The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-02-22
s;Dcccfi OF Colonel D. X. Eossnai!E. PC
EiserGi Em IEle Senate OF irssiaia, E&i,-
r,iiry 40, 1872, GEL tiia E'uiss.i:ris E;ill.

NJ. President. After discussing for mauy
DAYS Joint resolution to suspend the fund
iug Ct tic public debt, under the act ap-
provc,, March 81, 1871, til" resolution passed
both Houses Of the General Assembly, was
son; 10 Tic Governor, and bv him returned
to the House i'll which il originated disaD-
proved. and with his reasons therefor. The
day after its reception in the House, il was
taken up and pissed over the veto by the re-
qui>itc tWO-third mHjcrity. Immediately
upon its passagc,a resolution WAS offered in
the House, and acquieSccd i'll by the
Senate, to appoint Il special Joint COM
lnittee to consider the financial conG-
ton Of the State, and, if possible, to re-
port for your consideration some plan Of
adjustment which would lie honorable,
| Just, ssand rermancnt-hoMorlble for the State
Just to tie creditor, and permanent for both
| The committee nlct night after night for
many nights, and actually sent for the First
and second Auditors. This looked business
like, and had hope, soon followed hv dis
appointment, however. for if there WG. one
question asked those officers, | did not hear
| it ; il there was one fact or Ii-ure cleaned
from thcm | did not see it: and there they
at night after night as silent as tonibS. There
was noise around them. however, for men
repeated there what they had bcforcasSertcd.
that we could not pay six per cent. upon
| our debt; but there was no revision
Of our tax law to ascertain if it was
perfect; there was no seeking after ncw
| subjects to learn if we lad exhausted oul,
materials: there WAS no oycrcasting of
tie whole situation TO know if we might
not by all means, meet our obligations /:
but the time of that committee was cou-
sumed IL delivering an abortion from the
brain Ct that same Jupiter from whom
sprung, full armed, the funding bill, brand
ishing It's invulnclable shield-thc coupon
for taxes. After the accouchmcnt, and otter
the midwiyes had pronounced it as well us
could be expected (lnd Heaven knows it
waS), the majority said they would present
il, and they Lave.
The minority Of that committee, believing
the funding bill TO lie irrepe!lable, SO f;lr aS
executed, because of the contract contained
in the coupon, submit report the adoption
OF which will execute that law and settle DEF.
nitcv this much veXcQ question aud right
here deem it proper to explain lDy exact
position upon this whole subject. As an orr.
ginal proposition. opposed the funding bill
using my influence to prevent its passage, and
this | did believing it our Wisc>t policy To dc
nothing for the time Icing; but the last lie,
yislatulr thought differently, and passed the
| Dill, making it the law Of the State. AS sucl
| obey it just rs do all other laws, good OF
bad, and just as Il sheriff sometimes executes
a criminal believing him innocent. If We
had the power, l would repeal the coupon
feature OF the law; but we cannot, inasmucl
as it contains contract protected by the Con
stttution OF the United States-a power We
have no disposition to resist, and could Eot i
we would. Knowing it to be the law, and be
leving it irrepealable, the minority rcpor
las | understand it, executes it by paying on
every dollar we have in the treasury, OF cal
put there, in liquit.atins the interest due, OF
to become due, upon our debt. Ii IS chaIGet
tlIt The minority report dtterS two per cent
Of interest in the Ike manner as docs the li;l
iority report three per cent. l did not SO III
Idersiand it. nor does its language admit 0
such construction. In the 9th line OF the %
section it reads lis follows: of the reyenu'
Of the State, i'll any year, shall exceed TIT
amount necessary 10 deiray the current eX
penscs of government and The interest on th'
public debt, us herein provided, such excess
Shall be forthwith applied by the commits
sioner OF the sinking fund to the Redemption
and payment Of the interest certificates hcrcli
authorized to be issued, beginning With thos'
OF the oldest date"
This language is plain and simple, meal
ing nothing more nor less than that we pal
this year amy year referring TO this as vel
as to every other) and every year hereafter
six per cent interest upon the debt, Ii tn
money is in the treasury OF can be put there
This is all we can DO under the funding o.
any other bill.
Again: 1t is charged that in prohibiting
the reception Of the coupons for taxes W.
suspend the law, and that there is no diilsr
ence between the suspension and repeal OF
law, This point is well taken, for there