The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-12-07

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ing and reasonable preparation now the
State will henceforth carry It's debt with a
financinl streng Ii which win render the
burden lighter with eachsucceeding year.
THE FUTURE OF THE FUNDING Acr. {.
tits impossible to ignore the accompIish-
ed facts Of the funding act or its inevitable
future operation. The bulk OF the outs
standing. debt Is In the form OF tax-receiva-
ble-conpon bonds or In registered certifi-
Gates; capable OF being converted into
such bonds at the viii of the holder. The
coupons are h-colIecting, and are, in
fact, annually collected out OF the public
revenue, as they will continue to be. Such
are the results OF o law. constituting q con-
tract which the Commonwealth is power
less to annul or impair either by legislative
or conventional action. The decision OF
our own court Of last resort affirms the in
destructiBle validity Of the contract. Every
principle OF that decision has been sanc-
toned by the Supreme Court Of the United
States. The. subject has passed from the
forum Of legitimate discussions: The va
lidity OF the law has ceased to be q practi-
cal question, and any hostile action affect
.ing it is plainly iInpossibl Die. With what
reason, then, can Jit z'be desired to exercise
the public mind with abortive an visionary
attempts to REOPEN it? Grant that the act
was passed precipitately In consequence Of
exaggerated estimates OF our resources !;
grant that it promised what for the time
was wholly impossible, to be performed,
and that it plunged the fnancesof the State
into disreputable confusion. Those disas-
irons facts have been exposed to theWorId,
as. in yindication of the character iof Vir-
ginia they ought to have been, and all
right-thinking mon now know that the pow
erty, and not the will of the State, has pre-
vented an earlier compliance with its new
obligations. Grant that .unwarrantable
means procured the passage OF the 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 q
reason for its inyalidation. Moreover, an
obligation higher than any mere necessity
constrains us to abide by the terms Of the
act. Whatever opprobrium may attach to
its origin, 1t was the act,of competent au-
thority, and it binds the honor of the Com
monwealth. Agitation against it is q wrong
to the good name Of Virginia and cruel
injury to every interest of the people.
THE RELATIONS OF THE UNITED STATES TO
THE DEBT OF Virginia. 3''.E
In a former message I deemed it due to
the truth Of history to record the equitable
claims OF Virginia upon the United States,
as we'll by virtue OF earlier grants and con-
cessions in behalf Of the Union as the cir
cunlstances OF the later ACKNOWLEDGMENT of
the State by the sword. But T took occa-
sion to deprccate every such policy as that
OF relying upon the common Government
to relieve the State by assuming to pay its
obligations, arguing that the best way to
get help from others was first to help our
selves. There Is not n finer theme for de-
| clamation nor q more barren and utoplan
theory Of present relief to the state than
the equitable indebtedness OF the United
States to Virginia affords to the rhetorlclan
and speculatist OF retirement and leisure.
Recent developments are enough to remit
such reyeries to the impractical and meta
physical politics Of past generation. Our
debt has been newly assumed, and our
bonds were executed and delivered, not
only since the disruption OF the State and
with knowledge Of its altered relations,
but with the design to subject its revenues
and resources, rs they are, as the sole, spe-
citic, and sufficient security for payment.
TO pause now in the execution OF that de-
sign in order to appeal for outside help is
to divert the public mind from the line OF
duty, to awaken false hopes, and to dis
courage the only practicable fulflment OF
our undertakings Such apolicy, however
periodically intended, marches on.the line
OF repudiation.s !. ..<s= at...
RECEIPTS AND EXPENDITURES.
The revenues from taxation for the last
fiscal year amounted to S2,679,339.6G. They
exceeded the average annual receipts OF the
previous six years by S201, 276.28, and they
exceeded the receipts Of the fiscal year
1915 by S1G1,548.61. The disbursements
from this source during the last fiscal year
were as follows. 10.
For ordinary expenses Of the Gov
eminent. ACKNOWLEDGEMENTS" 9a5,262 S5
For extraordinary eIpcnses.......... 13S,43S S5
For public free schools. ........... 445,00U oS
For interest OH dcDt............... 1,lU5,3uo 90
Balance not expended during the
veal. .......................... 90 ~
s2.e7s,sa9 &c
It is cause for heartfelt congratulation
that the ordinary expenses OF the Govern
ment for the last fiscal year were less than
for any other year since the Constitution
took effect, and less by sos, 90G.44 than the
average annual expenses on the same ac-
count during the previous six years. The
temporary increase Of extraordinary eX-
e ,,o +la re fho