The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-03-19


was made in the sugar schedule. Cotton
bageing was reduced from 30 to % per cent.
al ualorem. At the instance OF delegation
from New York the question OF making all
duties on wool al ualoren, was discussed,
| and will he decided tomorrow. The argu-
ments in favor Of this change were very
strong. The committee, in the revision, is
| endeavoyin@ to render the bill consistent
rs whole, and are making changes
| here and there with 4 view to
this result. The revision will be completed
and the machinery OF the bill determined
upon this week, so that report may be
looked for early next week. The income
and tobacco bills will certainly be consid-
cred together Immediately afterwards, and
your correspondent hears nothing 10 change
the opinion expressed long ago by him-to-
wit, that bill taxing incomes Us already
indicated, and bill reducing the tobacco
tax 10 Ice. without rebate, will be reported.
THE NEW FUNDING BILL.
The presence Of q large number OF men,
bcrs OF the Virginia Legislature has stimu-
| lated the discussion OF the merits and effect
Of the new Virginia funding bill. Senator
Johnston, OF Virginia, tonight, in response
to interrogatives propounded by your cor
respondent, expressed the following views ::
have examined with some care the bill,
and am inclined to think that the bondhold-
ers will find it to their advantage 10 accept
it. 1t provides for fifty years. non-taxable
| ;,,{o
eighteen years and four per cent. for thirty
two years. This is less than the present
rate of interest, but as much rs the credit
ors have been receiving, or arc likely to re-
ceive for some time, IN any event. The
tendency Of public securities is to low
rate OF interest, and Il security derives its
value mainly from its ready conveftibiity.
The English consols only bear three per
cent, yet they average in market about
ninety three The United States have been
reducing their bonds from six to five
and four and 4 half to four per
cent. No. doubt it will all be fund
ed at four, or perhaps even 4
smaller rate OF interest, and will still
stand at or near par. Now compare the rate
OF interest provided for in the new Virginia
funding pill with the English consols and
our four per cent. bonds, and it will be
seen that there is not much difference. II
the bondhodcrs should accept this bill the
State would certainly be able to pay the in
terest promptly, and will, am sure, do So.
Ifso, the market value OF the bonds would
be greater than Of the present bonds, which
rate, think, from 55 to IS per cent. These
new bonds, under the prompt payment Of
interest, would probably 60 mp to nearly
par The bondholders in the greater value
Of the principal would be more than COM
pensated for the difference OF interest. espe-
cially as the larger rate OF interest is not
paid in full.
A BANKERS VIEWS.
One of the most prominent Of Richmond's
bankers. who is here tonight, says that as
long as Virginia consols arc quoted in the
northern STOCK tHarkcts at 60 and coupons mt
so that it is hardly reasonable to expect
boudholdcrs to accept the terms of the new
funding bill He says, however, that MEN,
bers Of the Legislature who have stood up
bravelv for the credit of the Commonwealth
have expressed the opinion to him that they
thought it would be best for bondholders
TO accept the terms OF the bill.
MIR. sPRINGER's SILVER BILL.
Sir. Springer, of Illinois, in the House to-
day, moved to suspend the rules to enable
him to introduce and pass silver bill. Mr..
Garfield flibustered until the hour for the
order of the day arrived, aud the motion
went over. Mr.. Springer's bill provides
that any owner OF silver bullion may de-
posit the same at any Of the coinage minis
or assay offices OF the United States and
have it coined into new silver dollars upon
the same terms that arc provided for the
deposit OF gold bullion and its coin
age. It requires the Secretary OF
the Treasury to receive silver bullion
and issue certificates for the same, as in case
OF gold bullion. Such certificates shall be
receivable and reissued by the Government
as any other coin-certificate. The owners
OF bullion. when depositing to get certiti-
Gates, shall pay the actual cost OF coming
the same The Secretary OF the Treasury
may convert such bullion into gold or sill
yer dollars, and may redeem the certificates
in coin or bullion at his option. MIR.
Springer is one of the most uncompromis-
ing silver-men in Congress, and Mr.. Ste
phens said that he hoped the House would
defeat the bill.
THE JAMES-RlyER APPROPRIATION.
Governor Walker will so before the
House Committee ON Commerce tomorrow
morning ana advocate an increase for the
| improvement OF James river. He wants at
| least 100000 The committees prelimi-
nary estimate is only 100000. Colonel
/ Marshall Parks, vino Is here, says he re-
members when his fathers steamer, the
Tom Jefferson, which drew six feet, used
to- ground On the bar below Richmond,
when now large steamers can 60 over 1t.
He said further that the channel is capable
of being improved until the Great Eastern
will be able to run up to Richmond.
THE Contested ELECTION CASES. i
+ II Mr.. Dean is not seated from Massachu-
| settles, and the chances are against him,
i then it is predicted that no more Democrats
! viii GUST Republicans this session. The
Florida case looks as il it will be referred
back to the people. There are nine other
cases, including the Utah case, in which the
/ records have not been yet printed.