The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-03-27

FULL TEXT OF THE VIEW COMPROMISE
BILL AS IT HAS PASSED BOTH HOUSES ol
+ THE GENERAL ASSEMBLY AND GOES II
THE -GOyERNOR-AN IMPORTANT PIEC:
OF LEGISLATION FINALLY BNDED.
The following is the full text OF the Nc.
Cullough compromise debt bill rs It has pass
ed both houses OF the Legislature. The las
act will be the Governors signature; and
1t is not doubted that be will sign it
SENATE BILL NO. IA BILL TO PEuTIDE A
PLAN OF SETTLEMENT OF THE PUBLIC DEBT.
Whereas it is believed by the General
Assembly that the rate Of interest hereto
fore agreed to be paid by the State on the
public debt is greater than can be borne
without destroying the industrial interests
OF the State; and whereas the Council OF
Foreign Bondholders Of London, England,
and the Funding Association Of the United
States OF America Cimited), have, in view
OF this beliaf, oppressed their w wiliIngugsS
to Jointly endeayor TO obtain the consent OF
the creditors to an abatement in the rate of
interest; and whereas it is highly expedient,
in the best interest OF the State, to secure
an amicable settlement with the creditors,
by which the credit OF the State may be
restored and enhanced, and the aggregate
amount OF interest payable by the State re-
duccd within limits which will not be too
onerous to the population; therefore
l. BE ii enacted Jy the General assembly
of Virginia. That to provide for funding
the debt Of the State, the Governor is here
by authorized to create bonds OF the State,
registered and coupon. dated the lst day Of
january, 1879, the principal payable forty
years thereafter, bearing interest ut the rate
OF 3 per centum per annum for ten years,
and at the rate OF 4 per ccntum Per annum
for twenty years, and at the rate OF per
centum per annum for ten years, payable IN
the cities OF Richmond, New York, or Lon
don, as hereinafter provided, on the 1st days
of July and january OF each year. until the
principal is redeemed. The State shall have
the option OF rrdeemlng any or all OF said
bonds by the payment of principal and ac-
crued interest at any time after the cNpiIa-
tion often years from the 1St day Of January,
1879, on public notice to the holders OF its
purpose to make such redemption. The cou-
ppns on said bonds shall be receivable at and
after maturity for all taxes, debts, dues, and
demands due the State, and this shall be cX-
pressed on their face. The holder of any
registered bond shall be entitled to receive
from the Treasurer OF the State certificate
for any interest thereon due and unpaid,
and such certificate shall he receivable for
all taxes, debts, dues, and demands due the
State, and this shall be expressed on the lace
OF the registered bonds and on the face OF
such certificate. All obligations created
under this act shall be forever exempt from
all taxation, direct OF indirect, by the State,
or by any county or corporation therein,
and this shall be expressed on the face OF
the bonds. The said bonds shall be OF the
denominations OF 800, $500, and $1,000,
at the option OF the creditors rcSpec-
lively, and the bends, as we'll as their
coupons, shall be payable at Richmond and
New York. or, if desired, may be made pay
able in sterling at London It the fixed rate
OF exchange Of one pound sterling for five
dollars. The bonds hereby authorized shall
be issued only in exchange for the ontSt"nd-
ing debt OF the state, us hereinafter pro-
Yided.
,. For purposes of designation the out
standing Indebtedness Of the state IS ui
vided into two classes, as folInws-to VII:
Glass l.. which shall be taken to include
all tax-reccivable coupon bonds. and all re-
gistercd bonds and fractional certificates
which are convertible under the act ap.
proved March 30, 1871, into such taX-rc.
cciyablc coupon bonds.
Glass H., which shall be taken to include
all bonds funded under the act approved
March 30. 1871. as amended by the act ap-
proved March I, 1872; and also two thirds
OF the face value, with two thirds OF the
unpaid accrued interest up to the lSt ol
July. 1871, on all lnfundcd bonds, inc!u'
diur Stprlinn bonds
8. The outstanding Indebtedness OF tic
State shall be funded in the new bonds ta
be lssucd under this act, as follows:
Bonds shall be presented for exchange
with al! coupons attached maturing after the
date Of presentation. and small be exchanged
at the face value OF said bonds dollar fol
dollar, fer the new bonds, with all coupons
attached maturing after The date OF Such
presentation: provided that the proportion
OF Class II. refunded shall never exceed IN
amount one third OF the total amount re.
funded until eighteen million dollars CT
Glass !. have been retired.
The new bonds to be issued may be col-
pon or registered. at the option OF the hold
crs, and at the like option coupon BONDS
may at any time be converted into register
ed bonds.
i. All due and unpaid interest may DC
funded under the provisions OF this ACT al
the rate OF fifty cents on the dollar, and
shall be fundable at that rate under The thiro
section Of this act, and taken under the pro
visions OF said section in lieu OF bonds OF
Class II. -o
:. IL on or before the 1st day OF May, 1879
the Council of Foreign BondholderS ana th'
Funding Association Of the United States o.
A merica aforesaid shall file with the Cover
nor their assent to and acceptance OF th'
terms of this act, the same shall be taken te
be contract between the State and tue SAT-
corporations, and the Governor shall forth
with provide for the preparation OF I'LL
bonds provided for by this act.
The said corporations may present 10
funding, and in the proportions hereinbe
fore provided, at least SS.000.Q00 OF the out
standing obligations Of the Stnte prior to tn
1st day OF January, 1880. And during eacI
period Of six months from q i'd after the 81
OF December, 1S79 they ID ay present IN nd
ditional amount Of at Iea.t $1,000, 600 unit
the whole debt is funde d; but any exees
over said amounts whicn may be presenle
during any OF said periods may be estimate
in requirement for the succeeding 81
months.
So long as the saiSt corporations shall pre-
sent for funding tie obligations aforesaid
in the amounts 40 d in the periods aforesaid
they shall have the exclusive privilege G
funding the outstanding debt, under tn
provisions of this act; provided, that tn
said corporations shall arrange to receiv
the outstanding bonds at the city OF Rich
mond when the holders thereof shall so dc
sire.
But il the said corporations shall fail
file With the Governor their assent an
asreem ent as aforesaid by the Isl day Q
May, 1879, or shall fail to present LOT lunu
ing the outstanding bonds IN the propoi
tjons M and amounts and during the period