The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-03-04

commensurate with the terms proposed. Inc
receivability of the coupons for taxes was
one of those conditions, land ADDED o nate.
! rial element TO the value. Of the bonus, ZOE ~
Increased the certainty of the prompk-paas-
ment Of the interest at maturity, ana consIl.
Ittuted, therefore, an additional mduceniens
for the creditor to accept the cornpromise anu
settlement proposed by The State. Inc esseh-
tial elements Of a contract are not Only LUG
time, place, and mode Of fuffllment, out a.s9
the conditions which insure its pronPt anu
faithful performance. BY making tne ma ss,.
| tured interest upon her debt recelSavIe ioi
taxes the State not only offered an aul..u ,i'
guaranty Of the prompt payment tnsreol, p tss
tar.noyer to that of gold or legal-tender
notes, and removed it beyond the uncertain
fluctuations IF other currency, wniie 'thls
did not increase her liability IN the stlSngest
degree. it did materially enhance the value
of her securities and strengthen her circuit.
| And because il added to the value OF Tue
contract if constitutes a material portlon OF
the contract. and the Legislature has no more
power to rpneal or nllllily it than any oener
mart of the obligation. The whole statute
can rs well be repealed as this part OF IL, ana
the payment Of any portion or all OF the prln-
cipll or into, est of the debt can as wen De re-
fused in a legal point of view as the lulll-
ment of this part Of the contract: !he
whole proposition Of the State, as embodied
in The second section of the act OF March,
1871. when accepted by the creditor, constl-
tinted a contract, every provision and ee-
ment of which, though varying in inn
portance. was, nevertheless, in law, of equal
binding force and validity, and the least
important provision can no more be impaired
bv the Legislature than the greatest. In the
language of the Supreme Court of the United
States, "Any deviation from its terms by
postponing or accelerating the period of per-
| tornlance which it prescribes. imposing condi-
| tons not expressed in the contract, or dis
pensing with the performance Of those Which
are part Of the contract, however minute OF
apparently immaterial in their effect, lmpalrs
It's Obligation" zone Of the tests thata con-
| tract has been impaired is that its value has,
by legislation, been diminished. II is not by
the Constitution to he impaired at all. This
is not 4 question of degree, or manner. or
cause, but Of cncroaching in any respect on
its Obligation, dispensing with any part OF its
force" The constitutional Inhibition upon
the States from passing any law lmpairlng
the obligation of contracts originated under
circumstances not entirely dissmilar from
| those which to some extent unfortunately OBJ
tain in our State at this time. .,
sit very early received judicial construc-
ton, while the causes Which induced us
insertion in the Constitution was still fresh
in the minds of the people. That construc-
ton has been confirmed and maintained by
long and almost unbroken series of decisions,
and been applied to different forms ana
varieties of contracts, both Of States and i'll
rIp N 1ltpr q.
cisious is to enlarge rather than restrict Its
scope and meaning. In fact, they go much
further in the maintenance Of the invioIablli-
tv of contracts than I should be prepared to
advocate were it IN original question,
undetermined and unillumiucd by the legal
lore and acumen of the best intellects the
nation has produced for thrce-quarterS of a
century. In the light Of these decisions, and
after Il careful and patient consideration of
them, ] find it impossible to arrive at any
other conclusion than that the act under con-
sileration is clearly and undoubtedly within
the pale of this constitutional inhibition.
"Haying reached this conclusion, my duty
in the premises, to withhold my approval
from this act, is plain and unqucStionable,
however distastcful to me its performance
may be.
at is as much the duty of the Executive to
interpose his objections to the enactment OF
laws which he believes to be unconstitutional
as it is to take care that constitutional laws
lie faithfully executed. His oath of office re-
CURES that he shall support and maintain
the Constitution and laws of the United
States and the Constitution and laws of the
State Of Virginia. That requirement / shall
cndeavor faithfully to obey, 'to the best of
my ability under any and all circumstances.
If, in the exercise OF one of the duties de-
volved upon the Executive by the Constitu-
ton, anil technically known as the veto
power, his views and those Of the Legisla-
ture are found to be in conflict upon such
grave questions It's involve the true interpre-
tation of the Constitution, the whole subject
should at once be referred to the other co0r-
dnate branch of the Government-the Judi
ciarv, charged with the duty of interpreting
and constituting both the laws and the Con-
stitution.
This course, it appears to me, 1t would
be wise to adopt in the present instance.
| The ultimate solution of the question rests
| in any event with that court, and all must
concede the supreme Importance of its
| speedy and final settlement in order that con-
| fusion and complications, involving the best
| interests of the Commonwealth, may be
| avoided, and both the Legislature and EXecll-
| five relieved from responsibility in this be-
| half. The General Assembly, by resolution,
can submit, or authorize the Executive to
submit, the questions involved to the Su-
| preme Court of Appeals, and obtain its de-
cision thereon within the coming week. Al
| though there may be no specific authority
for this action, cannot doubt that the court
would promptly respond to such request
| made under such circumstances.
"While the course here suggested involves
| nothing derogatory to the dignity or indie
| ncndence of either branch of the Govern
nent, its results would be promotive in the
highest degree of that unity and harmony Of
| action absolutely essential to the efficiency
Of government and well being of the people.
In attempting the solution Of these great
questions, pregnant with the veal or woe Of
the Commonwealth for generations to come,
we should rise superior to passion and pre-
iudce and secl, the aid of any and every
lirht to guide us in the pathway leading to
correct conclusions.
| "The conscientious discharge of our official
duties and the conservation Of the best in
tereSts of the State is the common purpose Of
us all. We may differ as to the best means
to be employed, but assuredly we cannot be
at variance as TO the end to he attained. The
continued agitation of this subject neither
! relieves the people nor restores the credit of
| the State, but on the contrary, each days
| delay in its final and correct settlement serves
but to increase the suilerings of the one and
| to lower the standard of the other.
because of these indubitable facts and
nv profound anxiety that these questions
should receive prompt solution, respect
| fuIIv s,,hm;t the SUGGESTIONS herein made TO