The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-09-24

no<ed se7tien5ens % the puDiM uSos
ere eesanfexended 10 the 8cte Assembly,
approved March IS. iS7a; an@
where's X Is confidently DeNeseu tna.' =
neor,e Of this state viii never sequsssSe =
env tetthcrDeut whlca shall oDhRa.c sv.M
and their posiefIty to pay say PIT " rns
interest iffea the public deDt when accIuee
sarlne lie war and The period OF recon
<tfnefsops and
sss he the sol approved Mafcd 80, 1871,
<6f,nufrd 50 the Ist or j1sE fohoWipRs ans
,sfsa a. the debt OK the State before tne
-'r@ktfoo 81 West Virginia At $45, us Iz,ze,
smnreced efB.o25, 6oA Of clpiisiized IN
ferest. mhtch had scrDec during the pef'ou
or war and reconstruction; auo
Whpress every consideration Ok equey
and The circumstances of war, tne sminsu
loss OF property BY the people OF fi1g'h's;
scsrenaflnr snl,y ise hundred miitors OF
.asoss and the sbrinksge IA assessed 'blues
<snm ssyen hundred and tweOty-three MI
ficrs ii thre1 hundred and thirty-slx MIL
,io-s sedue,ug The revenue from over lour
wss,,nrs m two.aud-a.haif millions, iuTther
erssisr tbe elimination OF suc0 clpitahzeo
iriercst from any computation OF the oeOej
and ,.Au..a
interest constitutes, as near as may De- one
shIrd Of said Indebtedness 40 computed 10
Julv 4, 1871; and la.
where's legislation assigning two'tDiros
Of satd indebtedness TO virginia ana osc-
third 10 West Virginia has been gcneIaiy
arouieseed 10, and the principal OF tbe ~.
dehfedness thus wfOngiuiy apporiion'u 20
Virgins uuder The computation Oh tne acs
approved March 80. 1871, Is, Is OF Sapu"
n, 1880. 3i.102 572, WHEREOF szzI wy, 50 Is
eyiderced By bonds or other oD,lg',H n
issued nader the acts OF maIcn oV, loIi'
and March 2s, 1873, and herealler usno% ~
mated az Class A. and the TemainueI ~
honds or other evidences OF debt, designaiea
~ 1Iass m hv The act approved March %,
a97o. aegrepaiiug as OF January l, 1850, the
sum Of IS, 1893, 1874; and -
whereas the holders OF ssid Obligations
~ class A Except as 10 G 2,5OO,O00 OF Cisss
IT.. funded under The act OF MaTcn 70,
1e7e.A have for nine years, including July
4 1sQ0. received interest, nOmibaiiy, al u
r,er cantum upon prlDeipal-one third 100
large by The wrongful capitalization OF IN
forest As aforesaid, which, reckoned at4s
ner eentum. amounts to over "a, OOO,OOO
and ought not in equity TO have been paid;
therefore the principal OF said indepied-
ness, rs II BOW stands, amounting 70 Szz'-
or. l47. ought TO be reduced by the amount
al interest so wroUgiully capitalzec, ana
the interest upon interest thus wfonginhy
Maid 10 the holders OF such bonds; and
therefore the principal OF this class OF the
Siatt's indebtedness sbould in equity be re-
duced 10 Sl2, 142, COG, or at the rate OF 900
for every 800 OF the face OF such indeDt'
edpess as Is now outstanding; and
Whereas the principal of that part OF TIE
debt known as Glass III. in the act OF March
oe. 1879. amounting. as OF January j, 1881,
to ae 1913 f24, is one third TOO large by the
wrongful capitalization OF interest as aiore-
said. the same should be reduced to Sj,462,-
OSS. or at the rate OF 500 663 for every 800
OF the face Of said Indebtedness as Is now
outstanding; and,
whereas interest for nine years to the LIST
OF July, 1880, has been allowed upon TIE
principal Of the debt embraced In Class III.
aforesaid, which principal is too large by
one third OF the amount thereof because OF
the capitalization Of interest as aforesaid,
and there is now past due and unpaid OF
such interest s3,485, 145 therefore II IS
equitable that the same should be reduced
by ibe sun Of sl,474,7 62 THAT being interest
upon the one third OF principal so wrong
fully capiiaized), or funded In the bonds
nuinOTIItU 10 Ot ittQCU uuVNl o'o cN't ~
the rate OF 500 for every 500 OF such past
due and unpaid interest aforesaid; and
Whereas the EQUITABLE adj Ostment OF the
public debt OF the State, as determined by
the application OF The fact and principles
aforesaid, likes the aggregate thereof at
Sl0.665, l78; and
Whereas there is DOW outstanding $685.
241.D0 OF psst-due tax-receiyable coupons,
and balances due to the schools, asylums,
and on other accounts amounting to some
$1,000. 600, for the payment OF which It Is
OF paramount importance that provision be
made In the a-pportionment OF the current
net revenues OF the State; and
Where's the net revenues OF the state
cannot safely be relied on for more than
22,185, 900, after the resssessment required
20 be made In 1850, owing to the reduction
In taxable values estimated 10 be consequent
theieupou, and certain necessary reform:
in the system OF assessment of property
and licenses; and
Whereas the existing rate Of taxation Il
recognized TO be the highest that can be en-
dured under the circumstances OF the lone
distress and heavy burdens OF this people,
aud the search for new subjects Of taxation
has been exhausted; and
Whereas the necessary expenses OF con
dueting the government after adopting an(
applying every practicable measure OF re
form and economy cannot safely be esti
mated below the sun OF 5000, 600, and ID,
proportion Of such estimated revenue du'
TO the public schools will be $4S1, 700; to,
baiance remaining for the liquidation OF III,
floating debts aforesaid and for the paymen
OF interest upon the bonds created by thi
act cauuot exceed the sum OF $3.50. 300; ant
Whereas the means OF prompt and regu
lar payment should be apparent, and tbi
peoples appreciation OF this settlement
should be expressed at the polls in order t
give assurance OF the good faith and perma
neuee thereof; therefore
BE e enacted 6y the General Assembly o
Hirghio, That The Board OF Commissioner
OF The Sinking Fund OF tbe State be, AM
they are hereby, empowered and directed
to create bonds, registered and coupon, 4
such extent as may be necessary TO com
ply with the provisions OF this act.
3 The said bonds shall be dated July 1
1850. and payable at the office OF the Urea
surer OF the State on the irst day OF July
1870 provided, that The State may ct an
time, and from time 10 time, after July I
1e9e, redeem any part OF the same principa
and interest at par. In ease OF such ne
deFaption before maturity the bonds TO b
pasd sball be determined by lot by sale
beard al Commissioners. and notice OF tn
bends so selected to be paid shall be gives
10 a newspaper published at Richmond
New xenk. aud Londen, England, wbei
interest from aud after ninety days iron
Che date OF such publication In Londoi
SHAH cease upon the bond so designated Il
be paid.
3. Tae form Of the bond shall be rs fol
IowR-fo wit:
Tie C-os,m0nwesith or AirginiR acknowledge
herself iadshted 10 --1uB The case. or q oonDoI
touo. 70 the bearer: and In tke ease OF a regis teres
band. Inserting the name OF the Derson or corpara