The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-02-14
J THE PUBLIC J DEBT.

THE Fl BLIC i q / b d DEBT
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Report of. She goins i C0tnraitfee ei
|H FiDasace 60 fhe GeneRnsi ASSEMBLE.
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THE PROPOSALS. OF THE TWO sFUEDfNG
,sUBMITTED FOB TTIEAC.
4tTIoN OF THE TWO oFTHE GENE
f0RAL AssEMBLY-THREE "A PER GEsrs F0n
/, TEN YEARS, FoUR FoR, TWEN1 y. ANI
FIVE FOR TEN, IN PLACE OF THE PRES.
ENT sI.sss PER CENT. BONDS.
" In the Senate yesterday the following ss bis
submitted, and will be submitted 10 the
House to-day: s. 49,, q 4 ..,S
The Committees Of Finance OF the Senate
md House OF Delegates OF Virginia, acting
as joint committee, under and by Yirgfle
OF the following joint resolution agreed TO
by both houses on the 18th day OF january,
1870 to wit. t3lEs'5 -! - ~
Resolued blythe General Assembly, That
the conference between the creditors OF the
State and Others contemplated by the Joint
resolution of the General Assembly and the
proclamation Of the Governor on that sub.
feet be conducted5 by the Committees OF
Finance OF the Senate and House OF Dele
gates. sitting as q Joint committee; and that
the said Joint committee are hereby author
lied. TO arrange the details Of said confer
lenee, and to sit during the sessions ~ tlieir
respective bodies Y-beg leayeto submit The
following report :: !,a.ga.,s. IL. IL
That in discharge OF the duties imposed
upon your committees by said resolution,
tbeYidid, onIthe 30th day Of January, 1879,
meet in conference with Messrs. Hugh Me-
Cullocb, II! Fry, and s. G. Ward-gen-
tlemen named ; in joint resolution APP
proved january 15,, 1S79,; authorizing the
Governor to request the public credit
ors to meet the General Assembly for
conference about plan OF settlement
OF the Slate. debt--as well as several
other gentlemen claiming TO be creditors
[of the Common wealth, and after full and
free. conference with :he gentlemen named
above, extending through several days, in
which the subiect-matter OF The conference
was fully, discussed, Messrs. Hugh McCul-
loch, president OF the Funding Association
OF the United States Of America Qimited),
and Isaac II. iCarrington,. attorney for the
Council OF Foreign Bondholders, London,
submitted to your committee plan for the
settlement Of the public debt of the State
in the nature OF a bill to be enacted by the
General Assembly. .u,'~, Z J. u
Said proposition is herewith submitted as
Proposition No. 1, and accompanying the
same is written communication from them
addressed to the committee at the time OF
the submission OF the proposition. I'VE
have already published it,
.Sujapnupnt1v nm. tho I 1tb dov ~ TnbrII.
airy, 1879, Isaac H. Carriugton, for the Coun-
Gil OF Foreign Rondbolders, and Charles S.
Darlington and E. R. Leland, for the Fund
ing Association Of America, at the written
request OF certain members of the commit.
tees, addressed your committees communi.
cation in writing, agreeing to certain modi'
fcations in the first proposition, which are
indicated in their communication, and also
embodied in the bill submitted as plan fol
the adjustment of the debt. This commu'
nication and the modified bill are also sub.
nitted as part OF this report, as PROPOSE
TO No. q, r,''.'.
Your committees also beg leave to report
that at their last sitting the Senator from
Washington county (Mr. Fulkersom sub
mitted to Mr.. Isaac Ii: Darlington ant
Charles S. Darlington the inquiry, whether
or not they felt themselves authorized tc
consent to such modification Of their pro
tDesition as to provide that the coupons in
! Che new bonds should be receivable at anc
after maturity for all taxes, debts, dues
and demands due the State, except suct
portion of the annual revenue, not to ex
ceed 25 cents on the 800, rs may be specit
cally appropriated by the Legislature TO thu
! support Of government, and except suct
portion, not to exceed 10 cents on the S100
as may be in like manner appropriated tc
| the support of free schools; and, further
whether or not they would consent to com
I,municate with the associations which they
represent with ayiew to such notifications
| il they asagents did not feel authorized tc
lconsent thereto to which inquiries The
Messrs. Garrington made the following re-
sponse :ia r.,.1..a b.. r..r,:.t@ - ...
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 uselessto 0 submit the proposition to them
that they were satisfied the proposition
would not be accepted, because il the SAID
notifications were made the bondhoIders
could not be indueedJto come In and fund
All OF which is respectfully submitted.
sa9ui.!rd .uitoCzf.DANIEL a. GRIMsLEY,
Ig'r 7d. -, Chairman Senate Committee;
|,lc3gHargru 1;iJ JAMES, BARBOUR, -
lyGr> cit iChairmanH House Committee.
l'oH 9,lTrHREE PER CENT! FOR TEN YEARS. =.
T The papers referred to accompany the re.
/ port, including, the ifollowing: i@. I.
f. II yRIoHMoND,,NA.,F February 10, 1879.
Hon. Did. Grimsley, chairman Joint FL
tt fonasace COMMITTED. 900, .4f-| @.l J.
Sir,-In compliance with. the request
made Of us, We1thaFe communicated with
our principals in reference to extending the
term during which the proposed new bonds
are to bear interest at the rate OF per cent.
The result OF this communication is that
lines s, g. and; z Of section OF proposed
bill are now made to read as follows: '
9, isBearing Interest at the rate OF 8 per
centum per annum for ten years, and at the
rate of 4 per eentum per annum for twenty
years, and at the rate OF per centum per
annuln for ten years." IL
1t is proper'to say that there were grave
doubts as to!tbe expediencyof OF this change,
which were wholly due to the increased
difficulty of funding which it would in
yolye.}and 10 a desire to carefully weigh
the RESPONSIBILITIES and the obligations
which would be imposed by the contempla-
ted act. The change has been made in def.
erence to the very decided expression oi
oDinien by members OF the committee.
There have been some other slight
changes made in line 20 of section l. The
words "ini dollars" have been stricken
out. it having been suggested that as origl.
nally7 written the meaning was somewhat