The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1871-12-12
TUESDAY EVENING, DEC, -, 1871.

SENATOR COCHRAN, of Augusta, has
launched his bill lin accordance with Gov
ernor Walkers suggestion) providing for
the collection of taxes from railroad COM
panies.
This is the ''iirst tub thrown to the
whale" of public indignation against the
funding bill; but though the principle
striven to be enforced is thoroughly Just.
and we hope the Senator may succeed in
his undertaking, we think he will find the
rnse Intellectual to draw off the attack upon
his funding bill against which skirmishs
ers in both Houses are already thrown out,
who will soon force its advocates to define
their position, and accept battle on the
field of public discussion.
Doubtless allies will not be wanting. for
the New York Herald of the It'll inst, con-
tains upwards of a column editorial on the
Message, sent in on the 9th inst, (sus-
piciously pointing to a second edition of adj
vance copies) in which the following Ian
guage occurs: "After reviewing the finan-
cial policy adopted by the General AS.
sembly, achich the Governor heartily en-
dorses, the message proceeds &c., &c.
Of course hearty endorsement is worth
something on Wall street; and If the
Legislature does not respond by like hearty.
endorsement, our expectant friends, who
have invested SO freely, will do something
to secure the desired favor, and break
down opposition to their Shylock demands.
Whatever is done to save Virginia from
the threatened drain upon her resources,
should be carefully considered, but not de-
layed one moment beyond the time neces-
sary for such consideration the funding
process is going on daily, and by it further
addition being made to our interest bearing
debt. ef.eH s
Has sufficient attention been given to one
point in the matter ? Up to January LIST,
1872, no money has to be withdrawn from
business circulation in the State. True, it
has been drawn from the country, to The
great inconvenience Of farmers and mer-
chants, but it has at once been deposited IN
Richmond banks, and placed them in po-
sition to afford facilities for discount to
Richmond merchants but when the cou-
pons are presented for the interest accrued
from July l, 1871, much Of the cash capt.
tai now available here, will be withdrawn
from the State, by bondholdcrs elsewhere
and our city merchants be deprived of so
much accommodation.
But when coupons are paid into the trea-
sury in lieu of cash, this fund will be lost
absolutely to Richmond merchants and
they will find that 81 100000 public de-.
posts, now in the banks Of this city, has
been financial aid which proves difficult
to replace. 4.ren 0gsg
We deprecate the introduction of bills
and resolutions as TO ante 6e7l,ta debts.
This subject was most fully examined
and discussed i'll the Convention which
framed the constitution; numerous bills and
lnnumerable petitions on the subject were
presented to the last General Assembly =
but the result of examination, carefully
made, with not only willingness but desire
to provide some plan Of relief, was, that, no
legislation, abridging or annullng private
contracts, would avail. II seems to us that
the members who are attacking ante bell,un
debts so fiercely, are being led off from
practicable relief.
If individuals seek relief from private |
iebts, which they declare themselves UNI
able to pay, compromise for principal with
out interest, or even for two-thirds of the |
principal what would they think of an
agent trusted with the management Of their 4
lffairs, who not only assumed to pay prfn-
BAL and interest, but capitalized back inter-
st and assumed to pay interest upon that? |
Jet that is what agents, trusted with the I
Of the embarrassed financial I
fairs of Virginia have done in the funding
nil and it is against that cormorant meas
Ire the movers against ante JelluDa debts
hould concentrate their efforts, and strike
own the illegal addition to our tax-burden
i about $1,000 annually, to pay interest
pom interest, capitalized in n 6 per cent.
took to run thirty-four years. We say
legal, because it is plainly creating a new
ebt, which is expressly forbidden by the
institution, except under specified con-
ngencies, such as at present do not exist. b
hat prohibitory clause is the great safe
aard of the public credit Of Virginia ; and 1.
is not to be quietly cvaded, in the interests n
selfish men; especially when the evasion !,
ould work serious pnblic detriment. 4
WOMAN's SUFFRAGE +,