Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1871-12-26
GENERAL ASSEMBLY OF VIRGINIA.

companying printed copies of the returns made
by the county judges of thirty-two counties,
and informing the body that the balance OF the
returns received are in the hands fthe printer
and will be delivered in few days.
Mr.. Wynne offered preamble and resolu-
ton in regard to the boundary. lines between
Virginia and the States of Maryland, North
Carolina and Tennessee.
A number of resolutions Of inquiry ever pre-
sented and adopted.
Mr. Anderson offered preamble and resolu-
ton, calling upon the auditor for more exact
information as to the condition of the Treasury,
which was adopted.
The consideration of the House joint resolu-
ton suspending the funding of the public debt,
having been resumed, Mr. Cochran took the
floor and made an able and exhaustive argu-
ment in opposition to its passage. he contend
ed that the credit of Virginia was not only
matter of affection and sentiment, but OF the
very gravest material consequence, and II thls
resolution was passed, untold miserles would
follow it for generations to come. The funding
bill he never regarded as perfect, but 1t was
certainly the very best thing that could have
| been done then, and no more unobjectionable
plan is now proposed. AS to carrying out the
| provisions Of that bill and paying interest, he
maintained that it could be done. Reviewing
the report of the auditor, he demonstrated that
| that officer had made some mistakes, and had
not anticipated that more than ST, 500, 900
would be in the treasury on the LIST of January,
| 1872. According to his own estimates, We
would not only be able to pay the interest for
| 1872, but by proper revision OF our revenue
system, and by making the railroads contribute
their proper share to the expense of the gov
eminent, and by practicing economy, be able to
continue the payment of interest fer the future.
| He (Mr. Cochran) said that Of all these great
corporations In the State only the Norfolk and
Seaboard, and Atlantic. Mississippi and Ohio
railroads companies had paid any part of their
taxes for the past two years. The Atlantic,
Mississippi and Ohio company not only had
paid up $22, 1000, but was ready to pay all due
| by it. The results of the coupon system, the
speaker held, had been grossly exaggerated
| the coupons were not so much sought for as
had been represented. OF thes$12, 900, 900 Of
bonds held in Virginia 100000 had been
funded in the old-fashion certificates of debt
and not in coupon bonds, and of the foreign
| bondholders so or 80 per cent OF their bonds
had been funded in coupon bonds. From these
| facts he showed that no excessive amounts of
coupons would be in circulation, and that there
was no probability of the wheels of government
being locked Mr. Cochran concluded his re-
marks by an eloquent appeal to the Senate to
iuterpose and save the credit, honor, and III
tegrity of the State, and promised that the fu-
ture would show their wisdom, and posterlty
bless them.
Mr. Herndon made an earnest invocation a.
gaInst the passage Of the resolution, which he
regarded as an act of reputation bad enough
to stamp the old Commonwealth with dishonor
forever.
The president laid before the Senate a COM
munication from the auditor OF public accounts,
in response to a resolution calling for lnforma-
ton in regard to balance in the treasury, which
| L AZ Al ho H. off nj
1921, l85 &c in the treasury, on lst July, 1872
This estimate was made from last year S receipts
and expenditures.
After lengthy discussion the joint resolu
ton ito discontinue the issue of bonds requir
ed to be issued by the act for funding the pub
lie debt was adopted as it came from the
I'll ouse by the following votes:
AYEs-Messrs, Fitzpatrick, French Graham
Greene, Greever, Hundley, Lakeland, Lathrop
Martin, Massey, hieem, Norton, Nowlin, Nut.
ting, Patterson, Perrin, Pridemore, Quesen'
Taylor of Loudoun, Terry, Thomas, Ward-27
NoEs-Messrs Anderson, of Rockbridge
Beazley, Boykin, Cochran, Connally, Grimsley
HerndoG, johnson, kirkpatrick, Lewis lay
lor, of Norfolk city Wynne-12:
HOUSE Speaker Hanger in the chair.
Mr.. Kelley's resolution declaring that it /;
expedient to reduce the pay and mileage oil
members of the General Assembly, came up al
unfinished business and was referred to The
committee on finance. The House refused tt
order the yeas and nays on the question Of re-
ference
; House substitute for Senate bill amending
and re-enaoting act of February 18th, 1866, il
relation to DEMONSTRATING, was passed. The
substitute adopted abolishes the death penalty
for DEMONSTRATING, and amends the law in rela
ton to other forms Of larceny.
The various propositions on the subject O
the payment of the interest on the public deb
came up, and after long and spirited debate
! the House adjourned without coming to a vote
SENATE. Thursday, Dec. 21.-A large nun
Der of reports Of committees were read. Sew
eral bills were presented and referred.
Mr.. kirkpatrick offered the following pream
BILE and Joint resolution. which were unanimous
" passed under suspension Of the rules:
THE President Of the United States having
in his annual message to Congress urgently re
commended the removal Of all disabilities im
posed by the operation of the fourteenth amend
ment of the Constitution OF the United States
be it therefore
"Resozued by the Senate and House of Dele
qatcs of the State Of Virginia, That the Con
gress of the United States are hereby mos
earnestly petitioned to remove without delay
all disabilities incurred by reason of particlpa
ton in the late war from all citizens of Virgin
ia and other States. as recommended by tht
. President of the United States.
"Eoesolved, That the Governor be requested
to transmit copy Of these resolutions to thu
President of the Senate and Speaker of tbs
} House Of Representatives, and also to each O
the United States senators and representative
of the State in Congress"
AFTERNOON SESSION Thomas, chair
man Of the Finance Committee, presented g
bill to provide for the payment Of the interes
on the public debt The bill provides for the
pavlnent Of one semi-annual instalment at thf
rate of four per cent.
MIR Fitzpatrick offered as substitute, bill
providing for the payment of two per cent. In
terest on the principal Of the public debt, ex-
Guiding, therefrom. the bonds given for interest
: on said debt under the act of the General As
sembly passed March 2, 1865.
The Committees bill and substitute therefor
were both ordered to be printed.
HoUsE-A number of bills we're reported.
The holiday recess was discussed and number
of leaves of absence we're granted.
4 substitute for the Senate bill in relation to
horse-stealing was passed.
A number of bills were introduced and re-
ferred.
After an animated discussion on the question
| of the payment of the interest on the public
debt, the House adjourned until 2. NJ.
NIGHT SESSION. The interest on the public
debt question again came up and sundry pro-
positions were offered, and number ofspeeches
| made both for and against the funding bill, and
at a late hour the joint resolution providing for
| the discontinuance of the payment Of interest
unon the ,,,;hlic Haht until otherwise ordered bv