Year: 1879

X clATI0Ss-FIRE-PRooF BUILDING FOR THE


STATE. m


The report Of the House Committee for
Courts Of justice on the inquiry into the
liability OF the State for the payment OF the
one third set apart as the share properly to
be assigned lowest Virginia is too lengthy
an article for our burdened columns. The
conclusion as set forth In the resolution pro-
posed to the House for adoption is under
stood TO be the unanimous judgment Of the
committee, though there was some differ
ence as to the reasons which led to the con-
clusion. The argument Of the committee
is, In brief, that before the date Of the fund
ing bill the creditor {holder OF the bonds,
6ct, OF the State,) had recourse for the.
whole debt Us against either Virginia or
West Virginia. as he might choose to elect
but the person who accepted the provisions
OF the funding act gave up his old bond
and received in lieu thereof another for two
thirds OF the face-value thereof and two
thirds of accrued interest, which new bond
State Of Virginia to pay to the holder the
amount specified on its face. and for the
redemption thereof sinking fund was
provided. The old bond, for two thirds Of
which the new bond was given, was can





the creditor, as the evidence of her lndebt-
edness on which the one third set apart as
West Yirginia;s third rested. The holder
OF the bondFbf virginia, Issued priorto tho
dismemberment, upon his surrendering the
old, and the acceptance OF the nen bond for
two thirds OF the amount, due, was entitled
to receive for the other one third of the
amount due upon the old bond certificate
bearing the same date os the new bond, set
ting forth the amount OF the bond which is
not funded, and that "the payment OF the
same ,ciN be prouided for in accordance ,cith
such settlement as shall hereafter be had be-
taceen the States of West Virginia and Ytr-
gtnia IN regard to the public debt of the State
of Virginia eIisting at the time of its dis
7nember'ne7t, and that the State Of Virginia
holds said bonds, so far rs unfunded, in
trust for the holder or his assignees." The
evidence OF the Indebtedness of Virginia
was her bonds. After her dismemberment
Virginia offers to give new bond to her
creditor for two thirds OF the face-vaIue OF
the old bond which, being accepted, the
old bond is cancelled, and the only plea for
liability on the part OF Virginia to pay the
third OF the debt assigned as the share OF
West Virginia is to be found in the words
"that payment OF said amount Zone third),
with interest thereon at the rate prescribed
in the bond surrendered, will be provided
ior"; which undertaking, the committee
insist, is limited and controlled by the words
following: 's In accordance 1rith such SETTLE
7nent as shall hereafter be had betaCee7e the
States of Virginia and Vest Virginia in
regard to the public debt Of Virginia e1iSt-
ing at the time Of its dismemberment." II
the State OF Virginia was not discharged
from her original obligation as to the one
third not funded and the creditors held
her bound therefor, how was it that the
debtor was charged with the custody Of the
evidence of debt? How could she, as debtor,
hold it as trustee. Her obligation as 10 the
whole sum had been cancelled, and q new
obligation for two thirds OF that sum been
issued and accepted by the creditor, who,
at the same time, takes certificate OF the
amount Of one third and q promise on the
part of Virginia that the payment thereof
will not be made, but be provided for.
How? In accordance with such settlement
as might be had between the two States, and
not otherwise.


The committee quote from the opinions
Of the Court in Antoni Us. Wright and Hig-
ginbotham Us. Commonwealth to sustain
their views, and cite in the farther susie.
nance Of their conclusion thatin the section
OF the funding act providing for a sinking
fund provision Is made for the retirement
and payment OF the bonds at maturity
which were issued in pursuance Of the act
whereas there is no mention nor provision
which would not have been the case had il
| been within the purpose OF the act or the
exnectation of the creditor who accepted its
| hot Tiro;ria N l,a iinhla for
any part of the West Virginia certificate:
beyond what may be received from West
| Virginia on the settlement with her. There
fore the House is advised to adopt the reso'
luton that Virginia is not liable for the
payment of the one-third debt assumed te
| be the portion of West Virginia.


| MIR. Coghill's report--of which this is but
an outline-is in the hands of the House
printer, and when issued will no doubt re-
ceive the attention which the importance oi
the subject and the ability of the author de-
serve.


FIRE.PRooF STATE BUILDING.


The following is the substitute for Senate
bill introduced by Major Daniel to provide
a fire-prooi building for the preservation o.
the public libraries, papers, and other pro
perty OF the State, as reported from TIT
Committee on Public Institutions OF tha
|
body:


l. Be 1t enacted by the General Assembly
That a lot OF ground in the Capitol Square
In the city Of Richmond, fronting on Nintl
or Twelfth street, opposite its intersection
with Franklin street, or on Governor stree
between Franklin and Grace streets, which
shall not exceed in width ninety feet, nol
In length from said street one hundred ant
thirty feet, shall be appropriated to tht
erection OF fire-proof building for the Gus
tody and preservation Of the State libraries
and such public archives and papers Of tht
Commonwealth as shall be designated BY
the Governor or by the General Assembly
and also for the custody and preservation O.
the marble statues OF George Washington
by Houdon, and Henry Clay by Hart, be
longing to the State.


9. The said building shall be constructed
in accordance with plan to be approved b.
a board of commissioners, consisting OF th
Governor and Secretary Of the Common
wealth, the Attorney General, and the presi
dents OF the Virginia Historical Society ant
of the Southern Historical Society, or suci
oIner member Of each OF the said societies a
they may select; which board shall adyer
tise for plans, specifications, and proposals.
for the construction OF the said building, tx
be executed under their control and super
vision.


8. In the said building there shall be as
signed to each Of the said societies at leas
one suitable room. and such other accom-
modation as in the opinion of the said boart
shall not conflict with the other public use
for which the said building is designed
And each of the said societies may contrac
with the said board for the lease, during
term OF years, of such rooms and accommo
dations, which may be enlarged in considera