Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1880-03-03
Tne virginia Debt Question
valley Railroad Charter, &c.

the debt be reco9FT 'izod Of tho ann fxed
:" " ui'O" bill, about $50, 600, 000,
".'1 '''" upon it three per cent. per
~ 81. be paid, and that the new bonds
,Ged hereunder be exempt from all
( taxation in Virginia, and that the cou-
pons be receivable for all taxes. ex-
cept State taxes, as 90 into the school
fund. The substitute further provides
that if on or before the lst June, 1880,
the counsel of foreign bond-holders and
funding associations of the United
States of America shall together, or
separately, accept the terms Of the act,
they shall be authorized to DO the fund
ing, or if they tail to accept the Cover
nor may make a Ike contract with
other responsible parties.
Tie bill and substitute were passed
by, and the latter was ordered TO lie
printed. The introduction Of tbs sub
sttute has produced quite sensation.
tits stated that The terms Of tie bill
were negotiated BY prominent republic
cans, including Congressman Jorger-
sen, Gen. W. c. Wichham, yice-presi-
dent of the Chesapeake and Ohio Rail-
road, and DR.. (. II. Smith. who cor
ferred in friendly spirit with the rep
resentatives Of the tondholders. and
the movement is looked upon as de-
Election OF the republicans in the Cen
eral Assembly from tie ranks Of tie
readissters. with whom they have here
tofore co.operated.
Leading rhadiusters had conference
tonight in relation to the sudden turn
affairs have taken. Their programme
will be to delay action on the debt bill
in the House Of Delegates until mem
bers CT their party wk2 are absent, and
who have been communicated with
can return to their seats. The read
| justers put on a bold front, but are
evidently very much disturbed by the
frebrand Of the Hamilton substitute,
and say they are anxious for delay,
and if the, can postpone action will be
able 10 carry their measure through.
1t seems very probable that several
colored delegates, who have heretofore
acted in harmony with the anti-debt
faction, will forsake them at this juno
ture and 90 to the Hamilton faction
The fight on the debt is likely to be
closely contested.
The house committee on roads Lave
reported adversely the bill repeating the
law forfeiting the charter Of the Valley
railroad unless the road be constructed
within three years. Friends Of the bill
will make efforts TO pass It notwiilA
standing this disadvantage.
The supervisors Of one Of the counties
whose representatives heretofore op.
posed the removal Of restictions have
within the past few days requested its
delegates to vote for the repeal Of tile
law.
PASSAGE OF THE RIDDLBERGER BILL.
RICHMOND, VA, March both
Houses of General Assembly to-
night passed and sent to the Governor
for approval the bill to re~establish the
public credit, generally known as the
Riddleberger bill. 1t reduces the prin-
cipal Of the State debt from s33.000,-
900 to s2O.OO0,OO0 by eliminating tie
CAPITALIZED war and reconstruction in
terest. and fixes the rate Of interest at
three per cent. The coupons on the
! new bonds are not to be receivable for
taxes, nor are the new bonds to be eX-
empt from taxation. Treasures Of
counties and cities are instructed not TO
receive the coupons OF the present con-
soils, and ten-forties for taxes and
scheme for loan certificates is provided.
1t is intended further TO outlaw the
present tax.recelvable coupons.
The bill was opposed in both houses
by the conservatives, and was carried
by the readjusters, aided by most Of
the republican members. From Gov.
Holidays record on this debt question
it is conceded that be Will veto The bill;
bat should he,leaye it become a law,or.
what is equally improbable, should it
be passed over bis veto, it will be sub
mitted to the people at the November
election, and. If ratified by them, viii
then land net until them become opera
tive.
Although leading republicans here
have but little doubt that colored MEM |
bers Of the House OF Delegates would |
support the Hamilton bill, which was in
troduced in that bolya few days ago by |
that colored delegate as a republican
measure to compile with the readjusters'
bill, not one of the colOred representa-.
tives except its patron voted orit, ten
out of eleven cOlored members in that
body and all Of the white republicans
excep. two supporting the readiuster's
bill. Should the Govern veto the bill,
of which no doubt is expressed, the read
lusters have enough members in the
Senate, where the Riddlebarger bill
to pass it over the veto, lack
ng four. In the House they Will require
Twelve more votes than yet developed.
Congress man JorgenseD. who has
manifested great deal Of the interest
n Hamilton's substitute, was IN the
House when the vote was taken. The
eadiustsrs are much elated with their
uccess, and republicans are cores pom :
lingly respondent. {
Mr., Strayer, of Shenandoah, introduce
n q NIL i'm the House to-day TO prevent