Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1871-12-20
From Richmond.

until Tuesday the ID Of January days
The House will doubtless concur.
In the Senate. to-day, Il communication was
received from Gen. Rogers, Second Auditor
in relation to owners of registered stock, III
which he says: -''rhe funding under the act
of March 80, commenced on the 9TH of July
last. OF the stock aud bonds that may be fund
ed to the lst Of January, lSI2, the registered
stock only will appear on our books in the
names of the owners, with the exception of a
small amount of registered coupon bonds. The
registered stock unfundcd, will remain in the
names of parties owning such stock, 20 far as
our books show, but it may be presumed in
many cases, the ownership has been parted
with, but not recorded. conclude, therefore,
that it will not be practicable, in the existing
state of the case, to pay the interest OH lst of
January 1872, without regard to the present
funding act.
The Joint resolution from the House relative
to the payment of balances due school trustees,
was referred. ......., -
The House bill to ncorporatethe Shenandoah
County Bank, was passed.
! \ report was made from the Committee on
Privileges and Elections, declaring a. 2. La
| throp, Radical from the Mccklenburg District,
entitled to his seat.
An adverse report was made upon the propo-
sition to amend the act in relation to the times
of the meeting Of the General Assembly.
Among the bills introduced were the follow.
! ing TO Incorporate the Potomac Land and
/ Improvement Company; providing for furnish
! ing to the colleges OF the State in which law
| schools are established, surpluslaw publications:
to render valid the charter Of incorporation Ut
the Charlottesville WOODEN mills, and to legaze
all acts done in pursuance thereof, and allowing
Incorporated towns Of this Commonwealth the
use of county jails.
The Committee on Privileges aud Elections
were instructed to inquire what legislation Is
necessary in reference to the aprurtlonmcnt Of
Congressional representation. .
\ ioiut resolution vas Introduced but went
over, providing that during the recess Of the
two Houses, the mCmbers of the Legislature
| shall receive no per diem.
The resolution in references to a suspension Of
the provisions of the Funding act was again
taken up, when Mr.. Hundlcy spoke in favor Of
the adoption of the resolution as it came from
the House, without amendment. Ills obcc-
tons to any amendments proposed arose from
the fact that such action would send the rcsolu-
ton back to the House and cause delay. The
funding bill he regarded as unjust and iuiqut'
GUS and thought it contained not only the germ
He characterized the coupon system Of the bill
as odiouS, and outrageous in the extreme; the
compromising Of interest lie claimed to be al
most as bal and the way the bill was enacted
met with his disapprvbalion. lie asserted that
the Funding Bill men were repudiators. The
bill, he said, repudiated one-third OF the debt,
while he did not propose t! rcpudlatc any
portion OF it, princi pal or interest, but to re-
lievc the people who were suffering under a
burden OF taxation too gricvouS to be borne.
lie mentioned that the majority of the members
of the last Legislature were not elected with
any reference to this question, and that the de-
sire of the people was then solely to escape
from Radical rule. The members Of this Gcncr-
al Assembly, on the contrary, were elected,
many of them, on this very issue, and all we're
better couvcrsant with the feeling and minds
of the people than their predecessors.
Mr.. French followed Mr.. H., aud addressed
himself to the discussion Of legaI questions i'll
volvcd, and as TO whether the funding bill was
repulsiye or not, and argued that it was, and
that justice and sound public policy, and other
considerations demand the adoption Of the reso-
luton without amendment At the conclusion
Of Mr.. F.'s remarks the Senate took a recess
until !! clock at night.
At the night session the consideration OF the
subject was resumed when
Mr.. Nowlin opposed the adoption OF the sub
stitute and amendment proposed, declaring re-
pudation was not contemplated ny the resolu-
ton. While it might be said that the Funding
bill created a new contract, he held that that
new contract was not one bit more binding than
the contract with the old bondholdcrs He re-
iterated that while he was no repudlatlonlst, ne
had no hesitation in avoWlng that IT we could
escane the payment of any part of the public
debt. in a constitutional way, we should do It,
Mr.. Anderson, of Reckbrldge was one of
the members of the last General Assembly who
had voted for the funding bill it was, as he be
lieved then and now, an act OF good policy and
patriotism while the attempt to undo 1t was
an act Of madness and reputation. Lie con-
tended that the resolution if passed was VIZ
tual repeal and perpetual suspension of the OPP
erations of that law in so lar as 1t had not been
already executed He read from the Constl-
tuition the provision making it incumbent upon
the Legislature to provide for the settlement
and extinguishment of the debt, and he assert
ed that the Funding bill was the result of the
best attempts to fulfill this constitutional re.
ouirement As legal proposition, there could
be no doubt about the primary liability OF this
present State of Virginia for the whole debt,
and the last General Assembly held it was a
historical and legal tallacy to assert that it was
not the same State; so the compromise with
the creditors made in the Funding bill was as
liberal and as just as could have been expected
The creditors took &c Cts in the dollar and
Eirgiuia certificates for the one third when the
settlement with West Virginia was conc udcd.
As to the interest for january and July, he
showed from his estimates that it could be paid
and that too, without touching the school tax,
without reducing the salaries Of the officers, or
without increasing the existing rate Of taxation
on property. To tamper with the Funding bill
would be considered everywhere outside of the
State as reputation, however well the suspen-
sion Of the funding might be understood here.
He coutcnded that, without increasing the
taxes, without diminishing the school tax and
without reducing the salaries OF the officers Of
the government below living rates, the whole
interest can be paid He read from statistical
exhibits showing the taxation nvarious States;
that in Virginia being below all referred to.
At the conclusion Of Mr.. Anderson sremarks
Mr.. Thomas offered the following resolution:
.tl,o Adj ~ ID,,lE A..