The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-02-22

! no difference In principle betweenf suspen-
sion aud repeal, and if this feature or TIE
4 law could beasuspended it 5snoulMs .pe re-
. pealed. This nccessitates the s,Vlng Oh
reason why we agree TO suspend. we are
satisfied that the law cannot be repeaiea, anu
that both the State and HUnlte9 olitcs
Supreme Court will so decide, ana stlch q
decision would demonstrate the correctness
Of our position; but until there Is rep1s'l
or suspension of the law no case can De
made M which will enable the courts 10
make this decision in our favor. AS IL no"
stands they can do only as did Judge
| Barton: declare it the law and order the sue
rir TO receive the coupons for taxes. The
majority in this Legislature is unable TO pass
over the Executive veto without the assist
ance of the minority any act repeating or
suspendine the funding bill; we are Wiling
TO lcud that assistance in order that we ma
secure for our action the sanction OF judicial
| decision. In this we have surrendered no
position, no principle; but, on the contrary,
| have ayaiIed ourselves Of the enemy's strength
| to f0Itily.
The minority report, then, as understand
it, contcmplates nothing more nor less than
the execution Of the law rs contained In the
! fundin" bin. The majority report is based
| upon tic repeal Of the funding bill. If it
can lie shown that its repeal is impossible
the report must fall to tic ground. This we
propose to do; but first let lis consider if in
fact it be the law, and binding until its repeal.
A law is legal when enacted by a law-mak-
| ing body, in the legitimate exercise OF It's
law-lnaking power, and does NOT contain
within itself provisions which make il ull-
,.nil VIII thn ft1nIjnrr
bill stand thc test OF this proposition? We
lave TO consider
First. Was the Legislature which enacted
| this bill a law-nakin" body?
Second. Was is passage within the leSitl-
mate exercise of its law-makins power:
Third. Does the law contain within itself
provisions which make it unconstitutional
and void!
First. Then was the Legislature which en-
acted this bill iaW!llakinS body' No one
disputes it. .,
Second. Vas tic passage Of this act within
the legitimate exercise OF lis laW-Mkln%
| mower: II is coMteiIdcd that il was not, and
! for tic reason that, in making the coupons
receivable for taxes. it exceeded It's power
THIS reasoning is based upon the assertion
that State cannot part with nor be diVcStcd
oi il sovereign right to tux. let lis see II
there is any virtue in This position. III I
CrancI,. Il !. the CuWrt said tIat i! Legl>l;l-
turr should declare by law HAT certain lands
to be thereafter purchased lor III: use ol 'he
Indians should not lie subjected 10 any tax,
such Il ic".!,;tivo act amounted to contract,
yl,icl; could not be rcSciuded hy subsequent
Lcgi,ia,mc. This decision lot only declares
| that = State NAY be deprived Of her sovereign
right to lax, but that she cannot recover that
| right.
.igain: II Sth Wallace, 81, tIle court held
that tlic state Of Tennessee, through It's Lee
| cisktturc. in 1888, thought proper to create Il
bauI, in its name and for its benefit. 1t was
essentially a State institution. The State
owned tie capital and received the profits,
apDo!ntcd the directors, and pledged its tait!
and credit for lis support. This would seem
to have. been enough 10 establish the circuit
OF the institution on firm bi>i'. aux! to III
sDirc confidence in the value oi its notes, so
that thcv would obtain Il free circulation
anon" tic people rs money. BIT the LegiS-
latult, in its anxiety TO insure for these notes
= sill! rrcaicr confidence CT the community,
went further. and promised that they should
be receivable ut the treasury of the state and
by all tax collectors and other public officers
| in all payments fer taxes and other moneys
due the State. II will lie readily seen that
nothing could have been better calculated
10 accomplish tho purpose the Legislature
| had in view than the incorporation al this
Guaranty into the charter OF the bank. 1t
assured the free circulation Of ,heir notes,
rave them Il credit over tic issue Of ctEcr
| baniiS, and furnished Il security TO those VINO
| held them against III: serious loss, ii, Ill the
yici..itidyS OF Trade, the bank ii-viI should
| become embarrassed, forainl@lty they would
i;c cuabicl to Use the notes 1T their PR value
| IN the ravnicnt Of their t;tXcS--P&%c ii. The
| guaranty IS iii no .cn.G i pcISuni ONO II III
| ta,rs 10 the note j; part o; ii, rs nlilch 50
- il written on the back OF it %Ocs, WITH the
| notes EVERYWHERE and invites every one who
| has taxes to pay to take it--i'aGc 03 1t Is
| commended that the repeating act took from
those persons who did not ut the time holii
the paper Of Tie ilaIk the right to acquire II
afterwards. and Use i; TO discharge their debts
tn The tttlc. This construction OF the con-
tract would limit The obligation to the per-
| son, and withdraw il from the paper.
| #, as we iAvc cndcayorcd to show,
the guaranty attached 10 the paper Itself,
ana could not I've withdrawn from
| it, then il followed that tie notes III c!rcl!t-
ton at tic time OF The repeal arc not affected
liz It. and curry with them the pledge Of the
State to lie received iii payment OF taxes by
any bpnG tide holder. Page 81 closes by say
in". "cnou.h his been s"id to show Is the
result of our views tlat section Is OF TIC
charter Of the Bank 81 Tcnncs>ccconstltlltcd
= Contract with the hcldcr5 Of the notes OF
the bank. and That it was not III tic cOnSttu-
tional power o. ti!u Legislature 10 repeal The
section 10 rs to Affect the notes which at the
tIluc were i'll circulation. Judgment re-
ycrscl and the Cause rcmandcd, with dircc.
tons to enter Il iui,- incnt awarding the Wrii
Of lIl;iud;ilil:." These decisions OF the Sll
prcinc Court Of the United States declare
That il is within The legitimate Iaw-inaldnG
power Of Legislature TO make the coupon:
Of It's bonds receivable for taxes. Then ON
second premise is established.
Thirs. Does the law contain within itSel
provisions which make it demonstrations
and 1oid. 1t is contendcd tidt it does in this
That by finding the interest it Increased thu
public debt, thereby violating that clause il
The State Constitution which forbidS IFS III
crease. Let Us see il there Is any virtue il
this position. Interest, immediately upol
becoming due, becomes Il debt due and Owing
to the party owning the principal. For eX
amp!e: \ loans = one hundred dollars 10
twelve months, at tie rate Of SIX per cent
per annuin. No one will deny that imme
diately upon the expiration of the lively.
months Is owes \ one hundred and six dol
lars, and that he owes him the six dollars JUS
as rightfully and just rs egaiyas the one hun
cred dollars. The one hundred dollars is q deb
dueiorinoncy loaned ; the six dollars isa deb
due ioriutercSt accrued; but both arc debts
. and both arc debts due. y has Just the sam
and LEGAL riglltto collect both. Ii, however,
j. iInahIc - any either the one hundred dOi