The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-01-18
TaE WEATHER YESTERDAY was clear, cool,
LOCAL MATTERS.

aR. BRooKs'S BILL FOR THE READJCST-
Ygxr OF THE PUBLIC DEBT.--The bin for
,be resd;ustment OF the public debt, offered
in the Senate on yesterday by Senator
Brooke, after feciting in its preamble the
necessity OF some measure to secure the
nrompt payment OF interest to all classes OF
creditors without increasing the present rate
OF interest, and thus removing the excite
mept in the public mind. growing out OF
contrariant views as to the justice and equity
OF the funding bill, provides as follows:
1st. That MI owners Of coupon taX-re-
ceiyable bonds issued under the provisions
OF the funding bill, or OF registered bonds
and fractional certificates legally fundable
under the provisions OF said act, as amend
ed bv the act OF March Z, 1872, in such cou"
pon-receiyable bonds, may exchange the
same for new four-per-cent. bonds, dated
1st july, 1878, and payable thirty-four years
af.cr date, but redeemable after ten years;
said bonds to be either registered or cou-
pon at the option OF the party making the
exchange, but when once issued to he no
further exchangeable, except that coupon
bond holders 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
captation 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 Invested
in non-interest-b bearing certificates, redeem
able at the pleasure Of the State.
3D. That the bonds so issued shall be
subject to the condition that by the concur
rent action OF the Governor and General
Assembly the receivability OF coupons shall
be suspended in times OF war or rebellion
so long,as the necessity for such suspension
shall continue.
Sd. That tue State OF Virginia will hold
herself bound for the West Virginia certti-
Gates in no other manner and to no further
extent than to account for any moneys she
may receive from West Virginia.
4th. That when three fourth OF the con-
sol debt (including bonds and fractional.
certificates legally fnndable under the act OF
July 30, 1871, amended as above) shall have
been exchanged under the provisions OF the
1st section, that the peeler bonds (as Of their
full principal amount) and the other un-
funded bonds and stock (as Of two thirds
their principal amoun0 may be exchanged
in like manner rs provided for in the 1st
section; aud that in the meanwhile any
person owning conSol bonds and bonds of
the peeler or unfunded kinds. in proper
tions in amount OF three OF the first to one
OF the latter (deducting in the case OF un-
funded bonds one third OF the principal
may exchange said bonds TO their gross
amount in four-per-cent. bonds. as provided
in the first section.'
5th. The bonds known as sterling bonds
may be exchanged rs to two thirds of their
principal, either in new sterling bonds or at
the option OF their holders in bonds as pro-
vidcd for in the first section. ...
9th. Any executor, administrator, guard
ian, trustee, committee, or other iiduciary
may exchange any bonds, stocks, &C., held
by him and eXchangeable under this act for
new four-per-cent. bonds Of the kind men,
toned in the first section, and such ex-
change shall be deemed to be judicious and
proper in any case where his action may be
brought into question.
The rest OF the bill is taken up with di-
rections for the putting into practical effect
its general provisions.
The bill closes with an expression Of the
belief OF the General Assembly that an ad-
iustment on the plan proposed would ac-
complish the objects set forth in the pre-.
amble, and invoking the cooperation of the
bondholders, and pledges, so far as it may,
the good faith OF the people in meeting the
Obligation it impoSeS