The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-01-03

| GOOD may require WINE Nos' 49,.
| If l,y tho perfection of s.s,ch legislation as
m,v no necessary for the fulfllment of our
solemn obligations, which the public good
absolutely requires is intended, why post
none indefinitely the execution of law
Specially designed to, and which will freely,
ACCOMPLISH that object if execlted:' Is it
To he understood from this Language that no
matter what the results OF the investigation
NAV he, such legislation will be per-
fected in the premises as will maintain The
public faith inviolate? Ii so, why was
not such intention clearly and tncGulvocally
EXPRESSED? Why was it left III tne least
doubt or uncertainty, the subject OF dainaS-
inr differences OF an unfavorable character
surely in nullifying the operation of Il law
| inyolyin" subject of such supreme import
ancc and dclicicy Us the public credit the
meaning and intent Of the Legislature should
be so clearly expressed rs to afford no oppor-
tunity for question or cavli.
And vet, aside from the determination 20
arrest the further funding of the public debt,
! there is not in this resolution single clearly
expressed purpose Of any KIND or character.
Whether there shall be any examination
info orr financial condition, and if so, when
and how long to continue; when the lund-
inr is to he resumed, il ut all; and what are
the ultimate designs and purposes of the Lc-
rislature, arc all uncertain, and left TO mere
! conjecture. :.
Such. when analysed and its complicated
ycrbiacc unraycllcd, appears to be the true
character of this resolution. l cannot be-
lieye that it expresses the mature Judgment
of the General Assembly. I am confident
that it could have been neither carefully con-
sidered nor thoroughly understood. Over
two-th,tis OF the debt has already been fund
ed, and as to that portion, the funding ACT
has become al executed contract which
must lc fulfilled. Thrown around 1t IS The
nrotcctn" shicld Of or own and the national
Constitution, though 1 trust the occasion
will never arise when tie ail Of either Will
have 10 Dc invoked. But the balance OF Our
c,rilors-a small and helpless MINORITY
who hv their very delay in funding
have manifested the greater confidence
in our integrity. are rudeiy thrust
aside without remedy or hope OF Immediate
redress. l. this right, is it just? Is it ti'c
mode in which Il great and sovereign State
should dca! with those who, trusting M
pl:cil!v iii her honor, have furnished the
means with which 10 construct her railroads
and canals and develop her resource" :
Why should not all orr creditors be paced
upon the same equal basis!
can be offered for this unjust discrimination
against one portion Of Our creditors: l
know ofnone and have heard Of none. [ am
iwa.e that it has been ASSUMED BY scme that
10 lay the annual interest, il the whole dcDt
were funded, would neceSsltate III increased
rate of tayation; but this is mere aSsulnl-
ton, not sustained by Tie facts: l have
already laid before you my views upon this
subject, and further reflection entirely satis-
Ties me that il they are sanctioned by prompt
action on your part the fears Of increased
taxation will DO ciivCtlRlly di$siWted.
| not only do not favor increased taxation,
but I ain an earnest advocate Of measures
which will scuSbly relieve the people from
the Heavy load Of county, township, district,
road, and municipal taXation-H!eir real
6urthea.
Why not strike ut the root Of the evil, and
limit by appropriate legislation this local
taxation, rather than bring untold evil, upon
the Commonwealth by tlnpcrins with her
credit;
But it is said that the further execution of
the funding act ought to be stayed because
that act is unjust. But to whom: Ger
tainly not TO the State, for beyond question a
more favorable settlement was never made
10y Il State with her creditors than that pro-
vidcd fer us Ivy TINS law. Let Us consider
this subject briefly.
At the bcgirnin. Of the war the State owed
! bonded debt Of over 81 ,0G3,G0o. During
the war interest was paid upon portion OF
this debt, and remained uamid upon the
balance.
After the war the Legislature wilic! con-
vcned in 1866, by an act passed March I'd Of
that year. authorized the funding Of alI this
unpaid interest maturcd and maturing 10
january 1st, 1867, in ncw bonds OF like
character, and bearing the same rate Of III
tercSt rs the cid bonds. Under this act he
tween six and seven millions was funded.
On the 2l> Of March, 1867, thc General A.
scmh!y authorized The payment Of ionr Per
cent. OF interest u?nn tic entire amount OF
the public debt, except Ike bonds isslled
under the act Of 1856. These several acts
recognized and confirmed the binding ohli%a-
lion ui' the whole debt upon Virginia, not
WthStandnG the fact that during the war
the State OF West Virginia had been organ
lied, scycring from her jurisdiction nearly
onc-third OF her original territory and nearl!
onc-third OF her population, upon the fund;.-
mental obligation that the new State should
assume and pay her just proportion ii the
public debt contracted prior to her separl.
ton.
The legality of the legislation Of the Gene
raj Assembly Of 1896 and lSGI has never been
called in question. But if any doubts upon
, this subject were ever entertained they were
finally and fully solved by tie adoption il
1860, by an almost unanimous vote OF The
people, OF Our present Constitution, which moi
only validated all the legislation subsequent
to the war, but distinctly and llncQurocally
recognized the public debt, and the unqueS
TONED liability Of the State for the whole
amount Of it, both principal and interest.
This brief statement OF the action Of The
: State upon this subject must, without the aiG
, Of public law, which is in perfect harmony
with it. silence all discussion as TO the liability
Of the State for this debt. That liability i,
, absolute and undoubted, and no objection
can be raised to the funding act, because il
recognizes this incontestiblc fact. The frs
Legislature which convened under our pres
, cnt Constitution having failed to make an,
settlement with West Virginia, recognizing
: the vast importance Of maintaining I'LL
sullied the honor Of the State and the sane
tty Of our public obligations, and consciou:
f that further delay would inevitably result
in great, and perhaps irrepal1blc, injury
both to our public and private credit, after
mature delibeTition adopted what Is popu
, larly known as the funding bill.
) After reciting the undoubted fact that thu
State is unqucstionably liable for two-third;
l Of the debt, this act authorizes the funding
; OF two-thirds of the amount, both principa
and interest, Of all outstanding obligations o
| the State in new bonds, dated the lst day o
: July, 1871, bearing the same rate Of interes
. as the original bonds, payable semi-annually
and the principal payable in thirty -four yeal.
, from date, upon the condition, however, tina
, ! the ORIGINAL hnnds lie SI1rrandnrnd mud ~