Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1872-01-16

Hoping to welcome the sway of Peace;
trusting the promise of days to come,
When the angry blare of the trump shall cease
And the wall Of the perishng ranks be dumb
GENERAL ASSEMBLY OF VIRGINIA.
SENATE. Tuesday, Jan. 2. : Mr.. Greever,
10 the chair
The House joint fe,oiution TO suspend the
funding of the publ debt" and also the reso-
luton "in-ructing he auditor not to pay in
terest on the public dtbr,' were both laid on
the table,
Several nuimportant moions we're made and
the Senate adjourGc@.
HOUSE Speaker Hanger, in the chair.
The Speaker laid before the House message
from the Governor annonrcng his disapproval
If the Fl use joint lesolu lon disseminating ,he
operation p be iu. ding act
1t is as follows:
COMMONWEALTH OF VIRGINIA,
EXECUTIVE CHAMBERS.
RIoHAoNp, December 2sth, 1871.
TO the General assembly,:
| return herewith to the House Of D legates
10 which 1t originated, the jsint resolution en-
titled 'JOlnL resolution TO discontinue the issue
OF bonds required to be issued by the act for
tund!pg the public debt, without my approval
Wy ODJCS'l uo W tHtS icSDiutIOn are. lnat IL
Is unwIse, unjust, AID fraught with the gravest
consequences 10 the public veal. Unwise, be-
cause II would indefinitely posfpone The further
operation OF d law alIeady in great part execut-
ed, and that, too, WITHOUT the subs!iin,ion OF
any equivalent, or any expressed purpose of
improvement uDJust, necause II would with
hold the behetts OF az established law from
minority our creditors, equally ii not more
deserving than the msj rl.y who have already
availed themselves ct It's pros isious aud the
gravity OF the c0nseq aer.ccs ii would entail up
on Us have already begun 10 he telt lu the heavy
depreciation Of our N se krcnrltles and the loss
OF confidence 10 our Integrity as people The
resolution IL SD draWn hat il must be ,i.rnuch-
iy anaiJ zed &, fully u,lds;rSIand iss real cope
and meaning. 1t d. uiarss iha. he further
iuuding Of he public deb. shall cea, e unrlI the
full pl,sliinent ii two objects. he irst of
WHICH Is tie ascerts uvlI u The entire a.
mount that .ili be Il .c,i q pay lhe current
exp nses OF the Sta Government and the in
terest upoo lie Staie {. ti, as provided by the
funding act, and the iGcreas cd rate of taxation
it may necessltate should the whole debt be
funded. But Is it necessary to stop the fund
ing in order to accom plish this object? Nav
not the investigation and the funding go on at
the same time indei evidently of each other?-
Is there any such necessary or nstural antagon-
ism between them thai the one n,usr halt while
the other proceeds? Certainly 10. II the sole
object sough, to be ac,,n slisIIed be to ascertain
the rate OF taxation tc-ssary to be imposed FIR
the iu pose indlca sd i'll be RESOLUTION the
funding of the public ihi,t pot only ought nor
to be stayed, but ST. ND be pressed forward
with all possible spe d; and for The very cogeut
reason that it is the must expeditions as well
as he most accurate, II not the only, mode of
~ scertalning the tota aHjouut OF the State debt
and the amount nec' s-sry 70 be rails, d to meet
the interest on our i'itfJ r lon thereof. i he
total amount OF the : e. debt is to-day nm
known. The books Ct The Second Auditor show
it to have been on the !. oi July last the sum
of $40 9l4 2OS 25. Bu' .hen it is considered
thar our debt was su aorized by nearly one
hundred different sta u -, some OF them en-
acted many years aeH. and that 1t is eyldeneed
by almost as many d.fferen varieties Of bonds,
issued by many diffetcl,i officers, it would NOT
seem remarkable if some errors should have
erept into the books af the Second Auditors S
Office; nor that some b.. d. which were pro-
perly issued should Es2er pe presented for pay
mcnt when VIC consider the fact that on the lst
of July last there We. r-maiuing unfunded in
ter6st amounting to The sum OF S5o2, 46l.79,
which might have bcen funded and drawing In
terest for over four wears under the act of
March I'd, 1866, and ihe tArtheT fae' that OF
the four per cent interest authorized to be paid
by the acts of March 2lst and April 23d, 1867,
the sum of $lO7 7,7l5.29 had not been paid up
to July Ist, 1871, and a large portion OF which
has neyer been called for. Some OF the bonds
on which this intere,t had accumulated can be
accounted fer, while eihefs gann9s. One de-
sign of the clause OF he funding act which pro-
hibits the payment of any interest except upon
the bonds issued by It's authority was to def
nitely settle this question and accurately de-
termine the total amount OF the state debt.
This cannot be accom- pished by any exauina-
tion whicl, can be nadp. The most that could
be done would be to approximate to 1t, and the
same is tyue 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
examination for the paraase Ct asceita,nug the
amount necessary to bo raised by taxation ts 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 le!, in doubt and uncertainty,
and maniiestly means Ghe iudesnlta postpone
ment Of the balance 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
her purpose to be wrought out before the
vides that the fundisg shall be postponed not
only until all these fsc-s can be ascertained but
-iiIl longer, and until ouch legislation be per-
fected ia he premises should any be necessary,
as tie public good may require. What does
this mean? If by the perfection of such leg
islation as may be necessary Tor the fnltillment
of cur solemn obliga l,n+, which The public
| good absolutely requires Is intehdea Why post
none indefinitely the xtcuiion Of law special
| " 1esiened TO. and wfich viii freely, accomplish
that objac. If execued?' Is it to be uader-
stood from this language that no matter what
the results OF the ingestisation may be, such
legislation will be perieostd ln the premises as
will nsinfain the pull c fai h invioia:e2 II
so, Why was rot suc' intention clearly, and uu-
eqnivocalIy expressed? Why was 1t leit In the
least doubt or lncertaaty, he SUBJECT OF damag-
n = IN ferences of an uufayorable character q
Surely in nullifying the operation OF law in
olv;oy a snh;ect Of such supreme importancf