Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-02-11
HOW THEY WlLLFUND
TEXT OF THE BILL CARRYING THE
DEBT SETTLEMENT INTO EFFECT.
The Result Of the sub- Committees La.
bcrs 20 Ne Passed Upon by the
Full Body To- Morrow.


OF the Senate and Munforvi. Ryan, and Viii.
iiams on the part Of tho House. consti-
tuting the subcommittee OF the special
Joint Committee on the Jebt Commission
Report, and who we're charged with draw
ing bill to carry the agreement into
effect, yesterday submitted the bill to the
full committee. The latter ordered il 20
be printed for their consideration and will
pass upon IL Friday afternoon. Thelabors
OF the subcommittee have been exceed
tngly arduous. For weeks they havo been
holding morning and evening sessions.
Tho -Biii.
The following is the text OF the bill.
AZ AcT 10 PROVIDE YoR rHx SETTLEMENT or THE
PUBIC DEnr or VIRGINIA, NOT FUNDED UNDER
1m PROVISIONS oY Az Act ENTITLED AN Acr
10 AsckKrAfN AND DECLARE VfRGiSIAs EQrfIA-
Blu SsARk OF THE DEBT CREATED BEFORE AND
ACTUALLY EXISTING AT THH TINE OF THE PAR
Tf110S or HER TERRiIoKY AND RESOURCES. AND
10 PROVIDE f0R THE ISSUANCE OF BONDS COW
xRISo rHE SANE, AND THE REGULAR AND
YhoNfT PAYMENT oF INrgREST THEREON" Ar-
PROVED FEBRUARY IL, 1872.
Whereas, by Joint resolution OF the General
Assembly OF the State OF Virginia, adopted on
the Sd day Of March, 1880, commission vas
appointed on tho part OF Virginia 70 receive pro
positions for funding the dcbt OF the state not
funded under the act known as the KID
ISL s,,,, ON, 1870 cons,i,nted rem
rcsentative u her creditors; and
Whereas. said Virginia Debt Commission mas
-haroi, 4, .,,,a.,s ,b a, unfair n certaIn agree
ment dated May IL, 1890, lodged with the Central
Trust Company Of New y ork. fieierickP L. oicoii,
William L. Bull. Henry Bulge. Charles ID.
-, 40 g., 90 r,sIn nj inc creditors
- vsr.!,t cauad ths :. Hoodholders' Commit
tee" have proposed 70 sad commission 10 sur
onn nor, ~ the nnblic deht uufuoded under said
ouv.oVo ol ,ne puun. uoY. 1ss3 An exrhango
80 80 spfsv'o1 y, ~. t,ds ~. hcrrinaftor spost-
a. sha s.ma 10 he snnortioned between the
r,s, ~ go ~, crediiors nv a tribunal which
r. 800 croSi,o,s have themselves ap-
nninted and that. IN pursuance OF said pro-
a. .orecuent has been entered
Usa,. 81 ,,s,, s'a, ,saon the saia COMMISSION
a,% ,nn sa,d ponabolsers Committee, subject 10
sr.nrny.i nv tho General Assembly, whereby IN
Exchange for the said unsettled obligations of
the state held by the public, which were issned
prior 70 February IL, 1bS2 exclusive on eVi-
depces OF debt held by the public institutions OF
the Commonwealth pursuant 10 law ana py the
United States together With the interest ihere-
on to July j, 1891, inclusive, aggr egatlng about
$4,000, 600, there shall DO Issued sl9,OOO,VUO
of new bonds, dated July /, 1891, aud maturing
100 wears from said date, with interest thereon
at the rate of 2 per centum per annum for len
years from said first day of July, 1891, and j
per centum per aDnum Tor ninety years there
nfter 20 the date OF maturity, sara interest," 10 DC
payable semi-annually, oil when agg'eeate
debt OF about s2S,OOO,0OO, the SAID bOadhoid-
ers' Committee represent that they now nOlu ana
agree TO surrender not less than s23,OOO,0OO;
and
Whereas, said report and agreement contein-
plate the surrender oil the obligations heid by
Inc Bondholders Committee as an entirety, and
do not contemplate an apporfionment 10y the
General Assembly between the various classes
OF creditors 20 represented by SAID BondnOlders
Committee, the same having been comnittei 70
m a ~ ncrflnDeiOro
and
Whereas, IL is the desire and Intention OF the
General Assembly that a settlement on a'i .ne
other outstanding Obligations OF the STATE tex-
oept those issued under the act OF February Ia,
1889, the evidences OF debt held by the pupnc
institutions OF the State, In pursuance oil law,
and by the United States, rs well as those con-
trolled by the "Bondholders' Committee as
aforesaid. shall be made under the provisions OF
this act therefore
lie II enacted by the General Assembly Of Virginia,
To Issry I,srABIY BONDS
Fund. A majority of whom may act, be and they
are hereby empowered and directed TO create
.Iistable engraved bonds, registered and cou-
Issue nineteen million dollars Of bond in lieu Of
the twenty eight million dollars OF outstanding
Obligations not funded under the act approved
February IA, 1882, hereinbefore rocited.
z: The said bonds shall be dated July 1, lsei,
the state, or at sucn agency In the city of New
Vork as NAV be designated by the State on the
LIST day OF July, 1891 and shall bear interest
from date. PAYABLE semi-annually on the LIST
daye OF January and July In each year, at the
rate OF per centum per annum Tor the first ten
years and per centnm per snnum for the re-
naininp ninety yenrs 1be said interest NAV
he PAYABLE 10 Rchmond, New York, and London,
or n either place. as may be designated by the
State: provided, that the State may at any
time ana from time to time after July l, 1906,
nr,nctnal with accrued interest, In case of such
fedemption before maturity the bonds to be
paid shall pe Determined by lot by said Commits
sioners of the Sinking Fund and notice OF the
bonds 90 selected 10 be paid shall be given by
phblicatjon. beginning at least ninety days
yrior 10 An interest due date. In a newspaper
as o,,aon Ens ant tie intare.t from and
ss,sr the nat sncceedine Interest due date shall
49, ,,ynn the Sonss sS deeignated 10 he naid
oroytded mat no reeistered bonds shall be SO re-
Deemed while there are any coupon bonds out
ssanJ,nc "A-A' '-''-' nav -'
esaH 'ns' xoYv or THE noxns.
a Tho form 81 the bonds snail be substan.
uaiiy as Iouows-to Wiz
Issued unaer ACT Vi ASsemoi5' oPPio'ou
uay oi ----,..-. hooS. ,,...
Inc Commohweatn Oh Nnghia ocAho"ieuses
herself 70 be indebted TO $500 - - --, -
Qn case OF q coupon pOhd 10 the bearer anu III
case o. Inu az ssssn IN tha s1m
spetson, or corpoiauon' VI aosisnel III .no sun
Of s., which she promises 70 pay IN
isniu money VI .uo Sntsoa o'ssos a. W. ,
of inc treasurer oi the STATE, oI a. ouon asoney
IN the city OF New YORK as may Dc aesigna anS
py the otn'o, on tno tst uay VI "oiy, 80 9,h
win the opuoh % payn ,nr,, ~. p nv tina
hccruea in,ores,, soiolo iu,a a.y' o. 'h nnino
hi'ei Jui{ 4, lsoo Sn1 a., ,n'V So. or M the
vi 'no Ais su, W. Wy ana Ionaon
egene,es Vi 'ne ,,ser iacs as NAV he dssig'
hnsianu' VI ., e,'I 10 p,ah I.a,s,i no,ov afors-
nateo Dt .no o,a'o, :. . ar cantn'n nar annnm
raiu, a. tne fa.o VI = P1, 800 ~ i guiv 1901
~, you 'vaae a,o' y, nar cenium ner snnnm
auu ~ ,au iaso ~ pahis ss,ni- annuaIv IN
thereaIso, un'" pn,u, 70! ar ysar acnorSIn, ta
january anu ouly III oson soat ~ s, ~ ~
the tenor oil tne anneAeu ~ oase y, ,aS
poh oonas- Anu u.,s ,,nn Nv tna saId Conmnn.
eAoulp' noui any ,, =. my "r ,ounc,nsl
wealth. VI 'm t, VI my 00"A'' VI
", ,''rt ,,,,o.s tho s,c,a,ure NJ
~ sosinon. wa re- ~1 1-sisnssnrs oi the
nut, ,ho , rl en oo ,n C"m, anweafn ~ Virpi
rooo , au"s. y, W aasosd,na ,oiaw
'i", noi Wv ""AA0N 80. Treas,rer.
t'0''1 second Aniitor.
A Tia form NJ cannon for coupon- bonds shall
q. snns'.r,,ai,y ma foiows 10 Wit:
10 Connon M
IN thu Tat d.y III = the commonwealth Of
v,.'.,Ia c vii ma vto haarer s. IN lawfnI money
- NJ, az States M the o,,,ce of the Treasnrer
" VIZ VIZ $50 -, a. me AGENCIES ~ the state in
" ~. yors or In Tendon Eng or n, either Mace
49, na dssienafod hx rho State, The same