The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1873-02-03

declared what TIER meaning was,
VIII CHI was in conflict with tho
ruling Of Judge Rives, and that
declaration will, aunc pro tune, overrule
the judicial decision Of the United States
district court, and diUest the rights whlch
that decision had vested in the cred
tors of the bankrupt. This is autharty
in point, and should DO followed. The
vital powers of the legislature are not inn
paired by the construction of the
court of appeals. IF it was not the
understanding of the legislature as
stated by the majority Of the court
then the alleged contract was, indeed
no contract at all. If the same
legislature, which passed the funding bill,
does not exist-then it is clearly in the
power of the present legislature to exact
and demand of the bondholder at the pro-
posed conference what their understanding
was, and what their intention is, and If they
announce their understanding to be in con-
formity with the views of Judge Sta
Piles, then the consideration falls, and there
was no contract; and in my opinion the act
Of March 80, 1871, should and can right
fully be repealed, which repeal would, as
is so forcibly stated by Judge Staples,
reinstate the original contract and reinstate
the original bond.
In answering the first proposition, l
have stated nearly everything which is per-
tinent to the second proposition. 1t would
seem that this ruling of the court al
chiefly based on the distinct idea of as
express contract as between the legislature
and the b~ondholders. The court of appeals
have ruled that it was a contract as the
case was before them on the record. Allow
me to suppose q case of fraud, illegal
dealing, mistake or surprise, of that grave
character which in a court of equity would
vitiate a contract, is it not competent for
this legislature to reopen a case in which
such facts were believed to exist? Is there
no means by which the coupons can be
displaced and a money consideration substi-
tuted? Time was an ingredient in this
contract-a ~postponement of the day of
payment. Cannot this legislature shorten
the time of paying the principal and post
pone the day Of the first payment of inter-
est, aud make this agreeable to the bond
holders? A vested right to pay in coupons
is not Invested by agreeing to pay in money
at a future day.
In answer to the third proposition, it may
well be urged that there is nothing binding
IN this contract which should divest the
state of Virginia of her sovereign domain or
cripple her powers in exercising absolute
control over her own resources, and the
only barrier to a full and complete remedy
is this ruling of the court Of appeals,
which will, on authority, be considered in
my answer to the sixth and last PROPOSE
ton.
The answer to the fourth proposition is
patent on the face of the question itself,
and ranks in dignity and importance far
above and beyond the ruling Of the court
Of appeals. There is no earthly power
which can divest the inherent power of the
people to call a convention properly organ
lied, and the rulings of that convention are
above all state courts and previous legisla-
lures !; and, provided the constitution en-
acted is republican in form, it is above
congress and the federal courts. This is an
axiom again to be learned, and it will never
be effaced by clamor, destroyed by force,
or smothered by rulers. The pen is more
powerful than the sword thought is
mightier than cunning cupidity aggregated
labor is more potent than incorporated
wealth and accumulated capital. No OPP
presslve government can long stand against
enlightened and free public opinion.
In answer to the fifth proposition l
need only remind you of the experience of
all arbitrary governments. The power to
tax is inherent in government, but the
right to regulate the principle and control
governments, to the people, through the rep
representatives. Deny this, and you sap the
foundation principle Of all free governm ent.
The legislature which, inadvertently, cor
rlptiy, or weakly seeks to thwart the
public will, and emascul ate the popular
right to assert, maintain and enforce the
right of taxation and to control the policy OF
distribution, will soon find itself superseded
by a convention, which, of right, will re-
sumo all the legitimate functions of delega-
ted powers of the state, to be exercised
independent of all PAST legislation. This
is the Handwriting on the wall' and it
will be well for the bondholders to consult
provident sagacity rather than a grasping
cupidity.
/ now proceed to consider the sixth and
last proposition as stated and l have nc
hesitation in saying that such a personal
right under the proposition and accompa-
MED by oil the vital powers and active life
Of q judicial decree or judgement, fully
vested and protected by IN s'execution
executed" can be Invested by the legisla.
latiye power when the safety of the PEG.
pie or the high ~prerogative powers of the
legislative department imperiously demand
such Legislative Intervention. Let not The
cry of revolutionist be raised against me
Let not the epithet Of Repudiationist bt
hurled at me. Reason and authority ar,
always safe shields to the firm and con
slant advocate of the inherent vested rights
Of the people, when assailed by passio,
and inyective. Such denunciations Away
fall harmless when the sight of truth
detects their seurce and discloses thei
aim.
To the educated lawyer and intrepi,
and enlightened judge, the well-settle'
adjudications and established legislativ
practice and precedents of English juris
prudence are of paramount authority.
now adduce ample English authority T.
sustain the position | have assumed, wbicl
authority is of comparative recent date
and cannot be we'll discarded.
/ now cite the act of parliament, passe,
3 and 4, Victoria, chapter 8, January
1910. The judicial and legislative histor
of this celebrated act should be CAREFUL
studied and fully comprehend ed by a
legal minds in and out OF the legislature bs
fore any further Legislative action on the acI
|. IF 20th March 1871 and 18th March 1877,