The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-01-28


| Methods Of dtsposing Of State interesu ,IS.,,
.s many, indeed, - may be emorase 80. or
tho meaning of the terms release d'e'e
commute. .,,on %. ,forbids
Inv 80, .. loan " that has been mace
by the State TO m ih'oAf -
zoe 30 ,A The LIABILITY to the State Of any incor.
$4,000 company or institution to redeem the
pp..ncInai and pay the interest Of any loan
haretofore made, or which may hereafter be
made by the State TO such company or institu.
| lion, shall not be released"
| The section forbids release Of leans or
bonds but forbidding release of bonds held
against a railroad company does not forbid
the release OF shares in its capital stock. IL
man devises farm Black acre and farm While
| acre TO his son, but forbids the ALIENATION OF
Black acre within twenty years, no iawyel
will pretend that the son Is deoarreo non
alternating White acre at pleasure. section
which forbids the release OF Donds aoe' nv
prohibit the release OF stocks. IL theiang""se
CONVEYS any Implication NJ all, II Is rather wy
| implication that property other than oon"'
NAV be released. The bill before the Leeisii
| ture does not propose release; tna' - " Say,
does not propose to surrender loan 70 'he
debtor corporation. 1t proposes a trans
| fer that is TO say, an assignmeht-oi tne
loan for valuable consideration TO newly
constituted general company. into which the
debtor corporation shall be merged.
The next Of these clauses, section q, pro-
yides that the State "shall" adjust with
West Virginia the proportions OF the State
debt to be assumed by each; and that Virginia
Il ,.n.. xr,fth
authorize sale of all stocks, interests, and
property held by her in public works and in.
situations. 1t is in these words:
"27 The General Assembly shall provide by
law for adjusting with the State of West Nir-
ginia the proportion of the public debt Of Nir-
| ginia proper TO be borne by the States Of Nir-
ginia and West Virginia respectively; and
may authorize, in conjunction t1h ne STATE g
/ West Tirginid the sale of all lands and property
| of every description, including all stocks and
| other interests owned and held by the State of
| Virginia in banks, ,oorks Of internal improre.
ment, and other companies at the time OF the
formation of the State of West Virginia"
The first clause of the section is mandatory,
and has been obeyed by the General Assem-
bly, the latter clause is merely suggestive and
| permissory; and provides that the two States
| "mny" conformity sell for the purpose OF liqui
dating the public debt. But permission 10
dispose of property in one mode does not take
away the right and power to dispose OF IL IN
other modes Prudential reasons counsel US
| TO concert with West Virginia terms for the
apportionment Of the debt, and for disposlng
of tho property of the State for its payment !;
| and this twenty seventh section suggests ana
| permits the sale of the property. But neither
in IT'S terms nor intendment does 1T interdlct
| Virginia from herself exercising the complete
| rights and powers of sole proprietor over
| this property In fact, the very next section,
as we shall presently see, asserts this absolute
and exclusive proprietorshp, and provides or
| n sale of property by the act of Virginia alone.
The effort TO give TO clause merely permit
ting one mode of performing an act the force OF
n prohibition rs to all other modes is certainly
novel.
The next and last of these provisions sec
ton IS, empowers the General Assembly OF
Virginia alone, without concert with West
Virginia, to direct the sale of the "stocks y
held by the Commonwealth in internal i'm
provement companies, in which event the pro-
ceeds of sale are to be applied in liquidation of
the public debt. 1t is in these words:
"2s The General Assembly may at any
time direct the sale Of the stocks held by the
Commonwealth in internal improvement and
other companies located within the limits OF
this Commonwealth but the proceeds Of Such
sale, if made before the payment OF the pune
tut, shall be appropriated to the payment
Mere0f."
Collate this language with section %. One
of the sections, rs, refers to stocks, the other,
section %, refers to loans or bonds. The one
declares that the State may sell stocks, and if
selling, shall apply the proceeds in payment of
forh release on
bonds. 1t is very clear, therefore, that the
intention of section IS was 10 apply only to
stocks; while that of section % was to apply
only to loans or bonds. The bonds we are for
hidden to release. The stocks we may or may
not sell; but if sold, the proceeds shall be APP
piled in liquidation of the public debt
Speaking generally of the two clauses, it is
to be observed that there are many ways of
disposing of property other than by release or
sale, and prohibition of these two methods
does not tacitly embody prohibition OF all
other methods; on the contrary, the implica-
ton is the other way. If give my parole that
l will not go TO Baltimore by way of the Bay
or Aqua creek, the specification OF these par
ticular routes, by which / shall not travel,
rather implies that may go by way of Cor
louisville or the Valley. If am prohibited
generally from going to Baltimore, that ends
the question. But if / am prohibited from
going there by two out of four routes, that
virtually gives permission TO go by the other
two routes. If the Constitution had prohi-
bited the General Assembly from disposing of
her bonds and stocks at all unless upon condi-
ton of applying the values obtained in direct
liquidation of the State debt, then the ques-
ton would have been closed. But 1t does Just
the reverse. 1t only forbids the bonds from
being released and the stocks from being SOU
but it expressly provides way Dy "hien
they may be otherwise disposed OF. Sectoh
%, which introduces this Whoie supJe'''
in requiring yea and nay Vo'e anu 'o'-
stitutional majority in certain cases. uses
term. much broader than the words release
and sell, for il expressly assumes tha1 All Claims
and demands of the State may, besides be-
ino ra,.a ssd and sold, be discharged" and
:. commuted'' .; and it provides mode by 'ottch
~ dyecboroe and communication may be Effected. 1t
loo yes The General Assembly at fun liberty,
acting in good faith, TO dispose Of, commute,
and discharge the States property, claims,
and demands as 1t may think best, provided ii
sholl not release bonds, and provided II shall
NOT sell stocks without applying the proceeds
as directed. If the bills under consideration,
nstead Of employing the word transfer"
were to subs titute the term commute they
would be in substance and in letter constitu-
tional, provided only the precaution be taken
Of recording yea and nay vote, and Of insur-
ing a constitutional majority.
The several sections of the Constitution
which have been thus reviewed may be con
dsnsed into one, as follows: 1.-THE General
" Assembly may, by yea and nay vote, and a
" constitutional majority, release, discharge,
"and commute the property and assets Of the
Estate in public works Provided, That il