Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1871-12-26
Remarks Of Mr. Neaic Of Alexandria,.
in the House Of Delegates. Oh the
resolution OF Major Sutherlin to pay
the January interest OF the fUnticdI


the January interest OF the funded
debt.
Mr.. Ncae said: feel that it is due to the
constituency which have the honor in part
to represent, that should state to this House.
the reasons that will govern me, in tho vote
that | shall give upon the substitute Of the
member from Pittsylvana is amended by the
member from Chesterfield
do not think that it would be becoming in
me, even we're I so disposed, to criticize the
action of the last Legislature in the passage Of
the Funding Bill. [ believe that the advo-
Gates Of it, were firmly impressed with the idea
that it would result in the good Of the State,
and am willing to give them credit for it. It
cannot, however, be disguised that ever since
the passage Of that bill, there has been great
dissatisfaction in some sections Of the State. at
the features contained in it, and men have
even gone so far as to declare that they would
advocate Reputation rather than submit to
the burdens imposed by that bill. | came
here, having made but one pledge OF Import
ance to my constituents, to reduce taxation il
possible know how our people are groan-
ing under the present rate, and how many
| have been sold out, because OF their Inability
to meet the dcuauds OF the collector When
therefore, the resolution was offered by the
gentleman from Frederick. inStruclng the An
,Iitor not to issue any more new bonds until
we had examined into the financial condition
of the State, | voted for it. | knew that it
would be claimed that it WIS unjust to create
two classes Of creditors, and to ray one class
Interest because they had been viglIant IN fund
ing, and refuse to pay the other class because
they had been dI!atory-cSpeclaIly when the
former class was composed OF business men,
and the latter Of willows and orphans. BIT
believed then, aS | du now. that although II
might DC uEi just to create such distinction. yet
if the eXigenritS Of the State demanded It, We
were justified in doing So. And We're We not
Justified in passing the resolution Susrcndng
Tor time the funding of any more OF the
debt? Were the finances oi ollr State in such
condition that we could without amy lnvcStl-
CATION declare that We would ply annually
1920, WUO Of interest? We had the report,
and very able one it was, Ut the Auditor
lie, after making a very liberal allowance for
all sources OF revenue, estimates, that there
will he in July inthc Treasury Of the State
some 800 Ouu, and that if the whole debt i
funded. We will then have to pay S1,UDnO Ol
interest, leaving Il deficit Of over $7W,Um.
Now, how is this deficit to be made good, and
how WAS it proposed to pay this $9Gu.OO1 Of
interest if the whole debt WIS funded? lie
proposed that the commissioners Of the Sink
ing Fund should loan to the State the bond:
OF the State, which the various railroad cnrO-
rations mad placed with tho commissioners to
buy ont the States interest in such railroads;
and that such bonds should be hypothccatCd
by the State as Il security for Il loan which
should be effected. in order to pay the Interest
that would accluc by reason Of the whole debt
being funded. \ rather questionable proceed
ing and the legality OF which >unc UE or
i It
the best. would only bring us relief for Il time
The only way as supposed. when voted Tor
the resolution, III which the interest could be
met, WAS by largc y Increased taXatVn and
even the taxation 50 laid, would not bc co.lcc-
ted III time to meet the demand ior the semi
annual interest With our people comp .an-
ing bitterly Of taxes, when they were only -
cents on the hundred dollars, and when 1t was
only Necessary to raise : lOO,OOO, what would
they say when we had to raise over So, O2O,O
and in order to do So raise the rate to 10 cts.
On the hundred dollars ! for one, desired
time in which to think over the MATTER. [
wished to consider whether the people could
stand the increased rate If | must confess It.,
although representing a city, yet felt Il deep
sympathy for the country. | was well aware
how many counties had been devastated. and
how many citizens Lad been ruined by the war,
and wished to give them relief, if that relief
could be given, consistently with the honor aud
integrity of the State. knowing the generous
feelings of my constituents, | believed they
would sustain me. voted for the resolution
of the gentleman from Frederick, because /
could not see that the public credit would be
effected thereby. We had violated no obliga-
ton on our part The State had made a propo-
sition to its creditors, aud they had failed to
avail themselves Of it. VIC found that our
financial condition was such that we could not
carry out the terms Of that proposition with
out baukrupting our State, | maintain that no
odium could attach to our State by the with
drawal of the proposition. But the main rea
s0n that induced me to vote for the resolution,
wils; that [ considered it a resolution, not Great
ing permanent suspension OF the Issuing OF
the new bonds but as a rrS0luttOH 0t Mq"uy.
\ resolution that would bring us light, by which
to examine the question. | would say here.
that if | can sec land believe shalI) way
in which the State can pay the interest upon
the whole debt if funded, without materially
affecting her prosperity, shall vote to pay all
the interest demanded by the Funding Bill.
think, since have had time to look into the
subject that by rctrenchnent and economy,
this can be done. Tell me that am in favor
of reputation because voted for that rcSolu-
ton | am opposed to reputation IN every
shape and form. and my constituents, although
they arc not more partial to taxes than others.
would part with their last dollar before such a
stain should be allowed upon the fair name OF
Virginia
| believe that the adoption Of the resolution
Of the gentleman from Frederick, has done
more than anything else to put down this cry
of reputation The people will sec that by
its adoption We were disposed to give them re-
lief. if the relief were honorable; and if We de-
eide 10 tax, to meet this interest, they will be
satisfied, because they know that we We're nc
t,latcd by no desire to Cypress them: but solely
to maintain the good name OF our Statc-dcar-
er to Nirginian than anything else
While, therefore, Tor these reasons, | voted
for the resolution Of the gentleman from red
erck. vet must vote for the substitute OF the
gentleman from PittSyIvania, which proposes
to pay the january interest upon the debt, $"
far as it has been funded. Here We have an
executed contract--a contract that Is binding"