Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1872-03-04
From Richmond.

AA0''"~'
after the receipt of reports trow committees,
&c, the Speaker laid before The House the fol-
lowing message from the Governor assigning
his reasons for vetoing the bill providing what
shall be received for taxes and demands due
the State:
To the General 4AssemJy:-I return here
With to the House Of Delegates, IN which 1t
originated, the act entitled IAN act declaring
what shall be received in payment OF taxes or
other demands Of the State, without my ap-
prevail. T.,
hereafter it shall not be lawful tor the ofhcers
charged with the collection OF taxes or other
demands Of the State, due now W that shall
hereafter become due, to receive in payment
thereof anything else than gold or silver coin,
United States treasury uotes, or notes OF the
National Banks OF the United States, and
that no question as to the real object and pur-
nose of the act may be raised, 1t expressly re-
peals in it's second sec ion all provisions OF law
Inconsistent with the terms OF the first section.
Without pausing to consider that provision
of tbe act which in effect leglslates National
bank notes I'D to the standard of gold, aud
c'o.hes them with the attributes OF legal ten
ders to the State regardless Of their value, |
proceed to discuss the main subject involved,
viz the repeal of so much of the act approved
March goth, 1871, as provides that the interest
upon the bonds Hereunder issued represented
by coupons shall at and after maturity, be re-
ceivable for all taxes, debts, dues, and demands
due the State Has the Legislature the con.
stitutional power to repeal this provision OF
law, so as to affect the coupons already Issued
By the act OF March 3Oth, 1871, the State pro
rf,INl1Sn hnr
debtedness upon certain specific terms and con
ditions alike honorable to herself and advan-
tageous to her creditors
In consideration of the surrender to her OF
the old bonds, and the agreement not to hold
her RESPONSIBLE for one third OF the debt, ex
cept in accordance with such settlement as may
be hereafter had with West Virginia, and the
extension of the time Of payment Of the balance
for thirty four years, she would undertake the
payment of said balance, which was two thirds
of the old debt and interest within the extend
ed time of thirty -toufyears, with interest there
ON at the same rate as the old bonds, payable
semi-annually, and would evidence such under
taking by her bonds, either egistered or cou
Don, at the option of the holder: and as Il
| further evidence Of her intention faithfully to
| fulfil and execute the compromise thus effected
and the contract thus made, she would agree
that the interest on the new bonds represented
| by coupons) al and after maturity, should be
| receivable for all taxes, debts, dues and de-
mands due the State.
Now the acceptance Of this proposition OF
the State by the creditor completed Il contract
the scope of which was commensurate with the
erms proposed The receivablity Of the cUu
pons for taxes was one of those conditions, and
added material element to the value OF the
bond for it increased the certainty OF the
prompt payment of the interest at maturity,
and constituted, therefore, an additional IN
ducement for the creditor to accept the com
promise and settlement proposed by the State.
The essential elements Of contract are not
only the time, place, and mode of tulfllment,
but also the conditions which insure It's prompt
and faithful performances BY making the ma
tured interest upon her debt receivable for
taxes the State not only offered an additional
guaranty Of the prompt payment thereof,
but she increased its value in the hands OF the
tax payer to that of gold Or legal tender notes.
and removed it beyond the uncertain fuctua-
tons of other currency.
While this did not increase her liability in
the slightest degree it did materially enchance
the value of her securities and strengthen her
credit And because it added to the value OF
the contract it constitutes material portion
thereof, and the Legislature has no more
power to repeal or nullty 1t than any other
part of the obligation. The whole statute can
as we'll be repealed as this part OF 1t, and the
payment of any portion or all OF the principal
or interest Of the debt can as well be refused IN
legal point of view as the fulhllment OF this
part of the contract. The whole proposition
of the State, as embodied In the I'd section OF
the act of March, 1871, when accepted by the
tod aat
and element of which, though varying in i'm.
portance, was, nevertheless, 10 law OF equal
binding force and validity, and the least I'M
portant provision can no more be impaired by
the Legislature than the greatest. lo the
language Of the Supreme court OF the United
States, ANY deviation from its terms by
postponing or aceleratlng the period OF per
Torrance which it prescrlbes, imposing eondl-
tons not expressed in the contract, or dlspen-
sing with the performance of those which are
part OF the contract, however minute or ap-
parently immaterial in their effect, lmralrs Its
obligation" Zone of the tests that con-
tract has been impaired is that its value has,
by legislation, been diminished 1t is not by
the constitution to be impaired at ALL This Is
not question Of degree, or manner, or cause,
but of encroaching in any respect on its obiga-
tion dispensing with any part of its force. -
The constitutional inhibition upon the States
from passing any law impairlng the obligation
of contracts originated under circumstances not
entirely dissimilar from those which to some
extent unfortunately obtain in our State at this
time
1t very early received judicial construction,
while the causes which induced its insertion IN
the constitution were still fresh in the minds of
the people. That construction has been con-
6rmed and maintained by a long and almost
unbroken series of decisions, and been applied
to different forms and varieties of contracts,
both of States and individuals. The tendency
of the later decisions is to enlarge rather than
restrict its scope and meaning In fact, they
60 much further in the maintenance Of the 10
volatility of contracts than | should be pre-
pared to advocate were it an original question,
undetermined and unillumined by the legal
lore and acumen Of the best intellects the ma
ton has produced for three quarters of cen
tury. In the light of these decisions, and after
fud it impossible to arrive at any other conclu-
- II u L..