The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-12-17
The Finding Act-The interest.


Supreme Court Of the State.
The ac, declared unconstitutional by the
court is as follows:
-. Be i, enacted 6y the General assent
ti,, If V,roin,a, That hereafter 1t shall not
he lawful for the officers charged with the
collection of taxes or other demands of the
state due now or that shall hereafter be-
come due, to receive in payment thereof any.
thing else than gold or silver coin, United
States Treasury notes, or notes OF the na'
,;oual banks Of the United States.
-. All acts OF parts of acts inconsistent
with this act are hereby repeaIcd.
%. This act shall be In force from ana
after its passage" From March !, lo'2'J
Now, Mr.. R,DpLEBARGER introduced OIL
70 reveal, not this act, but can act to pro-
",;,ie for the payment of the interest on the
"nublic debt" passed March 10, 1872. Under
the opinion that Mr. RIDDLEpARGERs Dill
provided for the repeal Of what the court
had declared unconstitutional, many mem
hers voted for it who would have given n
very different vote had they known its true
character. See Mr.. DANIELS explanation IN
the House Yesterday. II was under this er-
roncous impression that we Yesterday ap-
pIauded the act of the House OF Delegates.
and we most sincerely regret to have 10 re-
tract our praise So far from deserving ap-
plause, we think the passage OF Mr. RIDDLE
r.RGrr's bill is matter of regret. 1t re-
pcals the act providing for the payment OF
interest, and leaves large sum in the State
Treasury which was last year appropriated
condjlionaIly to the payment Of four per
cent. upon two-thirds of the public debt
The condition annexed to the payment OF
interest was prescribed in the 4th section OF
the act, the whole Of which Is repealed by
Mr.. R,ppLEBARGERs bill, and which section
is rs follows:
a.. The receipt of interest under the pro-
visions of this act shall be held aid deemed
- he an acaucscence upon the part OF the
creditor in the provisions Of an act declaring
what shall be receivable in payment OF pub
lie dues"
It was this section only that Mr.. DANIEL
thought Mr.. R1ppLEBARGER's bill repealed,
while others thought it repealed the act OF
March 7, declaring what should be receiya-
bic in payments due the Government, and
excluding the coupons which the funding
net declared should he received in the pay
mcnt Of such dues.
Air. RIppLEBARGER's bill passed the Senate,
we regret TO say, yesterday by vote of IL
toI And now how stands the matter?
Should the bill be approved by the Governor,
or passed over his veto should he veto it,
no part of the money in the Treasury will be
paid out in interest on the public debt by the
First Auditor. Indeed, that officer does not
feel at liberty TO issue any warrants TO pay
interest while the matter of the coDsidcrl-
ton Of the RIpDLEBhRGER bill is unsettled.
Gut for the Intervention Of this bill, after tie
decision of the Supreme Court the general
impression was the coupons to the bonds
issued under the funding bill would he un-
conditionaly redeemabe by the Treasury.
But it is said the hitch goes further than
the RlDpLEDARGER bill. 1t is understood that
the Auditor continues his indiSpo>ition to
receive in payment of public dues the cou-
ponS which the Supreme Court has declared
the State obliged so TO receive under con-
tract made in the funding uct in which she
is pledged so to receive those coupons-l. e.,
he is thus indiSposed to receive them until
further instructed by the Legislature.
The "situation " is decidedly complicated.
We trust there Is to be no game played by
one department of the Government to eludc
the authority and diminish the dignity Of an
other. Ii bondholders are not protected by
Tie decision of the highest judicial tribunal
IN the state, but have to sue upon every case
Of coupons offered and rejected. why our jul
dicial system will become mere mockery.
But, still, let us not be too apprehensive.
There is q strong foundation of good faith
and integrity in the Virginia public opinion
which will bring back legislative action, we
trust, to the fair and square redemption OF
the honor of the State.
Yesterday in the Virginia Senate q very
singular resolution was adopted, calling
lpon the Governor to furnish to the Gen.
era! Assembly his views as to the best mode
OF raising money to pay the interest on the
public debt and to defray the expenses of the
State in view of the late decision OF the Court
of Appeals. We do not know how to regard
the spirit of this resolution, taken in con-
ncction with the debate upon it. 1t is a
novel proceeding, at least. In former days
the General Assembly would not have called
upon HERCULES or anybody else in an ext
gency such rs now exists. 1t would have
soemnly and man(uly met the crisis by ap-
pointing n Joint committee of the wisest
members Of both Houses to prepare scheme
TO lift the Commonwealth out of its troubles
and place her in her true light before the
world. That would have been promptly
done, and there would have been both
wisdom and patriotism in the ultimate action
of the body. The State integrity they would
have preserved at all hazards.
Let us hope that the Legislature will re-
pudiate all attempts to evade all proper OBJ
legation. The people have backbone ant
Virginia patriotism. There need be no fea
OF them. Their representatives will only, as
we believe, fully represent them by main
tanning the credit Of the State.
-
. The Lynchburg Press and other Republ
3 can papers publish long and well-writte1
: letter from Colonel ROBERT W. HUGHES t,
Judge HoAR, a member Of Congress from
Massachusetts, in which the Judge was a, ked
tn Etf BIO IL 49,.