The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-02-13
New proposition of tine Creditors.

A meeting Of the joint Committee on FL
nance was held at the Exchange Hotel
yesterday evening, and the Messrs. Car
rington, on behalf OF the funding associa-
tions, presented an amended proposition.
Only two sections cf the bill are amended.
The changes are given below in italics:
/. BE ii enacted by The General Assembly
Of Virginia, That 10 provide for funding
the debt OF the State the Governor is hereby
to create bonds OF tire State, reg
istered and coupon, dated the 1st day Of
January, 1879, the principal payable forty
years thereafter, bearing interest at the rate
OF 3 per cent. per annum for te1, years, and
at the rate of per cent. per annum for
tacenty years, and at the rate of per cent.
per annum for ten years, payable in the
cities OF Richmond, New York, or London,
as hereinafter provided, on the first days of
July and January OF each year until the
principal is redeemed, &c.
s. Ii on or before the 1st day OF April,
1879, the Council OF Foreign Bondbolders
and the Funding Association of the United
States OF America aforesaid shall file with the
Governor their assent to and acceptance OF
the terms OF this act, the same shall! be taken
to be contract between the State and the
said corporations, and the Governor shall
forthwith provide for the preparation OF the
bonds provi ded for by this act.
The said corporations may present for
funding. and in the proportions hereinbe-
fore provided, at least eight million Of dol
lar5 of tho outstanding obligations Of fha
State, On or before the 1st day OF January,
1880. And during each period Of six months
from and after the 1st Of January, 1880,
they.may present an additional amount OF
Mt least .fUe millions OF dollars, until the
whole debt is funded; but any excess over
said amounts which may be presented du-
ring any OF said periods may be estimated
in the requirement fer the succeeding six
months. g..
So long as the said corporations shall pre-
sent for funding the obligations aforesaid
in the amounts and In the periods aforc-
said they shall have the exclusive privilege
OF funding the outstand ding debt under the
provisions Of this act: Provided, that the
said corporations shat arrange to receiUe
miond lrhen the holders thereof shalt so
desire.
But il the said corporations shall fail to
file with the Governor their assent and
agreement as aforesaid by the 1st day OF
April, 1879, or shall fail to present for fund
ing the outstanding bonds in !he propor-
tions and amounts and during the periods
hereinbefore specified, then the Governor
NAV, in his discretion, make like contract
with responsible parties for the funding OF
the debt OF the State under this act.
SENATOR FULKERsON.
Mr. Abram Fulkerson asked that the
Representatives OF the .bondholders accept
the following amendment:
"The coupons on said bonds shall be re-
ceivable at and after maturity for all taxes,
debts, dues, and demands due the State, eX-
cept such portions OF the annual revenue 4:
may be set apart and specifically approprI-
ated by the Legislature 10 the support OF the
government and public free schools Of the
State, and this shall be expressed on their
face.". ,....
Mr.. Fulkerson made long speech in IA
vor of his proposition.
Messrs. Isaac Ii. and G. s. Darlington
both said, in substance, that they were not
authorized TO accept the amendment, and
that from recent and close communication
with their principals did not think they
would agree to it, as it would not be accept
able to the bondholders.
Mr.. Fulkerson said that he proposed to
reserve by his amendment % cents on the
800 assessed for government and 10 cents
| for rScDO0i-purp0Se>.
senator Paul wished the amendment OF
Mr.. FulkerSon and the answer OF the
Messrs. Darlington thereto to be commune
Gated to the General Assembly with the
proposition.
Several gentlemen opposed the suggestion
on the ground that the committee bad nc
record, and that all they had to do was to
submit the bondholders' proposition.
hot ba Nassrc Gar
rington be requested to communicate with
their principals again to get their consent
| to the Fulkerson amendment.
REPORT OF THE COMMITTEE.
| After considerable discussion the commit.
tee resolved to report the proposition OF
the funding associations without recon-
mcndation.
Along with it they will submit the sug.
gestion or inquiry OF Mr.. Fulkerson (above
uiyen) and the reply OF the Mcssrs. Car
rington thereto, the Messrs. Darlington tc
be asked to put their reply in writing.
The proposition Of Dir. Fowler was agreed
to. to read in effect that the Messrs. Car
rington be requested to communicate witt
their principals and ascertain il they vii
except from the operations OF the taN-re
cejyable coupons the school money-1(
|
nerty. This was adopted by 4 large ma
;oritv, with the understanding. however
thst the report is not TO be delayed for tht
answer. The proposal to except from tht
operations OF the coupons % cents on thu
slO0 for support OF government was re
iected by an equally large majority. Hat
the nroposition been agreed to as who!t
The creditors would have been asked, sub
stontially. to ACCEPT the Barbour bill.
The two propositions were divided, OF
motion OF Senator G. L. Smith.
INFORMATION WANTED.
After considerable debate the following
offered by Senator Smith, was adopted:
Whereas 1t has become the policy OF th'
limited States and OF other great Govern
ments and States to procure the reiund!n!
OF their debts by the employment OF agent
under contract; and whereas all ehort
heretofore made by the General Assembly
to convene the creditors OF Virginia and t.
readiust and refund the public debt by con
sent of the creditors or their representative
have failed and whereas, in view OF tn
importance Of the situation and the re
sponsibility OF the contract contemplate
in the pending proposition made by tn
corporation of Foreign Bondholders and tn
Funding Association Of the United States
America Qimited) to refund the State deb
on such basis for readiustment as may D
made acceptable by this General Assembly
70 the bondholderS and to the people, 1t l
proper that this joint Finance Committe
now in conference with our creditors b
nut in possession of the fullest possible in
formation concerning said corporation ant
association; therefore be it
Resolved, That their representatives ar
hereby requested to furnish, at their carries