Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1879-02-19
Report. or the Joint esnmitree On
Finance.

The following is the report of the
Joint Committee on finance as sub
mitted to the House last Friday:
The Committees OF Finance of the
Senate and House Of Delegates of Vir-
ginis, acting as joint committee, I'M
der and BY virtue of the following joint
resolution agreed to by both houses on
the 2Sth day of January, 1879, to wit;
RESOLVED by the General assembly,
That the conference between the credi-
tors of the State and others cOntem
plated by the joint resolution Of the
General Assembly and the proclama-
ton of the Governor on that subject be
conducted by the Committees OF Finance
of the Senate and House of Delegates,
sitting as a joint committee; and that
the said ielnt committee are hereby
authorized to arrange the details of said
conference, and to sit during the SEES
sions of their respective bodies'-beg
leaves to submit the following report:
That in discharge of the duties i'm.
posed upon your committees by said
resolution, they did, on the 30th day
of January, 1879, meet in conference
with Messrs. Hugh McCulloch, {. M.
Fry aud S. G. Ward-gentlemen named
in iolnt resolution approved January
IS, 1870, authorizing the Governor to
request the public creditors to meet the
General Assembly for conference about
a plan of settlement Of the State debt
az we'll as several other gentleman
claiming to be creditors Of the Com =
monwealth, and after a full and free
conference with the gentlemen named
above, extending through several days,
in which the subject-matter OF the con-
ference was fully discussed, Messrs.
Hugh McCulloch, president of the Fund
ino Association OF the United States OF
America Qimited), and Isaac IL.
Darlington, attorney for Council OF
Foreign Bendholders, London, sub
mitted to your committee plan for the
settlement of the public debt Of the
State IN the nature Of o bill to be en-
acted by the General Assembly.
Said proposition is herewith submitted
as Proposition No. l, and accompanying
the same is a written communication
from them addressed to the committee
at the time Of the submission Of the
proposition. 49,,
Subsequently,, on the 18th day OF
February, 1879, Isaac H. Darlington,
fer the Council of Foreign Bondholders,
and Charles S. Darlington and Z. h.
Leland. for the Funding Association OF
America. at the written request of GER
tain members of the committees, adj
dressed your committees a communica
ton in writing, agreeing to certain
notifications in the first proposition,
which are indicated in their cOmmunica-
tion. and also embodied in the bill
submitted as a plan for the adjustment
of the debt. THIS communication aud
the modified bill are also submitted as
a part of this report, as Proposition
No. z.
Your committees also beg leave to
report that at their last sitting the
senator from Washington county (Mr.
Fulkerssn) submitted to Mr.. Isaac H.
Darlington and Charles S. Darlington
the inquiry, whether or not they felt
themselves authorized to consent to
such a modification of their proposition
as to provide that the coupons in the
new bonds should be receivable at and
after maturity for all taxes, debts, dues,
and demands due the State, except such
portion Of the annual revenue, not 10
exceed twenty-five cents on the 800,
a. NAV be specifically appropriated by
Legislature to the support OF Govern
ment, and except such portioa, not to
exceed ten cents on the 800, as may
be in like manner appropriated TO the
support Of free schools; and, further,
whether or not they would consent to
communicate with the associations
which they represent with a view to
such notifications, if they as agents
did not feel authorized to consent there
to; to which inquiries the Messrs.
Darlington made the following re-
spouse:
That they were not authorized to con-
sent to any such modification, and that,
from their knowledge Of the views Of the
associations which they represent it
would be useless to submit the PROPOSE
ton to them; that they were satisfied
the proposition weuld not be accepted,
because if the said notifications were
made the bondholders could not be in
duced to come in aud fund.
All sfwhich is respectfully submitted.
DANIEL A. GRIMsLEY,
l Nho;rrnop Sopofa G0tnmitfap.