752 



VIRGINIA. 



The proposed amendment to the constitution 

 which makes petty larceny a cause for disfran- 

 chisement, and which is now to be voted upon 

 by the people for adoption or rejection, was 

 made a subject of complaint in the convention, 

 and denounced as unjust. A resolution con- 

 demning the amendment was adopted. The 

 colored people seem to consider this amend- 

 ment as specially intended against themselves; 

 and it is stated that, in order to show its un- 

 fairness and partiality, a member of the con- 

 vention remarked, " It is very hard that a poor 

 negro cannot take a few chickens without los- 

 ing his right to vote." 



The Colored Educational Convention assem- 

 bled at Richmond on August 24th. It had a 

 good atendance, and was addressed by colored 

 persons of note and of great influence among 

 their people. Defects in the State school sys- 

 tem as well as in its practical execution in re- 

 gard to the colored children were pointed out. 



The formation of a State society in the inter- 

 est of the education of negro youths, the society 

 to be composed of colored members, and styled 

 u The Virginia Educational and Historical As- 

 sociation," was effected by this convention. A 

 report submitted by the appropriate committee, 

 embodying a constitution, and regulations for 

 the government of the society, was also adopt- 

 ed. The object of this society is to promote 

 the cause of education, and aid in the higher 

 instruction of such meritorious youths as give 

 promise of usefulness to the State and coun- 

 try; to encourage the growth and develop- 

 ment of mechanical and scientific ideas by the 

 dissemination of useful knowledge, and by the 

 collection of statistics relative to the material 

 interests of the colored race in Virginia, and 

 incite it to higher and greater achievements. 



The election on November 2, 1875, resulted 

 favorably to the Conservatives ; the members 

 elected out of their party to either House of 

 the General Assembly being in a very large 

 majority. 



The new Legislature assembled at Richmond 

 on the 1st of December, for the regular session 

 of 1875-'76. In the House of Delegates, Mar- 

 shall Hanger was elected Speaker by a strictly 

 party vote. 



The general condition of the State, with ref- 

 erence to her various interests, appears to be 

 satisfactory. The Governor officially states 

 that "by slow and, laborious processes, but 

 with steady improvement, Virginia is emerging 

 from the ruin wrought by war ; " that " her 

 people are acquiring new habits of energy, 

 providence, and thrift; " and that, " equally in 

 all the grand divisions of the State, greater 

 industry, closer economy, and better produc- 

 tion, are visible." The finances of the State at 

 the end of the last fiscal year, September 30, 

 1875, stood as follows: 



The principal of the public debt, according 

 to the funding act which the creditors of the 

 State have agreed to, was $29,514,428.38 ; 

 showing a reduction of $442,584.37 from the 



same date in 1874. This reduction is the re- 

 sult of the operations of the sinking-fund dur- 

 ing the year. The bonds constituting the said 

 debt are classified as follows: 



Bonds with tax-receivable coupons attached.. $13,881,500 00 

 Kegistered bonds convertible into tax-receiva- 

 ble coupon bonds 1,365,515 80 



Other bonds not so convertible 9,277,410 58 



Total principal of the debt $29,514,426 88 



Arrears of unpaid interest on bonds of all 

 classes 2,781,030 53 



Total State debt, including principal and inter- 

 est, on September 30, 1S75 $32,295,456 91 



The whole debt proper as assumed by the 

 funding act was $30,478,741.49; one-half of 

 this sum, or one-third of the entire original 

 debt of Virginia, having been assigned to West 

 Virginia, on which negotiations for final agree- 

 ment have long been, and still are, pending 

 between the two States. The above-mentioned 

 amount of two-thirds assumed by Virginia as 

 her own debt has increased since the fund- 

 ing act by the sum of $1,816,715.42, which 

 represents the accumulation of interest ar- 

 rears. The average annual increase from this 

 cause during the past four years has been 

 $454,178.85. 



Respecting the locality where the public 

 debt of Virginia is held, it is estimated that 

 about $8,000,000 are owned by citizens and 

 corporations of Virginia; $13,000,000 in oth- 

 er States ; and $8,514,426.38 in foreign coun- 

 tries. 



It is stated that the English holders of Vir- 

 ginia bonds have sent an agent to treat in their 

 name with the present General Assembly, pro- 

 posing to readjust that portion of the debt 

 which is held by them, on the basis that the 

 bonds should bear an interest of three per cent, 

 for the first year after the agreement, of four 

 for the second year, and of five permanently 

 afterward : this adjustment to embrace only 

 the English holders so agreeing, but to have 

 no reference to bonds held by others. 



Governor Kemper refers in his message to a 

 plan of recapitalizing the public debt by re- 

 ducing the rate of its interest, and by exchang- 

 ing the present bonds for new ones. Such a 

 recapitalization, if effected, he regards as prob- 

 ably beneficial to both the State and her cred- 

 itors, as the new bonds could not fail to com- 

 mand -a better price in the market. At the 

 same time he a^g s that there is no positive 

 ground on whicii to rest any action tending to 

 the realization of such a plan, and that it is not 

 for the State to assume the character of a pe- 

 titioner toward her creditors. He leaves to the 

 General Assembly " to determine whether au- 

 thority should be given to transact such ex- 

 change of bonds on the application of credit- 

 ors." 



The receipts of the State from all sources 

 during the year ending September 30, 1875, 

 amounted to $2,517,790.05; besides which an 

 additional sum of $130,000 was raised from 

 temporary loans. 



