Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1853-01-21

that instrument. But the Truth j. when We
analyse this objection we ind Il does oot 81
much affect the Interpretation, os II assaults
nc Isdom md efficiency Of ibls prosi.loni
Tor my friend from Northampton, and the gen.
lleman from Madison, both argue against Tie
utility Of provision restraining the State
from becoming responsible for The dcbs Of
Company. when II is left free 10 diteharge
these dcbls by means Of a loan 10 the Compa-
pany. These gentlemen will both conecde
that the same end can be attained by direct
appropriation why, therefore may not be
quay attained by loan Il va. the inien.
ton Of the Constitution 10 shield the Stafe
from these collateral undertakings for Compa-
MES, at tic same time that II lessencd the temp
lation 10 the latter 10 seek loaps from The for.
mer by The prohibition of any release whalev.
or thereof IN all future time. II these gentle.
men can make il appear thcy alIePc, thar
the mischief unprovdcd for IN terms, is idehti-
cal with that expressly prohbilcd-- (Which |
by no means ADMIT -stll, without contcsllng
this point, II Is sufficient 10 rely on the PLAN
language ofthe provision and meet these evils
by The simple and indisputaIlc rcsponse-"ika
Ter scr,Pta est." Upon more mature consld-
era ION, however, | am satisfied that this oh
lection will be surrcud red by is ouihoru who
doubtless threw il out in he heat q debate
father as a suggestion than carefully formed
opinion.
Tho second phase orthis constitutional dif.
fcuty las not SO far as | can recollect, been
presented on this floor; but has appeared IN
journal eminently friendly 10 the cause Of Ia.
ternnl Improvements, and welding conslde.
rablo sway over its fortunes, lhe Exam. -
lti' cha ged that "thc lam system is nn eva.
sion 81 The organic laws, because 1t is intended
thereby TO cende The lcvying Of n tax, exceed
ing by one per cent, the aggregate amount Of
the annual interest agreed 10 be pad on "a debt
contracted by tbe Commonwealth" This, if
not the precise language, ~ the substance Of
the Objection. As is my purpo.c 20 enquire
lofo the force Of This objection concedo for
The present TINT the loan system is designed
a. just alleged. 10 avoid the necessity OF IN.
creased taxation, under the belief that the com.
panies who are thus aided by the State, will
themselves furnish tho requisite contribution 10
the Sinking Fund | think | perceive the fall
lacy, out OF which this objection has sprunp;-
Il Is common one arising from naltcution to
he precise phraseoogy of The constitutions;
aud from conlonnding with its present tex,
certain readings which were sought to be CIV.
en- 10y The Convention TO this particular proyis.
ION. have NOT had time TO consult the pro-
aeedngs OF that body upon Tint head but #
my memory Is MOI seriously at fanlt, il will be
onnd that 1t was at one tire proposed, that
" benever the Assembly should create debt,
should be required To lag a tar for the paw
nent of the interest and the redemption Of the
OF such debt. II was easv however,
% 10 esee that tho benefit Of such a provision
Tor the liquidation OF the debt might in some
cases he secured without this resort TO tarati0n,
IS obviously IN the case of a redundant reve-
nue.. Hence, this clause ultimately assumed
this form, SO much whereof Us concerns our
present enquiry | beg leaf To rend, as follow:
. here shall be set apart annually, from the
uccrujng rev ntes, sum equal to seven per
cent, Tor the State debt existing on the first o.
January in the year one thousand eight hun.
drcd and filtY.two' "When-
ever after the SAID first day of January, debt
shall be contracted by the Commonwealth,
there shall be set apart in like manner. annu-
ally for thirty four years, IA sum exceeding by
one per cent, the aggregate amount of the an.
nual interest agreed to he pnid thereon at the
time of It's contraction; Inch sum shall be- part
OF the sinking fund. and shall be applied IN the
manner before directed"
Now, 1t is manifest, that upon the contrac
ton OF debt, the Assembly is bound to pro.
VIDE and set apart prescribed fund for is Ii.
quidauon; but not from tares erclaSirclg, but
rom "Me oceraiag rercaucs" of the Starc.-
" hat IS meant by this term 'accruiRg yercaQc,2
Sure y fiscal receipts ofevery kind and des.
crlpton, INCLUDING dividends on stock, bonas
Tor charters, interest on loans everything that
enters the treasury to the credit Of the Com.
monwealth. II, therefore, the Assembly be
satisfied OF tie ability Of company to provide
annually the materials of this Sinking Fund
Tor loan made it, do they not, by requiring
the company do IT, as cttectualiy "set apart ow
q nc dccrutng rereaHes" the fund thus con-
sntntonally demanded, as il they were to lew
II 10y toratton alone They must Judge Of
and estimate this Resource from the company.
as truly as any other anticipated income. From
year TO Year we are accustomed to reckon am
ong our revenues the large dividends annually
paid us on our bank stock, as if some rc,ulsions
OF trade or msmanagecoent might not, When
We least expect II, deprive us of this resource
And shall II be contcnted, when we are per.
tectly convinced that the company will raise
t4C Il