The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1871-10-27

1t. thus will cost the people OF Virginia
49,, 440, 000-(a sum in excess Of the entire
State debt in 1S6l)--to discharge a liability
of sll 900, 900. Yet Colonel p. says the
Funding Bill lays no tdr on lie people,
while the annual levy required TO pay the
interest upon itGest-sGG0, 000-would, in
sixteen two-third years, have extinguishcd
the original liability, sl1 100000.
But Colonel P. says the State debt has
been reduced by the Funding Bill "from
$40 ,00o, 900 to about s32 ,000, O00." Hon,
he discreetly refrains from stating, but what
ever reason he has to offer for this state
ment, we assert in most unqualified terms
that it is not the fact, unless the following
language, from section 3 of on act to pro-
vide for the funding and payment of the
public debt, is rq,udiation an Disguise. ia
'Upon the surrender Of the old and the
acceptance Of the new bond for two-thirds
of the amolnt due, as provided in the pre-
ceding section, there shall be issued to the
owner or owners, for the other one-third of
the amount due upon the old bond, etc.,
and so surrendered, a certificate bearing the
same date as the new bond, setting forth the
amount Of the bond ,chich is not funded,
as provided in the preceding section, and
that payment Of said amount ,oah interest
thereon at the gate prescribed an The bond
surrendered will be prorided for in accord
ance," etc.
Now we ask Colonel p. where he finds
in the above, any warrant for his statement
that the public debt has been reduced by
the Funding Bill? The certificates given
by the financial officers of the State OF
Virginia for the deferred one-third, bear
the same rate of interest as the bond sur
rendered, and contain pledge that pay
ment thereof ,oW be prorided for-by
whom? if not by the State, whose officers
sign the above pledge Of her public faith =?
If this pledge is made in good faith,
where is the reduction of the public debt?
or, does Colonel p. leave deceived people
to infer this is the "smart thing" in the
Funding Bill, Of which we have heard,
rirtudl population Of one-ttrd Of The debt !?
If it is, then Col. P. defends a financial
disgrace and while voting to pay &33 no.
900 to hquidate debt of $ll ,000,o0 to
brokers and money shayers, he would re-
pay but $22,00o,0oo to those who lent
s33 ,000, 900 to Virginia, in gold or It's equiv
alcntone hundred dollars for each ono
hundred-dollar bond they hold secured by
nothing but pledge Of thepubic faith of the
State.
We trust he will define his position or
this point, and also explain why he disrc.
garled plain mandate Of the Constitu-
ton 1.-THE General Assembly shall pro
vide by law sinking fund, &C.," for nc
such provision was made or attempted by
the past General Assembly, of which HI
: was member. Equally negligent was
Col. p. of an caterpillar requirement of The
: Constitution provide by law for adjust
, ing with West Virginia the proportion o
{ the public debt to be borne by that State
| Nothing done, or provided to be done, OK
cept appointing commissioners, at largs
! compensation, to visit West Virginia, ant
inform her we had forestalled her action il
, the promises, and made contract with GU
5 joint creditors, which will be secuted b,
, her; while we declined to seek the only re
: course, a legal and equitable adjustment
before the proper tribunal, the Supreme
> Court of the United States.
The grave financial complication of GU
, State finances, is not, and should not b
made, a party political question. We hav
no sympathy with Mr.. Lackland's comics
q sion Of political faith, but we trust he vii
! be Afforded an opportunity, by the voter
of Botelomt, to denounce The financial
/ wrongs which he evidently has set his fac
n against, or extort from Colonel P. pledge
that he will do what lies in his power, t
= remedy Che terrible injustice lie has bee
betrayed into committing against an, in
poverished and condding constituency.
. Since writing the above, we notice tina
\ the farmers Of Roanoke county have tiei
attention directed to the course Of Colont
: P. upon the Agricultural College Ian
. S;ript. This is fair field for criticism
: The appropriation, as is well understood
is designed for the benefit of farmers, an
: mechanics, yet Colonel p. was active an
!, persistent in his endeavors to appropriat
: the fund, so as to exclude the farmers NJ
;, only of the southwest, but of the entiI
. State fiom participation in its benefits, b
=. dividing it between the Virginia Militar
Institute and Hampton Normal Schoo
. What do tho friends and patrons of I.o;
noke College say to this?
@ InnIa .--------------------
J. MIXED SCHOOLS AND THEIR EFFECT