Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1872-01-19
TEE FUNDING HszL!
what IS FL?


debt Of some fifty millions. inc!ad
iag intere5s to the present time This
debt had It's origin in various dates
reaching into the period of slavery
and peace, and bore interest 1T the
rate of six per cent. Il was created
pricr to the ACKNOWLEDGMENT Ct the
Commonwealth, and as it was based
upon values which have been impair
Z /, ani soMe Of which have been TO-
tally destroyed, it lbs become q bur.
den quite disProPortioncd TO our pres
ent condition. and the question = hat
to do with it has taxed tEc best brain
o. the Commonwealth and called in
70 activity some CT the worst passions
Of many both within and without the
State. The Legisture Of 1870 and
1871 became the victim of cupid
ty Oh the part of the holders Of Va.
bonds which seems to have been in
excess Of the virtue Of that body, and
it passed the notorious Funding Bill
This Ubiquitous measure authorized
the funding Of two-thirds Of the debt,
both principal AID interest, and the
issuance of certificate for the re-
naming third whenever a settlement
shall have been effected between Va
and West Va. l. thus acknowledges
the obligation of 4 part Of Virginia
for the debt Of the entire State. 1t
compounds the interest which has
been accommodating FOR SEINE TN years,
and to make the oppression doubly
sure the ''cute" trick Of making the
new coupons receivable for taxes and
other public dues was IN elted in the
bill. Here is the ring in the nose of
TIE taxpayer which the bond,holders
can twist and behold him writhc W,
til he disgorges the remainder Of his
property. For not one cent can be
collected for the carrying on Of the
State government until the coupons
are al redeemed. BY it the entire
pound of flesh must be carved out, if
starvation follow. Using round nun
bers, this accumulated ten years of
interest will more than supply the
subtraction of West Virginia's one
third and leaves Us bound for that
third in addition. Then Virginia dis
membered and robbed of twu and
half millions of slave property. and
with her lands largely deprecated,
mast carry what the entire State
could scarcely carry with all her Prop
erty, on which Il was based The
bill is the child Of Gov, Walker. who.
it IS said, realized a handsome profit
on his State bonds by The advance
ment il their price, which was the
result Of its passage. Now as much
has been said about the honor of the
State, let us look AZ the matter in the
light Of morals and equity.
Al debt has Cor its basis property,
and property has for its basis govern
ment. Government claims, IS its
exalted functions, the power to pro
.ctt and the right to exact the pow
er to protect property and thc right
TO enforce obligations which are given
FOR property. Oar system of govern
ment is a compound one. It reach
IS through The States and imbeds its
7oots in the national oaganization.-I
t is simply 4 covenant between the
adividu2l aad The nation. Like all
covenants 1t IS reciprocal. The gov
,rnmcnt promises 30 protect the prop,
orty &C the individual and the indi-
siduaI in return yields to The gov
s-umcas tao right 20 exact tie en-.
oscement Of his obligations. based
Ipoa that property. Under tbs COW
saaat The people Of Virginia ccntrac.
ed their debt amounting in magni-
.1de to their capacity for payment. !
st this jHucture the Federal Govern /
nent laid lrantis on one end o. The com !
act aad destroyed its equilibrium by 4,
Withdrawing forcibly one-third Of the |
axable values upon which the debt |
vas based and arbitrarily erected that
into the State Of West Va. !
is next move was to seize forciLly /
nd forever destroy two hundred and /
fifty millions Of slave property, upon /
which the debt was based. It's next /
nd iiaal move, as expounded by Ab. |
II. II. Stuart and the bond hold /
rs generally, is to demand that the
ther side of the compact shall DC
enforced and portion
f the people with the remainder OF
leir property shall pay promptly the
n:ire debt.
Th1fe are $I.600e00 in the treas
re-. It is the result of two years taxa
on, an | will not quite ray The Jan