The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-02-03

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MON ORNING
OF fifty cents on tbe dollar, and shall be
.fnfidable' at that rate sundert the third section
0fttbis aa, ind taken, under, the provisions
OF said section, fn iieuof bonds Of Glass III.
ff9 90 y, t,fsz TH1s CONTRACT. . isiss
s. II on or before the 1st day OF April. 1879,
the Council OF Foreign Bon dholders and the
Funding Association OF the Unitea States
OF America aforesaid shall file with the
Governor their assent to and acceptance
-of the terms Of this act, the same shall be
taken to be a contract between the State: and
the said corporations, and the Governor
shalt forthwith provide for the preparation
OF the bonds provided for by this act. 1.s
g,5,e .fYttfsss THE FUNDING. IL 9.sis
The said corporations may present for
funding, and In the proportions hereinbe-
fore provided, ut least five million OF dol
lars of the outstanding obligations iof the
State, on :or before the LIST day OF ;-----.
1879. And during each period OF six. /.
months from and after the 1st of 5-----,
1879, they may present an additional
amount OF at least k---a millions, of doE
lars, until the whole debt is: funded; but
anTeycess over 49, millions of dollars
which may be presented during any Of said.
periods may be estimated in the require
ment for the succeeding six months.
So:long asthe said corporations shall pre-
sent for funding the obligations aforesaid
in the amounts and in the periods afnrasaid.
they shall have Ttfi6 exclusive privilege OF
funding the outstanding debt under the
provisions Of this, act.
But IL the said corporations shall fail to
file with the Governor their assent and
agreement as aforesaid by the 1st day of
April, 1879. or shall fail to PRESENT. for fund
ing tine outstanding bonds in the proper
tions and amounts and during the periods
herelnbefore specified, then the Governor
may in his discretion make a like contract
with responsible parties for the funding OF
the debt Of the State under this act.
RULEs--PR1NTING OF BONDS.
G. The rules prescribed under the act ap-
proved March 80, 1871. in respect to pre-
pairing, signing, and issuing the new bonds
taking in, canceiing, and registering the
old bonds, shall be observed by the officers
OF the Treasury in the execution OF this
act, except so far as the same be modified
by the provisions OF this act, provided that
all bonds and certificates which may be ne
cessary to be printed shall be printed from
plate which shall be the property OF the
Commonwealth, and shall remain in the
keeping, or under the control, OF the Sc
cond Auditor.
WEST yIRGINIA's THIRD.
| 7. The owners Of all classes OF bonds men
| toned in this act who shall exchange their
securities for the bonds created under this
act, and who shall not have yet received
certificates representing the remaining one
third of their principal and interest due and
payable by the State Of West Virginia, shall
receive certificates Of a like character 10
those issued under the act Of March 80,
1871. when they make such exchange; and
the State OF Virginia will negotiate, or aid
the creditors holding all of such certificates
issued under this act, or previous acts, in
negotiating with the State OF West Virginia
for an amicable settlement OF the claims OF
such creditors against the State OF West
| Virginia.
INTEREST-SINKING FUND, &C.
s. The General Assembly will by neces.
sary and appropriate legislation provide fol
the prompt payment OF the interest on the
bonds issued under this act.
8. In the year 1885, and annually there
after until all the bonds issued under ant
by authority of this act are paid, there shall
/ be levied and collected the same as, and to-
yether with other taxes. tax OF two cents
on the one hundred dollars Of the assessed
valuation OF all the property-personal
real, and miXed-in the State, which shal
be paid into the Treasury Of the State to tht
credit of the sinking fund. The Treasurer
the Auditor of Public Accounts, and Sec
ond Auditor, are hereby appointed commits
sioners Of the sinking fund, and shall have
"a majority acting) the control and manage
ment thereof, and shall annually, or oftener
apply whatever sum or sums may be to th'
credit of the sinking fund to the purchas
and redemption of bonds issued under thl
act.
FTDUCARIEs, &C.
All the certificates of debt which shall b.
funded. redeemed, or purchased under thl
act shall be cancelled by the Second AUDI
tor and delivered by him to the Treasure
of the Commonwealth at the time OF poy
ment therefor, who shall carefully preserv
the same in bis office. All certificates o
debt acquired under the operation Of th
sinking fund created by the act Of Marc
!. 80, 1871, shall also be so cancelled and de
lliyered. .a.,
10. Executors, administrators, and other
acuiDg as fiduciaries, may invest in the bond
issued under this act, and the same shall b.
considered lawful investment.
II. The Treasurer shall, upon the Is
days Of July, 1879, and January, 1880, ant
upon the same days in each year, pay o
cause to be paid to the holders thereof th
half-yearly interest then due upon each o
the bonds Of the Commonwealth issued un
der this act. I.
12. The ac. approved March IA, 1878, ant
all acts inconsistent with the provisions o
! this act, are hereby repealed.
13. This act shall be in force from its pas
sage. -
REMARKS IN ORDER.
After reading of the bill remarks wer
made by Major Darlington; MFR. Ward, o
the Barring house, in London; Mr.. Fry, o
, New York; Colonel Moffett, Mr.. Bocock
Mr.. Barbour, General Anderson, and Others
The bill is now before the joint committee
and the result of their deliberations will b
made known to both houses on Monday, o
J early this week.
{ Mr.. McCulloch, In the course OF his re
marks, gave two pieces o; advice. as follows
!, If the debt question be now settled, do no
keep it before the public-let it rest; an,
second, do not run down your lands, an
, do not speak OF the poverty Of your State
! but be hopeful and cheerful, and the futur
will be bright.
The subcommittee, about 1:20, rose +
meet at O'Clock Saturday evening.
Messrs. McCulloch, Ward, and Fry lef
| Cok, ,iror