The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1884-02-05

BILL TO PROVIDE FOR ADJUSTING WITH VIII,
WEST VIRGINIA THE PROPORTION OF THE
PUBLIC DEBT PROPER TO BE BORNE III THAI
STATE.
Patron, Mr.. Berry.-Referred TO Committee on
Finance.
whereas the Constitution requires the General
Assembly to provide for adjusting with west Nlr-
ginia the proportion of the debt proper to be borne
by that State; aud e
Whereas the holders of a very large amount OF
the Virginia 6 per cent. certificates commonly
called West Virginia certi1cates) have petitioned
this General Assembly to adopt such appropriate
legislation shall authorize ana direct the proper
denartment Of the state government 10 take sucn
steps As 10 ensure promptly as possible settle
ment with West Virginia OF its part OF me public
debt Of Virginia. for the benefit oil me holders OF
the certificates: Provided. that the holders Thereon
shall agree first to release this Commonwealth
from al liability on account thereon as soon rs
such settlement for their benefit IS made with west
VIRGINIA: and -
Whereas ID Is alleged that the records Of the Sc
cond AUDITORS Office show that the amount oi such
certificates issued under the funding bill OF lSIl.
exclusive of those held by the sinking und ana the
literary fund. Is Sl2,O63.242.6O; and
Whereas the funding act Of SO pledges this
Commonwealth to aid sucn certIncate- noiders III
electing a settlement with West virginia ana
Whereas the missiOners OF the SINKING unu'
the Literary Frnd, and many ofthe educatl9nal IN
sttutions OF this state deeply interested IN Sc
curing such q settlements aud
Whereas the people of virginia are anxious 10
procure the settlement of the amount due by west
Virginia to the end that tie entire debt may he adj
and that further agitation of the subject may
cease: now therefore .
j. BE saGeted W ne Ge jg 1s sSe to5JG
million siIty-thrce thousand ttCO hundred and
forty-ticO thousand ddlldrS aud Slrtg cents or
certificates GJoreSaId hdce ~ SucH manf'er rs
GODera6r. 1uditOr, and TREASURER, agreed 10
release this COmmOnrsdth from all Hdbuny on
account If said certthcdtss az soon as setttt-
nent has been Effected Ioth the Sdte Of IKeSt Vir-
amin of itS fjGrf If the public debt Of Virginia
Sor the 3e%edf oSe holders Of said certfeates,
and hare further agreed to accept Meir rdtaDle
iredIti from Vest Virginia, either bN me drbt-
tration or suit hereinafter proCided for, tnJuH
discharge Of this COmmon~edHhS dbufI on
account Of said certificates, the Governor shall
invite the state Of Wesf Virginia To unile
with view to such settlement with this
Commonwealth In appointing board OF ar
bitration, TO ascertain the amount OF west
Virgnla's Indebtedness in respect to the debt in
Cured by Virginia before she was dismembered-
said board To consist of one arbitrator selected by
West Virginia. another selected by the Governor
and Commissioners of the sinking Fund OF Viz
GINA. and the third to be selected by the Two so
chosen all of said arbitrators to be disnterested
persons who are non-residents Of either State and
said arbitrator shall be uOtiicd OF their appoint
ment and requested to act rs such as soon as pfac-
cable after their appointment. Ana should the
State OF West Virginia. by dec lining, or ~ railing
for the space of eighteen months 10 unite In the
appointment of such tribunal, thereby indicate
her pleasure TO refer said settlement 10 the SUI
ID
this Commonwealth shall cause to be Instituted in
said court. In the name Of Virginia. proper pro-
ccedings 10 secure the settlement aforesaid.
.. And ina.much as II will he impossible, owing
10 the loss and destruction OF certificates and
other casualties. for the holders of the same,
under tile funding bill of 1871. to the full
amount of twelve million siNty-ihree thou
sand two hundre and fOrty-twO dollars afOre-
said. to unite I'm the agreement Of release and
discharge provided for hy the first section of this
act therefore, IL Is the true meaning and intent OF
thi, act that the Governor and the board consist
Ing of the Governor, Auditor. and Treasurer-shall
exercise The powers and discharge the duties con-
ferred and imposed upon them by this act a. soon
rs the agreement Of release and discharge afOre-
said has been executed by such an overwhelming
proportion IN numbers and interest of the holders
Of the twelve udlliOn siXty-thrce thousand two
hundred and fOrty-twO dollars and sixty cents,
certificates aforesaid, In the judgment Of said
board amounts TO substantial compliance with
the condition imposed by the first section OF tins
act upon the said certiicatc-holders.
g. No steps are to he taken under this act until
the holders OF said certificates, their agent. have
deposited with the Treasurer of tins Common
wealth, who shall at once make report of the same
to the board aforesaid consisting of the Governor,
Auditor, and Treasurer $4,000 in money. or
bonds of the United States, to protect this om-
mOnwealth against three fOurths of all expenses
and costs incurred by II under this act.