Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1872-01-03
From Richmond.

RICHMOND, JAN AFTER ten days re-
cess the Legislature re-assembIcd to-day,
| quorum being present in each branch. but, oil
course but little business was transacted. 1t re-
curing in legislation. as i'll al; other occuIa-
| tons, little time TO recover from the effects
Of a holiday.
\ very important document was: however,
sent to the House-a message from the Gov-
ernor, rctomg the joint resolution SuSpendlng
the provisions of the Funding bill. which will
attract general attention and be read with in
tcrest. 1t is clear, succinc,. and ably written,
and the opinion here now is that it will have
the desired effect, it being believed that
two-thirds majority cannot be obtained to
pass the resolution over the veto.
The following is the Message in full
To the G,ncrul .4S~uby Of Iilymi,.
| return herewith to the House Of Delegates.
IN which it originated. the joint resolution ell
titled Joint Resolution to discontinue the issue
of bonds required to be issued by the Act for
Funding the Public Debt, without my APP
proval.
My objections to this resolution are: that it
is unwiSe. UNI ust and fraught with the graye>t
consequences to the public veal
Unwise, because it would in definitely postpone
the further operation OF law already in great
part executed, and that, too, without the sub
stitutlon of any equivalent or any expressed pur.
pose of improvement. Unjust. because ii wOlllt
withhold the benefits Of IN established la"
from a minority OF our creditors. equally, # not
more deserving than the ma jOrlty who have
already acailed themselves of its PROVISIONS,
and the gravity OF the consequences 1t wonid
entail upon us, have already begun to be
felt in the heavy depreciation Of our State Sc
curitics, and the loss of confidence in our nteg
rity as people The resolution is 50 drawn
that it must be thoroughly anal yzed to fully
understand its real scope and meaning. 1t de
clares that the further funding of the public
debt shall cease, until the full accomplishment
of two objects, the first Of which Is the a>ccr-
tainment Of the entire amount that viii bc re-
quired to pay the current expenses of the State
Government and the interest upon the State
debt as provided by the Funding Act. and the
increased rate of taxation it may neceS~iatc
should the whole debt be funded But. is it
necessary to stop the funding. IN order ln nc
complish this object?
May not the investigation and the funding
90 on at the same time independently of cLch
other? l. there any such necessary natural
antaeonism between them that the one must
halt while the other proceeds? Certainly not.
II the sole object sought 70 be accomplished he
10 ascertain the rate of taxation necessary 10 be
imposed for the purpose Indicated in the re>o.
luton the funding Of the public debt not only
ought not to be stayed but should be pressed
forward with all possible speed. And Tor the
very cogcnt reason that il l. the most rxp"dl-
tious AS well Is the most accurate. II not the
only. mode Of a$cIrta!nlng the total amount al
| the State debt and the amount necessary To nc
raised to n !r; The Interest on our !:o!"riPn
is to-day unknown.
The bouks of the second auditor show il to
have been. on the 1T of July last the suns Of
S46.4l4.20> -. But when it is considered that
our debt was authorized by nearly one hundred
different statutes, some of them enacted MANY
years ago, and that ii Is evidenced By aln.os, as
many bonds. issued by many different officers.
it would not seem remarkable II some errors
should have crcpt into the book, Of The second
auditor Office, nor that some bonds. which
were properly issued. should never bp present
| ed for payment. When we consider the Fact
that, on the St Of July last, there was remain.
ing uufundcd interest amounting 10 the sum .!
$751; 76l %, which might have bccr funded.
and drawing interest for over four years. since
the act of March md, 1866, and the further
fact, that Of the four per cent interest, author
lied to be paid by the acts Of March DIST and
April 3d. SCI, the sum of 500, 21 hal
not been paid up to July lSt, ISL, and a large
portion of which has never been called for.
Some Of the bonds on which this interest bad
accumulated can be accounted for, while Others
cannot.
One design of the clause of the Funding Act.
which prohibits the payment OF any interest,
except upon the bonds issued by its authority,
was to definitely settle this question and accu-
ratcly determine the total amount of the State
debt.
This cannot be accomplished by any exanina-
ton which can be made The most that could
be done, would be to approximate to it, and
the same is true of the amount necessary to
meet the current expenses of the State govern.
ment.
But this resolution does not even provide for
an examination; although the necessity of an
examination for the purpose OF ascertalnlng the
amount necessary to be raised by taxation, Is
put forth as the reason for stopping the fund
ing vet no provision is made for this, nor is the
time limited within which an examination shall
be made. All is left in doubt and uncertainty.
and manifestly means the indefinite postpone
ment of the public debt.
But this is not all. Even if an examination
shall be ordered and made, yet, after all that
shall have been accomplished: there is still an
other purpose to be wrought out before the
funding can be resumed.
This resolution provides that the funding
shall be postponed, not only until all these facts
can be ascertained but still longer and until
such legislation be perfected in the premises.
should any be necessary, as the public good
may require" What does this mean? If by
the perfection of such legislation as may be
necessary for the fulfllment Of our solemn obi
cations which the public good absolutely re-
quires, isintended" why postpone indefinitely the
execution Of a law specially designed to, and
which will freely accomplish that object; if ex
ecuted? Is it to be understood from this Ian
guage that no matter what the results of this
Investigation may be, such legislation will be
perfected in the premises as will maintain the
public faith invioIate? If so, why was not such
intention clearly and unequivocally expressed?
| Why was it left in the least doubt or uncertain
ty the subject of damaging differences OF an un-
favorable character? Surely, in multiplying the
operation Of a law involving subject of such
supreme importance and delicacy as the public
credit the meaning and intent of the Legisla