Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1880-02-17


600 900 reducing the revenues from over
four millions to two and half millions,
further justify the elimination Of such
capitalized interest from any computa-
ton of the date; and
Whereas the amount of such capital
lied interest constitutes, as near as may
be, onc-thiid of said Indebtedness so
computed to July |, 1871; and
Whereas Legislation assigning two
thirds of said Indebtedness to Virginia
and onc-third to West Virginia has been
generally acquiesccd in, and the princi-
pal of the Indebtedness thus wrongfully
apportioned to Virginia under the COM
putation Of the act approved March 80,
1871, is, as Of January l, 1880, $3l ,lO2,-
j72, whereof $32 300, Al is evidenced by
bonds or other obligations issued under
acts of March 80, 1871. and March 2S,
1879, and hereinafter denominated as
Glass A, and the remainder by bonds
and other evidence Of debts designated
as Glass H., by the act approved March
2S, 1870, aggregating as Of January !,
1880, the sum OF $S,l93, l2i; and
Whereas the holders of said obliga-
tions of Class A. Except rs to $2,jC0,O00
of Glass III, funded under the said act Of
March 2S, 1872 have, for nine years, In
GLIDING July J., 1880, received interest
nominally at per cent. upon principal
one-third too large by the wrongful cap
italization of interest as aforesaid, winch
reckoned at .419s per cent. amounts to
over a. ,00O, 900, and ought not IN equity
to have been paid therefore the pIinei-
pal Of said Indebtedness as ii now stands,
amounting to$e2, 900, AL, ought to be re-
duccd by the amount Of interest 80
wrongfully capitalized, and the interest
upon interest thus. wrongtully paid to
the holders of such bonds; and there
fore the principal Of tiis. class Of tile
State Indebtedness should in equity be
reduced to $l2l42,eoG, or at the rate Of
$5S for every $l0O Of the, face ofsnch
Indebtedness as IL now outstanding; and
Whereas tIc. principal Of that part of
the debt known rs Glass II in the act of
March 2S, 1879, amounting, rs of Janu-
ary !. 1880, to IS, 1913, ,l2l, is one-ilird
too large By the wrongful capitalization
|
as aforesaid, the same should be reduced
to So ,iG2 ,0S3, orat the rate of $6G ,6693
for every 500 Of the face Of such indcbt-
edness M IL now outstanding; and
Whereas interest for nipe years to lst
July, 1890, has been allowed upon the
principal of the debt embraced in Glass
II. aforesaid, which principal is too
large by one-thrd Of the amount thereof
4 because of tho capitalization of interest
aforesaid and there is now past-luc and
unpaid Of such interest $3,i35, li5, there
fore II Il equitable that tho same should be
reduced by the sum of II l,i7L7G2 (that
being interest upon one third Of fprincipal
30 wrongfully cspltalized) or funded in
the bonds authorized to be Issued under
this act at the rate of 500 for every $lOC
OF such past due and unpaid interest
aforesaid; and
Whereas the equitable adjustment oI
, the public debt Of the State as determine
, ed by the application Of the facts ant
principals aforesaid fixes the aggregate
thereof at $l0,6G5, l0G; and whereas
there Is now outstanding S7s3,2l 80 o.
past-due tax receivable coupons ant
balances due TO the schools, nsylums, ant
. on other accounts, amounting to som'
: 81 100000, for the payment Of which !
. IL paramount importance that provision
be made In the apportionmcnt Of th'
current net revenues of the State; and
Whereas the net revenues Of the Stat
D cannot be safely relied on for more thar
: 81, 1875, 900 after the rcassessmcnt rcquir
a cd to be niado IN 1880, owing to the re
duotion IN taxable values estimated to b
consequent ihereupon and certain ncccs
o sary reforms In the system Of aseessmcn
v of property and licenses; and
Whereas the existing rate Of taNatio
!, IL recognized to be the highest that ca
- be endured under the circumstances {
= the long distress and heavy burdens
Z. this people, and the search for new SUI
n jocts OF taxation has been exhausted
M and
Whereas the necessary expenses
conducting the Government, AFTER adop
. Ing aud applying every practicable meo
IRE OF reform and econ omy, cannot saf,
Il ly be estimated below the sum of 5000
600, and the proportion Of such cslima
cd revenue due to the public schools wi
a. be kaai 200. the balance remaining f
the liquidation Of the public debts afor
said, aud for the payment of Interest N
70 on the bonds created BY this act, cann
,o exceed ts33, 900; aud
4 whereas the means Of prompt ai
Of regular payment should be apparer
o and the people's appreciation Of this Sc
! tlement should be expressed at the poll
at IN order to give assurance Of the go'
II. fainh aud performance thereof; thereto
H. /. Bo Il enacted BY he General AsscmL
Nv OF viipini,i. That the board Of ConmI
bt sIouers Of the sinking Fund of the Sta
he be, aud they are hereby, empowered Al
b directed to create bonds, registered NJ
q. coupon, to such M cNtent as may
10, necessary to comply with the proyiso
II. OF this act.
no 2. Said bonds shall be dated July