Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1884-12-07
gfRGINis BONDS.
Csnsssuctbea or the Act Amending the Rid
dleberGer Law.

Csnssrucsbea or the Act Amending the Rid
dieberser Law.
We publish the following letter to Colo
mel Ruin, the Second Auditor, from Gene
raj Wickhain, chairman Of the Senate Com
mittee OF Finance, In construction OF the
late law amending the Riddleberger- law and
In exposition Of the policy OF that amend
ment. We understand that the same con-
struction has been given by counsel who
has been consulted by the Commissioners
OF the Sinking Fund.
RICHMOND, Va, December 4. 1894.
Colonel Frank q. Rutin, Second Auditor
of Virginia, Richmond:
Dear Sir,-You ask me 10 regard to the
construction Of the following clause In the
net passed at the last General Assembly
amending the Riddleberger bill:
"And provided further, after the passage
OF this act, the new bonds issued shall be
issued with such coupons or interest only
thereon as shall mature after actual date OF
exchange"
And you state to me that some persons
differ as TO the construction Of it.
1t seems to me that the meaning Is as
clear as language can, make IL.
No bond can be issued between this and
the 3lst day Of December with any coupons
upon it EXCEPT those which mature on
January /, 1885, and after. No bond can
be issued between January 1, 1885, and
June 80, 1886. with any coupons attached
except those that mature July 1, 1885. and
after. And this provision relates TO the
interest and coupons which mature be.
tween January 1. 1889. and January 1,
1885, both inclusive, offered for funding,
as well as 10 the bonds themselves with
coupons anterior to January /, 1888, when
offered for funding.
Thus bondholder, bringing In his
bonds with coupons maturing prior to
January /, 1883, II consois, will receive
the amount OF bonds to which he was en-
titled under Clause A Of the Riddleberger
act.
So, with the 1910 and other classes, he
would receive the bonds and interest pro-
yided for in that act.
II, in addition. the man who bought the
104O bonds and coupons maturing anterior
to July /, 1888, brought also coupons ma
turing January, 1883, to January, 1885.
both inclusive, or for any portion OF that
time, he would receive bonds dollar for
dollar for the astnamed coupons.
II the person brought consol bonds or
the other classes OF debt, he would receive,
in addition TO the bonds he was entitled TO
under their respective classes, as named In
the lettered clauses OF said act, for any in
terest or coupons which he might produce
accruing between January, 1888. and JAN
uaTy, 1885, or any part thereof, fifty cents
In the dollar
Any bondholder failing to fund his bonds
prior to the lst dav OF July, 1885, will for
felt the coupons which mature on the LIST
day OF July, 1885. II be still delays until
the 1st day Of January, 1856, he will forfeit
the coupons OF July, 1886, and January,
1886, and so on until he does fund.
An amendment was proposed by the
House Committee OF Finance, but was
withdrawn simply as means OF facilitating
business, in the last days OF the session, the
effect Of which was 10 direct the Commits
sioners Of the Sinking Fund to cancel each
month so many OF the bonds held by them
under their purchases, under the act Of
March 10. 1884, as would be equal to the
amount Of bonds issued in the same month
for coupons or interest maturing LIST OF
January. 1883. to LIST OF January, 1885, in
elusive, the object being to prevent the in
crease Of the amount Of the debt as stated
in the Riddleberger bill. II was desirable
that this amendment should have been
adopted, so that the bill itself should have
shown the financial policy in this respect
Of the General Assembly.
As it is, 1t will be necessary at the next
meeting Of the General Assembly TO pass u
bill directing the cancelling OF a sufficient
number OF the bonds held by the Commits
sioners Of the Sinking Fund to offset any
increase OF the debt caused by the Issuance
of bonds for coupons and interest accruing
January, 1883, to January, 1885, inclusive !;
and have no doubt that 1t will be one OF
the first acts passed by the next General
Assembly.
The funding OF this class OF coupons will
relieve the Treasury Of the necessity OF
keeping on hand sum OF money sufficient
to pay TWO years. interest on the uniunded
portion OF the debt, which otherwise 1t
would have been necessary to do. And
this money thus released will ensbe the
State to buy up an amount OF new per
cent. bonds more than sufficient to offset
this apparent increase Of the debt, and
leave it considerable surplus Of purchased
bonds TO be turned over to the Sinking
Fund for cancellation. Yours truly,
WILLIAMS c. WICKHAN,
late Chairman Senate Committee on FL
nance.