The times. [volume] (Richmond, Va.) 1890-1903, 1898-12-25

Il
! Marci. 1925 (Nol. I. p.132). being an act
! authorizing the payment Of interest due
10 the State OF Virginia and providing as
| follows.
That the proper accounting officers
| OF the Tretsurv Department be-. ana trey
! are hereby authorized and directed To- IL
| quldate and Beitle The claim OF tne STATE
| of Virginia against the United states Tor
| interest upon loans or moneys borrowed,
| and actually expended by her for the use
| and benefit OF the United States during
| the late war with Great Britain.
| That IN asceYtainiug the amount OF
| interest as aforesaid due 10 The state OF
| Virginia the following rules shall he un-
! derst0Od as applicable 20 aud governing
! the case. tO-wit: First. That interest
| shall not be computed on any sum which
! Virginia has not expended for the use
| and benefit "a the United States. as evil
denced by The amount refunded or repaid
| to Virginia by the United states. Second
| That no interest shall be paid on any sum
on which she has not paid interest. Third.
| That when the principal or any part Of
| il. has been paid or refunded by The Unit
| ed states. or money placed go the hands
| OF Virginia for that purpose the interest
| on the sum or sums so paid or refund
| ed shall cease: and not he considered as
{ chargeable "a the United states any long
cr than, NJ to the time OF repayment as
W THE PRINCIPLE.
This act before bCing executed by me
accounting officers ~ the Treasury, was
| referred 10 The Attorney General Mr.
| writ. for HIS opinion thereon. Suisse
qucnt settlements were made ana nHN-
ments Of interest 20 the amount Of Sis
4c01l We're made 10 the State ~ Nir-
ginia. tho total amount ~ advances made
bv her being SIS. 3fH %. as evidenced
by former settlements and repaymenis.
The principle adopted in this settlement.
and as laid down ga the rules prescribed
in the act. cannot Doe more clearly stated
than was done by the Attorney General
~ the following extract from IFS opinion.
THE leading idea is mauifesty, that
Virginia has mad TO pay interest on mon
cys borrowed ON account OF advances Tor
the use and benefit OF the United states
during the late war. that however rea-
sOnabc fl might be TO refuse interest to
a state who had made such advances out
ol her own treasury. and who. although
she had lost the interest on such advances
had paid none, yet that where states
advances for the United states had aci-
uaiiy subjected her TO me payment ot
interest on account OF such loans which
she had been forced 20 make by reason OF
such advances. il was but reasonable that
she should be reimbursed the interest
which she had been thus obliged actually
Upon this principle Virginia was roim-
bursed the interest which She had act-
ua.y paid. She did not seek or claim
20 occupy the position of creditor. de-
manding interest as compensation or dam
ages for moneys due and withheld tu ho
computed according 10 strictly legal rules
as between debtor and creditor in ordl-
nary cases in the calculation of interest
as well aS The application of fnn pave
ments first 20 The liquidation OF interest
already accrued, and The excess only. IL
5ny. 10 ore piihclpal. ~ pay was .n'h
desired was 20 he saved hafmi ihdi
the general government should reimburse
10 her The interest she had actually paid
ia other words, The mode of settlement
aannd. c,Q2mputoilon now claimed assumes
lhtl lne interest was pdf i".r' H' nl
course. on the advances made from the
IInf vi VI. sucn JlNoi!, WY .It
Hi'eS vi ',i ','s. no. ."- i'''
- ~ ', ,'ri,,li a. 49,. ,.' ,..I I'm , m
lIlr il li., 'di ,.i'. ",l 'i',., S.iail l', I
to.SiI,Ied as liyilenis "h l's pI.to, I, ~,
uut tHdl interest," Sndii d. t'i, .'u 'l
auOl "uN i'I.'r ul' ~ ~. ''"' 9l w. I5t
Mlc"' I"u IL lIs. "pl,l.n ' Ut. N.i
'i"H az tne ac'tH'A interest we excess
only u any. 10 Doe applied io me reauc-
lnn or lfluclpaI. TINS inNuN. l VIII ne
feadliN lercelNed' nocc. sarllt leaves a. PATE
ance oi principal unpaid 200 ihc time When
inc various acts were passed. Tor the l"l-
IHfHb OF interest win a0"lI"nai atfi"'H
interest thereon for years as the Hfst ol
~ II.'i lung i'. ,.' p"l I.i'.i' 'l
was poS,4 pm To, 0no i.''1rI'
on se'h SUMS Ia Cid4iheu uHtu the PRES
chL ulle. ,..,.,... -.,..
..,,,.lli D lCl ~ J u. AL bAl'.f NJ D..
. uir D." "ilIl ,ile ''l7,i ,iuI p. NJ az
VIZ "i,,tc l'ilon ih liie ,.li1iIl my"
WIN NHtllii ana olhtf otA'trt d7 N.lI
presently appear. and that more recently
adopted IN the case Of the state of Mary
anu ana ana. now c-.iInea by lne 7,ale 1I
'lg.iiis we, l".Ie.,I WIS
Iugr l e.le ol Cv1-iinpul..u." .o ille |
OF the S.aie OF NlIEinl" IT. appears lI4,
on We IN on Jui! 80. =, ''..I M',llu
os o4e 10 neI ol =, ~ ,1,'W ~. anl Iil,I'
uu.u WI W. ruil wv .i'. ISL way VI
'ttI a-t cst, wv, "''-N '''''NN an asset '''N
MI, .,,. a., ~
,1{rc1 ~ e, Ie,,,,. ' ,t,j ci,,cs
ne act ~ Mo-, ~ 800 o1,tbori,f,o .hc
.,.,,,,, 80 i ,i,2,,' - '4'-
.,' ''. W III ~ 'i"i N. l' .'' .-t''
az oNrCl ~ t-i '' .l' ." IN"
- ~, - 49,, w.. i'.,, It ~,
'.I - ~ ~ 49,, ,,l,,, i''' -IrioJ eo,-
tn $500 tne "tlount 4unl'o io!-
,meTiy hi33Fing been $292"'lt. me stare
hdu Fo'u HltIt9 t-uotilub sl"'" 10 Iai1H
0ln men. "tn "e '
w yr6 nr Nt nc ''e' ' ac, -,., %" .
,'.'u 49, IT, -,''' az ,., ~
r,1 1i,Seti,,.,io5t 80 ,r-,.i,,l' l',,,,,,
~ ~ ftt"y tstit5t5 ~ ~. '..'-- ,J
i.,,i,to 0 -, ~ - .... ..-,,..r,.
49, M a., tt,,o. az ~, '', l'" Mi
ho Grst a}ni MIA and 10 A. lvc.Hd tbe in.
tercst due the balance shall be applied
90 aHHiHish the pfihcipb, u the payment [
aus 5noIt OF lne interest," ,He H.a-'r OF |
i.l'l 'H' SIdii ""i Le Hbd 'd It'd lur piln- |
Gipal 50 as to produce interest. SECOND |
interest snail be allowed the state OF Ma |
ryland on such sums only on which the |
SAID state either faid interest, or lost {
interest by the transfer OF am interest /
bearing fund. 4 further sum OF $40 /
no % was then paid 10 Maryland 10 final /
The Auditor Then gave the basis Of set
tieWt hl WIN oihtr states, tach act beng |
similar 10 mat 30 ihc case OF Virginia
with me names or states changed.
in me report made by Mr. Iriss. refer
red 10 above. the suggestion was l1de
that the bin then under cots drrlfipl |