The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-12-16

Bv Mr.. Penn Bill to authorize Lorenzo
D, Lorentz to construct trainway in the
county of Montgomery.
By Mr.. PENN Joint resolution propos-
ing constitutional amendment in regard
to the adjustment Of the public debt.
SHERIFF OF MONTGOMERY.
Mr.. PENN offered joint resolution di-
rectine the Auditor Of Public Accounts to
have suspended the proceedings. under o
writ of jtert facias, issued against the goods
ana chattels of the sureties of the sheriff of
Montgomery for sixty days. 1t was passed
under suspension of the rules
ADJOURNMENT FOR THE HOLIDAYS.
Mr.. RrDD1ck offered joint resolution
providing that when the General Assembly
adiourns on the 23d of December it adjourn
to meet on Wednesday, the 2Sth instant.
MIR. ROLLER made an unsuccessful effort
to lay the resolution on the table.
1t was then lost-ayes, 10; noes, 10.
adopted providing for the adjournment Of
the two Houses On the a2d instant, to meet
again on the 2Sth of December.
IrHE PUBLIC DEBT.
The consideration Of the various propo-
sitions in regard to the payment OF the pub
lie debt was resumed.
Mr.. WADpELL (Mr. COURTNEY in the
chair spoke in support Of his substitute.
With some of the remarks made by Dir.
PEEDtErok he fully agreed. This was no
matter of sentimentalism. TRUE, there are
many citizens of the State now in necessl-
tous circumstances, who lost all else during
the war save certain State bonds, and others
whose money was years ago invested by
order of courts in State securities, and have
now nothing to show save few bonds.
But though these might claim our smpa-
thy, they should not be paid on the ground
of charity. If the speaker believed there
were no Just obligations resting upon us he
public debt. But he regarded it as debt
of the highest dignity. 1t is debt of
honor-all the more sacred because no
Judgment can be obtained and no eXecu-
ton can issue as against an indiyid-
ual. In one sense, however, he as
sehted to the resolution Of Mr.. PENDLE-
TON, when it declares that the present State
of Virginia Is not boilhd to pay the whole
debt. AS between Virginia and West Vir-
einia the latter is bound to pay her fair
Share, But what is that share? 1t is not
for either State alone to decide. The two
States must agree as to the amount each is
to pay; or it must be adjudicated by an
IMPARTIAL tribunal. We cannot acquit our
selves by determining that our portion is
so much, and we will pay that and let the
remainder take care of itself. 1t Is our
solemn duty to see that the whole is pro-
vided for.
Mr.. WApDE1t then reviewed the facts in
the case. For many years prior to the year
1861 the State of Virginia was enaged IN
carrying on or aiding works OF internal i'm
proyement. For this purpose large sums
Of money were needed and borrowed from
time to time. It is the aggregate Of these
loans, amounting in 1861 to about forty
millions of dollars, which constitutes the
public debt. The accrued and unpaid In
terest amounts to about seven millions OF
dollars, SO that the whole debt now amounts
to about forty-seven millions. For the
tull and Just payment Of this debt Virginia
has pledged her honor, and the States
creditors hold the States formal obligation
for its payment. For its payment in whole
and in part a mortgage was virtually ex-
ecuted binding upon all the property of the
State. The General Assembly had, and
still has, unlimited power of taxation, and
every acre of land and every article of tax
able property was and is bound for the
whole debt. This must be 80; otherwise
The State, by destroying its property and
disintegrating itself, might get rid OF It's
Indebtedness. If an island belonging to
the State ON the sea-coast was swallowed
up by the ocean no gentleman would say
that the State, although not absolutely the
same as before, was absolved from the duty
of paying its creditors.
The speaker combatted the idea that the
debt had entirely disappeared after the war,
and we were in that happy condition
where no man owes any man anything.
The Senator from Botetourt (Mr. PENDLE-
TOM could hardly mean this. There was
no example in history where revolution
or change of government has absolyed the
people from the payment of the public debt
of the country. The debt Of Great Britain
has followed the country through all its
changes. No, the debt must be paid, and
strictly in accordance with the terms Of the
original contract. Moreover, we are now
in the enjoyment of the railroads and other
| improvements constructed with the money
| furnished by our creditors i; and with what
propriety could we refuse to pay for them!
He held, then, that the whole debt ought
to be paid, and that each of the States of
Virginia and West Virginia is bound to the
boud-holders for the whole debt: the
creditor may look to the other, and the two
States are bound to arrange the matter be-
tween themselves with reference, first, to
their just obligations to their creditors, and
secondarily, with reference to their own
convenience.
Now, to which State do the creditors nat
urally and properly look, primarily, to ar
range the matter? Take Mr.. PENDLEToN's
own illustration. Virginia Is one son of the
old State and West Virginia Is the other,
and what has each inheritedp Unquestion-
ably all the taxable property in each State.
IF the State had not been divided all the
property in the whole State would have
been liable for the debt, and the division Of
the State does not change its relation. Now
here we are, the older son living in our
ily records, all the books and papers be-
longing to the old man, and the creditors
of The State come to us for settlement.
These records show, in the writing Of the
old man, that the debts are just; the
money was borrowed by him, and the
money was spent in improving his
plantation. We have in our pos
session part of the plantation with its
improvements. The debts amount to S49,-
600, 900 but the plantation, stock, &C., are
valued at $3.50, 060, 600. Can we rightly re-
fuse to pay the debt or arrange for its pay
ment, as soon as possible Can we with
wait to effect settlement with the younger
brother, perhaps q prodigal? In the case
of individuals the law would make us pay
whether the prodigal brother contributed
dollar or not. We are law to ourselves.
It rests with US to say what we will do, and
we should do what is just. We should ar
range the public debt as If 1t rests entirely
upon us, without, however, rehxing our
effort to induce or compel, IL need, West
Virginia to contribute her fair portion.
What that right Is we have no right e1pGrte
to determine.
Mr.. WADDELL further argued that the
! a a. D. &c
the State since the war conceded with his
o,y, Tho fret I,aoislatI1re after the war