The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-02-15

court in the said building, then the said
board OF commissioners are hereby author
lied to sell, either privately or ut public
auction, mt such time rs they shall deem best,
the said building, now occupied by the said
court and by the State Law library, and the
lot Of land belonging thereto, and appro-
pirate the proceeds Of such sale to the pur-
poses Of this oct; or, IL they deem 1t best,
to sell only the lot, and use In the construe-
tion OF tue said ire-proof building the
bricks and other materials contained in the
said building now occupied by the said
court.
6. The said board, for the purpose OF de-
fraying IN part the cost OF said building, is
hereby authorized to draw upon the Audi
tor OF Public Accounts and the Treasurer
of the Commonwealth from time to time, as
the same shall be needed for the construc-
tion OF the said fire. proof building, their
warrants for such sums as may at the time
be required, not exceeding in the aggregate
the sum OF ten thousand dollars, to be ex-
pended for the purposes Of this act under
the direction and supervision OF the said
board, who shall report all their proceed
ings and expenditures under this act to the
General Assembly.
Z. This act shall be in force from its pas
sage.
THE scHooLs'ASD THE NEW DEBT BILL.
The following resolution has been agreed
to by the joint Committee OF Finance and
communicated to the Messrs. Darlington:
-ResoLred, That the joint committee re-
quest the Messrs. Darlington to confer with
the associations which they represent with
view to secure such notifications Of their
proposition IS to exempt from the tax-re-
cciyable coupons ten cents OF the rate Of
taxation on the property OF the Common
wealth for the support Of the free schools
OF this State.
The reply [laid before the Senate ycster-
day] was this:
RICHMOND, VA, February IA, 1870.
Hon. Daniel A. Grimsley, Chairman Joint
Committee on Finance:
Dear Sir,-We beg TO acknowledge your
communication enclosing the resolution
adopted by the joint committee on the 18th
instant.
In response, we beg leave to say that the
communication has been forwarded to our
principals, as the resolution requests; but
we conceive it to be our duty 10 state that
this point has already had their attention,
having come TO them as a suggestion from
various sources; and, after careful consid-
GRAFTON, the conclusion was reached that il
could not be entertained.
The earnest purpose OF the corporations
we represent is to effect compromise which
will enable the State TO meet all her obliga-
tions, including the maintenance OF her in
stltutions, but neither they nor the State
desire the adoption OF plan which will not
effect the great object in view-yiz., the re-
funding OF the debt.
The features of the proposed bill have
been gravely considered, and it is believed
that they are now as moderate as they can
be made. and at the same time be accepta'
BILE TO the bondholders.
The whole scheme is based upon the be.
lief that the interest on the new bonds will
be promptly paid. Ifthis be done, the pub
lie schools will be in no peril, for the tax
receivable coupons will not come upon the
market, Moreover, by just so much as the
present volume OF taX-receivable coupons is
decreased by this bill will the possible
peril to the school fund be diminished
In this view OF the case, the concession
is not one OF very great moment to the
State, but, so far as it goes, it runs
counter to fundamental business prin'
ciple, for it involves an impairment o.
security in addition to the reduction
Of interest obligations; and it would show
also, that which never should appear-yiz.
that the contingency OF default was con
templated when the bill was framed. Th'
effect OF this would lie to strengthen an!
hesitation which the creditors might feel il
accepting the new bonds, and this, too
without any compensating benefits.
knowing these to be the well-consideret
views OF our principals, we think that tn
onn mitfpa may apcpnt thpm aS their c0nclll
sions.
We have the honor to be, your obedicn
servants. ISAAC Fl. CARRINGTON,
for the Council Of Foreign Bondholders;
E. r. LELAND and
CHARLES S. CARRINGTON,
for the Funding Association, United State
~ .rnorinn