Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1879-02-13
sYaTE DEBT cUlyEERE.H'HE.


Assembly was held last night Ter The purpose
of receiving the aaieIled p:oposi'lo1 from the
representatives Of the FurGing Association OF
tho United States aad tie Coutcl Ct fcfa;eh
| Bondholdeys, which was made III response 10
o communication addressed 10 thc Representa-
tiv5s of these tso asscoiaion8 by members ID
The committee recently, asking ~ extension q
the three Per CENT. provision OF tic ilrst plan
! from five to lea years.
The Mes;rS. Carrirgtop, on bshali Of the
! funding associations, presented al antndcd
| proposition. Only two scoti9us Of the bill are
amended, and The changes aro given bclCW in
italics :,
i. Be ii enacted, DC, That 10 praTdc ilr
finding the debt Of the State the Governor Is
hereby authorized 10 create bonds Of the State,
registered and coupoD. dated tho lst Gay OF
Jan, 1879, the principal payable l0i'y years
thereafter, bearipg Interest at the Iate o. per
cent, rer aruum for ten yeals and ct The rate
of4 per cent. per anaun fer trenty years, AMI
at tho rate Of ) per cent. per anlunl Tor len
years, rayab!o il the cities CT Richmond, New
| York. or London, ss hereinafter provided, or
the Gyst days Ct July and January OF each year
until the rriEcpal is redeemed, &c.
as. If % or beflrc the lst day CT April, 1879.
TIC Courci Of Foreign BoudhOidcrs AID the
Foadirg Association of tho United States OF
America aforesaid shall f!c With The Govtrncr
their asgcDt 10 and acceptance Of the terms CT
this &C., the same shall be taken to be coniiacs
between the State aud the said corporations,
and tie Governor shall forthwith provide lex
the preparation CT the needs provided 'ir Ivy
| tbs act. .
"rhc said cc1rCrstious may prose- Mt fer iucGipg
and il tho proportions htlcirbctcrc provided,
ct least eight million Of dollars OF tbc Cuts:aad
iog obligations of tho State, on or before The l5t
| day or January, 1850. Ard duling each period
OF SIX months from aud alter The 1t OF Janudry,
1880, they may present az additional amount.
Of at least fgc nilcus CT dollars. ua!l tho whole
dsbs is funded; but aby excess over Sdtd
amounts which may be pTeS:lted during cry oil
sud periods may b. estimated IL The rtqi!re-
mcnt for tic succeeding six mouths.
! so long as tbs said corporations shall present
70: funding The obligations aforesaid IN the
au,cuo;s a1G ia the periods aforesaid they shall
have the exclusive privilege Of iuudiog the Gu!
sta5Ginc debt under the provisions CT this act q:
Proredea, that the said corporations shall
arranGc 10 receiue tic outstanding bonds at the
city Of Richmond whcn the holders rteycQf
shall so desire.
Blu! if the saii corporations stall fail 10 Gi.
with the Governor their assent and agrccMcnt
as aforesaid by the lst Cay or April, 1879, CT
shall fail 10 rrescn. tx iuudoG The outstanding
bonds 10 the proportions and amounts aad
durirg The periods hc!cntc!orc specified, thcn
the Governor r2ay, in biz discretion, make ike
contract with responsible parties Tor the lurGcg
OF Tho debt OF the State under this ac
COL Fu'kefsop warned the committee uesl ;st
III L.. 80.
the Commonwealth would not bo allie to Eeet
lha Interest, even with tho extension Of lime
proposed to be Giver in ito contract. Colonel
! ifuikerson thought ,h.t tho rcg?tis'lo5s be-
tween The Commonwealth and The r2rrcSeniG-
| tiTcs al TIC hoadloldtrs had been conducted
with 40 muai, s"crtcy. Tho REPRESENTATIVES,
cf the funding Associations had been Eet":
ar1 bscn clcSctcd eth different gentlemen,
| AID the negotiations had not been c,uductt1 IA
crcn c3Um!ttce.
Gel. Fulkcrscn offered tho !oll5wiag az 40
amend neot 10 the last rt;p9s;iion submitted
b? tbs Messis Cariiugtor:
Tho ctuDocs on said bonds shall be T:c..v'
obIc, at and alter maturity, fer all ts5:a. dcte,
dues and demands due the States, sx,aGt such
p0rto1s Of the annual revenue ss ma7 BE- set
apart ard qpccGclily appropriated by lie Lo
gislatuIc to ihe support Of tho Government
AID the rn5 ltec s;hoo's Of the Statj; ani
this siall hn expressed on thtlr FAC.
Co!ouei Ed'ktrSon asked Tics, gcu:Icmcn ii
il would IL sccart;Hc IL ihose s7hom they re-.
presented.
C,Ior,! I. II. !'ar!uploo s:id lie h2d c7n
ftrrti vc,y fully wjh lis rticoipals and he did
! 81: f.ai 8. liberty 20 a:o>?t Col. Flu k'rson's
! rlcdI,2iier. II a"s"cT 30 question i9on
Toe latter, ;:,;cth:r ho T!s Giliir@ 70 submit his
amendment 20 lis principal, Coi. Darlington
stii be dii not lliuk il wcGia be productive
CT a1y eo.s!. Uol. Cas-. s. Darlington coz.
Cured in lie ri l. !h.t lad bata Uadc ty his
| brother
In repy to what Col. FuEk.rscn said ab3ut
the secrecy in which the negotiations With ;hc
creditors bad been carried CO, Coi. Charles Ger.
!iogtcn SAID 10 Taa not a7:src ihat there he'd
been apy scrccy in the mailer. lie kcs| that
thcs, With whom he acted wsrc aciing in Ibis
matter with all fairness.
Mr.. lIatVic thought the representatives Ct
the creditors ia thais negotiations ilad aeLei ia
oil fairness sGd with becoming digti'y. lie did
not SEQ spytiios in their actors 10 ceosure.-,-
In opposiug the plan submitted BY the crc&
tors iir. Hsrv. said he would rather sec the
peorls Of this Stale "il0wers Of wood aGd draw
| erS of wltes' ttr The rtx: forty years tEaa to
| zee the rtw shackIes pat upon tbdm by tdc
| PROVISIONS CT thc creditors pIopcslt0o.
Nj. Harrison cgqaigca Of Nj. |. Il. Gaming
tou Why il Eas s1opcs:d 10 gi7o to thsso $50
funding associations TIC monopoly Of iuodiug
| under this plan, Instead OF allowing anS body
who choose 10 iund under the required ircp0
sition Of two consols to ono prc!o:2
10 reply TO these questions Gel CaItlreton
stated that t!lcae associations had been formed
for this purrosc.
Sir. Harrison asked Whether these iwo lu1d-
! ing associations wculd net DC in a position to
dictate their own terms to the bondholde1s?
Col. CarriSgtou replied that he thought not.
| He thought tho associations would not have
| any mtr. power TO dictate terms TO The bord.
holders than the bordho!ae!s would have to
dictate to the associations.
Mr. Paul urged tho pFoplietY Of embracing
the amendment offered by Col. Eulkerson and
the reply made By the representatives Ct the
creditors present in the rapport CT the Committee
when it vas submitted 10 the respective houses.
Several members suggested that as tic prop.