Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1852-06-18

accomplishment of tho objects of the cannany She ha,
rcn'ne subscriber aud stockhoer In the company occu
p:ag the pnaan Of other Stockholders, ard akiug on Ec
If sin liar uhoaors In the of an individual srh
who ahal fail and refuse pay bis substitution the
Courts htlri rcnedy against him. Ih-y pronounce pd
nent, award execution and the payment is enfrced The
obugIon Ia pay the part ui Ec commonwealth is pre-
clst TIE sa" contracted under the ssne circumstances
cr the same "hects in the SEINE frn and uGdcr similar
enal!Ies. l-t the gentleman Gitms this is not DEBT, anr
aa i ca'nn DC tfra'ed BY debt until tie bond is &C
uay cXrcucd Virginia has certainly passed her w0rc.
Inc ~ot n an honest man is good IS hs bond There
are t2@se who stccm even binding. For breach
bond SAY incur The penalty but in case of violation
Of ores word, the penalty is awul. II faisshcod.
Tie Constitution imposes us the o'EAon 10 provide
sinking fund 10 p7y tue aebt OF Virginia. a. !: existed Oh
th2 lst January, 1852 insst that these subscriptions
constitute debt and shall 90 taEcn !no 'He estimate for
s:klne fund Inc gentleman from A!Sruarle opposes INN;
ss 10 his proposition He is proleSsuna !a~vcr a. do
not profess 10 be; but If tine Obligation money
traeied by theac subscTi pons, DC G,b demand 10
know what il is
Hoy is described in legal rarEsncc? Ii crr,nrIr creates
legal Necessity To pay lney. II il br mt debt what is il!
nnow OF no term in The legal vocabulary none the sys.
teT ri fnocal nnirpEclIn.c by Hh, caa re desc,isca
C"Tlonwea!is Is Msy, '.'sa a debt, @hics: is no; Ell
d:H.i b? bond deel cut sarcY lie adr t, Any
thing Is debt, which will suo'r action Of ceh and. the,
l!lr acton lea sapG c0ntructsnir for
cGI:nn that bring rid legs, certainty, which ,hr
harra!n@ ci Contingency b.cnGrs certan. I'D ceilun
es, q!.1i c2ri"m -i"Gi Era"sl.' The Commonwealth, cy
Ii lie Obligation made 10 depend The lai
prinG o. e0nngenGY-h a:ia:n.nc' "i the cnnditDo
u 'Es:se! ic tho decision rf he conplny. ihn comp&ny
cn'hf' cG';nsc hapDtns-'ne sn'n - CERTAIN
re "ogsoc cof1pce. An. G:t~e"a ci.zcn and citizen
thc lraaSiGt!'n viii ln'an tic rction OF eb Yet NJ
g"'tIhtn rss'- his s ceo be :o;npesndd il liz
c-'''a icI sinking iLIi AID ia e. q. aims, ;e Coni
wCa!...; j Is not dc.t all.
Tie al gentleman cnl Rchnont city descrvehy occu.
yin sat'f' station In II" legal "foes.i"n. dc!ncs 10
sake 4 prj!gss.,l:. repTtatcn rnf,n of GER
,!u!u.n tr hln.na:l. He acknowledges bc debt;
Gu existing IN category 10 be comrt theadeG in the sii
sinking fund t:c proceeds m1inain his pro.
,0sun b. :.nent plausible than any other which
"a" eo: pro1tccd and fafapa e strongest "ic MS case
aap:i;d.
r:r gentleman from Richmond (Mr. Rnhlsnni cdmi.a
lnat ,"ss subscription" constitute ae6, o,!t "euts aat
ir ha; aey br cunorctented in tic Sinking Fund every
lie due Gr"de citizen, capabe ul being enforced TIT"
likewise ne iucudsi winch he thinks unreasonable. M"
&, isis, that The claim due The pran cilI2=r
supposed ~ lie gentleman as not tecn cca&clrteGSd nE
rendered csr.uin v the HE STATE So scon as 'ta tEs
lsged Is paid; as The gentleman hin'r' a"m'
and ams the State is supposed by the theory oil our
so he ready aud willing pay in money any valid cait
isn her, upon lis heing presented 10 her officers ARD
S size f:!usea 10 interest But in the case ol hf
subscriptions Joint SioG Companies, now the suh""
o dIha Inc obligation &; has been acknowledged anc
rendered cer!cn by tt act CT tie STATE The suoscr!
lea is Tor ceraiH ard for hGt reason IS de3t-deoi
cvi,cTrct b. written obligation 10 pay
The senilrn,ln f1m tGnnnrd deduces an argument {
from The wos =" the Constitution for excluding these SUI
ac.iqons !uiu r esiimaIrs II the Sinking Fund. The
casa H. "w.ea:ycr aiicr Ire ls 1ntary lS32 debt
sal! be contracted by the Commonwealth there snail De
apart IN Ike MANNER annually for hiriY-iour years
su, exceeding ty per cent, the aggregate amount d
the nDna interest agreed TO be paid thereon al the TINE o.
It's contraction" The gentleman argues that as no Interest
agreed 10 be paid in the la" authorizing the subscription
nor hy atra subscription nude by the Board OF Public
Works and Inc clase Of the Constitution reeis ~ ceo:
beang interest De inferred The Constitution intends
only debts on which certain rate of interest had been st
DC pad and therefore, he excludes these subscrlp
ilv.s from The Estimates 70! Sinking Fund though h'
acknowledges tacm 10 >" debt.
The is That mis- c'arse re;trs only 10 debt con
.racleL fer l.. January l55 wIceus III. sutscrn'i"r
the su2.ci u discussion, were made oeoTs l.! Jn"
~ 1852 lie clause 'G re"re has no 10 en
genteman acknowledges them Ia be debt |! DEBT
II. ,cy wcrc debt lst January 1852 ana range undc
the operation the clause which provides that there s"i
apart annually, from the accrnng rcrennes: sn'
equal per Of The Siute Gsbt eriS:tng on The Is
nGary 1852 The fund thus set apart snail be called To
Sinking Fui AMI shall be- nppied TO the paFTient {" IL
of The SI4c et and l' principal 81 suen pat
may ~ r,d.emable. TIE gcniehan Gays they arc dcot'
they debt l:t Janhary lc52 TIC CONSTITUTION
ncd in s 3: kn @ Ed9 Eu 1t It i5 HGks k@s&V s's cs c''
comprehensive, universal aad mandatory, and gentlemen
Jre sworn 10 carry il into effect.
IN: term debt is technical L is law OF construCU"n
that in legal Instruments low sa receive t!slr teen
rica meaning Parliamentary bodes-te trainers OF leea
rnsirumcns-arc taken 10 be familiar WIN lls leennea
,erms which they employ. The Convention was such
,ody-ne Constitution is such an is sue
a technical term. Ne must that tho Convention
familiar with its meaning. We must give II lis iechni
ca ncaning-and that will comprehend these subscriptions
10 acknowledged by the gentleman from Richmond MN
self Let then comprehend them In Inc oinAhe una
and satisfy our obligations TO the Constitution
Sir, to exclude ihcm from the compulahn IN the vas
nope 0. reducing the statement of pna!ic Indebtedness 10 %
1ut before The country, exisd-n which cannot frcciv
ne c1nnienanre OF grave assembly lwoni oc Gut VAR
and ilusury IL could only Deceive me issoran nn no
.yc the ignorant long. ravc already had OCCASION 70 re
r 10 the rapid process Ivy which these subscriptions are us
:utiing The fern OF usdGd debt On the sum Sentenae
,st they auouned 10 the large Of So 03S lSO 2 sine
ha Av has been added $40 l2o carrying me anioon
s. @ go 25 and &c; the Csedi: ot the state soio ah'
t;.,, ,h.ff fhop lQry tfr
..srr dncrd hc 21h May, TO S29i2 39S % thus eA
ia;rg tie striking f'c: that since ie 33n September l'
noH u hcias Ssac is So 3S5 252 Which !stqndl 10 !i
thousand GuiarS IL day Sud | call the a'ititnn .. IN
tGus and 81. CUurty he TACT, iat sicc lat hay
h hoicd form of pualic debt has nrras" ana s ncreds
ng .ir rate cf ten Thousand dhiie Gay
owing the I:tei Treasury, rest 'nT Si'ay or Wos
Sir this PROCESS WI! continue, until tic msusuff oi iheol
cdcess full You long concen the iin'h IL mus
soon stand revealed You my succeed ior bile! space
rnuinq mystery around yonr stat" @. inancs-!"n ma
rno dark c,ud over tho face Of the hner.Hs but uu
oe rrward with reasces force rGls soon WIN o'sp'
hat cloud ard burst forth II The fuhcas o croaH sPsch
dor. H.,
The gentleman from Albcmarle ohjac:s to iccrdhG u
amount of guaranteed, bonds n e statement ni '!e fnH
deb, because he says there M Frn'p'y o w. o.
III 81 liabilities. believe the .ehtir!h-' ih 's
,,lrtn Ira; no rational c0r!i G%PTetsha '"ss. "a
inns written, that wcud ne .roet chimcreat 10 tecE"
pon such csa He uanittai he necessity OF ssnpo
rv ;o,n In The nes River Company, bal that he tcg,r1
~ "trausient c.isis and insists The t"nnoh"raEh
pv imarmrhsd, br lien on th: property ni Inc oShi
lrr -
i.an., TO this Company. VIZ Always "e!: insure !"
s;y was transient and that the r"sonites o Ie Io
nauv would sonu nahe II 10 return n n'cev. !h"' '
:,5,f;:uu ;I Disappointment is !'.n"ci III I've u"in
I,.s. ss.ta.cc=; .i - IT," Indemnity on me sn G'
mard 10 krow wla: i, In" c1ea! Sit !; Is non "i III
C,nrn"na eaih rn tie property 81 the C0n""nWeaih-
Gsner.es ,cr;.ca will !e surprised to lsnfn c lhss"a
Gcsnrv q! re a"cu:ir. Ia chmpnriSoh VITA Inc Hn"a'
,:vc!,rd il is ,!mu:t Contemplate. propose sac ''
facts 10 ,:ahe te House 20 'ofm i"e:I@ht 'a i.sf
y%c have lien o,, wo:ks of tho C'mp'ny 10 lnn"n
ifs th stat, against ,ss What the oss 10 which :"
arc csroset? The dcct ni ne Company nj t day i""n
70 III. f,,m!e!e SUN u ST i7l,5ao So For lhs pryt
ri tho i,.,c3i or this sn,n mo teniicm"e"I.''
ocnEd whenever the Company mikes de!eat. - ooc rr
nc,s Siocy IN The Company to tlr. "'!nlh o! ".
tic Park Of Virginia subscribed s3o hai o'n6
ing ,.,h. Sta:,-masus tie strck ri The s'ntc e?ts M
81 25D lrO She NJ. h:aaet To the Company sieso1
Snr su,ned ls S32l 800 n the transfer ci ".1 stoe
=, ,hr nescn, Company Size s hn;nd as security on ":
bn,tz ri re Company FOR 81, 600. will here e1nie
N t,,e gentleman from Aocnaru one OF my iofmioao
tables -,
s1ra sanscHoe" .! ''a'' = '''S 80. 600 005 q
One half subscribed by Virginia Bank @ ogoD w.
/ Loss On .aas.er Of old STOCK, o.. Sse :
! I,.oa from State 10 the Company, 20 s.oo1o od3
i3ncds with State as security, I@ooo0'
St,c advanced TO James River Company, 81 ooo 10
: Such il the amount which we have advanced l0t our
;erest in the Jarcs River Company, while the Whole ao'