VIRGINIA. 



Judges, T. T. Fauntleroy, Lunsford L. Lewis, 

 Benjamin W. Lacy, and Drury A. Hinton. 



LEGISLATURE. The Legislature, which was 

 in regular session at the beginning of the year, 

 adjourned on the 6th of March. It was con- 

 vened by the Governor in extra session on the 

 following day, and continued in session until 

 the 22d of April. Among the acts passed are 

 the following: 



Amending the law in relation to the correc- 

 tion of erroneous assessments of lands and lots. 

 For the assessment of taxes on persons, prop- 

 erty, income, and licenses, and imposing taxes 

 thereon for the support of the government and 

 free schools, and to pay the interest on the 

 public debt. To amend the law in relation 

 to carrying concealed weapons (omits the word 

 " habitually "). To secure to tax-payers in cit- 

 ies and towns the right of public-school edu- 

 cation for their children. Prescribing the pen- 

 alty for non-payment of taxes in cities and 

 towns. To prevent the catching of oysters at 

 night or on Sunday. To authorize the stock- 

 holders of the Eichmond and West Point Ter- 

 minal Railway and Warehouse Company to 

 change its name to the Richmond, Danville 

 and Southern Railway Company. To suppress 

 dueling in the Commonwealth of Virginia. To 

 repeal all acts and parts of acts relating to 

 punishment by stripes, and to substitute other 

 forms of punishment therefor. Giving the 

 consent of the State of Virginia for the pur- 

 chase by the United States of a tract of land at 

 Yorktown for the purpose of the erection there- 

 on by the United States of a monument to com- 

 memorate the surrender of Lord Cornwallis 

 and his forces to the allied army commanded by 

 General George Washington in October, 1781. 

 To return to the public free schools a por- 

 tion of the moneys diverted therefrom. To 

 amend certain sections of an act in relation to 

 the deposit of foreign insurance companies. 

 Giving the consent of this State to the pur- 

 chase by the United States of two parcels of 

 land in the county of Westmoreland for the 

 purpose of erecting and maintaining a monu- 

 ment to mark the site of the birthplace of 

 George Washington, ceding jurisdiction over 

 the same, and exempting the same from taxa- 

 tion. Directing the Governor to convey to the 

 United States the title of the Commonwealth 

 to certain real estate in Westmoreland County, 

 and ceding jurisdiction over the same to the 

 United States, and exempting the same from 

 taxation. To authorize the Richmond and 

 Danville Railroad Company to discharge its 

 indebtedness to the State. 



Among the bills bearing on the public debt 

 passed at this session, was one to which the 

 reporters gave the name of "Coupon-Killer 

 No. 1." It was intended to restrict the receiv- 

 ability of coupons for taxes, and under the plea 

 of protecting the State against spurious and 

 counterfeit coupons required that no coupon 

 should be received by a collecting officer until 

 it had first been tested by court and jury by a 



process so expensive, as alleged, as to practi- 

 cally annihilate the receivability feature of said 

 coupons. Subsequently there was an act passed 

 forbidding the writ of mandamus in any revenue 

 cases. 



Another act was passed supplementary to 

 the preceding, and called " Coupon-Killer*No. 

 2." (For the provisions of the acts, and the de- 

 cision of the Supreme Court of the United 

 States on their constitutionality, see OBLIGA- 

 TION OF CONTEACTS.) 



Perhaps the most important act of the ses- 

 sion was the so-called " Riddleberger bill " or 

 "debt bill," entitled "An act to ascertain and 

 declare Virginia's equitable share of the debt 

 created before and existing at the time of the 

 partition of her territory and resources, and to 

 provide for the issuance of bonds covering the 

 same, and the regular and prompt payment of 

 interest thereon/' 



The following is the Readjuster theory of the 

 bill : 



The preamble presents "the true state of the ac- 

 count between the State and her creditors," derived 

 from the Second Auditor's office, and fixes the debt, 

 principal and interest, June 20, 1863 the date at 

 which West Virginia was admitted into the Union 

 at 139,095,928.99, of which two thirds (one third be- 

 ing assigned to West Virginia) is $26,063,952.68, sub- 

 ject to a credit of $3,662,434.55 of interest paid from 

 January 1, 1861, to July 1, 1863, exclusively out of the 

 revenues of this State, and leaving a principal debt of 

 $22,094,141.96, with interest due to the sum of $307,- 

 376.17 total debt of this Virginia, July 1, 1863, $22,- 

 401,518.03. 



Following up the accoimt upon this basis, and giv- 

 ing this State due credit for her redemptions and pay- 

 ments, the statement ascertains the true debt, as of 

 July 1, 1882, at $16,843,034.17 of principal and $4.- 

 192,342.98 of _ interest total, $21,035,377.15 which 

 includes the Literary Fund. This sum is apportioned 

 to the various outstanding bonds upon the basis of 

 equity in which each class is treated according to 

 what it has heretofore received. Thus, that class which 

 has received most now gets the least, and that which 

 has received the least now gets the most. 



Under the scheme the different classes are fundable 

 in the new bonds proposed to be issued, as follows : 

 Consols at 53 per cent of their face, and the past-due 

 and unpaid interest thereon at 100 per cent ; 10-40's 

 at 60 per cent, and the past-due and unpaid interest 

 thereon at 100 per cent ; peelers at 69 per cent, and 

 the accrued interest thereon at 80 per cent ; unfunded 

 bonds at 69 per cent of two thirds of their face, with 

 the unpaid interest thereon at 63; and the equitable 

 share of the State of the bonds of the Literary Fund 

 at 69 per cent, the interest in arrears on such share, 

 $379,270. to he paid in money. 



For all balances of such indebtedness as may 

 stitute the share of West Virginia certificates are t< 

 issue, without recourse on this State. The bonds a 

 to issue of the date of July 1, 1882, payable on July 1, 

 1932, or after July 1, 1900, at the option of the State, 

 and are to bear 3 per cent interest principal and in 

 terest payable in Eichmond at the Treasury. Tl " 

 coupons of the coupon-bonds are not tax-receivabl 

 nor are they, or any of the bonds, exempt from * 

 tion. 



In 1890, and annually thereafter until all the bone 

 are paid, 2i per cent of the amount of the bonds 

 standing shall be set apart from the revenue and \ 

 into the Treasury to the credit of the Sinking Func 

 and to he applied to the redemption or purchase < 

 the bonds. Fiduciaries may exchange State bonds 

 held by them for bonds issued under the act, when so 



