The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-03-19
that would be sufficient

Gentlemen, when asked to vote appropria-
tons to important subjects, had objected
that the State must pay her own debts be-
fore voting money in this manner. He
called upon these gentlemen to vote now to
pay the interest on the State debt, and
thus relieve the women and children, the
widow and orphan, for whom they appealed,
by paying them the money which was due
them.
MIR. E. contended that il the Legislature
made no provision for this debt, the mill
tary authorities would. The State bonds
were held elsewhere than in Virginia, anu
the creditors would make demands LOT
their money, and the military would en-
force them. A. on-
In reply to Mr.. SEAwELL, Mr.. Z. con
tended that the bonds given now 10 con-
solidate the debt would be readily re-
ce;ved nv the creditor. In point OF iam'
thew would be good. They were not e'i-
dence of a new debt, but the OLD deot IN
new form. II would be binding, and all
creditors would take them gladly. IL lne
State had no legal existence to make ol,u-
inc new bonds, she was equally ahiiaDie
for the bonds which these would take the
nlace of. and the holder that declined the
pew would be no better off with the OLD.
Mr. EVANS spoke of the disastrous
effacts mon our own people OF failing TO
nav the interest on State debt. A friend
IF Of his had sold 1000 State bonds for 5000,
- meet his expenses and if this Legisla-
NO Aid nothing to meet the State obliga-
TONS and that man had to sell another
80 OOO before Whitsuntide, he would not
get 5000 for it. A man who could not pay
The interest on his debt was hopeieSsiy
bankrupt, and ought to 60 into Dank-
ruptcy. So, if the State was unaoie 10
nav her interest, she, too, must Do
hopelessly bankrupt, and ought to go INTO
But he believed the people
to be willing to pay the necessary TAXA,
ton. They had shown their capacity ana
willingness to make sacrifices for the pub
lie good, and he had no doubt they would
do so again. He believed the farming in
terest would be fully able to pay their
taxes. The Commonwealth would save to
the people vast sum by enhancement of
the value of her bonds by paying the
interest.
MIR. WHITE followed in support of the
bill. and declared that his constituents
were willing to pay their part of the six
per cent. upon the whole debt. He con-
tended that bondholders did not expect to
have the interest upon the funded interest
of last year, and that it would only take
forty-fve cents on the 500 value to pay
the interest on the balance of the debt,
some S34,000,000. As far as he had in
CURED, the people seemed willing to meet
this tax. The prices of produce were
higher than ever and the farmers were
able to pay the taxes. He cOntended that
the bondholders would look to Virginia,
and Virginia ought to acknowledge her re-
sponsibility, and then look to West Viz
pinia for her lawful share Of the debt.
Mr.. WHITE extended his remarks TO some
length, earnestly appealing to the Legisla-
ture to provide for the interest, and save
the credit and honor Of the Common
wealth.
Mr.. HERNDoN took the floor, and ad-
dressed the House for some time in favor
of his amendment and against the PROPOSE
ton in the bill to consolidate the public
debt by the issue of new bonds. He OBJ
iected also to Mr.. SEAwELL's substitute.
lie examined the m0dus operandi Of ac
plications and difficulties. He objected
firmly to leaving part to be paid by West
Virginia. Virginia should meet her liza
bility, and herself look to West Virginia.
Forty-five to fifty cents in the 500 would
pay, under his proposition, the six per cent.
upon the $34,0O0,000. The payment Of in
terest would be shower refreshing to the
business and industry of the State. But
if the House refused to pay six per cent,
he would fall back upon four per cent.
Mr.. LEONARD continued the debate, ia
voring q middle ground between the pro-
position to pay six per cent. on the whole
debt, and the substitute to pay four per
cent on two-thirds Of the debt. He thought
some effort should be made to pay some
portion of the claims of distressed credi-
tors. He advocated the payment of full
interest on two-thirds of the debt. He
believed that all parties desired TO provide
for the duty and honor Of Virginia, and he
believed that some intermediate plan might
be adopted not distressing to the people,
and affording relief to the creditor. He
contended that in justice Virginia was not
called upon to pay the part Of the debt
due by West Virginia. He would not say
that one third was exactly what that State
owed but it was fair to leave that sum
until the question was adjudicated. Mr..
L. thought that if Virginia paid the whole
debt she never could recover any part of
it from West Virginia.
Mr.. L. proposed, as ground of compro-
mise, to provide for six per cent. interest
upon two-thirds of the debt. He moved
to so amend Mr.. SEAwELL's substitute as
to make the semi-annual payments three
per cent. instead of tlcO.
Mr.. Z. TURNER got the floor, but gave
way to Mr.. GARRETT, who moved that the
House adjourn; which motion prevailed.