The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1880-02-19
Reimbursement.
4 ELL TO Rr-EsrAB1rsn THE PUBLIC CREDIT.

the basis and principles OF the proposed setlie-
lnent OF the public debt which are comprehended
in the act of Assembly approved March 20,
1919; and
people Of this State will never acquiesce in any
settlement which shall obligate them and their
ppublic dent which accrued during the war and |
the peri I'D of reconstruction; and
Whereas the principal of the debt recogoized
by the act approved March 80, 1871, computed 20 |
the LIST OF July following. and taken as the debt |
OF the state before the creation OF West Virginia
at $45llo embraced SD O25 wa OF capllalzea
interest, which had accrued during the period OF
war and reconstruction; and
Whereas every consideration of equity and the |
circumstances OF war, the immense loss OF prop |
ertylby the people of Virginia, aggregating i've |
hundred millions of dollars, and the shrinkage |
in assessed values from $723 900 to 1886 000
reducing the revenues from over four millions
to two and half millions, further Justify the
elimination OF such capitalized interest from
any computation of the date; and
Whereas the amount OF such capitalized in
terest constitutes, near as may be. one-third
OF said Indebtedness so computed to July /,
1871 and
Whereas legislation assigning twothirds OF
said Indebtedness to Virginia and one-third to
and the principal of the indebtedness thus
wrongfully apportioned to Virginia under the
NJ Ut Of the ss March 81
sOs.447i evidenced by bonds or other obiigaflons
issued under acts OF March 50. 1871. and March
and the remainder by bonds and other evidence
OF debt designated as Glass H. by the act ap-
proved March ~. 1872 aggfegaUlGg as OF JduutFy
j, 1880, the sum OF $Sls3, 1924 and
Whereas the holders OF said obllgatons OF
Class Except as to s2,500,000 of Class H. funded
under the said act OF March 20, 1879, have. for
nine years, including July l. 1880, received in
terest nominally at per cent. upon principal
one-third too large by the wrongful capitalize
ton of interest as aforesaid, which reckoned at
AZ per cent. amounts to over 50 600, and ought
not in equity to have been paid; therefore the
amounting to $22, All, ought to be reduced by
the amount of interest so wrongfully capitalized,
and the interest upon interest thus wrongfully
paid to the holders of such bonds. and therefore
the principal of this class OF the State indebted
at the rate of SIS for every 500 of the face OF such
Indebtedness as is now outstanding; and
Whereas the principal OF that part Of the debt deb
amounting, of January ], $780, to $6,ls3,l24 is
one-third too large by the wrongful capitalize
tion as aforesaid, the same should be reduced to
&5462 OS or at the rate $6e 662s for every 800
of the face of such indebtedness as is now out
Whereas interest for nine years to lst July,
1880 has been allowed upon the principal of the
debt embraced in Class Ii. aforesaid, which prin-
cipal is too-large by one-third of the amount
thereof because of the capitalization OF interest
aforesaid, and there is now past-due and unpaid
OF such interest Jas, therefore it is equita
BILE that the same should be reduced by the sum
Of $l,474,762 THAT being interest upon the one
third of principal so wrongfully capitalized) or
funded in the bonds authorized to be issued I'M
der this act at the rate OF $50 for every 500 OF
such past-due and unpaid interest aforesaid: and
Whereas the equitable adjustment of the public
debt of the State as determined by the applica-
ton Of the facts and principles aforesaid fixes
the aggregate thereof at sls .665 1856 and whereas
there is now outstanding $783.24l so of past-due
tax-receivable coupons and balances due to the
schools, asylums, and on other accounts.
which it is Of paramount importance that pro-
vision be made in the apportionment Of the cur
rent net revenues of the State; and
Whereas the net revenue of the State cannot
be safely relied on for more than 81, $4,000 after
the reassessment required to be made in 1880,
owing to the reduction in taxable values estl-
mated to be consequent thereupon and certain
necessary reforms in the system OF assessment
of property and licenses; and
Whereas the existing rate OF taxation is recog-
niZed to be the highest that can be endured IN
der the circumstances OF the long distress and
subjects of taxation has been exhausted; and
Whereas the necessary expenses of conducting
every practicable measure OF reform and econ
omy, cannot safely be estimated below the sum
revenue due to the public schools will be $431,
700, the balance remaining for the liquidation OF
the public debts aforesaid, and for the payment
of interest upon the bonds created by this act
cannot exceed $8S5,S00; and
Whereas the means of prompt and regular pay
ment should be apparent, and the peoples ap-
probation of this settlement should be expressed
at the polls. in order to give assurance of the
good faith and performance thereof; therefore
L. Be it enacted By the General Assembly Of
Virginia, That the Board of Commissioners Of
h as EMPOWERED and directe create Bonds
registered and coupon, to such an extent as may
be necessary to comply with the provisions OF
this act.
q. said bonds shall be dated July l, 1880, and be
payable at the office of the Treasurer of the State
state may at any time and from time to time after
July 1, 1890, redeem any part of the same princi-
ton before maturity the bonds to be paid shall
be determined by lot by said Board OF Commits
ana en 'G ed s
Richmond, New York, ard London, England,
when interest from and after ninety days from
cease upon the bonds SO designated to be paid.
5. The form of the bond shall be as follows
The Commonwealth of Virginia acknowledges
herself indebted to fin the case of a coupon
to aha an aee
poration) in the sum OF s.. which she promises
to pay in lawful money OF the United states at the
Va, on the 1st of January, 1920, with the option
of payment at par. principal and interest. before
terest at the Office Of the Treasurer OF the State
in such lawful money on the lst days of January
until paid according to the tenor of the annexed
coupons-in the case OF coupon bonds. In testi-
treasurer and the counter-signature of the Sec
ond Auditor hereunto affixed according to law.
4. The form OF coupon for coupon bonds shall
be as follows-to-wit:
No. (of bond)
The Commonwealth of Virginia will pay to
bearer dollars in lawful money OF the United
states at the office of the Treasurer, Richmond,
va, on the first day of January and July alter
nately. the first coupon to be payable January
i, 1850.
Each coupon to be impressed on the back with
its number, in the order OF maturity, from one
forward.
thoriZed to Issue such bonds in denominations
of one hundred, five hundred and one thousand
dollars, may be necessary to carry out the pro.
different tint provided that registered bonds
may be issued of any denomination multiple of
one hundred, and all registered bonds to be of
the same tint and they are authorized to issue
such bonds, registered or coupon, in exchange
for the outstanding obligations OF the State here
by the Literary Fund, as folows-that is to say:
(a) For the principal OF all bonds or other evil
dence of debt embraced in Glass A, at the rate OF
SO per cent-that is to say $53 OF the bonds au
thorized under this act principal and accrued
interest from the preceding period of maturity
to the date of exchange at par to be given for
ever 500 face (principal and accrued interest
from the preceding al period OF mata
ness and for any interest which may be past due
and unpaid upon such Indebtedness funCe
bonds issued under this act may be given dollar
III For the principal of all bonds or other evil
dences Of debt embraced in Glass II. at the rate
Of 66ss per cent-that is to say s66.66ss of the
bonds authorized by this act principal and ac-
erued interest from the preceding period OF ma Ia
given for every 800 face OF the principal OF such
Indebtedness.
(c) For two-thirds OF the interest past due and
unpaid upon the unfunded debt, including the
sterling bonds since July l,lS71 and for all other
and evidences II debt embraced in Glass II. to
the date of exchange, at the rate of &c. per cent
that is to say for every 500 of such interest so
computed $50 Of the bonds issued under this act
{principal and accrued interest from the proceed
ing period of maturity to the date of exchange at
par) are to be given.
g. For the one third of the unfunded debt inclu-
ding the sterling bonds computed as of the1st of
July, 1871, the said Board OF Sinking Fund Com
missioners shall issue certificate as follows:
The Commonwealth OF Virginia has this day dis
charged her accepted share OF the registered or
coupon as the case may be- bonds for-dollars.
bered =, leaving balance Of dollars. with
interest from the LIST day of July, l871 to be ac-
counted for by the State of West Virginia with
out recourse upon this Commonwealth.
Done at the Capitol at the State of Virginia. this
- day OF -, 1S- -, Treasurer.
- Second Auditor.
1.-THE said Board of Commissioners are empow-
cred to issue for any fractional part of one hun
bred dollars of the Indebtedness funded under this
act the following certificate:
Fractional Certificate
Register No Transaction No
This certificate entitle the holder hereof to the
sum OF g, fundable at its face in the bonds
of the Commonwealth of Virginia. authorized by
an act approved the - day of -, 1880, when
presented with certificates of like tenor in
- 1~1N%4 wl