable coupon
bondholders shall have agreed so to do,
ana have placed their bonds at the dis
posai and under the control for the
purposes sfoTesaid) of such agent or
agents Of the State as may be indicated
by said committee in their bill, and I'M
der such restrictions and in such way as
shall by said committee be deemed besi
to carry out the purposes Of this resolu-
ton.
In the Senate Wednesday, Mr.. Koi-
neT presented. bill 10 authorize tne
trustees of the Methodist church al
Mount Scion, n augusta county, TO sell
certain property and lainyesb p-ocaeds
of sale. D.
On motion Of Mr.. Sherrard. Senate
bill to Incorporate the Warm Springs
Valley Railroad was taken up, under a
suspension of the rules, and passed
Il tie House at 2 o'clock the bill re
ported from the Committee for Courts
of Justice proposing at the November
election, 1878, to take the sense of tht
qualified voters of the State on the
question of holding convention, came
up.
Mr.. Harrison proposed substitute
for taking the sense of the people In
May, 1878, and providing for election OF
delegates st the same time, the dele
gates 70 take their seats if the conven-
ton is carried.
After discussion the bill was POSITION.
al till the uayt dau ouJ fLo e1,bc+;t,,+ /,