The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1871-12-11

latter IS possible, but not probaole'
That our system of courts is entire
ly too expensive, none will dispute
but we fail to SEQ where the econo-
my to the tax-payers suggested can
be realized" $50 to s75,0oO"-
because, if county judges are to as
! sumo the additional labor of ciicut BUSH
ness, they will reasonably require increased
remuneration and as we have testimony
that the county court. system is a marked
success, we trust the Governors hint to-
wards amending the constitution, that he
may abolish circuit courts, will be disre-
| garded. We also fail to see what substan-
tal economy would result, from the expen-
ses of administering criminal jurispru-
dence, being paid by the-treasurer of the
counties rather than the treasurer of the
State. n.y.
Where, in the name of common sense,
can we find in the above enumerated sub |
jects of economy, any reasonable ground |
for assuming that the public expenditures
can be reduced 1904, 500 per annum 1t is
a fallacy; and until something more sub
stantal is presented, we shall maintain
that at least $2,750,000 will be needed an
nually to meet interest on two-thirds of
the debt and ordinary State disbursements.
Another tub is thrown to the whale, in the
suggestion that as to railroad and other
; corporations which "shield themselves
under some pretense of exemptions from
; taxation by their charters, the Legisla-
e ture which granted such charters acted
very unwisely, and you (the present Legis-
i ature) can in no way, more properly, or
more acceptably to the people, manifest
d your wisdom, than by at once repeating
4 that clause in the same"
r We concur that the act was unwise !;
!. bat what are you going to do about it, any
o more than you can with the more ina,otse
y acts sohich created the rast State debt IN the
Of int, est Of these corporations, or acith the
Of still later and more un,cise act called the
: funding bill. If you can invalidate one
ID legislative contract, you can another which
to is equally legal; if stockholders have no
h vested rights in charter which exempts
from taxation the property of corpora
go ton, then bondholders have no valid
~ rights in an obligation assumed for claim
'5e which is not legal one-that is interes
$50 upon interest.
10 Public policy-a vicious mistaken policy
dictated the first contract; private greed
:, as Unsuitable as vicious, dictated the latte
contract the decisions of the courts hav,
,a4 sustained the first form of contract a
400 binding upon the State, but no court o
s24 law has yet affirmed that accumulated in
900 terest upon interest is legal, equitable
24s or moral claim on the part of credito
10 against debtor, public or private, entities
200 to be made part of the original contract
The economy suggested in this Message
asa well enough but it isa recommendation
to do what has passed into proverb as
- foolish thing-''save at the spigot, an
IL: waste at the bung-hole."
the We have every confidence that the pee
for Of Virginia have no desire to repudiate thei
the 'ssolemn Obligations" or ''betray war
lie. of integrity, either in q public or private c,
ug- pacity ~ but they will scrutinize closely
measure which sweeps from them the
-. hardly earned property, without any 9TH
,02S consideration than the hollow pretense TIL
- a solemn obligation has been entered in
By Legislatures which acted very unwise
49, in mortgaging their entire property witho
the their consent.
db, The creation Of the State debt, its swt
| -. A :. = ..~xo. .,,ls
the ing provisions of the funding bill, and
ues- enormous contingent liability yet to be N
oba- in the suspended portion, all demand, a
Vest will doubtless receive, the strictest scru
the ny at the hands Of honest men" in
dis General Assembly "who understand
,odt appreciate the subject, and feel that thu
:iple can be no complete vindication of the hor
be Of our State and people, until the ent
tate legitimate debt OF the State has been plao
nnd- in form for ultimate liquidation and pun
of tual payment of interest, and that su
ON liquidation and payment is impossible
tate, der the outrageous manipulatons of int
one ested men and an unwise Legislature, VIII
inst resulted in the funding bill. Let the co
sus- pound interest portion of the bill be
ated pealed, and the bill itself sharply amend
upon without delay.
'0O,- So far from lessening the debt and
large consequent burdens, it has increased DO
SION even according to the Governors o
radi- showing. So far from advancing St
point credit, we find it has impaired it, as
following quotations of price in Lon'
unin- show ~
! has April Is, 1871. Nov. IA, ]
.,l | Va, 5 Dor .66Q17O W
anu Va a per cent .,,,,,,.,,.5e4I5o 40
nici- So far from preserving State honor
as tact. it places it at the mercy of antagoni
nom commissioners, presenting to the pee
COM the alternative between repudiating G
agree third of the public debt, or bringing t
set children to beggary.
pub "Where the stream is foul its source
idual presumed to be impure !" the Fund
bill is foul stream of financial iniqu
,gent and ''its source is presumed to be impur