The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-03-06
the sorne unler the following terms ana

the same under the following terms ana
conditions:
1. ANY five members Of the above com.
mission are authorized to get, and IN case OF
death, resignation, or refusal to act, by any |
member or members Of the said commits
sion. their pInce or places may be filled by
appointments OF the remaining members.
9. It shall be the duty OF the said commits
sion to request the creditors OF virginia
holding the tax-receiyable coupon bonds OF
Virginia TO meet said commission, either In
person or by proxy, in the city OF Rich
mond as soon as practicable after the nd
iournment OF the present General Assem-
bly,. m ..s 80.
8. The said commission are authorized to
offer to said creditors lin exchange Tor the
coupon bonds, or bonds or fractional GER
tificates legally fundable therein, now held
by them) registered or coupon bonds nom
taxable, running fifty years. at a rate OF IN
terest not exceeding 8 65-100 per cent. per
annum.
4. When three fourths in amount OF said
coupon creditors shall have signified their
acceptance OF said proposition. then SAID
make said exchange through the proper
officers OF the State, under rules and regu-
lations to be prescribed by law; and after
such acceptance by three fourths in amount
OF the coupon creditors, then the peeier
bondhoIders and all other creditors OF the
State Of Virginia are, and shall be, entitled
to exchange their bonds upon like terms
and conditions, and in their proper proper
lions.
5. Any obligation upon the part OF the
State to account for or paw any portion or
the one third OF the debt set apart to the
State OF West Virginia as her due aud pro-
per part OF the original debt OF this State
by the act OF March 80, 1871, is hereby ex-
presslv disavowed, except to account for
any moneys which may be received from
West Virginia on this account.
G. RESOLVED, That the Finance Commit
tee be instructed to report a bill in accord
ance with and embodying the provisions OF
these resolutions.
Mr.. FIcKLEN said, having failed to accom-
|lplish anything in the way OF securing set:
Element of the public debt, he was not sat-
isfed to return home without making SUI
preme and heroic effort to take the question
out of the General Assembly, where parties
had been formed, and to submit it under
certain rules and restrictions to the calm
Judgment of men in whom the whole peo-
Dlc OF Virginia have implicit confidence.
The proposition is to put the peeler credi-
tors, who have been getting nothing for
years, on footing with the cOnsol-holders,
and place the whole debt Of Virginia within
her present ability to pay. II the debt can
be settled at this rate 1853 OF interest, only
81, 100000 will be required per annum to
paw interest. With our present revenues
that will leave in the Treasury the funds for
public schools and enough to support the
government, and leave small margin with
which to arrange the arrears OF interest.
The question being on referring the reso-
luton to the Finance Committee, resulted
on recorded yote-ayes, 81; noes, So. The
readjusters generally voted "Aye."
ANOTHER READJUsTERS' PLAN OF COMPROMISE.
Mr.. FOWLER offered the following as a
substitute for Mr.. FICKLEN's:
Whereas the General Assembly has ex-
pressed the belief that the present rate of
taxation is as high as can be borne without
destroying, or at least greatly impairing. the
industrial interests and recuperatlve power
of the State; and whereas the present
General Assembly was elected with espe-
cial reference to readi ustment OF the pub
lie debt of the State so that the interest may
be punctuallY paid alike OH all classes OF it
without an increase or the rate or agGre-
gate of taxation, so that said reimbursement
may be satisfactory and final, and public
agitation OF the subject may cease; and
whereas the General Assembly, recognizing
its duty first to preserve and insure the
continued 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 rat
ably among them the entire excess Of the
public revenues derived from the present
rate OF taxation, after the most economical
administration OF the State government
consistent with the efficiency Of the public
service; therefore,
RESOLVED By the House Of Delegates,
That whenever the holders OF not less than
three fourths OF the consol portion OF the
public debt OF the Commonwealth shall
indicate to the Governor their willing
ness to surrender the bonds of the
State now held by them and to receive
in lieu thereof new bonds OF the State OF
Virginia payable III - years, and re-
deemable at the pleasure OF the State
at any time after - years, and bearing
- per cent. interest per annum, payable
semi-annualIy at the Treasury OF the State
In lawful money OF the United States, then
the State OF Virginia will, in the opinion Of
this General Assembly, continue the present
rate and aggregate OF taxation, and after
the retention of seven tenths of the tax On
real and personal property and the entire
capitation tax for the support Of the State
government and the public free schools OF
the Commonwealth, set apart the remainder
of all her said revenues for the payment OF
the interest and eXtinguiShment Of the prin-
cipal of her public debt alike to all the
holders thereof.
2. The Governor, the Attorney-General,
and the Auditor Of Public Accounts are
hereby appointed q commission, with in
stractions to confer with the holders Of the
bonds Of the State, OF as many OF them as
possible, with view to ascertain whether
they are willing to accept the terms indi-
Gated in their bills.
8. RESOLVED, That the Committee of FL
nance be instructed to report bill III ac-
cordance with and embodying the proyi-
sions OF these resolutions.
A THIRD PROPOSITION FROM READJUsTER.
MIR. JOHNSTON Of Giles offered the follow
ing resolution as an amendment to Mr.. FOw-
LER's substitute:
RESOLVED, That the Committee Of Finance
be, and hereby are, instructed to report to
this House bill for exchange 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 re-
ceivable in payment of any dues to the
State, to be non-taXable and having50 years
to run, and bearing rate OF interest not
greater than 3.65 per cent on the hundred;
said exchange not to be made until three
fourths OF the taX-receivable coupon-bond-
ho1 chol hnva aprae1 en- To io and have