The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-01-12
THEIR FUNDING BILL.
The Rcadjustcr Plan for Eliminating
and Funding the Public Debt.

The Rcadjustcr Plan for Eliminating
and Funding the Public Debt.
Mr.. r Riddicberger's New Bill Fixing the Prin-
cipai OF Debt which the RcadIusters Ac-
knowledge 20 be Due, and Providing for
Funding Same, on a Scale Annexed, In
Bonds 20 Run-Fifty Years and 70 Bear Three
Per Centum Intercst-Thc BASIS of CaIcula-
tion by which the Rcadjusters Arrive at
Their Conclusions-Provision for n Sink
ing Fund-The Whole Plan Now Before the
General Assembly.
In the Senate yesterday Mr.. Riddleber-
ger introduced the following bill. which
was referred 10 The Finance Committee, OF
which he is the chairman. lie has already
introduced two bills intended TO destroy
the recciyability feature Of coupons. This
last bill provides for the elimination and
funding OF the debt. Mr.. Riddlebcrger
states that compared with the "Riddleber-
ger bill the chief variation rs TO figures is
such GS has grown out Of the accumulation
of interest since that bill was passed and
vetoed. The interest the new bonds are to
bear is 3 per ccntum per annum, though
the figure 3 was mintentionally left ont OF
the bill. The whole plan Of the Readjust-
ers for the settlement Of the debt is now
before the public. including the basis OF
calculation upon which they have arrived
at their conclusions as to what Virginia
should pay.
al Bill to ascertain and Declare Virgini0'S
Equitable Share Of the Uebt Created Be
Il of. Lf,.fr al 10
Of the Partition Of Her Territory and
Resources, and 10 Proride for the LsSu-
dnce Of Bonds COu6ring tie Same, and
the Regular and Prompt Payment Of In-
tereSt Thereon"
Whereas, to the end which this act COM
prehendS, a full statement of the debt is
essential; and whereas the following has
been carefully made up from the records Of
the Second Auditors Office OF the State, ii
is confidently submitted rs presenting a
true state OF the account between the State
and her creditors. The account is as fol-
lows:
4 STATEMENT or THE PUBLIC DEBT OF vIE-
GINA.
1s61-January la: Principal outstanding at
this date
Sterling debt bearing per cent.
tercst 29,533,5s2 90
Debt guaranteed bearing per
cent interest. 244,l3O 90
Total principal. ,s00,7l2 90
Interest:
Past-due and uncallcd for at this -
datc...... Observation-Disclosures 1Ol,O29 G3
ist' 944156 3s
Total Interest,". ......s l.045,ls3 OIL
lsG9-July 1St:
The state Of West Virginia was formally admit
ted into the Union June 20, 1868. The property
and resources Of Virginia upon which the above
debt had been funded were by tbs PARTITION OF the
old State reduced, one third Of her territory ana
one nfth of her population going to form West Nir-
ginia. This and the consequences Of war Ia her
and her people made loss OF iull soOO.OOu.OOO
Of property. and her taxable values were reduced
from S723.0O0.0OO to f3360OO,OOO, and her AL
nual revenues from over "a 100000 to 2,jOO.OOO
Principdl-JUly /, 1868:
sterling Debt bearing special in
terest.......... ...................s L973,OO0 90
Dollar debt bearing per cent.
Bonds issued since July /, 1861,
in discharge of debts contracted
and appropriations made prior
TO that date........''..''. i'o5u'oOO W
Total principal, July l, 1868 .s33I41,2l2 81
Tnterest-July1 l, 1868
Past due January /, 1861, and -
sim uncalicd fof..................s 1,O451s3 OF
Accrued between January /,
1861, and July /. 1868, inclu-
OBSERVATION-DISCLOSURES f'SO7'ooo -
inclusive. ..a' 5.954,7lG Os
1S63-Juig l:
Two thirds Of the above debt, principal and in
tercst To this date IL assumed Nirginias equta-
bic portion in consideration Of the partition OF
her territory. population, ana resources upon the
well-estaLlshcd principle that debt IN such eases
follows territory. Upon that basis Nifglnlas pof-
tIon OF tie debt Of the entire State is
PTiaciPGt:
TWO thirds Of Sl9,73O. sterling
lfolbfooo of
dollar debt. ..................... 2O,77s.sOs G2
Total principal. two thirds to July,
1868, ...........'''.s2Z,O94,l4l 10
Interest:
Two thirds Of S5,0j4.716.0S, ac-
crued 10 date inclusiye...........% 3,9O9iSlO ~
Iess amount OF interest paid by
Virginia since January /, 1851,
exclusively out of revenues OF
the present State of Virginia, the
territory and resources Of NirRi-
MI, beIne inaccessible during
that period and contributing no. 80 49, -
thing theretO....- .........s.'''ss' 0'Oo-'7ot 10
Balance of inieres due and unpaid
July /, 1S63....... ......'.'.s'''S oOl.olo :
1s7l-JUly 1St:
Principal due Ju-