Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1872-01-11
THE PUBLIC DEBT.
Governor Walker Vetoes the Resolu-
tien Disc0ntinuing the Funding


sued under the act for the funding of
the Pub lie Debt was placed in the
hands of the Clerk OF the House of Dele
gates, j. Bell Bigger, Esq, on the 2Stk
ultimo-during the recess of the Legisla-
ture--and was read Tuesday morning in
the House OF Delegates (where the reso-
luton origina,ed.) aad was laid on the
table and ordered to be printed.
CokMoNwEALTH OF VIRGINIA,
Executive CHAMBERS,
RICHMOND, December %, 1871.
70 the General Assembly :
| return herewith to the House of Del
egates, in which it originated the joint
resolution entitled Joint resolution to
discontinue the issue of bonds required
to be issued by the act fer funding the
public debt" without any approval
My objections-to this resolution are
that it is unwise. unjust, and fraught
with the grlveSt consequences to the pub
lie veal.
Unwise, because it would indefinitely
postpone the further operation of a law
already in great part executed, and that
too without the substitution or any aquiy-
alent, or any expressed purpose of i'm
provement. Unjust, because it would
Withhold the benefits Of an established
law from IL inority of our creditors.
equally if not more deserving than the
majority who have already awaited them
selves of its provisions; and the gravity
of the consequences it would entail upon
us have already begun to be felt in the
heavy deprec iation of our State securi-
ties, and the loss of confidence in ouy in
tegrity as a people. The resolution is so
drawn thatit must be thoroughly analys-
ed to fully understand its real scope and
meaning. 1t declares that the further
funding of the public debt shall cease,
until the full accomplishment Of two ob-
jects, the first of which is the ascertain
ment Of the en- tire aln cunt 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 be funded" But is it neccs-
sary to stop the funding in order to &C.
complish this object? May not the inves-
legation aud the funding go On at the
same time Independent of each other :?
Is there any such necessary Or
natural antagonism botwsen them that
the one must ha It VII lie the other pro-
cceds? Certa iIly not, i the sole object
sought to be accomplished he to aseer-
tain the rate of taxation necessary to be
imposed for the purpose indicated in the
resolution, the funding of the public
debt be pressed forward with al possiUls
speed. And for the very cogeus reason.
that it is the lost exped ilious as we Il as
the most accurate, if not the only mode Of
ascertalning the total amount OF the State
debt, and the amount necessary to be
raised to meet,thc Interest Oh our p7opor-
ton thereof. Thc total amount of the
State debt is to-day unknown.
The books Of the second auditor show it
to have beon on the first of July last the
sum OF SIG 9l4, 208, 25. But when it is
considered that our debt was authorized
by nearly one hundred differeat statutes,
some Of them enacted many years ago
and that it is evidenced by almost as
many different varieties Of bonds, issued
by many different officers, it would not
seem remarkable if some errors should
have crept into the book of the second
auditors Office, 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 inter
est amounting to the sum of S582 ISL 10
- which might have been funded, and
drawing interest for over four years un-
der the act of March ID, 1866, and the
further fact, that of the four per cent. iu-
terest authorized to be paid by the acts o f
March 2lst and april 23d, 1867, the
sum of $107 lie. 29-had not been paid
up to July the LIST, 1871, and large
portion which had not been called. Some
0 the bonds on which this interest ad
accumulated, can be accounted for, while
others canDot. One design of the clause
of the funding act which prob ibits the
payment Of any interest except upon
the bonds issued by its authority, was to
definitely settle this question, and accu-
rately determine the total amount of the
State debt This cannot be accomplish
ed by any examination which can be
made. The most that could be done
would be to approx innate to it and the
same is true of the amount n sary t,
meet the current expenses of the State
government
But thi, resolution does not even pre-
vide for an examination, although the
necessity OR an examination for the pur-
pose of asscerta;ning 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 exam nation
shall be made. All is LETT ia doubt and
uncertainty, and manifessly means the
indeiaite postponement o the balance Of
the public debt.
But this is not all Even If an sx-
animation shall be ordered snd made, vet
after all that shall have been accomplished
there is still another purpose to wrought
out before tho funding can be resumed =
This resolution provides that the funding
shall be postponed, not ouly until oil these
facts can be ascertainsd, but sill longer,
ard un til ':such legislalion be perfected in
the promises, rhould any be necessary, as
The public good may require" What
does this mean ? # by the perfection 0 f
'ssch legislation as may be necessary