The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1872-01-02
VIRGINIA LEGISLATURE.
Ilonse of Delegates


House met at II o'clock.
Speaker Hanger in the chair.
Prayer by Rev. j. A. Dearborn of Dis
ciples church.
journal of last days. proceedings read.
The Speaker laid before the House a
message from the Governor, announcing
his disapproval of the House joint resolution
the operation of the, Funding |
Act. 1t is as follows: Base
1 return herewith TO the House of Delegates,
in which il originated, the joint resolution en-
titled JOINT Resolutisn to discontinue the issue
of bonds required to be issued by the Act for
Funding the Public DEBIT without my APP
proval. .tu4.. $500 q. q SD .t.'a7i fpi
My objections to this resolution are that it is
nnwlse, unjust and fraught with the graves con-
sequences to the public veal. Il Il
Unwise, because IL would indefinitely postpone
the further operation of a law already in great
part executed, and that, too, without the substi-
tuition of any equivalent or any expressed pur.
pose of Improvement. Unjust because it would
withhold the benefits of an established law from
n minority of our creditors, equally if not more
deserving than the majority, who have already
awaited themselves of its provisions, and the
gravity of the consequences it would entail upon
MS, have already begun to be felt in the heavy de-
probation of our State securities, and the loss of
confidence in our integrity as n people. The re-
solution is so drawn that it must be thoroughly
analysed to fully understand its real scope and
the public debt shall cease, until the full accom-
plishment of two objects, the first of which is
the ascertanment of " the entire amount that will
be required 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 necessitate
should the whole debt he funded" But, is il nc
cessary TO stop the funding in order to accom-
plsh this objectf
May not the investigation and the funding go
on at the same time independently of each 9TH
trya rv pyn N ttrrn an
tagonism between them that the one must halt,
while the other proceeds Certainly not if the
role object sought to be accomplished be to as
certain the rate ef taxation necessary to be i'm
posed for the purpose indicated in the resolut ton,
the funding OF the public debt not only ought not
to be stayed, but should be pressed forward with
AL possible speed. And for the very cogent rea-
ron that it is the most expeditions well rs the
most accurate, IL not the only, mode of ascertain
ing the total amount of the State debt and the
amount necessary to be raised to meet the in
terest on our proportion thereof. The total
amonnto of the State debt is to-day unknown,
The books of the second auditor show it to have
BEEN on the LIST of July last, the sum of $40 9l4,
2Os rs. But when 1t is considered that our debt
was authorized by nearly one hundred different
statutes, some of them enacted many years ago,
and that it is evidenced by almost as many
bonds, issued by many different officers it would
not seem remarkable If some errors should have
ciept into the books Of the second auditors of
flee, nor that some bonds, which were properly
issued should never be presented for payment
When we consider the fact that, on the list of
July last, there was remaining unfunded interest
amounting to The sum of &5S2,76l 10, which
might have been funded, and drawing interest
Tor over four years, since tho act of March md,
1866, and the further fact, that of the four per
cent interest authorized to be paid by the acts
of March 2lst and April sd, 1867, the sum of
$l077l5 20 had not been paid up to July LIST,
g1s7i, and large portion of which has never been
called for. Some of the bonds which this inter
est had accumulated can be accounted for, while
others cannot
One design of the clause of the Funding Act,
which prohibits the payment of any interest,
exceptupon the bonds issued by its authority,
was to definitely settle this question and ;ccu-
rately determine the total amount of the State
debt
This cannot be accomplished by any examna-
tion 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 government.
But this resolution does not even provide for an
examination, although the necessity of an ex-
animation for the purpose of ascertaining the
amount necessary to be raised by taxation, is
put forth as the reason for stopping the funding,
yet 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 indtnite postponement 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 fund
ingfcan be resumed. - fif's..ky ~ az
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 he perfected in the premises, should
any be necessary, as the public good may re-
quire." What does this mean If by the per-
lection of "such legislation may be necessary
for the fulfilment of our solemn obligations
which the public good absolutely requires is in-
q tended = why postpone indefinitely the execu-
ton of a law specially designed to, and which
will freely accomplish that object, if executed
Is 1t to be understood from this language that no
matter what the results OF this investigation
may be, such legislation will be perfected in the
- premises AS win maintain the public faith
inviolate2 If so, why was not such intention
clearly and unequiyocally expresseaa Whywas
1t left in the least doubt uncertainty, the sub
Ilect Of damaging differences of unfavorable
character? Surely, i'll multiplying the operation
OF law involving subject of such supreme
importance and delicacy as the public credit the
meaning and intent of the Legislature should be
so clearly expressed as to afford no opportunity
g for question or cavl. gile1 af,t
And yet aside from the determination to ar
rest the further funding ofthe public debt, there
is not in this resolution single clearly expressed
purpose OF any kind OF character @iaH
Whether there shall be any examination into
our financial condition, and If so when and how
long to continue when the funding is to be re
sulned If at all and what are the ultimate de-
signs and purposes of the Legislature, are all I'M
certain and leftto mere conjecture. Such when
its complicated verbeages is nnravelletl appears
to be the true character of this resolution. can
not believe it expresses the mature Judgment of
the General Assembly. 1 am confident that ii
could have been neither carefully considered nor
Over twothirds of the debt has already been
funded, and as to that portion, the Funding Act
has become an executed contract which must be
fulfilled. fsaffd TIif Itas sYHA L4Gf fI58
Thrown around it is, the protecting shield Of
our own and the national constitution, though L
trust the occasion will never arise when the aid
of either will have to be invoked. So 'ltft
But the balance of our creditors, a small and
helpless minority, who by their very delay 10
funding, have manifested the greater confidence
in our integrity, are rrdely thrust aside without
remedy or hope of immediate redress
- Is this Fight, is il just 8s fi.tltt
Is it the mode in which great and sovereign
phcitly In her honor have furnished the means
with which to construct her railroads and c:tnals
and develop her resources
why should not all our creditors he placed
upon the same equal basis?
What Justification, palliation excuse can be
offered for this unjust discrimination against ONT
portion OF our creditors? i know of none and
have heard of none. lam aware that it has been
assumed by some, THAT to pay the annual inter
est, II the whole debt were funded would neces-
sitate an increased rate of taxation, but this il
mere assumption not sustained by the facts.
l have already laid before you my views upon
TINS subject, and further reflection entirely salts
Hes me that II they are sanctioned by prompt &C.
ton ON your part the fears of increased taxation
will be effectually. dissipated. tAff~
not only do not favor increased taxation bllt
am an earnest advocate of measures which
will sensibly relieve the people from the heavy
load OF county, township, district, road, and mu-
nicipal taxation, their real burthea,
Why not strike ut the root of the evil and lin.
it, by appropriate legislation this local taxation
rather than bring untold evils upon theic onn on
wealth by tampering with her credit But, Ii is
rald, That the further execution of the funding
act ought TO be stayed because that act is un.