Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1858-02-16


mart of IT, if the old stock of thu Company oe oei"
mar. although by doing 90 she will complete ana
make profitable work which nust o.her"ss 80 i
incompete and useless, therefore falling ueau '''.
upon its haads. 1t would in effect deny ~ t,;o
the bepstt of the aid of her citizens VINO lhen. u
willing TO come i'll with her to purchase the ne" s'''"
TO complete work when they could not raise mo'ey
enough without her aid. think l am anIho'"e'! |
thsu TO sav that frat inquiry should 10
in the stIirmative-thst it is exped;ent 10 pass :ne
bill. ,.;,,,o,.,7
/ proceed then to consider is it CONSTITUTIONS
The doubt upon this point has been suggesleu ny
the 9sh clause Of the fourth article OF the H'ae ION
suion, which is in these words:
uThe liability 10 the State OF any incorporated
Company or institution to redeem the prinrlpsI al"
psy tie interest Of any loan heretofore NE o.
which may hereafter be made by the Sia'e /. sLc';
Compauy or institution, shall not be reeaesG ana
IN. enera Assembly shall not pledge the taitn oi th-
state or bind in any form. for the debts or oo'sa
tons of any Company or corporation
Now observe, The language H. that any deDt OF III
bilitv of any Company to the State shall not o. IRE
leased; that is, shai not be given up, without con
sideratiop shell nc. be made present oil. IL does
not mean that release shall not be given Tor I'M,
or fair equivalent or for the beet tina, can be obtain
ed bona tide; because receipt in full upon iuli pay
ment il release OF the debtor, and deo1 could
not be collected il such release could not ns
made; and 30 neither could the mortgages OF the
lanes River and Ksnawha Company. or any other
Compsny be released, if every dollar was pad. u
.releaseh be not interpreted to mean grautous sur
render. The Constitution is not violated therefore
nv any thing but gratuitnus surrender oil the oebt
Now, SO far from proposing that, it is proposed to
give the State a share Of stock for every hundred
dollars of her debt, and even if it be worth only Flu
a SHARE the debt is not grauiously surrendered ana
the true definition OF the transaction would be that
the Slate had paid too much for her stock. But 80
for as The legal power ia concerned there can be no
more doubt about the transaction than there can De
about any other subscription 10 the stock OF Com
pany.
Suppose the James River and Kanawha Company
did not owe the State cent and the capital stock
was increased Is 900 there any doubt that the
State could subscribe for, that is purchase, three
ffhs, or the whole of it, If che pleased although
she would have to raise and pay the cash
for the whole Of lit and can sIe have less power 10
subscribe purchase, when she can pay in bad or
doubtful debt, than when she to pay in cesh' or,
suppose the stock Of the Company was above par,
and it had 1000 shares for sale, and 1t offered them
10 the State at par in payment oil the debit can any
one doubt that the State might accept III and yet
every one must perceive that the fact that the stock
ia above below par, does not affect the question OF
constitutional power, but enters only into the quts
ton of discretion, in the exercise OF The power!-
Again, suppose the State were asked 10 subscribe 10
a new work, and she replied: Il will, provided you
will take an assignment of the debt due me by the
James River and Ksnawhs Company" and the offer
| was accepted can any one doubt the perfect cons
| tutionaty of the transaction? and then the simple
QUESTION III tub IHffei N''''
and Kanawha debt in the stock of another Company,
ia there any legal impeachment to her investing
| it in the stock of the Company which owes the
debt. Cd. Can there be any want of power to pur-
chase property Of debtor Does The fact that he
is debtor incapacitate him to sell to his creditor J.
Surely not. II then the State may purchase pro-
perty from her debtor may she not receive that pro.
perry in payment of her debt if she peases to do 40
| Can any one doubt il Not only does the common
sense of every man tell him that she may, but the
will DrnaentN
show, in that clause which gives power to commute
debt; for the power TO commute debt is the power
to substitute debt for another or to take property
instead OF money for the debt Or to change IN s0r1
other way the security for il.
| But If have succeeded at all in this argument
have shown concIusivey hst the State will really re-
ceive fair equivalent Tor every dollar she will pay
and how it be said then that she will release her
debt, except in that in which every creditor re-
leases debtor from the obligation OF his debt when
he pays it. But let me ask when was the commute
ton of q debt before considered release ot H.
But there ia another clause Of the constitution
| which ia conclusive 10 show that the view which
have taken OF the word release is correct and the
only view which can be- taken of it, aud that means
grauous surrender. II is the 9th clause OF the iit
article which expressly confsrs the authority to ''com
mute debt, which is all that is proposed here. Now
can there be- any doubt, that party having the power
TO collect or commute debt has the power, by com
promise to adjust il, as to receive part in order u
avoid the loss Of the whoe in other words to make
valid compromise of the claim, unless such power h
expressly denied il, ns the denial OF the power to re
Lessee does not7 nay is il not round and settled rS
OF Interpretation that the exclusion of one power only
leaves every other incidental power unimpsired.
compromise er ~ tS,mini, imports surrender O
something on both Sides in other words il 10 the sur
render Of tbs full obligation and discharge Of the Who'll
debt in consideration OF partial payment by q bank
rupt oppressed debtor, or tho receipt ct pro
perty instead of money. and the statute which re
gulstes the power of the Board Of Public Works il
I,a
Code D. 3jl CHI II, and the act concerning the Firs
Auditor, Code of Virginia, p. 220 and it would b
very strange If it were not co. for the Commonwealth
would be the only creditor within her domlnons VIII
could not compromise debt, and rave part whe
il could not GEL all. But the term rsiease, If inter
preted TO mean that you shall not discharge wiihou
fail payment, ia directly sntagonlstic to " comprn
mise" and forbds il, 30 that il IL prevails the statnt
mus: be- repealed and the State left without The ca
pacty to save part of debt when she cannot saw
the whole of it, unless the we'll settled rule OF inter
probation BIZ adopted. which s. 20 to construe the III
airument M TO make the parts harmonse and reason
able and give effect 10 The whole, il The words ADM
of it, az they do here. The Legislature may comPro
mise debt, and yet not release il gra'uitously, for b.
the very act of compromise, it obtains considers
ton, and therefore does not act gratultously.
Suppose the State has debtor with properly ant
without money, may it not in time Of great pressur
receive the property at an agreed price, and hold
for better times to sell, or must it compel sa!e at
time when great sacrifice Dust be sustained by Dot
debtor and creditori SO far from it, the act of lSO-
Al page 81, chapter IS, section J, which 10 Sill ID
law expressly authorizes The Auditor 10 purchase In
property of debtor when tho interest OF the State re
quires it-and accordingly turnpike and cans
have been purchased by the State. l. this be no
true, then what would be the condition OF the State
abe forecloaed her mortgage7 She could not ruichss
the property, and che might see her ShO0oooo 81 deo
and 49, 900 GOO of stock, sold for q trhs TO c"mpan
of spectators. Bat all admit that she may purchas
for her debt at sale under decree. or under dee
of trust and is anything more clear than the pr"Fos
ton that if che may purchase at sa'e mad
under a decree or deed Of trust that she ma
purchass from the ownsr without decree or deed O
trust, eince sale in the latter form owes liza Vadlt
10 the act Of tho owner in giving the mortgage
deed OF trust, and If he can convey hs property /
secure his creditor, surely be may convey 1t to pa
him-and if the State may purchase the whole vi
debtors property when necessary to pay It's debt
certainly may purchase part ct H. Il II peases, am
part will pay The debt; and all that the Dill propose
is that the State shall purchase part OF the Proper
of the debtor in satisfaction OF s debt The STOCK
holders are willing TO create si5ty thousand new
shares and let the State take them for its debt Tha
part Ct its property. and we think ample 10 pa
the debt.
| really do not think there ia doubt about tn
ouestop and the auswer TO Il s, that the law propo.
cd is constitutional.
have to pray our pardon, gentlemen, for having
written more hurriedly than the gravity OF the SUI
iect required, but | was compelled by my engage
|
not consent to, believing as do that the destiny o
Virginia, and much in the hope and future OF tn
South, which we all love so much, depends upon lh'
opening of this great artery this Aorta, OF The Wea
tern trade and that in every aspect OF II, anu o! UNI
condition Of the country the present ia the crlfica
moment for it; and especially in view Of the fact tina
our distinguished friend Mr.. Preston has just con
| cluded, as we are informed, Gil engagement, win
| French line OF steamers TO come ~ 10 IaihP'ol
Roads. Is there yirginian whose heart DOES moi
leap at the thought that the trade of the grea; Wee
is to be poured through her centre, and the waters o.
her noble estuary whitened with the salla OF sea gong
vessels that come to bear it away, and bring 6sGK IL
return the products of other lands for our use Wha
Virginian would not delight to see the harbor ct Nor
! folk crowded with ships-her wharves aud ware
houses laden with goods, and her population increas
Hand With proud heart TO accomplish sucf, result
and give his county tie benefit of his doubts, II ne
has any trust not, and earnestly praying Tor Tie
succ 81 of the great work which il to reuvenste our
I IA aud, horj