Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1884-12-08
VIRGINIA RnNnS.

Secord Auditor, from General Wickham
chairman of the Senate Committee Of Fl
nance, is his construction of the late law
amending the Riddleberger law and IN e1'
position of the policy of that amendment
The same construction has been given oy
counsel who has been consulted by the
Commissioners of the Sinking Fund.
RICHMOND, Va, December 4 1857
Colonel Frank G. Rufn, Second auditor %
Virginia, Richmond:
Dear Sir,-You ask me IN regard to the
construction of the following clause IN the
act passed at the last General Assembly
amending the Riddeberger 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 it.
No bond can be issued between this and
the 31st day Of December with any coupons
upon it except those which mature on Janu.
ary J. 1885, and after. No bond can be is
sued between January |, 1885, and June ~,
1885. with any coupons attached ex"ent
those that mature July I, 1855, and after.
And this provision relates to :he interest
and coupons which mature between lanu-
airy l, 1883, and January !, 1885, both Ia
elusive, offered for funding, as well as to the
bonds themselves with coupons anterior
to January l, 1888, when offered for fund
ing.
Thus a bondholder, bringing in his bonds
with coupons maturing prior to January l,
1883. if consols, will receive the amount of
bonds to which he was entitled under Clause
A of the Riddleberger act.
So, with the 10 40 and other classes, he
would receive the bonds and interest pro-
vided for in that act.
If, in addition, the man who brought the
1910 bonds and coupons maturing anterior
to July l, 1883, brought also coupons matur-
ing January, 1888, to January 1885, both in
elusive, or for any portion of that time, he
would receive bonds dollar for dollar for the
last-named coupons.
IF the person brought consol bonds or the
other classes of debt, he would receive, in
addition to the bonds he was entitled to un-
der their respective classes as named in the
et,ered clauses of said act for any interest
or coupons which be might produce accru.
ing between January, 1888, and January,
1855, or any part thereof, fifty cents in the
dollar.
Any bondho'der failing to fund his bonds
prior to the 1st day of July, 1885, will for
felt the coupons which mature on the 1st
day of July, 1855. If he still delays until
the 1st day of January, 1886, he will forfeit
the coupons of July, 1885, and January,
1886, and so on until he does fund.
An amendment was proposed by the
House Committee of Finance, but was with
drawn simply as a means of facilitating bust
ness, in the last days of the session, the Ell
feet of which was to direct the Commission
ers 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,
1854. as would be equal to the amount OF
bonds issued in the same month for coupons
or interest maturing 1st of January, 1883,
to 1st of January, 1885, inclusive, the object
being TO prevent the increase of the amount
Of the debt as stated in the Riddleberger
BILL It was desirable that this amendment
should have been adopted, so that the bill
itself should have shown the financial poll
cy in this respect of the General Assembly
As it is, it will be necessary ut the next
meeting of the General Assembly to pass
bill directing the cancellng of q sufficient
number of the bonds held by the Commits
soners of the Sinking Fund to Offset any
increase of the debt caused by The issuance
of bonds for coupons and interest accruing
January, 1888, to January, 1885, inclusive;
and have no doubt that it will be one of
the first acts passed by the next General As.
sembly.
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 unfunded
portion Of the debE, which otherwise it
would have been necessary to do. Aud this
money thus released will enable the State
to buy up an amount of new 8 per cent
bonds more than sufficient to Offset this ap.
parent increase of the debt, and leave it
considerable surplus of purchased bonds to
be turned over to the Sinking Fund for can
collation.. Yours truly,
WILLIAMS G. WICRHAM,
late Chairman Senate Committee on FL
nance.