Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1872-01-11


ton may be, such leg islation will be per-
fsctsd In Inc prems as will MAINTAIN the
public faith inviolate :? If so, why was
not such intention clearly aud uneguiyo.
eally expressed Why was 1t left in the
least doubt or uncertainty, the subject of
damaging in!erences of an unfavorable
character ? Surely ia nullifyiug the
operation Of a law involving ,uhiect of
such supreme Importance and deicacy as
the public credit, the meaning and iotcDt
OF the Legislature should be so clearly ex-
pressed as to afford no opportunity for
question or cavil.
And yet. aside from ths determination
to arrest the further funding of the public
debt, there is not in this resolution a
sing lie clearly expressed purpose Of any
kind or character,
Whether there shall be any e1amina-
ZION into our financial condition, or If so
when aud how long to continue when
the funding is 10 be resumed, if at all and
what are the ultimate designs and pur-
poses Of the Legislature, are all uncer-
tain and left to mere conjecture.
Such, when analysed and its copplicat
ed verbiage unravellcd, appears to be the
trua characte Of tae resolution. [ cannot
behave that it expresses the mature iudg-
ment Of the General Assembly. ] am
confident that it could have been neither
carefully considered nor thoroughly I'M
aerstood. Over two-thirds of the debt
has already been funded. and as
to that portion, the funding act has has
became an executive contract which must
be talflled. Thrown are nd it is tie
protecting shield o our own, and the
national constitution, though, trust, the
occasion will nev>r arise when the aid of
either VI Il have to be invoked. But the
balance of our creditors, small and
helpless minority, who, By their very
delay in funding, have manifested the
greatest confidence in our integrity, are
rudsly thrust aside without remedy or
hope of immediate redress. Is this right
is it just ? Is it the mode in which a
great and sovereign State sho-ld deal with
those who, trusting implicitly in her honor
have furnished the means with which TO
construct her ra;lrods and canals and de-
vel p the resources Why should not all
our crediors be placed upon the same
equal basis?
What justification, pa'lia!ion or OK cusc
can be offered for this unjust discrimina-
ton against enc portion of our creditors
| know OF none, and have heard of none
| am aware that it has been assumed By
some that to pay the annual interest, ii
the whole debt were funded, wo uld neces-
state an increased rate of taxation, but
this is mere as sumption not sustained by
the facts. have already laid before you
my views upon this subject, and further
reflection entirely satisfies nle that If they
are sanctioned by prompt action on your
part the fears Of increased taxaticn will be
efectualy d issipatcd
not only do not favor increased taxa
ton, but am an earnest advocate OF
measures which will sensibly relieve the
people from the heavy load of county,
township, district, road and municipal
taxation-their real burtben.
Why rot strike at the root of the evil.
and lilait by appropriate legislation this
local taxation, rather than bring untol d
evils upon the Commonwealth by tan per-
ing with her credit
But it is said that the farther execution
Of the funding act oDght to be stayed
because that act is unjust. But 10 whom?
Certainly not to the State, for beyond
question more favorable settlement was
never made by d State with her creditors
than that provided for Us by this aw.
Let US consider this subject briefly.
at tie beginning of the war the State
owed bonded debt of over S31. 600, 600.
Daring the war interest was paid upon a
portion Of this debt and remained unpaid
upon the balance ..
After the war, the Legislature which
convened in 1866, by an act passed
March 2od, of that year, authorized the
funding Of all this unpaid interest lnatur-
ed and maturing sc January LIST, 1867 10
new bonds of like character, and bearing
the same rate Oh ilterestas the old bonds
Under this act between six and saven
millions vas fuuded. On the Dist of
March 1867, the General Assembly
authorized the payment of 4 per centum
interest upon the entire amount of the
public debt, except the bonds issued u1-
der the act of 1866. These several acts
recognized and confirmed she binding
obligation Of the whole debt upon Vir-
ginia, Notwithstanding the fact that dur
Dg the war the State of West Virgin il
had been organized, severing from her
Jurisdiction near y onc-third of hel
original territory and nearly one-third O
her population upon the fundamen tai
obligation that the new State should
assume and pay her just proportion of the
public debt contracted prior to her separa
ton.
The legality of the Legislation of the
General Assembly of 1866 and 1867 has
never been called in question. But i
any doubts upon this subject were ever
entertained, they were finally and fully
solved by the adoption in 1869, by an
almost unanimous vote of the people, o.
our present constitution, which not only
validated all the Legislation subsequent
to toe war. but distinctly and unequivo-
cally recognized the public debt, and the
unquestioned liability OF State for the
whole amount of 1t both principal and
interest. t
This brief statement Of the action of the
State upon this subject must, (without
the aid Of public law which is in perfect
harmony with it, silence all discussion
as to liability of the State for this debt.
That LIABILITY is absolute and uudoubted,
and no objection can be raised to the
funding act, because it recognizes this
incontestible fact. The first Legislature
thstconyened under our present consttu-
lion having failed to make any settlement
with W est Virginia. reCogniziDg the vast