The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1872-02-24
SENATOR COCHRAN's SUBSTITUTE.

SENATOR COCIIRAN'S SUBSTITUTE.
We are always glad when man repents
of the evil of his political ways. 1t shows
a good moral streak in him somewhere. 1t
may not be where the arteries hold their
blood, and resolute purpose crops out in
spite of the moral surroundings of the man;
but the streak is somewhere in him, and, II
diligently searched for, may be found.
Mr.. Cochran's substitute for the remnant
of the House bill to provide for the pay
ment and funding of the public debt, which
was offered in the Senate yesterday and
hurried through under the ''gag," is evi-
dence of repentance of some sort or other,
but whether true, genuine, cardiac repent
ance or not, we are unable to say
This gentleman, a year ago, was
among the foremost champions of the
funding bill, and was for putting it
through" without crossing or dotting
an ~ in any one of its provisions, and least
of all in the provision making the coupons
receivable for taxes. This was the eye
tooth, the true cuspidate fang of the bill,
happily projecting like the prehensles of
| Jew, by which the taxes might be seized
while yet in the hands of the people, and
before they could possibly be locked up in
| the vaults of the treasurer. 1t gave the
hungry bondholders an opportunity to
snatch at every well-heshed treasury bone
in the State, and hold on to it in spite OF
collector or treasurer. In other words, 1t
was the one feature before all others in the
bill that gave it its true financial value to
the bondholders and, as tinancer, Mr..
Cochran was bound to look after the tinan-
einl value of the scheme then in hand.
And he did look after it as scdulously as
any other member of the House, as he un.
auestionably had right to, if his mora
convictions approved the bill.
But Mr.. Cochran now proposes to eX'
tract this "cuspidate fang" by providing
that hereafter it shall not be lawful for the
officers charged with the collection of taxes
or other demands of the State, to receive
in payment thereof anything but gold o
silver coin, or greenbacks, or national banl
bills. This is substantially the phraseologJ
of his substitute bill, which was rushed
through the Senate yesterday with NJ
behind-hand slackness. But is there no
the least ungentle 'little JOKER in it
Something in the phrasng of it that doe
not quite extract the projecting canine?
Who is to decide that it "shall not b
lawful ?" Certainly, the Legislature
not to give a judicial expression of opin
ion in advance of the courts. 1t has it
own legitimate exercise of duty to lool
after, and does not care to trench yer.
seriously at this time on the province c
others. What IS or what is not lawful
is, unfortunately, in this case, not legls
lative but judicial question, and Will haV
to be decided accordingly. The Leglsla
ture has authorized the putting on
of an innumerable number c
little contracts called coupons" whic
are now in the hands of the creditors of tt
State, and 81 100000 in amount of thel
will have matured by their terms on Il
first of July next. 1t is stipulated on tt
face of these little contracts that they sha
be receivable in payment of taxes. Ho
is the Legislature to change this feature
them, without actually impatrsng the obi
CATION contained IN them? To declare, a
ter putting out these contracts, that mott
ing but something else shall be received
payment of taxes, is quite equivalent to d
slaring that they shall not be received =
And this the Legislature cannot do, if tn
strong position taken by the friends of IL
funding bill be tenable one.
The only true way to dispose of t
whole matter, is to repeal the bill of Ia
session provide for refunding the who
debt as it should have been refunded
year ago say to the creditors of the Stat,
''You can have the 81 800, 900 now in Il
treasury, by handing in your compoun
interest bonds and taking such just Al
righteous ones in return as you should Oh
have demanded in the first place a
thereby reduce.the debt to such manageat
proportions as will enable us to handle
for effectual liquidation in the future"
this, and our State bonds will 60 up in t
market at least fifteen per cent higher th
they are now, as everybody will then ha
faith in our ability to meet our obligatio
as they mature. The interest we can P
from the date agreed upon last year. II
is the only sensible course for the I.egis