The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-04-02
Report Of the Committee OF Finance
on tho Griffith Bill.

The Committee of Finance have consid-
cred the bill which proposes to enlarge the
sinking fund, and respectfully submit the
following report:
The bill provides "that all moneys now IN
the treasury, or which may hereafter be re-
ceiyed. from whatever sources, not otherwise
approp riated, and not necessary to defray
the current expenses of the State Govern
ment, be constituted part Of the sinking
fund for the redemption of the State debt,
and that the Commissioners Of the Sinking
Fund be instructed to invest such moneys
so transferred TO said fund in bonds of the
State OF Virginia, at price not to exceed
their present market value"
TIE debt of The State of Virginia was con-
tracted mainly in prosecuting great sys-
tenn of internal improvement intended to
develop the resources of the State, and IN
establishing various literary and charitable
institutions, which are of inestimabIe value
to her people. Virginia is now in the en-
ioymenL of the benefits arising from the eX-
Dend:ure of the money thus borrowed.
Her territory Is penetrated by extensive
lines of canals, railways, and turnpikes.
which afford great facilities to travel and
furnish cheap and convenient highways Tor
commerce. These improvements have more
than paid the cost of construction in the en-
hancement of the value of lands near to
them. The University of Virginia, the Viz
ginia Military. Institute, and the various
asylums for the insane and the deaf, DUMB,
and blind attest, by their annual benefits,
the wisdom of the policy which led to their
establishment. .t.@
The advantages arising from these various
expenditures are so important that the COM
mittee hazard nothing 10 saying that there is
no intelligent man in Virginia who would
| he willing to surrender them, if by so doing
| he could secure an entire release to the State
| of all its Indebtedness. ,....-. .-a-.-. ..
| The committee, therefore, think that there
Is q strong moral as we'll as legal obligation
on the Stale of Virginia to pay The debt
which was contracted to construct these i'm
| proyemcnts and establish these noble insti.
tutionS. ... s..:s. ...... q. ~,
1t is true that in consequence OF the de.
struction Of property and the Withdrawal OF
her jurisdiction over one-third OF her terri.
tory consequent on the late war, Virgins
has not heretofore been able to meet her re-
cuniary obligations as they respectively be-
come due; but, Jealous of her ancient repu.
taton for integrity and honor, she has by
her representatives in the General Assembly
repeatedly, since the war, recognized the
Justice of this debt, and solemnly pledged
| her faith for the ultimate pay ment Of her fail
share of it. ans. ...... ....-- s.... .-.-,
But this bill, ignoring or repudiating these
pledges, substantially declares it to be the
purpose Of the General Assembly Of Virginia
to make no further provisions for the pay
meut of interest on her debt. ,,
In the opinion of the committee this il
neither more nor less than reputation in its
: worst form. AN open declaration Of an in
teutjou TO repudiate the whole debt, aud Of
an utter disregard of all obligations of Law
and Justice and good faith, would ut least
have the merit of frankness, and if coupled
With declaration of entire inability to pay
might receive some palliation from that fact
: But this bill, assuming that there is now anC
hereafter will be a considerable balance II
the Treasury properly applicable, and, under
existing laws, pledged to the payment Of in
) terest on the puOlic debt, proposes to set al
naught every obligation of law and gooC
faith to the public creditors, and to diver
e that fund from its legitimate des' iDation
: Nay, more, il proposes first, by declaration
: OF a purpose not to pay interest, to depre
: ciate the value of bonds OF The State, ant
then to apply the money, wnich in equity
belongs to the bond creditors, TO speculation
. in tue bonds thus deprecated. ..
Your committee have no language strong
:. enough TO express their reprobation of suci
. policy. What would be thought of pri
: Yate merchant or banker who would, con
lrary to the facts OF the case, proclaim hi
own bankruptcy, and then apply his mean
$ to buying up, at large discount, his Owl
q paper, dlshonored and deprecated by hi
:, own act And yet this bill now propose
that The proud old Commonwealth Of Viz
i GINA, whose name in former days was To
e synonym Of every lofty virtue, shall do thi
pameless thing. ........ ....
Your committee are satisfied that this bill
. must have been prepared ana offered with
out due consideration OF its tendencies ant
effects. This conviction is fortified by th,
-. fuct that the bill is as faulty in its structure
us it is Vicious in its theory. In the first plac
: it fails to indicate what class of bonds are t
be bought by the Commissioners OF the Sink
ing Fluid. 1t recognizes no distinction be
= tween that portion of the debt which has
been assumed by Virginia and that part fol
, which We contend West Virginia Is justly
: responsible. Under the provisions OF the
: bill, therefore, the Commissioners of the
Sinking Fund would be instructed to buy
any bonds which were issued by Virgins
prior 10 the war, and thus one-third of the
funds of our Impoverished State might be
applied to the relief Of West Virginia.
In the second place, the bill provides that
the bonds are to be bought at price " moi
exceeding their present market valuen: IT,
then, the Commissioners Of the Sinking Fund