Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1879-02-03
TIE STATE DEET CONFERENCE.


F01r ner cent interest is he lowest basis OF
a settlement which has heretofore been enter
TUNED. 4 careful study Ct tie condition CT me
debt. b3ih as regards the State and her craGI-
to,s, led 10 The cooviciion that per cent. vas
the lice upcr Which the parties should meet.
Il WAS believed that rae YES within the abb!
ity CT tho Sta,c to pay-Dot without ct9rt.. Oh
Course, io. debts &C rcscr paid Without effort
and il YES knoTn that the c0ncesslcn 20 d.
marded froa. The creditors Was fully w to, It
not bevonl, their estimate of the value OF the
added sscuyiiy which C settlement would give
TO thei: bonds Bat 10 compromise ncaas 10
paius; ~ mutual concession aud coaic'crc,
wcull - Of little wcrth if those who compose
i; did rot hold themselves ancuab!c 10 reason
AID 10 evidence.
TIC presentation Of the case BY tic COMMITTEE
has been ftrgiale. Their Representations have
been listened to with interest, tho arguments
carefully Weighed md the facts duly co0si2c:ed,
with TIC rlspl: which you have new before
you.
We have he honor TO be, very respectfully,
Your obIGigGt servants,
llUGH Mc-ULLocn,
Pfcsiica; Of tie Eaadine Association Of 'hc
Un;cd States oi America uhmiled;l
ISAAC Il. CARRISGToN,
10! tic C0lGcii Q! rOFG'Sd D}HHE"'"t!''
l1rdaD.
RICHMOND. Va, February l, 1879.
PROPOSITION.
IN Act, Gle.
Whereas II is believed By the GeEcrii as
scmbly that theratc ofiHtcraSt heretofore agreed
to be pa! By the Stale ca. The public debt Is
greater than can bo bOfGc Without des!roSlGg
TIC industrial interests q the State; and T!icrc-
as THE COUNCIL OF FOREIGN B0NDlIOLDEaS OF
LONDON, ENGLAND, AND THE FUNDING ASSo-
| BIATIoN or TIE UNITED STATES OF AMERICA
| LIMITED, have, in view Of this belief, expressed
! their willingness j0leIly to cEdeaVer 10 ontala
| the consent Of the cctdLtc-5 tc al abatement IL
Tic rate Q! Interest; and whereas it is highly
cx:e6i=rt, il the best interest Ct tho State, TO
secure en- a,nicaLIe s.t,lencnt with tie ciecl
tole, ty which the credit o. tie State may be
restored cna G. h2Lc.a, and the Ggei -cate
amount OF Interest payable ~ thc Stale reduced
w!lGr limits which vii! be not too oner0ui 10
hc7 parulaion: therefore
l. BE Il enacted Ly The General assembly Of
Firg,ntu, That to provide Tor funding the debt
OF .Lc Stale the Governor is hereby authorized
70 create b0Gds OF tie State. registered aud
ccupcn, dated tbs Isl cay Of janu.;y, 1879, The
principal payabio i>riy years thereafter, bcaC!og
latcrcst al tbs rate OF throo per CaGtL1i per al.
cum fer five gears, and Ut the rl:o CT four rcr
canlum pr a1uual ior twenty five ychrS, aga a:
TIC rate OF fve per e2Gtrm per anGua iaT Ten
years, paysbc il TIE c!lics u Richmond, Nav
York, OF LonloD. a. hcreia2fte; provided, en-
the Is! days o. La!g and January Ct each yes7
urtl Tho pIincipal is redeemed
Tho State shall have TIC option af tcdeami1 &
any tr ali Of said bonds BY the payment Ct pFin
cipal ard accrued iGtercs: 81 aDg time after the
expiration Of ten years tccm the Is! diy of 49,,
1879, On public rci?c 10 the holders Oh is pur.
pose 10 make sn2h redemption.
The ccu1ous gu said beads shall te stcc;va
h!o q: and after maturity Tor eli taxes. debts,
dues aDl demands Guo tic STATE, aid this shall!
&c cxtrtssa;! On their fcct.
The h>i,25 q asy registered b0rd hail be
caiii!c:! 10 re ive ifon III. Treasure: ul the
State c,r;;icat: .JT Any n:e:.st ihe7c0a, duo
aud unpaid, aul 3l.i ctr;c2 9 gia! b. rtc.ir
abs icg IL aSts ;icbts. dues and demands due
the Stat ard this shall ic expressed Un the
lace G. Inc registered boaGs, AID Oh ;hc lac, Of
ii;h ceriiGc:!I.
al obisi;il.s created u1lts This &c: shall
10 forever except lilm all taxation, dlrtc; or
Indirect by the Sta.r, or by aUy c2u1iy or Ger
porstiau tl!rleiu, aca this SHALL be expressed Oh
the face ui tic u,nds. The said bonds shall be
OF the DENOMINATIONS 81 800. $500 and 81 600
At the or!i2n .: the creditors RESPECTIVELY, aaG
tho bnGGs, IS W.! ~ their otuoon3. sfal! be
payable in 6cgls st Richmond aud Naw YMk;
or, ii d: sired, nay he uado payable Ia sterling
a! Loc1oG st &c fixed rate Ct exchange ct oUc
pound eleriiGg 'cr h7e dollars. It's bonds
hereby au:hcriz:d sGal! be Issued oa!y ID *
change Tor The outstanding debt o! The Sac, as
hereinafter provided.
Fer RI ~. IN ,-,:i
irg Indebtedness oi he State is divided ilio
two classes as fol!o.s--lo vii
Glass l., which shall he taken 20 iGairGa al
tax receivable coupon bonds, and all REGISTERED
bends aud fractional certificates which aya e3n
vertibla, under tho tct approved March 80,
1871, iGto such lex receivable c3ul3l bonds.
Glass H., which shall Eo tsken to iEc!u:c eli
bonds funded uuGcg The &c. approved AlErs;:
80, 1871, as amended by the act approved
March I, 1872; ard as, tw0 thirds 9! re ian:
value, with ,"o !hirds OF tue uoplli sc::aci
interest up TO tic lss Of July, 1871, on ii! ua.
funded beats. Ic:uiIog sterling bonds.
8. The outstanding Indebtedness Ct The State
shall &c tu93:d IL the ueT bonds 10 b. Issued
uudcr Ibis act, as follows: Bonds Of Clssi |.
shall BE presented Or exchange with Ill TUNA
tured coupons attached; aud bonds OF Class | l.
shall be presented with all coupons attached
maturing after Jan. |, 1879: and these obl;ga.
tiers shall be exchanged at tho face vaiua Of
seid bouas, dollar for dollar, tJr the new bords
provided that the proportion CT Class II. re-
funded shall reVor cxcsed. ia amour. enc third
ID Ct the total amount Refunded until eighteen
million dollars oil Glass l. have been retired.
The Few bonds 10 be issued may be coupon
or registered at the option Of the holders, and
at the ike option c5upgu bonds ma? at any
time be converted into registered bonds.
f. al! Que ali unpsid interest up to aud 10,
GLIDING January |, 1879, mag be funded under
the provisions c! this act at the rate of fifty
ceuta 90 the dollar, aud shall be f1ndsble OF
that rate under the third section Ct this act,
and taken, uGder the provisions of said section,
in lieu of bouds CT Class II.
5. II CO or before the lst day lf April, 1879,
the Council If Fcrciga Bondholders and the
Funding Association Of the United States Of
America aforesaid shall file with the Governor
their assent 10 end acceptance of tho terms Of
this act, the same ghai! be taken to be coz
tract between thc State and the said c1rncra. |