Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1872-12-19

THE SUPREME CoURT AND THE FUND
ING BuI.-The cases of Wright, Sheriff,
&C., VS.. Smith, and Antoni VS.. Wright,
Sheriff, &c, we're decided in the
Supreme Court of Appeals on Friday
last.
Our readers will remember that the
Legislature of 1901, undertook to
settle the public debt of Virginia by
funding the old debt, by issuing new
bonds for two-thirds of the old debt,
and giving certificate for the other
third, which would be paid III accor-
dance with such settlement as should be
hereafter made with West Virginia.
The creditors were asked to extend the
time of the payment by making the new
bonds payable in thirty-ive years, and
also defer all claims for the one-third
until West Virginia had settled. In
consideration of the creditor doing this,
the Legislature offered to give him a
new bend, the coupons on which should
be receivable for taxes and all demands
due the State. The Legislature of 1871
u passed another act forbidding the
coupons from being received in pay
ment of taxes. The bond holders
olo:,,oJ tbo 49,, I,,+ n NJ r,-,c ,,,oo,,,+;
tutional, because it impaired the obliga-
ton Of contract. Smith and .Antioni
were both holders of coupons under the
act to provide for the funding and pay
ment Of the public debt, approved
March 80, 1871, commonly known as
the Funding Act, and were at the time
indebted to the Commonwealth for
taxes. Smith presented to the sheriff
Wright the coupons and demanded him
to receive the same in full discharge of
his said taxes, which he refused to
accept; whereupon the Circuit court Of
Richmond issued a mandamus com
pelling Wright to receive the said cou-
pons in payment of Smiths taxes.
From this decision of the said court
Smith appealed to the Supreme Court
of Appeals: Antoni preferred his petition
direct to this court to compel the sheriff
to receive the coupons in payment of
his taxes.
The Court declares that the act of the
last Legislature forbidding the coupons
from being received in payment of tax
es, is repugnant to the constitution Of
this State and of the United States,
iilasmuch as it impaires the obligation
of a contract, and is on that account
void.
Judge Bouldin delivered the opinion
Of the Court, Judges Anderson, Chris
tain and Moncure asserting, Judge
Staples dissenting.
In the conclusion of his very able
opinion Judge Bouldin said, s'The court
is sensible Of the grave, responsible, and
painful duty that will be cast on the
Legislature by this decision, but we feel
assured that it will be faithfully and
wisely met. We think with the whole
court in the Homestead cases; that tenn
porary relief from pecuniary pressure
would be too dearly bought at the
price Of the broken faith of Virginia
She has just emerged from a terrible
trial, an ordeal of fire, without stain
upon her escutcheon--impoverished
crushed, and dismembered, bat not dis
honered. She is now taking a new dc
parture, and we would hope to see it in
the right direction In the language of
vigorous writer, "Now is the sad
time Of faith and honor. The least
fracture now viii be like a name en-
graVed with the point of pin on the
tender rind of a young beech: the wound
viii enlarge with the tree and posterity
will read it, a full grown character"
This court is unwilling to inaict that
wound
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NEW York, Dec I5.-The FIRE mar.