The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-02-10

.
CoUPoN-KILLING FEATURE-THE ACT PRO-
POSED TO BE SUBMITTED TO THE PEOPLE AT
THE NOVEMBER ELECTION.
The following bill in relation to the pub
| lie debt OF Virginia, agreed upon by tue
ReSdjuster caucus, was on Yesterday pre-
sented 10 the Senate by Mr.. Riddlebereer,
referred to the Finance Committee, and or
dered 10 be printed;
A Bill to Reestabiish the Public Credit.
Whereas the people OF Virginia have re-
nounced the basis and principles OF the
proposed settlement OF the public debt
which are comprehended in the act OF AS
sembly approved March 2S, 1879: and
Whereas il is confidently believed that The
people Of this State VIII never acquiesce IN
any settlement which shall obligate them
land their poslerity TO pay any part OF the
Interest upon the pubic debt which ac-
crued during the war and the period OF re-
construction; and
Whereas the principal OF the debt recog-
nized By the act approved March 30, 1871,
computed to the 1st of July following, and
taken as the debt Of the State before The
icreation of West Virginia al $40, ISL 2.23,
embraced S15 5.025,G0i OF capitalized 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 property by the people OF Virginia,
Iaggregating five hundred millions of dollars,
and the shrinkage in assessed values from
S723. 900, 600 to 1886, 100000, reducing the
revenues from over four millions TO two and
a half millions, further justify the elimna-
tion OF such caDitaized interest from any
computation OF the date; ana
whereas the amount OF such capitalized
interest constitutes, as near as may oe, one
third Of said Indebtedness so computed 10
July /, 1871; and
Whereas legislation assigning two thirds
! OF said indebtedness to Virginia and ore
third TO West Virginia has been generally
acquiesced in, and the principal OF the IN
, debtedness thus wrOBgfuly app0rtoned 10
Virginia under the computation OF the act
approved March 80, 1871, Is, as OF January
/, 1880. S3l, l02,5T2, WHEREOF S22,9o3,4f' Is
evidenced by bonds or olher oDhgaIlohs Is,
sued under acts of March 80, 1871, and
: March 2S, 1879, and hereinafter dehonl'
|, mated as Class A, and the remainder by
bonds and other evidence OF debt designated
as Glass IL. by the act approved March 2Si
, 1879, aggTegating rs OF January l, looV, Tue
,, sum OF SS.193.124; and
w
OF Glass A teXcept as to S2,500,000 OF Class
, II. funded under the said act OF Marct
. %, 1870 have for nine years, including july
, |, 1880 received interes- nominally at pei
cent. upon principal one third too large by
= the wrongful capitalization OF interest a
aforesaid, which reckoned at 43 per cent
;, amounts to over $4,000 900, and ought no
: in equity to have been paid; therefore tn
u principal Of said Indebtedness as 1t now
stands. amounting to 1908, Az. ought tC
- be reduced by the amount OF interest Sc
y wrongfulIy capitalized, and the lnteres
y upon interest thus wrongfully paid TO th
u holders Of such bonds; and therefore IN
= principal Of this class Of the State lnueDI
:. edness should in equity be reduced 10 Si2
:, l42, ,O06, or at the rate OF S53 for every Si0
: OF the face of such Indebtedness as is nov
~ outstanding; and
, Whereas the principal OF that part OF III
T., debt known as Glass III. in the act
II March Is, 1879, amounting as OF January
u 1880. TO SS,193. .124, is one third too large b
d. the wrongful capitalization as aforesaid
fine same should be reduced to Sj162,OS'
~ or at the rate OF $66 663 for every SlO0 G
u the face of such Indebtedness as Is no
= outstanding; ana
- Whereas interest for nine years 10 Isl Jul.
80 1880. has been allowed upon the princip
=: OF the debt embraced in Class IL. aiOi csai'
e. which nrincipal Is too large by one third
nc tbe omount thereof because OF the capital
~ zation OF interest aforesaid, ana theie
y. now past due and unpaid Of such intere
~ s3.435.14j. therefore it is equitable that II
~ same should he reduced by the sum
wlV ~ SI,474 1872 (that being interest upon 'ie o'
=" third OF principal 50 wroDsiuily capltaiizc
,o or funded IN the bonds authorized 10 nc
=" sued under this act at the rate OIL GOV !
every 500 Of such past-due ana uhpaiu
crest aforesaid; and
Whereas the equitable adjustment OF T.
- nublic debt of the State as determined
The application of the facts and principl
aforesaid fixes the aggregate thereon
on 80. 665, 1876: and whereas there are no" oil
the standing S7S3,24l.50 OF past-due taxi
th- ceiyable coupons and balances due to |
zen schools. asylums, and on other accoun
ON amounting TO some Sl,SO0,0OO, for The pa
an ment of which it is OF paramount impo
OF ance that provision be made in the app'
on tionment of the current net revenues OF
'rd state; and
adj whereas the net revenue OF the State CT
in not be safely relied on for more than :
on 165. 600 after the reassessment required
in be made in 1880, owing to the reduction
Fad taxable values estimated to be consequt
l3, thereupOn and certain necessary REFORMS
I'll the system OF assessment OF property a
10 licenses; and
os. Whereas the existing rate OF taxation
rry recognized to be the highest that can DE
cry dured under the circumstances OF the 10
,lr. distress and heavy burdens OF This peor
on and the search for new subjects OF taXatl
the has been exhausted; and
md Whereas the necessary expenses OF @
No. ductng the Government, afler adoptl
10, and applying every practicable measure
SID reform and economy, cannot saiely De e.
oc- mated below the sum OF S90000O, ana
itly propOrtion Of such estimated revenue
by TO lhe public schools will be S43l, 200,
lses balance remaining for the liquidation OF
ner nublic debts aforesaid, and for the paym
red. Of interest upon the bonds created by
rtly act. cannot exceed 1888 300; and
nto Whereas the means of prompt and re
red lar payment should be apparent, ana
Iyo. people's appreciation OF tins se't'em
shonld be expressed at the polls, in orde
this Give assurance OF the good faith ana
fire fo,pance thereof; therefore
lses 4 Re IL enacted 6y the Generdt Assem-
ted of Virginid, That the Board OF Conn
The sjoners OF the Sinking Fund OF the State
200. and they are hereby, empowered anu
Ii OF rectcd to create bonds, registered ana
10y non. TO such an extent as may be neces'
Sc ~ comp,y with the provisions OF tins nc
own 9 Said bonds shall be dated July l, Il
NJ. and be payable at the Office OF the Treas,
'age of the State on the lst day OF du'y, Ia
ney proyided that the State may at any Time
from time to time after /, 1870, rea
Il INT A