The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-03-15
THE new FUNDING BILL.
The Co1spremisc Measure for Cen.
solidatlon OF Public. Debt.

The Conprcmisc Measure for Con.
solidatlon OF Public Debt.
THE PRESENT TAXATION STATED TT, BE
! AS GREAT AS CAN BE BoRNE-THREE
1 PER CENTUM INTEREST FOR EIGHTEEN
! YEARS; FOUR FOR THIRTY-TWo-THE
i BONDS TO BE NON-TAXABLE-NO Ex-
/ CHANGE TO BE MADE UNTIL 100000
OF CoRsOI.s DEPOSITED FOR FUNDING
THE GOVERNOR TO ISSUE HIS PROCLA-
NATION INVITING TIE BoNDHoLDERs
TO FUND.
The following bin has passed both houses
OF the General Assembly
Whereas this General Assembly has ex-
pressed the belief that the present rate of
taxation.is as high as can be borne without
destroying, or ut least greatly impairing,
the industrial interests and recuDerative
power OF the State; and whereas the pre-
sent General Assembly was elected with
especial reference to q reidiustment OF
the public debt of the State, so that
the interest may be punctually paid
alike on all classes Of it without an In
crease of the rate or aggregate Of taxation,
so that said reidiustment may be satisfac-
tory and final, and public agitation OF the
subject may cease; and whereas the Gene
raj Assembly. recognizing its duty first to
preserve and ensure the continued existence
OF the State, including the public free.
school system, is willing and anxious to re-
store the former equality Of all of the pub
| lie creditors by distributing ratably among
| them the entire excess OF the public revc-
nues derived from the present rate Of taxa
| ton, after the most economical administra-
! ton OF the State government consistent
with the efficiency OF the public service;
| therefore
/. Be it enacted by the General Assembly
| of Virginia, That the Governor is hereby
authorized to cause to be exchanged, dollar
for dollar, for the principal Of each out
standing bond OF the State issued under the
acts approved March 80, 1871, and March
| 7, 1872, a registered bond bearing interest
at the rate of three per centum per annum
for eighteen years and four per centum for
| thirty-two years until paid, and exempt,
both principal and interest, from taxa
tion by the State, or by any county
or corporation therein, which shall be ex-
pressed on the face OF the bond; the inter-
est payable semi-annually, on the 1st days of
January and July OF each year, at the Trea-
sury, said bonds to be dated on the 1st day
Of July, 1878, to be due and payable fifty
years after date, but redeemable after ten
years at the pleasure of the General Assem-
bly,: Provided, That no exchange Of bonds,
as herein provided for, shall be made until
the holders Of not less than fifteen millions
| of the taX-receivable coupon bonds Of
the State shall have satisfied u board, con-
siSting of the Commissioners of the Sinking
Fund, together with the Attorney General,
OF their readiness to make said exchange,
and that for the purpose of said exchange
they have deposited said bonds with such
agent or agents as may be satisfactory to
said board above named.
THE WEST VIRGINIA PORTION.
2. The owners of any other interest-bear-
] ing bonds OF the State, which are recog-
nized by the Constitution 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 there
on. up to the LIST day OF July, 1871, in
the bonds described in the first Sec
ton of this act and the said owners
may receive for the remaining one
third OF the principal and interest certif-
! cate that said amount is due and payable by
the State Of West Virginia, and that pay
ment of the same has been apportloned to
the said State Of West Virginia, in part set
| Element of the liability OF said State for the
| debt OF the Commonwealth 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 provided,
except and until the owner or owners. or
| his or their authorized agent, shall enter IN
book to be kept for that purpose, and ac-
knowledge before the Second Auditor, that
he or they do release and forever qultclaim
and discharge the Commonwealth of Vir-
| einia from all liability for said remaining
one third, and it shall be the duty Of the Sc
cond Auditor to countersign and preserve
such entry and Acknowledgement.
INTEREsT-AND NOT VIRGINIA CERTIFICATES.
8. The Treasurer shall issue and register
non-interest bearing certificates for the
amount of the accrued and unpaid interest
I'D to July 1st, 1878, upon all classes OF the
debt exchanged under this act to the parties
entitled thereto, which shall be redeemable
at the pleasure OF the General Assembly,
and to be so expressed on the face of
the certificate And prouided further, in
regard to the bonds allowed to be funded
under the I'd section OF this act, that
such non-interest bearing certificates shall
be issued for two thirds only Of the unpaid
| interest accrued thereupon between the 1st
day of July, 1871, and the 1st day,o July,
1878; and for the remaining one third,
| certificate may be issued apportioning said
amounts to the State Of West Virginia, as
| in said second section is provided.
THE PLATE FROM WHICH BONDS ARE TO BE
l PRINTED, &C.
| q. The rules prescribed in the act APP
proyed March 80, 1871, in respect to pre-
barring, signing, and issuing the new bonds
and certificates. regulating the same, and in
taking in, cancelling, and registering the
old bonds, shall be observed by the othcers
OF the Treasury in the execution OF this act
except so far as the same be modified by
the provisions Of this act Prouided, That
all parts OF such bonds and certificates as
may be necessary to be printed shall be
printed from plate which shall be the
property OF the Commonwealth, and shall
remain in the keeping or under the con-
troll OF the Second Auditor: And proUaded
further, That the whole amount OF bonds
SO printed, or in any manner prepared,
j shall in no case exceed the amount OF
twenty.nine millions three hundred and
fifty thousand and twenty-siX dollars and
thirty-eight cents, and also one million four
hundred and tWenty-eight thousand two
hundred and rorty-fYe dollars and TWEEN
ty-fiye cents due to the literary fund
n total of thirty millions seven hum
dred and seyenty-nine thousand and
seyenty-one dollars and sixty-three cents /:
| Provided, That in the distribution OF the
twenty-nine millions three hundred and
fifty thousand eight hundred and twenty
l. 80. 4. ,k,-o n q