Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1882-02-21
TIE Ridaleberger Bill a Law.

The Governor on last Tuesday APP
proved he Riddleberger Debt Bill, and
1t is nov law:
The tile is "a bill to ascertain and de-
clare Vrginia's equitable share Of the
debt Grated before and existing at the
time ofshe Partition of her territory and
resources, and to provide for the insur-
ance o1oonds covering the same and the
regula4and prompt payment of interest
BeloF we give brief synopsis Of the
The Preamble presents the true state
of the kccount between the State and
her diitors.' derived from the Second
Auditf's Office, and fixes the debt,
prtncibl and interest, June 20, 1863
the d at which West Virginia was
admi into the Union-at $3O, O95, :
928 9sF which two thirds (one-third
being. $signed to West Virginia) is $26, !
063, 95B8 subject to credit of s.. 652,
434 IS # interest paid from January /,
1861, II July l, 1868, exclusively out OF
the re{snues Of this State. and leaving
PRINCIPAL debt of $22, O94, AL SO. with in.
terest lue to the sum OF 1907 1873 Ito
tai def Of this Virginia, July l, 1853,
$50, 4Ot518.03.
Follkwing up the account upon this
basis, ind giving this State due credit
for het redemptiOns and payments, the
statement ascertains our true debt, as OF
July 1882, at SIG, 843 ,OA II of princi-
pal. aIf "a. 192, 342 SO of interest-t0tal,
$2l .031377 Is " hich includes the Lit
erary fund. This sum is pfoportioned
to the outstanding bonds up on the basis
of equfy-in which each class is treated
according to what 1t has heretofore re-
ceivedf Thus, that class which has re.
ceived1most now gets the least, and that
which{nas received the least now gets
the mot.
Undfr this scheme the different class
es are hndable in the new bonds pro.
posed b be issued as follows :Consols at
So per TENT. of their face aud the past
due aIti unpaid interest thereon at 100
per ce4t.; 10 40's at go per cent. and the
past d e and unpaid interest, thereon at
100 pe4cent.; peelers at SO per cent. and
the acd ued interest thereon at 80 per
cent; lfunded bonds at SO per cent. OF
two. IL .ds of their face, with the unpaid
intere thereon at SO and the equitable
share the State of the bonds of the
Eitera]F Fund at So per cent, the inter-
est In rears on such share, $S79. 21O, to
be paid in money
For the balances of such indebted.
ness a! may constitute the share of West
Virginia certificates are to issue without
recOurIb on this State. The bonds are
to issu Of the date of July l. 1882. pay
able OF July l, 1882 or after July l, 1900,
at the }pti IN of the State, and to bear
per ce9. interest principal and inter-
est payk BILE in Richmond at the Trea-
sury.
The Ebupons of the coupon-bonds are
not ta1 receivable. nor are they, or any
of the pnds exempt from taxation.
In 10 10, an annually thereafter until
all the onds are paid, 24 per cent, of the
amount of the bonds outstanding shall
be set Dart from the revenue and paid
into thI Treasury to the credit of Sink
ing Fuf ID, and to be applied to the re-
demptbn of the purchase of the bonds.
FiduciIries may exchange State bonds
held 81 them, for bonds issued under
the actI when SO authorized by any
court hhyiDg jurisdiction. Interest is to
be paidfas 1t becomes duesout of any
moneyen the Treasury not otherwise
Appropriated,