Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1884-08-18
THE yExEp DEBT QUESTION.

The House of Delegates having passed the
bill curing the defect in the Riddleberger
bill, Mr.. Wickham, in the Senate, on
Saturday, moved, and it was agreed,
that the bill be placed upon the calendar.
He then offered IL substitute by instruction
of the Finance Committee, which was made
the special order for to-day.
The House bill provides but such
bonds shall not be given for any coupons or
interest on registered bonds mentioned III
this section maturing after the lst day OF
July, 1882 The 1st day OF July, 1882 shall
be taken as the date of exchange OF the
several classes of bonds and evidences Of in.
debtedness specified in this act and in the
act of which it is aDlendatory: provided
that no coupon bond shall be funded under
this act. unless all past-due coupons belong
ing TO said bond, or other coupons of cor
responding classes, amounts, and dates &c
| cruiug since the LIST day of July, 1882. be
surrendered lherewithi nor shall! any regis
tered bond be funded under This act unless
all interest accruing since the lst day Of
July, 1852, be surrendered Herewith"
The substitute amends the bill as follows:
Strike out all after the words 'eighty-
two" in the I'D line t. the end of the sec
ton, and insert: "Pr"vided that all bonds
offered for funding belonging to amy class
shall have attached thereto all coupons or
other interest maturing after tie lst day OF
July, 1854, which shall he surrendered with
such bonds and no allowance shall be made
| for anv coupons or for any interest maturlI <
on bonds of any class between the lst day Il
| .July. 1854. and the date of exchange aud
surrender of such bonds; aud provided
further, that after the llth day of August,
| 1881, the new bund, issued > bail be ISSUED
with such coupons or interest only thereon
rs shall mature after date Of ISSUE.
Aud provided further, that by way of
provision FIR ccupunsand interest which ma
| iure,I betw cen the Isl day Of january, 1855,
and the lst day of July, 1881, both Inclusive,
it. shall he the duty of the treasurer, upon
which the presentation of such coupons or
claims for interest Or registered bonds which
have matured as aforesaid, To receive the
same paying for them Il sum equal to that
which would have accrued during the pc
riud for which such coupons or claims for
interest malurcd had the bond OF which it
Was the product been funded on the basis
OF this act on the lst day Of July, lSS2.'
Mr.. Lybrook offered the following:
| Whereas it is held that there are certain
| tOlluS III uiuuS, NdIiOlISlf cSillud-
ted at from SD 600 0tHl to $50, 900 600, charge.
able against the State of Virginia: and where
as every proper and reasonable effort has
been repeatedly made by the people Of this
State, through their representatives in tn.
Legislature, to effect a settlement between
this $ ate and the holders Of these bonds {;
and whereas all such efforts have been met
| 10y these bondholders with uucompromsing
resistance, captious opposition, and techni-
| cal. Quibblinu: and whereas our resources,
our patience, our equitable endeavors, and
our legal responsibility are all now believed
to be entirely exhausted in our efforts to
maintain the credit OF Virginia, without
questioning the validity of her alleged in
| debtedness, or taking recourse to her legal
and sovereign rights, and whereas no sub
Stantal equivalent or valuable .considera-
ton can be shown upon which 10 base these
! bonds: and whereas the holders OF them
are not bona fdr creditors of Virginia,
but merely adventurous 81 eculators, who
| have purchased or otherwise come in
possession of The bonds formerly held by
creditors, and have already realized much
more than their original cost by means of
| accumulated interest collected from this
state, and have positively and persistently
refused every oiler Of settlement upon
equitable terms and whereas Il syndicate
has been organized 10y these spectators for
the purpose of perpetuatinga legal peosecu-
ton of the people Of Virginia, and prevent
ing any settlement between this State and
the unknown holders of this unproven debt,
unwisely made and upiustly charged against
her, so that these spectators and holders OF
bonds may not have their claims tested, but
may continue to draw interest thereon; and
whereas certain debts are positively prohi-
bited TO be paid by any State in Article Ii,
section II, Of the Constitution Of the United
States therefore he it
Rcsoired, That we do here and now ex-
press our unalterah!e opposition 10 the pay
ment of any part of this alleged debt or in
terest thereon and the Auditor of Public
Accounts be instructed forthwith to refuse
payment of interest on any bond alleged 10
be held against Virginia.
This resolution was referred TO the Com
mittee on Finance.
In the House Of Delegates Speaker Stuart
offered the following which was adopted:
RcSolrcl, That the Finance Committee be,
and they are hereby, instructed to prepare
and report forthwith hill prohibiting the
Commissioners of the Sinking Fund from
purchasing any bonds OF the State, either
for the purposes Of investment or retire
ment, which represent in whole or in part
coupons maturing since the lst day of July,
1852, and TO provide for the Identification of
all such bonds.