Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1861-07-09

~ Wenl III L lily IN AA
the credit of the State. yet you no" WISH :.
destroy it, reduce the price oil your bohos 10"
er than they have ever been, and dIscourag'
those who have. in reality, been financially Us
sisting you. No matter what were their mo
tives, the fact is the same. For my part 81
far from desiring the citizens OF Virginia o.
any others not to buy, | an anxious bal theI
and all others should do so.
It raises the credit Of the State, and trans
fers this property from the hands OF Northern
to Southern holders.
In addition to the foregoing objections
have urged against this measure, there is al
other worthy of our attention. When a cou
non is presented here for payment, now ar
rou to ascertain, transferable rs 1t ls-no'
arc you to asc rtain whether 1t comes IRON
Northern or Southern creditor? The ordi
nonce proyides that the Auditor and Commls
sinners of the Sinking Fund, shall put sucl
interrocatories as they NAV deem proper. :
very pretty way indeed. But will hat relieV'
the difficulty? Suppose you acquire one o
these COUPONS in a bona Jias transaction, how
do vou know the number Of hands through
which it has passed? There cannot he an end
,ese series Of Investigations, as they pas
from hand 10 hand. Those who present thes'
coupons at the treasury, will not be the mel
who received them from the Northern creator
They will probably be totally ignorant OF tnef
origin: and when the Auditor proPounoS tn'
required interrogatorics under oath, what VII
b. The answer? OF course there can be none
The scheme is, therefore, totally impraciicaoie
Again: suppose these coupons 60 10 l-onoon
will YOU follow them there to refuse payment
''
How will you distinguish between the coupon:
due there, and those due in this country?
is impossible, unless you conflScate or suspend
the interest on the entire corp)n debt. no matte'
hv whom held. To that end you must come
At least if you make this q practical measure
T suppose that no gentleman vii! deny ina
this would be reputation in full. No, Dir
President, we are not so poor, great as Is nu'
debt md onerous as is our taxation, but tina
re can afford to pay seven hundred Thousand
dollars to sustain the honor OF Virginia, ane
maintain the credit upon which we must e7ent
u1lly carry on this war. trust, sir, that tn'
Convention will reject the ordinance.
Mr.. BARBOUR, Of CuIpcpsr.--Mr. president
the gentleman who has just taken his seat,
calls for authority applicable TO this very cast
-iustifying the suspension Of the debt due oy
the State. shall give him authority whicf
he cannot dispute. When up before, care
fully abstained from every thing which m,Sn'
be construed as infringing upon the sensloi!I
ties Of any gentleman; but on our part, ou'
arguments have been met with Remuneration.
"Dishonor." "immorallty," violation OF ial!h'
are the mildest terms that have been empioyeo
against US. I venture TO say that ], and th'
gentlemen who 20 with me, are as consclen
tious upon the suhjec: of morality and inc gu
! f. we owe the Commonwealth, as any oil those
who have preceded us in this discussion. In
trntionally, 7 would violate no moral principle
| Their morality, if morality it be, would resuli
in spilling the blood Of their own people. Ny
immortality, fit be immortality, as has been said.
has practical results in,kecping Virginia money
out of the pockets of the enemy. Their mo
raiity proposes to pay a large sum to Abraham
| Lincoln. Ny immortality steps IN to preyen'
The accomplishment Of that design. Ihelr
morality arms the enemy. My immortality
defends the Commonwealth. Pursue the dis
.~tinction as far rs you please. I'M ~orln VIII
know where we both stand.
But let US strike into the law question:
You are o lawyer, sir, and you know how easy
it is for any gentleman, on any mooted point
to quote a decision or two upon his side OF the
case. The devil himself quotes scripture ior
his own purposes, and | never saw n lawyer
vet, who could not find authority to suit him
self, and who carefully avoided whatever die
not come quito up to his views Of a case.
Now, my friends from Middlesex, (Mr. Mon
7AorE,) and Essex, (Mr. GAESETT,) in rather
an nd eapitandum style, has discussed this
subject MS if it was between US and the high
authorities they quoted. Let me inform them,
however, that I am not in the contest at ALL
Chancellor Kent, Judge Story and Judge Mar
shall are the men who are summing up the ar
gument for us, and without going back TO Pol
Ston or Wildemaun, or ancient sources, l am
content to rely upon their decisions to main
tain my point. Let me read a few extracts
TMr. BARBrrR here read several quotations
from the works of Kent and decisions Of Judge
Marshall, in proof of his argument that an
unouestionable and indispu!able right EXISTED
to confscate individual debts, principle and
interest
The gentleman from Essex, (Mr. GARSETT)
CONTINUED the Speaker,) has rafeTred 10 an ar
cu,ncnt which took place in the House OF Com
mons in 1853. About ten years ago it was my
fortune to be present with you, Mr.. President,
In 2 OOIlfcIIlDIl HI tlICi ~
gentleman from Shenandoah was also there,
and you probably remember with what dlsia9or
the amendment Of the subject of the Sinking
Fund was then entertained BY a goodly number
of the members Of that body. We were told
that By passing such a measure we should
break down the credit Of the State; that 1t
would interfere with the fundamental law Of
the State which consecrates a fund to the pay
lnent Of the interest and principle Of the pub
lie debt, by fastening to the proposition q pro.
vision declaring that during war the Leg'sia-
ture might suspend the payment of the fund.
It passed, however, and received the spprobs.
ton of the people. Now, I say. that debaters
in the British Parliament may be sufficient
authority for the gentleman from Essex, but
an act Of the Sovereign Convention Of Virginia,
endorsed by the vote Of the people, is a better
speech and better authority than any that ever
einanated from the British Parliament.
The language Of that law is az follows:
There shall be set apart annually, from the
accruing revenues, q sum equal 10 seven per
cent. Of the State debt existing on the first
day Of January, in the year one thousand
eight hundred and tifty.two. The fund thus set
apart, shall be called the sinking fund, and
shall be applied to the payment Of the interest
of the State debt. and the principal of such
part Ms may be reiecmlhlc. If no part be re-
deemable, then the residue Of the sinking fund,
after tho payment Of such interest, shall be in.
vested in the bonds or certificates Of debt Of
this Commonwealth, or of the United States, or
Of some Of the States OF this Union, and applied
to the payment Of the State debt rs 1t shall be.
come redeomable. Whenever, after the said
FIRST day Of January, q debt shall be contracted
BIZ the Commonwealth, there shall be set
apart in like manner, annually for thirty-four
years, a sum exceeding by one per cent. the
aggregate amount OF the annual interest agreed
to be paid thereon mt the time Of its contraction,
which sum shall be part Of the sinking fund
and shall he applied in the manner before di,
rected. The General Assembly shall not 9th.
erwise appropriate any Of the sinking fund or
its a%ccruing interest, except in time of war,
insurrection or invasion.
Here you have the declaration. clear. distinct
and emphatic, that the General Assembly shall
not appropriate any part Of the public fund,
- a.. ..,,~- ;ptnracf nvropt in fip,a IF NOR