Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1886-02-18
A Proposed Debt Commission.

In the State Senate yesterday bill pre-
pared by Lieut. Gov. Massey was intro
duced to facilitate the settlement of the
debt of the State A long preamble gives
the history of the debt, the apportonment>
of one.third to West Virginia, the reasons
that impelIed the General Assembly to pass
the Ridd!eberger bill, and the equities of
the whole case.
The bill authorizes the Governor TO APP
point three citizens of Virginia as beard
of commissioners to confer with the bond
holders, aud to acquaint them with the ma
terial and financial condition of Virgins,
aud explain the facts which make the set
Element under the Riddleberger act just and
equitable, and its acceptance by them ne.
cessary for the protection of their interests.
The commissioners are empowered to take
steps to adjust with West Virginia Just
proportion of the State debt as it existed
prior to the first of January, 1861, to be
borne by West Virginia and hot by Vir-
ginia. The bill further provides that the
amount secured to be paid by West Virginia
shall he divided pro rata among the holders
of West Virginia certificates which have
been issued under the different acts Of the
General Assembly Of Virginia, or which may
be issued before the 1st of January, 1887.
The bill further provides that no action
shall be taken by said commissioners under
this act to adjust with West Virginia the
portion of the debt to be borne by her until
the holders ofthe west Virginia certificates
shall have agreed that this Commonwealth
shall stand ipso Jacto released from all and
every obligation on account of said certif-
Gates and of the unfunded one third of the
bonds for which said certificates were or may
| be given whenever such adjustment and set
Element shall have been effected between the
two States And, inasmuch as it will be i'm
possible, owing to the loss and destruction of
certificates and other casualties, for the hold
ers of the full amount of said certificates
which have been heretofore Issued to unite
| in the release hereinbefore provided for,
| therefore it is the true meaning and intent
| of this act that the said commissioners shall
exercise the powers and duties in this be-
| half conferred by this act as soon as an
amount equal to two thirds in interest, ex"
elusive of these filed by the literary fund
and the sinking fund, which are controlled
| by the State Of Virginia, shall have execu
ted said release, or such less amount as
| in the Judgment oil said commissioners IS
sufficient to indicate that the conditions Of
this act will ba substantially complied with.
That no action shall be taken under this
act until the holders of said certificates,
or some one for them, shall have deposited
with the Auditor of Public Accounts their
bonds, with good security, to be approved
by the Governor, payable to the Common
wealth, in the penalty Of $40 ,000 condition
cd to indemnify the State of Virginia
against all costs and expenses which may
| be incurred under this act.
Governor Lee had an Informal conference
with several prominent men yesterday in
reference to the debt. Among the PROPOSE
lions now under discussion are three, the
first Of which contemplates the passage of y
bill to prohibit barratry by lawyers in stir
ring up coupon litigation. The second
looks to the creating OF fund 10 he placed
| in the hands OF certain persons TO indemnify
treasurcrs from any loss they may incur in
coupon litigation, and The third scheme is
| to allow fifty per cent, reduction in favor Of
persons who pay in cash in preference to
coupons.