The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-02-24
GENERAL ASSEMBLY. Or VIRGINIA.
SATURDAY, February %, 1879.

SATURDAY, February %, 1879.
.e#ar SENATE.
Senator QUEsENBERRY in the chair. Praye
by Rev. E. w, Warren, D. D., OF the Frs
Baptist church. .,....,.. II,
A number OF House bills were twice rea
and referred. t,.tL :
| A number Of bills were reported iror
BILLS PASSED. :. :. ...... =,
House bill to authorize the corporation o
Farmville to borrow money. 81: s..,
| House bill to incorporate the Lake Drum
mond Masonic-Temple. Association OF Dee
Creek, Norfolk county, Va.
- 5 CATTLE DISEASES, 49,
q Senate bill to protect the cattle Of th
State from infectious diseases being the I'm
finished business, was taken up and dis
cussed; pending which the bill to provide
| plan of settlement for '..'.
THE PUBLIC DEBT ....
was taken up and discussed-Mr. MAssE!
havin. the floor. y. -..s.., ..........
Mr.. PAUL and Dir. FULKERsoN indicated
amendments they proposed to offer to tn
bill. .... ....--..
At the conclusion of Mr.. MAssEY's re
marks Mr.. SPITLER spoke In advocacy OF TIT
| bill, explaining the reasons that would in
fluence him in voting for the bill, bu
deprecated the coupon feature OF the bill.
Mr.. JOHNSON moved to change the hour
for voting on the bill to 8 P. Nj. Agreed to
Dir. FULKERsoN's motion to amend so as
| to make the rate OF interest uniform at
per cent. was reiectcd-ayes, IL; noes. 80
MIR. QUEsENBERRY moved to strike out the
4th section and insert in lieu thereof the
following: GAIL due and unpaid interest
up to and including January l, 1879, shall
be funded IN new interest bearing certiti-
Gates, redeemable as soon as the finances OF
the State will permit"
The amendment was rejected by the fol-
lowing vote: :....t.t. s...n-a>r
AYEs.-Messrs. Bliss. ChiIes. Elliott Fulkerson,
Massey, Moulton. Norton, Paul. Powell Quesen;
berry, Sherrard, Slemp Splitter, Stevens Ward, and
mNoEs.NMessrs. Belts, Bland. Brooke: Daniel,
Dickinson, Gayle, Goode, Griffin, Grimsley, Hair
stOn, Hurt Of Halifax, Hurt of PtttsI Ivaaia john
SOU Koiner. Lee, Marshall, Murray, Mum, Phlegar,
tham-25. W. ..'. ~ s-.. .-''
Mr.. PAUL moved to add the following to
the 18th section, after striking out, the
words {. This act shall be in force from its
passage y: -----.--
: g! The foregoing proposition Of the Coun-
ell Of Foreign Bondholders, OF London,
England, and the Funding Association OF
the United States of America Limlted), shall
be submitted to the qualified voters OF the
State for ratification or rejection at the cleo
ton for senators: and delegates to be held
on the --- day of November, 1879; and
for this purpose poll shall be opened at
EACH voting-precinct in the State at said
election Each voter favorng the said
proposition Of compromise shall cast one
ballot with the words For the Compr0-
mise written or printed thereon; and
those opposed to the proposition shall cast
one ballot with the words Against the. Com
promise written or printed thereon"
Mr.. FULKERsoN spoke at length in advo-
cacy OF the amendment. He said that every
thing in connection with the debt was sup
pressed by the daily papers, and he sup
ments he proposed or anything he said in
the papers. .....-
Mr.. FULKERsoN made a long speech, re-
peating much that he has already said on the
debt question. ..
At 2:45 p. NJ, Mr.. HURT, of Halifax de-
manded the. previous question, but yielded
to AIR. DANIEL, who read paper giving bis
reasons for voting for the bill. L..
Dir. DANIEL said: / had intended to
speak, by invitation OF the chairman OF the
Finance Committee, on this bill; but after
the long debates we have had, mercy cries,
Spare and will spare the time and pa
thence of the Senate Let me simply say l
favor the bill for these reasons: - go
/. 1t enables us in itself to save the pub
lic.schoo1 fund by reducing the aggregate
amount of tax-receiyable coupons. With
auxiliary legislation which Is to follow
(such as that indicated by the Senator from
Page, it will put the schools on a stable
basis, 3: mr. s'!I 'is.s...'. i. r" -
2. 1t will enable us to support the Gov
eminent without interruption. It puts our
revenues within range Of management.
8. 1t will prevent any occasion for or any
demand for the increase of taxes. The
Bocock- Fowler bill of last year, predicated
on the like assumption, met with almost
unanimous favor. This bill puts life into q
similar and better settlement, and makes il
automatic. fE 4 .s;s.sf xSgsIs2r =
4. 1t is calculated to restore credit-that
well-spring of peace, happiness, and pros.
perity. Our State is now in arrears OF prin.
cipal and interest to her creditors. She, is
under protest in the markets Of the world
and black-balled on 'Change. i Once rhel
credit was higher than that Of the Federal
Government. This bill, faithfully carried
| out, will again make her the peer OF any
sovereign in financial credit and good name
S. 1t saves money, and much Of it. The
present. aggregate amount OF 8 per cent
tax-receiyabIe coupons, which pay fintsresi
on only Two thirds OF our. recognized debt,
are in round numbers $1,200,000 annually,
The aggregate amount of 8 per cent. taX-re.
ceiyable coupons, which will pay interest on
our entire debt under this bill, will be in
round numbers 81, 100000 annually for ter
years: IA saving of 5000, 900 per :annum, OF
50, 0G0, 900 during the next ten years. ae-
cording to the rate OF present revenues Paid
on account OF the debt and paying in.
terest on the full debt to boot. al .r,f4
g. During the twenty-year period of4 pei
cent. we viii pay annually in interest on
the whole debt assumed just about the same
sums that It. now takes TO pay interest on
two thirds-an amount less by 100000. per
Iannum than per cent. on the whole debt
OF. d saYins III interest Of sst2, 600, 900 and
in the last ten years OF the currency OF, the
.6per cent. bonds like saving OF 90. O00, 900.
ss9 q The difference betw cen the aggregate
Interest that would be. paid ut g per cent. ON
the ~ Hole debt and the amount that. sYili
he paid sades this bill viii am9r nt during
gears that the bonds run, in round
numbers. flo about 2s, 000, 600.
8. This Is fair compromise. OF the