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ner prepared, shall in no case exceed the amount of twenty-nine millions three hundred and fifty thousand and twenty-six dollars and thirtyeight cents, and also one million four hundred and twenty-eight thousand two hundred and forty-five dollars and twenty-five cents, due to the literary fund-a total of thirty millions seven hundred and seventynine thousand and seventy-one dollars and sixty-three cents; provided that in the distribution of the twenty-nine millions three hundred and fifty thousand eight hundred and twenty-six dollars and thirty-eight cents among the holders of the evidences of the public debt of the state, the said board shall be careful to have restored the original equality of all the public creditors.

5. Executors, administrators, or others acting in a fiduciary capacity, may make the exchange of bonds herein authorized, and the same shall be deemed a lawful investment.

6. The treasurer shall, upon the 1st days of January and July, 1879, and upon the same days in each year thereafter, pay to the holders thereof the semi-annual interest then due upon each of the bonds of the commonwealth authorized to be issued by this act.

7. In the year 1885, and annually thereafter until all the bonds. issued under and by authority of this act are paid, there shall be levied and collected the same as, and together with other taxes, a tax of two cents on the $100 of the assessed valuation of all the property, personal, real and mixed, in the state, which shall be paid into the treasury of the state to the credit of the sinking fund. The treasurer, the auditor of public accounts, and second auditor are hereby appointed commissioners of the sinking fund, and shall have (a majority acting) the control and management thereof, and shall annually, or oftener, apply whatever sum or sums may be to the credit of the sinking fund to the purchase and redemption of bonds issued under this act.

8. All bonds retired or redeemed under this act, shall be cancelled by perforating and mutilating, and by the written cancellation of the second auditor across the face of the same, in the presence of the commissioners of the sinking fund, who shall cause the bonds so cancelled to be filed by the treasurer in a suitable depository, and shall record their proceedings in a book showing the number and amount thereof.

9. The governor shall, by proclamation, give notice of the provisions of this act, inviting all the holders of Virginia securities to make the exchange herein provided.

In order to secure the payment of the interest promptly on the bonds herein provided for, and to prevent loss to the creditors of the state in the sales of coupons at a discount, the auditor of public accounts is directed in each year, not later than the first day of September, to solicit from the tax-payers of the commonwealth temporary loans of money, issuing therefor loan certificates, which shall be receivable for taxes, debts, dues and demands due the commonwealth, which said certificates shall be issued at the rate of $1 for each 75 cents in money so loaned to the commonwealth in the manner herein provided.

10. The auditor of public accounts shall cause to be prepared and furnished to each of the county treasurers said certificates in sufficient amounts and of suitabie denominations to meet the convenience and necessities of the tax-payers of the several counties, taking receipts of the said treasurers therefor. The said certiticates shall be printed in sheets and bound in book form, with proper corresponding stubs on which shall be blanks for detailed descriptive lists and numbers of the said several certificates, which said blank books shall be carefully and accurately filled by the said treasurers of the several counties, and the books shall be kept by them and their successors in their respective offices for reference, or returned by them to the auditor of public accounts as hereinafter provided.

11. The said certificates shall be of the denominations of fifty cents, one dollar, five dollars, ten dollars, and twenty dollars, and shall be furnished to the said treasurers in such proportions as the auditor shall decide to be proper, and shall be in the form following, to-wit:

No.

Not transferable.

The commonwealth of Virginia acknowledges itself indebted to

in the sum of dollars and cents, for money loaned for the purpose of defraying the expenses of the state government, which amount shall be allowed as a credit to the said

in payment of his taxes at par, when such taxes for the year become due and demandable, npon presentation of this certificate with the proper affidavit on the back of same, made to the treasurer of his county.

for Treasurer.

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On the back of said certificate the following certificate shall be subscribed and sworn to before the county treasurer:

I,

do certify that I am the identical person in whose name the within certificate was issued, or that I am acting as the agent of said party in whose name it was issued, in which case I have derived no pecuniary benefit as said agent or personal representative, this - day of

18Sworn to and subscribed before me this day and year above written.

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12. The various county treasurers shall, at such stated periods as the auditor may direct, not to exceed thirty days, remit to the auditor the entire proceeds of the loans procured under this act, and shall, at the time of making his final settlement in each year, remit to the auditor any remaining certificates unused, together with all the stubs, for which he shall have proper credit on the books of said auditor, but it shall be the duty of the auditor at any other period to receive from any of the said county treasurers his unsold certificates, and to issue to him others of more suitable denominations instead, upon his certificate that the denominations of those so returned are not such as are required to meet the demands of the tax-payers in such county aforesaid.

13. Any county treasurer who shall use, issue, sell, transfer or dispose of any of the loan certificates, provided for in this act, in any other manner than is provided for herein, shall be deemed guilty of felony and shall be liable on conviction thereof to imprisonment in the penitentiary for not less than five years.

14. The county treasurers shall, on the first day of September in each year, or as soon thereafter as they may be furnished the books of the commissioners and can prepare their tax tickets, give printed notices by posting the same at conspicuous points in the various districts of their counties, and also by publication in the newspapers of the counties, where such may exist, that they are ready to receive loans and to execute loan certificates therefor, as provided for in this act, and of the fact that such loans will be received until the first day of December in said year, but not longer, .

Mr. MOFFETT moved to amend the bill by inserting in 23d line, after “therein," the words “except those owned by citizens of Virginia, which shall be liable to taxation as choses in action of said citizens.'

Mr. FICKLIN moved the pending question, which was ordered.
The amendment offered by Mr. MOFFETT was rejected - yeas 49;

nays 59.

On motion of Mr. MOFFETT, the vote was recorded as follows:

YEAS-Messrs. Akers, Barbour, Bernard, Burnham, John R. Carter, Chase, Coleman, Crank, Davidson, Dickerson, Dickenson, Evans, Fauntleroy, Fowler, Frazier, Fry, Fulkerson, Grigsby, H. H. Harrison, Reuben N. Harrison, Henson, Waddy T. James, Kelly, Lacy, Lady, Lee, McDaniel, Michie, Moffett, Norton, Parrish, Powell, Ryland, Shumate, J. Howard Smith, Southward, Spessard, Stevens, Sykes, Andrew J. Taylor, William Taylor, Van Lear, Joseph Walker, Smith J. R. White, Thomas M. White, Wilkinson, Witten, Wright, and Young-49.

NAYS— Messrs. Speaker, Adams, Anderson, Ashton, Attkisson, Blanı), Bocock, Burger, Coghill, Cox, Crutchfielel, Curlett, Dance, Davis, Echols, Edmunds, Edwards, Ficklin, Finney, Goode, Graves, Gray, Green, Hall, Hanger, Hardesty, Ilealy, Henkel, Henry, Hiner, R. D. James, Johnson, Johnston, Jordan, Kyle, Luck, McCraw, Moncure, Moorman, Mushbach, Myers, Nelson, Oglesby, Pitts, Pulliam, Ragland, Reese, Sandidge, Shannon, Shelburne, Shriver. William B. Taliaferro, Warner T. Taliaferro, Troni, George Walker, Wallace, Walsh, Waring, and Watson–59.

Mr. Pulliam moved the pending question ; which was ordered yeas 59; nays 53.

On motion of Mr. BARBOUR, the vote was recorded as follows:

YEAS-Messrs. Speaker, Adams, Ashton, Attkisson, Bernard, Bland, Bocock, Burger, Coghill, Cox, Crutchfield, Curlett, Dance, Davis, Echols, Edmunds, Edwards, Ficklin, Goode, Graves, Gray, Green, Hall, Hanger, Hardesty, Healy, Hen

.

kel, llenry, Hiner, R. D, James, Johnson, Jordan, Kyle, Luck, McCraw, McMullan, Moncare, Moorman, Mushbach, Myers, Nelson, Pitts, Popham, Pulliam, Ragland, Reese, Sandidge, Shannon, Shelburne, Shriver, William B. Taliaferro, Warner T. Taliaferro, Trout. George Walker, William M. Walker, Wallace, Walsh, Waring, and Watson-59.

NAYE-Messrs. Akers, Barbour, Burnham, John R. Carter, Chase, Coleman, Crank, Davidson, Dickerson, Dickenson, Dyer, Evans, Fauntleroy, Fowler, Frazier, Fry, Fulkerson, Grigsby, H. H. Harrison, Reuben N. Harrison, Jenson, Waddy T. James, Johnston, Kelly, Keyser, Lacy, Lady, Lee, McConnell, McDaniel, Michie, Moffett, Norton, Oglesby, Parrish, Powell, Ryland, Shumate, J. Howard Smith, Southward, Spessard, Stevens, Sykes, Andrew J. Taylor, William Taylor, VanLear, Joseph Walker, Smith J. R. White, Thomas M. White, Wilkinson, Witten, Wright, and Young-53.

The substitute offered by Mr. FOWLER was rejected-yeas 40 ; nays 70.

On motion of Mr. Lacy, the vote was recorded as follows:

YEAS—Messrs. Akers, Barbour, Burnham, John R. Carter, Chase, Coleman, Crank, Davidson, Dickerson, Evans, Fauntleroy, Frazier, Fry, Fulkerson, Grigsby, H. H. Harrison, Beuben N. Harrison, Waddy T. James, Kelly, Lacy, Lady, Lee, McConnell, McDaniel, Michie, Moffett, Norton. Parrish, Poweil, Southwari, Spessard, Stevens, Andrew J. Taylor, William Taylor, Van Lear, Joseph Walker, Smith J. R. White, Witten, Wright, and Young—40.

Nays-Messrs. Speaker, Adams, Anderson, Ashton, Attkisson, Bernard, Bland, Bocock, Rohannan, Burger, Coghill, Cox, Crutchfield, Curlett, Dance, Davis, Dyer, Echols, Edmunds, Edwards, Ficklin, Finney, Fowler, Goode, Graves, Gray, Green, Hall, Hanger, Hardesty, Healy, Henkel, lenry, Henson, Fliner, R. D. James, Johnson, Johnston, Jordan, Keyser, Kyle, Luck, MeCraw, McMullan, Moncure, Moorman, Mushbach, Myers, Nelson, Oglesby, Pitts, Popham, Pulliam, Ragland, Reese, Robinson, Sandidge, Shannon, Shelburne, Shriver, William B. Taliaferro, Warner T. Taliaferro, Trout, George Walker, William M. Walker, Wallace, Waring, Watson, Thomas M. White, and Wilkinson–70.

Mr. Fowler moved to reconsider the vote by which the substitute offered by himself was rejected.

Mr. MUSHBACH moved the pending question, which was ordered.
The motion by Mr. FOWLER to reconsider was rejected.

Mr. KEYSER moved to amend the bill by striking out in first section the words “dated the first day of January, 1879, the principal payable forty years thereafter, bearing interest at the rate of three per centum per annum for ten years, and at the rate of four per centum per annum for twenty years, and at the rate of five per centum per annum for ten years, payable in the cities of Richmond, New York, or London, as hereinafter provided, on the first days of July and January of each year, until the principal is redeemed," and insert in lieu thereof the following:

“The principal, payable forty years after date, bearing interest at the rate of three per centum per annum for ten years, and at the rate of four per centum per annum for twenty years, and at the rate of five per centum per annum for ten years, payable in the cities of Richmond, New York or London, as hereinafter provided, on the first days of July and January of each year, until the principal is redeemed. It shall be the duty of the second auditor to date the bonds issued under the provisions of this act, at the time of their issue, in the following manner: All bonds issued on or after the first day of

January of any year, shall be dated as of the first day of January of such year."

Mr. GRAVES moved the pending question, which was ordered.
The amendment offered by Mr. KEYSER was rejected-yeas 48;

nays 59.

On motion of Mr. KersER, the vote was recorded as follows:

YEAS— Messrs. Akers, Barbour, Bernard, Burger, Burnham, John R. Carter, Chase, Coleman, Davidson, Dickerson, Dickenson, Evans, Fauntleroy, Fowler, Frazier, Fry, H. H. Harrison, Reuben N. Harrison, Henson, Waddy T. James, Keyser, Lacy, Lady, Lee, McConnell, McDaniel, Michie, Moffett, Norton, Parrish, Pitts, Reese, Ryland, Shumatr, J. Howard Smith, Southward, Spessard, Stevens, Andrew J. Taylor, William Taylor, Van Lear, Joseph Walker, Walsh, Waring, Smith J. R. White, Witten, Wright, and Young-18.

NAYS--Messrs. Speaker, Adams, Anderson, Ashton, Attkisson, Bland, Bocock, Bohannan, Coghill, Cox, Crutchfield, Curlett, Dance, Davis, Echols, Edmunds, Edwards, Ficklin, Goode, Graves. Gray, Green, Hall, Hanger, Hardesty, Healy, Henkel, Henry, lliner, R. D. James, Johnson, Johnston, Jordan, Kyle, Luck, McCraw, McMullan, Moncure, Moorman, Mushbach, Myers, Nelson, Popham, Pulliam, Ragland, Robinson, Sandidge, Shannon, Shelburue, Shriver, William B. Taliaferro, Warner T. Taliaferro, Tront, George Walker, William M. Walker, Wallace, Watson, Thomas M. White, and Wilkinson–59.

Mr. KEYSER moved to strike out in 10th line of 5th section, the words “ on or before," and insert “ prior to.”

Mr. IENRY moved the pending question ; which was ordered.
The amendment offered by Mr. KEYSER was agreed to.

Mr. STEVENS moved to insert after “state," in the 16th line, the following: “Except so much of the annual revenue as the general assembly may set apart for public free school purposes, not to exceed ten cents on the one hundred dollars worth of property in any year.

Mr. HARDESTY moved the pending question; which was ordered. The amendment offered by Mr. STEVENS was rejected-yeas 45 ;

nays 67.

On motion of Mr. BARBOUR, the vote was recorded as follows:

YEAS-Messrs. Akers, Barbour, Burnham, John R. Carter, Chase, Coleman, Cravk, Davidson, Dickerson, Dickenson, Evans, Fauntleroy, Fowler, Frazier, Fulkerson, Grigsby, II, II. Harrison, Reuben N. Harrison, Henson, Waddy T. James, Kelly, Lacy, Lady, Lee, McConnell, McDaniel, Michie, Motfett, Norton, Parrish, Powell, Shumate, J. Howard Smith, Southward, Spessard, Stevens, Sykes, William Taylor, VanLear, Joseph Walker, Walsh, Smith J. R. White, Witten, Wright, and Young-45.

NAYS— Messrs. Speaker, Adams, Anderson, Ashton, Atthisson, Bernard, Bland, Bocock, Bohannan, Burger, Coghill, Cox, Crutchfield, Dance, Davis, Dyer, Echols, Edmunds, Edwards, Ficklin, Finney, Gonde, Graves, Gray, Green, Hall, Hanger, Hardesty, Healy, Henkel, Henry, Hiner, Hunter, R. D). James, Johnson, Johnston, Jordan, Keyser, Kyle, Luck, McCraw, McMullan, Moncure, Moorinan, Myers, Nelson, Oglesby, Pitts, Popham, Pulliam, Ragland, Reese, Robinson, Sandidge, Shannon, Shelburne, Shriver, William B. Taliaferro, Warner T. Taliaferro, Trout, George Walker, William M. Walker, Wallace, Waring, Watson, Thomas M. White, and Wilkinson-67.

Mr. FAUNTLEROY moved to add after “act," in 7th line of 5th section, the following:

“Provided, neverthelss, that the said contract and this act (so far as

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