The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-12-22
..,.;,.. af1Mr s,TTrnrpn1l 8 amended by Mr

fb5rfhGBIII, TINS opposed 10 III. Gufasa.
Ifsss substitute becauseS he was opposed 70
rtFpsazditg In Ll1af,IteE- the BUSINESS Oh
the funding act. BE distinctly disclalIned on
(-behsE of himself aFl hese who aateaE wat4i-
him any sympathy with Fepudiaaon. NOT
did II lie with the gentleman from hlchmo 1.al
ar. DANEL) and the gent man. lroM ssa.
syivania Mr. SrTHEHLIN 10 Ialse tile eLY shas
offers are repadiationists, that the creshsoi
the State is in danger, and that state stock Is
depreciating in value. If the credit OF the
State had suffered twas by the apprenen-
sioris awakened by the elsargesZWhlch these
osr,tle1nen had made, AGAINST the solemn and
Srer,eatea disclaimers of the gentleman whose
motives they have impu CITED. The people OF
Virginia were opposed TO the principles OF Inc
fupdfny bill. and were DESTROYS OF setting ~
aside by ar1yrtegal means. d 1T was IlnWtse ana
uni,1st. md there waain bad .odor abou!
the manner of.5its passage He would
ten gentlemen that this funding bill bad been
| am. issue In the late campaign, and, like many
others. he had been sent here as lts iasoWed
enemy. He then proceeded to; give ms
| y;eyys, on, the finding act claiming. In tine
! outset that it was passed in the interest," OIL
i observation-disclosures alene9a HeGt hoHght -1lns
/ was. hot simply question of paying interest,"
ON the LIST of January, . 1872, but a question
of, recognizing the falidity of the contnct
1 made in the funding act with the eredItora OF
the State. ! This he 1yas most assufedly not
1 nrepared to do, We slot1h take time to cor
| slider this most important step before we
commit this Legislature to the financial policy
of the last. But the interest cannot be pala
without additional taxation, whatever syren
songs the friends of the funding net may sing.
There must be an increased revenue from
! some source .and't the Auditor admits this,
/ and PROPOSES plan for, the same. 1T. was
even promised TO cripple the free-school sys-
tenn. 10 this.he. WIS opposed, II would be
! TO yiplrte The Constitution which we lbiFe
| sworn Ia support. He then reviewed AT
| length the statements OF the Auditor, ana
claimctl ulat they fully sustained his opin-
| ions, ."'..a.-. 70 .
| Mr.. RRooEE, Of .Tauquier read the follow
| ing, which he proposed 10 oilcr as sutsti-
tnte for the propositions pending should the
amendment Of Mr.. Sutherllh be voted GOWN
! "Whcyeas the General assembly has now
i ubder consideration the act Of March 80,
1871 known as the funding act, with regard
to which the views and policy Of the Gene.
raj AsscmbIy !1iavb not been ascertained and
determined; and whereas there appears to
be in the Treasury of the Commonwealth n
/ sufficient amount in excess of the current
cyDenditurcs of fIfe Government to pay
the seni-an1ual interest accruing on the 1st
1 of January, 1872, according to the provisions
! of. said act; which act to that extent, but no
| further. the General Assembly is willing for
! the time being to respect; and that there will
be on the 1st of July, 1872, sufficient SUR
plus In the, Treasury apart from the pay
! ment of INTEREST," to eQualize all the creditors
of the Commonwealth rs to interest due on
the 1st of January, 1872, should all such
creditors be hereafter found entitled thereto
Therefore belt enacted by the Genera!
| Assembly,, That IL shall be THE duty of the
Auditor Of Public Accounts to pay into the
public treasury, subject to the warrant OF the
Second Auditor, so much of the public reve-
nue. as the Second Auditor may certify to lie
necessary to pay the interest on the public
debt due and payable on the 1st Of january,
1872, as provided for by the said act, known
as the funding act, passed March so, 1871;
| &F9. Nothing contained in this act shall be
construed % committing this General ASSEM-
bly, to any recognition of the constitutional
/ validity or financial wisdom Of the act
above mentioned, or Of any supposed con-
tracts which may have arisen under it,
or as hindering or embarrassing this
General Assembly in a full and tho
rough examination of its merits, ar in law
fullF correcting any evils which may be
| found to result therefrom either by repeal in
whole or,in part, or such modification Of its
provisions rs may bn deemed necessary. Nor
Shall ANYTHING contained in this act be so
construed az to indicate any desire or inten=
| ton ,lpon tho part OF the General Assembly
| to make any discrimination between the crc-
| ditors of the Commonwealth, it being its
purpose, so far as it may lawfully do so, to
| place all such creditors upon al equal foot
Ing, and to correct any inequality which
may temporarily result from the provisions
of this act" ., ~tl .9..' 80. III -~'
On motion of Mr. MATHEW the House
then took recess until hal1-past P. NJ,
:! Mr.. BROOKE having the floor,
Night Session,
Speaker HANGER in the chair. ,-.-.-...-}
Mr.. BROOKE submitted an earnest and
elaborate argument in favor OF the substitute
which be proposed TO submit. He appre-
ciated tile difficult nature of the problem
before. the Legislature, and described repu-
diation rs Sylh, aud the funding bill as
Charybdis. He was here to oppose that bill
so far rs he could lawfully, even to the extent
of its total repeal, if that could be accom-
plished. But he was also here TO oppose re-
pudiation, but he thought the danger Of
Reputation was not SO great as' gentlemen
feared. A misrepresentation of the motives
and intentions Of the opponents Of the fund
ing act had done more harm than anything
else. That act, he claimed, was itself repu-
dation-the first instance of it in the history Of
Virginia, and he hoped the last. He then
critically reviewed that bill, and pointed out
what he regarded as the injustice Of its pro-
visions. In conclusion, he expressed his
desire that no harm should be done to the
credit Of the Suite by refusal to pay the
interest SO soon due, but thought some such
bill us he had presented presented the only
way to do it properly.
I Mr.. GILMAN, Of Richmond, said he had heard
the same subject discussed by the ablest minds
in the State in all of the Legislatures which
had assembled since the war, and while the
debates had been sometimes excited and acri-
monious, they always erentuated in showing
that while gentlemen might differ as to ques-
tions Of expedlency and policy they agreed
in purpose to uphold the credit and honor
of their State. He would not deny that there
was argument Oh the other side, for he could
not conceive Of the gentleman from Amherst
or Fauquier being found advocating propo-
sition which did not strongly appeal to their
honest Judgment. He gave gentlemen credit
for the same honesty Of purpose he
claimed for himself, and hoped that
the present 81 debate would result, in
the adoption Of q resolution which
would save the credit of Virginia and infuse
Life and hope into our dispirited people. The
proposition Of the gentleman from Pauquier,
which, while not meeting the entire approval
of either side on this question, yet ought in,
its essentials to receive the endorsation of
both ultimately, encouraged. him to believe
that this would he the ease Gentlemen have