The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1876-12-14

! out OF the public revenue, as they witt cor
tinuc to be. Such are the results OF Il law
constituting g contract which the Common
wealth is powcrlcss to annul or impair. eth
er by legislative or conventional action. Tht
decision of our own court of last resort af
firms the indestructiblc validity OF the con
tract. Every principle Of that decision has
been sanctioned by the Supreme Court o.
the United States The subject has passed
from the forum OF legitimate discussion. Tho
validity of the law has ceased to be practi.
cal question, and any hostile action affecting
it is plainly impossible. With what reason
then can it be desired to exercise the public
mind with abortiyc and visionary attempts
| to reopen it? Grant that the act was passed
precipitately, in consequence of exaggerated
estimates of our resources; grant that it is
promised what for the time was wholly i'm
possible to be performed; and that it plung-
cd the finances of the State into disreputable
confusion. Those disastrous facts have been
exposed to the world, rs in vindcation OF
the character of Virginia they ought to have
been, and all right thinking men now know
that the poverty, and not the will of the
State, has prevented an earlier compliance
with its new obligations. Grant that I'M
warrautable means procured the passage of
til, bill in violation Of the will OF the people.
No corruption in the procurement of legisla-
ton, otherwise valid, can be entertained
much less considered by the courts, as a rea-
son + its invalidaton. Moreover, an obli-
CATION higher than any mere necessity con-
strains us to abide by the terms of the act.
VIII teyer opprobrium may attach to its ori
gin. iG was the act of competent authority
and it bi.ds the honor Of the Commonwealth.
Agitation against it is Il wrong to the good
name OF Virginia, and a cruel injury to every
interest OF the people.
RELATIONS OF THE UNITED STATES TO THE
DEBT OF VIRGINIA.
In a former message, l deemed it due to
the truth OF history to record the equitable
claims OF Virginia upon the United 81 ates,
as well by virtue Of earlier grants and con-
ccssions in behalf Of the Union as the cir
cunstanoes OF the later ACKNOWLEDGMENT of
the State by the sword. But took occasion
to dcprecate every such policy as that of re-
lying upon the common government to re-
leve the State by assuming to pay its obli-
gations-arguing that the best way to get
help from others was first to help ourselves.
There is net a finer theme for defamation,
nor more barren and utopian t. cory Of
present relief to the State, than the eq,ii.a-
bic Indebtedness, OF the United States to
Virginia, affords to the rhetorician and spec
ulatist of retirement and leisure. Recent
ue'cloplHeHtS aIe enough 10 Fe1nlC Sucn rev.
cries TO the impractical and metaphysical
politics OF a past generation. Our debt has
been newly assumed, and our bonds were
executed aid delivered, not only since the
disruption of the State and with a know
ledge of its altered relations, but Va it'll tile
design to subject its revenues and resources,
as they are, as the sole, specific and suffi-
Gent security for payment. To pause now
in the execution of chat design, in order to
appeal fof outside help, is to divert the pub
lie mind from the line Of duty, to awaken
false hopes, and to discourage the only prac-
ticable fulfillment of our undertakings. Such
policy, however patriotically intended,
marches on the line of Reputation.
RECEIPTS AND EXPENDITURES.
The revenues from taxation for the last
fiscal year amounted to S2,G79, 339 sc. They
exceeded the average annual receipts Of the
previous six years by s20l, 276.2S, and they
exceeded the receipts of the fiscal year, 1874
IS, by $l61, 549.61. The disbursements from
this source during the last fiscal year were
as follows:
For ordinary expenses of the
Government, ...................... 1919. 2S2. IS
For ext aordinary expenses,..... 1S3, 49,. s3 |
For public free schools, ......".., 443, 900. 90
For Interest On debt, los, 305. IS
Balance not expended during
ynar II e1c 1o1