The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-01-12
q 3eO,1f0 O2
l3,S4s,9sB 05

===E=-=rzs
Including bonds held by the lite
rary fund 10 the amount OF
s1.42e245.25. and Interest on
= the same, I'm arrears 1st July,
1881, ,S5lG,322.1o. and inter-
est added from that date 10 1st
July, $50. ss5 ,6e4.7 !, making
S662 2,OI6.9O, included IN the
above sum Of s4,l92,3f2.9e.
Total debt. ,035,377 Is
And whereas, by this account, II appears
that virginia owes her creditors, as OF the
1St Of July. 1882, including the bonds held
by the literary fund, and interest thereon
east TO such date, twenty-one millions, no
hundred and thirty-fve thousand, three
hundred and seventy-seven dollars and tif-
teen cents, and that she may cause to be
issued her own bonds for that, and provide
for the certain payment OF interest thereon;
that j., for her equitable share OF the bonds
known as consols, and here designated as
Class a, and whereof there are outstanding
Si4, ,974.S1, and for her equitable share
Of the bonds known as ten-forties, and
here designated al Glass Il, and where
OF there are outstanding SS,511 600; ;
and for her equitable share OF the
bonds known as peelers, and here
designated as Glass &, and whereof
there are outstanding 1884, ,30512; and
for her equitable share Of the interest
thereon. designated as Glass ID, and whereof
there Is now in arrears S92S,Ss1.45, and
counted to the lSt July, 1882, makes the
amount OF such interest then to be in Az
rears S1,072,545.7J; and for her equitable
share OF the bonds known rs unfunded
bOnds-dolar and stcrling-here desis-
mated as Class +, and whereof there are
nov outstanding, computed ut two thirds,
! S3,773, ,493.GS; (; and for her equitable share
OF the interest thereon now In arrears,
/ 1856, ,4H.3i, and counted TO the 1st July,
/ 1882, making as of that date (S22G, ,A09G2
more) the sum OF S2,SG2, ,S53.9G, and here
designated as Glass +; and for her equita-
BILE share Of the bonds held by the commits
sioners OF the literary fund, whereof there
are Sl,42S, ,245.25.
Whereas the rate Of interest which my
/ people can safely undertake to pay mus. be
determined by the measure OF their pro-
ductive resources; and whereas these have
| long been burdcned by rate of taxation
which is conceded 10 be as high rs can be
endured; and whereas the means OF prompt
and certain payment should be apparent to
the creditor, while the people have a'sur-
ance for the support Of The Government and
/ the maintenance of their schools rs required
/ by the Constitution: and whereas the net
I revenues OF the State remaining and 30 de-
rived. after providing for the propcr and
Gradual liquidation OF the balance d the
moneys heretofore diverted from the pub
/ lie free schOOS-aiter liquidating gradually
/ the arrearagCS TO the literary fund, and
/ leaving some small margin for the immedi-
ate and subsequent eXigencies which are
and are likely to be demanded by the pub
/ lie welfare notably in respect of the hui
name institutions, now inadequate ID the
proper accommodation Of that unfortunate
| class Of every population-do not warrant
| the assumption Of larger rate OF interest
| than - upon the full amount OF Nir-
ginia'S equitable share OF the debt OF the old
and entire State. as the same is ascertiined
and now formally declared by the fTego-
! ing accOunt-therefore
/ BE Il enacted Jg the General ASSEMBLY Of
/ Virginia. That the Board OF Commissioners
Of the Sinking Fund OF the state be-, and
/ they are hereby, empowered and directed
/ to create bonds, registered and coupon, TO
such extent rs may be necessary to ceppiy
with the provisions Of this act.
.. The said bonds shall he dated july /,
/ 1882, and payable at the office OF the Trea-
surer Of the State on the lst day Of July,
! 1882: Provided that the State may at any
| time, and from time to time after Juy /,
/ 1900, redeem any part OF the same prnci-
pal and interest at par. In ease OF such
redemption before maturity the bonds to
/ be paid shall be determined by lot by said
Board OF Commissioners and notice OF
bonds SO selected to be paid shall be given
| I'm a newspaper published at Richmond,
/ New York, and London, England, when
interest from and after ninety days from
the date Of such publication I'm London
shall cease upon the bonds 80 designated to
be paid.
3. The form Of the bond shall be a fol-
/ lOwS-tO wit:
"The Commonwealth Of virginia acknow edges
herself indebted 10 - lin the case Of a
coupon bond, TO the bearer aud in the ca5e of
registered bond inserting tie name oi tlic lcrson
Qr cOrpOrlti0nl In the sam OF - dollars, which
she promises TO pay in lawful money of the United
states at the Oficc Of the Treasurer of the state
Richmond, Va, on the lst day OfJuly. 1889. with
the option Of payment AT par-rrincipal ana inter
est-before maturity ut any time after July J.,
1900; and interest at The Office Of the Treasurer Of
tie state, In such lawful money, on the hiNt days
I Of January and July, at the rate Of - per
annum until paid according TO the tenor Of The
/ annexed cOuDOus-iu the ease of coupon bOhdsl.
'In testimony thereof witness the signature Of
the Treasurer and the cOunier-signaturc Of The
Second Auditor, hereto affixed according tt law"
4. The form OF the coupon for coupon
bonds shall be rs follows-to wit:
mo. - fof bond).
"The Commonwealth Of Virginia wll pay 10
bearer - dollars I'm lawful money Of the United
States, at the Office of The Treasurer, Richmond,
Va. on the first day of January and july, alter
natcly-lhe Arst coupon 10 DC payable January lsi,
s.
Each coupon TO be impressed Onthe back
with it, number, in the order OF maturity,
from "one" forward.
3. The said Board Of Commissioners are
authorized TO issue such bonds in denom-
nations OF 800, $500, and 81 900, rs may
bc necessary TO carry out the provisions OF
this act; each denomination 10 be OF diff
ferent tint: Provided that registered
bonds may be issued OF any denomination,
multiple of one hmdrod-all registered
bonds TO be OF the same tint-and they are
authorized TO issue such bonds, registered
or coupon, in exchange for the outStand-
ing obligations OF the State hereinbefOre
enumerated, including the. bonds held by
the literary fund, as follows that IS TO
say:
(a) For her equitable share OF Class " \ "
at the rate Of 50 per cent.-that is to say,
sI3 of the bonds authorized under this act
(principal and accrued interest at par from
the preceding period Of maturity to the
date Of exchanged are TO be given for every
SlO0, face, principal, and accrued interest,
from the preceding seml-annual period OF
maturity to the date OF exchange OF such
Indebtedness; and for any interest which
may be past due and unpaid upon such in
debtedness funded, bonds issued under
this act may be given dollar for dollar.
(b) For her equitable share Of Class "B"
at the rate OF 90 per cent, reckoning and
accounting for any interest as provided in
the case Of Glass a."
(c) For her equitable share Of Glass &C"