Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-02-18
TIE TWO VIRGINIAS.

Nr. MasSO's Debt tBIll-Commission 10 Con-
fer with all the BondhoIders. &c.
In the Senate yesterday Mr.. Wing
field introduced the following bill for its
author, Hon John Z. Massey, aud it
vas referred TO the special debt com
mittee An act to facilitate the set
tlcment Of the public debt Of the State
under the act approved February ia,
1889. and section l9 OF Article y. Of
the Constitution" Then follows a
lengthy preamble giving the history of
The debt; the apportionment of the
one third to West Virginia the reasons
that impelled the General Assembly to
pass the Riddleberger act; and the
equities Of the case, Gel
l. BE II enacted 6y ne GenefH assembly
o( Virginia, That the Governor shall ap-
point three citizens Of Virginia. who shall
compose n board Of com m ssioners for the
purpose Of carrying ont the provisions Of
this net.
z. That IL shall be duty OF the said COM
missiOners. and they are hereby authorized
and empowered 80 TO do 10 confer with the
bondhOlders IL such manner and at such
Times ana phtt~ 10 tiitlit may ssflil Dtsl
and by such conference TO acquatnt the said
boDdhoders " tn the material and financial
condition OF Virginia, and explain TO them
the facts which make the settlement under
the act Of February Ia. 1882. Just aud
equitable and IT'S acceptance by them a
necessity for the projection OF their in
terests.
Ard said commissioners are further d.
recled and are hereby invested with full
power aud authority, to take such steps as
a In fhp nd ha-
half of the state OF Virginia, to ad just with
West Virginia the Just proportions OF the
public debt as IL existed pi Tor TO the lst day
of January, 1861. To be borne by the said
stale of West Virginia: and To oaliihings
which may he necessary 10 be done 10 pro.
cure such adjustment and settlement as to
them may seem just and equitable.
3. That no action shall be taken 10y said
commissioners underthis act TO adjust viii
West Virginia the portion OF the debt 10 be
bone by her until the holders Of the
West Virginia certificates shall have
agreed that this Commonwealth shall stand
ipSO fdct0 released fTOm al aud every obi.
CATION on account Of said certificates. and
OF the unfunded one third Of the bonds for
which said certificates were or may be
given whenever such adjustment and set
tlement shall have been effected between
the two States. And inasmuch as II
will be impossible. owing 10 the loss
and destruction Of certificates ana
other casualties for the holders OF the
full amount of said certificates which
have been heretofore Issued, To unite
IN the release heTeinbefore provided
for, therefore IL Is the true meaning and in
terest OF this act that the said com mission
ers shan exercise the powers and duties in
this behalf conferred by this act as soon as
an amount equal 10 two thirds In interest
exclusive Of those held by the literary fund
and the sinking fund, which are controlled
by the State OF Virginia, shall have exc
cuted said release, or such less amount as In
the Judgment OF said commissioners is suf
ficient to indicate that the conditions ofthis
act VIII be substantially complied with.
4. That no action shall he 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
Dor ds, with good security. 10 lie approved
by the Govern payable 10 the Com mon.
wealth in the penalty OF $40 600. condl-
toned TO indemnify the State OF Virginia
against all costs and expenses which may
he incurred under this act.
> That the amount secured 10 be paid by
West Virginia by the commissioners ap-
pointed under this act shall be divided pro
rata among the holders Of certificates which
have been issued under the different acts OF
the General Assembly OF Virginia, or which
may be issued before the LIST day OF Janu-
AIRY, 1887.
s. That said commissioners shall be COM
mi.sioned by the Governor TO execute the
provisions OF this act.
7. This act shall be in force from its
passage.
The bill was referred to the special
committee on the debt.