The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-02-25
Capafsa Votes.

Capafei Notes.
PROPOSED Purchase or THE ATLANTIC, ms
sIssPPI And eEI0 1RAII.R0AD--THE DEBT
] n BILL LIL-7zcANAIrRAILR0A Z sc.
| The following bill heretofore briefly al
fluded to. has been presented in each house,
iapd llfbe heard of Otter during the re-
mainder OF the session., {. I: 3. .s5,
|. BE II enacted by The General Assembly
Of VirQiniH, Tfat charles B. .Duffield, Of
Nasfork1 city; y JotnB b! Bayis, of Richmond
city; j. Allen Watts, of Roanoke county;
Moseg Waitony of Shenanh hoaiI county and
Floyd B. Hurt oil, w ashingten county, be
and they are hereby. appointed board OF
trustees, whose duty; it, shail be to tpke
such measures,as may yaby them be deemed
Eexpedient to protect and the better to secure
the interest OF the sinking fund OF the State
in the Atlantic, Mississippi Fapd Ohio Rail-
road Company. :.
2. They are authorized and empowered to
purchase the franchise, works, and pro-
perty OF the said corporation for that pur-
| pose, and in their own names rs trustees to
hold the same and provide for the manage
| rnent thereof, as hereafter prescribed, for
the benefit Of said sinking fund, or they
may by negotiation and.agreement become
the joint or associate purchases in trust and
on the same behalf: Provided, That in any
Joint or associate purchase aforesaid ma
1ority the directors oi the said railroad COM
pany and their successors shall be appointed
by the said board OF trustees, and that
majority Of the directors and the president
OF the company shalt be e'citizens ana resi-
dents OF this State: And prouided, further,
That the chief Office OF said company shall
be In the State OF Virginia.
8. The board OF directors shall consist Of
not less than FIVE nor more than ten persons.
VINO, with the president to be, elected By
the said board OF directors, shall be ap-
pointed for such term or Terms, and for
| their services shall receive such compensa-
tion as may, be by bylaws prescribed.
The removal from the State OF the presi-
I dent, or OF any director appointed by the
| trustees, or his ascertained ncapacity from
any cause, shall be taken as the vacation OF
his Office, and The trustees shall fill the place
OF such person as they shall in the case OF
vacancy by resignation or death. y s...
j f.. The president and board OF directors
shall be governed by such code OF bylaws
as the board OF trustees may prescribe; or,
in the, case of any Joint or associate pur-
chase as may be- agreed, being otherwise
governed by the laws of the State in respect
to the president and board of directors Of
railroad companies generally. !;
5. The, trustees shall be paid such eX-
penses as they may have incurred In the
due prosecution of his trust, aud annually
their personal expenses incurred in the per-
forrnance Of their duties, and salary OF $3.50,
to be paid by the suid railroad company, or
in the case OF a joint or associate purchase
rs may be agreed, In the case OF failure to
purchase, then such personal and other eX-
penses as they may have incurredln the due
prosecution OF this trust shall be paid out
of the Treasury of the Commonwealth, not
exceeding 81, 900.
6. The removal Of trustee from the State
shall be taken to yacate his office, and bis
place shall be filed, and that Of any vacancy
by resignation or death by the Board OF
Public Works.
Z. To effect the object OF this act the
board Of commissioners OF said sinking
furd are hereby empowered and directed to
invest or to convert and reinvest, or to hy-
pothecate or pledge, or otherwise employ
any OF the assets Of the said sinking fund,
including any assets, bonds, claims, de-
mands, stocks, or property due or belong
ing to the State Of Virginia, which are, OR
the proceeds of which, dedicated to the said
sinking fund, though not yet realized, have
been by existing laws dedicated to the said
sinking fund, or which may be hereafter
held by the said sinking fund, as the said
board OF trustees may in writing direct;
and in pursuance wllsreof the SAID board
Of commissioners OF the sinking fund
are empowered and directed to execute such
covenants, deeds, conveyances, contracts,
assignments, and transfers as may be neceS-
sary; and they are otherwise empowered
and directed to do such things generally as
in the premises the said board Of trustees
may prescribe as necessary and needful to
the due and prompt execution OF any pur-
chase, negotiation, promise, or obligation
on their part, made in furlberancc OF the
object OF this act: Provided, That such
investment, rtlnvestment, or employment
of the same, shall be made so as not to les
sen, in the judgment of the said trustees,
the security or proceeds OF said sinking
fund for the payment Of the principal OF
the public debt, which it is the primary OBJ
iect Of this act to promote.
s. ALI acts heretofore passed in conflict
with this act are hereby repealed.
9. This act shall be in force from its pas
sage.
THE RAILROAD BILL.
The House will probably conclude the
the House, canal-railroad bill to-day. The
points Of difference between the two houses
SO, far established are merely technical, and
il the Senate does not concur in the views
Of the House a committee OF conference can
readily adjust the points at issue.
- 2ii! THE M'cULLocH COMPROMISE.
The Senate bill for the settlement Of the
public debt reached the House yesterday
morning and was referred to the Finance
Committee under the rules, after a vote had
been taken which demonstrated that ma
jority OF the members are Its friends.
Tue Finance Committee will meet this
morning. II those who favor compro-
mise are afl in their places the bill may be
promptly reported and no time lost.
IsliD. .3t THE READgUSTERs' SCHEME.
: The following amendment will be sub
mitted by Mr.. Fowler, OF Washington, in
the House OF Delegates, to the debt bill:
Strike out the first seven lines in the 5ih
section of the bill as it passed the Senate,
and insert the following:
as II this act shall have been ratified by
q majority of the voters so voting thereon
at the election to be held for county and
district officers on the fourth Thursday in
May, 1879, as now provided by law, accord
ing to the schedule hereto annexed, and II,
on or before the 1st day Of July, 1879, the
Council of Foreign Bondholders and the
Funding Association of the United States
of America aforesaid shall file with
the Governor their assent to and ac-
ceptance OF the terms Of this act. the same
shall be taken to be contract between the
State and the said corporations, and the