Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1878-01-19
Mr. BrOOke's Bill for the Bea1juSt
ment OF the Public Debt.

The bill for the resdjustment Of the public
debt, offered in the Senate on Thursday by Sena.
tor Brooke, after reciting in its preamble the
necessity of some measure to secure the prompt
payment of interest to all classes Of creditors
without increasing the present rate OF interest,
and thus removing the e1citementin the public
mind growing out Of eontrsrisnt views IS to the
justice and equity Of tho funding bill, provides
as follows:
1st That all owners of coupon tsx-receivable
bonds issued under the provisions Of the tnnd,,
ing bill, or Of registered bonds and fraction al
certificates legally fundsble under the provisions
ofsald act, as amende by the act OF March 7,
1872 in such coupon-receivable bonds, may
exchange the same for new four-per cent. bonds
dated ist July, 1873 and payable thirty-four
years after date, but redeemabe after ten years;
said bonds to be either registered or coupon at
at the option of the party making the exchange
but when once issued to be no further exchange
able, except that coupon bond holders may
exchange for registered bonds, the coupons to be
payable semi.snnually, and to be receivable for
taxes. dues, and demands duo 10 the State, ex-
cept the cspitation lax, the tax levied for free
schools, and fines imposed for offences against
the State; past due coupons to remain IS under
tho funding bill, or invested in non.interest
bearing certificates, redecmsble at the pleasure
Of the State.
I'd. That the bonds 80 issued shall be subject
10 the condition that by tie concurrent action of
the Governor and General Assembly the re-
ceivsbility of the coupons shall be suspended in
times of war or rebellion 80 long IS the necessity
for such suspension shall continue.
Sd. That the State of Virginia will hold her
self bound for the West Virginia certificates in
no other manner and to no further extent than
to account for any moneys shemaY receive from
West Virginia,
Alb. That when three. fourths Of the consol debt
Gncluding bonds and fractional certificates legal
amended as above) shall have been exchanged
under the provisions of the 1st section, that the
peeler bonds Gas of their full principal amount }
and the other unfunded bonds and stocks (ss of
tWothlrdsthelr principal amount sy be eHchau
ged in like manner provided for in the lst sec.
ton; and that in the meanwhile any person
owning consol bonds and bonds of the peeler or
unfunded kinds in proportions in amount of
three of the first to one of the latter (deducting
in the case of unfunded bonds one third Of the
principally may exchange said bonds to their
gross amount in four per cent. bonds. as provid-
ed in the first section.
9Th. The bonds known as sterling bonds may
be exchanged as to two. thlrds of their principal,
either in new sterling bonds or at tbs option of
their holders in bonds ss provided for in the first
section.
9Th. Any executor, administrator, guardian,
change any bonds. stock, &C., held by him and
exchangeablei under.this act for new four per
cent. bonds of the kind mentioned in the first
section, and such exchange shall be deemed to
be judcious and proper in any case where his
action may BIO brought into question.
CONSTITUTIONAL AMENDMENTS PROPOSED
The Joint Committee on Constitutional Amend
ments of the Legislature have agreed to report
in favor Of several changes of the present con-
stitution. They will recommend the abolition
of the present county court system and the sub.
sttution therefor of the old justices court and
they propose the appointment by the Governor
whose regular term shall be eight years, but the
first justices appointed shall be divided into four
classes, and that one fourth Of them, including
one from each district shall vacate at the end OF
two years one fourth at the end of four years,
and ore fourth at the end of six years; and that
after the first appointment the county court
shall elect justices to fill all vacancies, either by
expiration of term or otherwise, to be commits,
stoned by the Governor on their certificate oil
election.
They have agreed not to propose al amend
ment striking out the second section of the act
prohibiting the taxing of the taking and catch
ing Ct oysters with tongs.
They have agreed to report an amendment
relic wing the judges of the Supreme Court from
writin,Z and preserving their opinions in al
cases e,,Ving it to their discretion.
They ba ye agreed to strike out the 2lst sec
ton Of the 9Th article which provides for the
annual regist.- ation of births, marriages and
deaths. . =,
The committee propose further amending the
constitution 30 as to abolish the board of super.
vi.ors and deyolve their duties upon the county
court which is to be composed of all the justice
when sitting for the purpose of settling accounts
and laying The county levy.-Rich. Dispatch.