The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-12-11
-.,,a- po,,ote Navipatlon Company

-
has been forfeited. Es5.
Nv Mr. WARD: A resolution as to expe-
diency d repeating the act passed maIc e.
b. 1877. I'd establishn department Of ogrl.
culture, mining, and manufacturing OIL the
Nv Mr.. ELLIOTT "A bill to amend the act
to Incorporate the Potomac and Manassas
Railroad Company, approved March 4, 1877.
-s-...sfE s1DyesTTaiEST OF THE PUBLIC DEBT.
h Mr., BROOKE, aof Fauquier, called up the
following 1osnt resolution in relation to the
'reHdtustment OF the public debt:
!, whereas this General Assembly, true 10
the past glory OF Virginia, and proud OF
her good name and fame amongst the na-
tions OF the earth, would scorn to repudtate
her just obligations, and Is resolved to pre-.
serve invtolate her public faith and credlt,
but nevertheless Is constrained to view Wild
concern and anxiety the accumulation OF
the financial difficulties Of the State ana the
increasing weight of the public debt; there-
fore -
|. Rssolred 1.-THE House OF Delegates con-
curriny), That joint committee, consist,
ipy OF five on the part OF the senate anu
nine on the part Of the House OF Defesates,
be appointed, with instructions to consider
and report by bill or otherwise such meas.
ures as will best secure speedy conference
between the Commonwealth and us Dond-
holders, with aview to secure sllcn an au-
iustment of the State debt as Will bring the
payment Of interest upon Its entire lndeDt-
ecIness within the resources OF the State,
derived from; the present rate OF taxation,
and 60 equal Justice, to all classes OF the
bondholdcrs.
Mr.. BROOKE said that the language OF bis
resolution would be doubtless familiar TO
every member OF the Senate as the utterance
of the Convention Of the Conservative
party Of this Commonwealth, recently as
semDled; that its preamble merely an.
nol1nced the purpose OF the State to stand
by its JUST bligation-leaving it to every
legislator to determine for himself what
those JUST obligations are-while the reso-
luton itself provided only for the appoint
ment Of a Joint committee to consider ana
report upon such measures as might be pest
admitted to secure conference between the
State and its bondholders, and speedy adj
iustment OF the State debt upon proper
principles and upon basis commensurate
with the ability of the people to meet it. AS
there was nothing in it to. interfere with en-
tire freedom ofthought and action as to the
questions involved in the adjustment or the
State debt, he hoped the preamble and reso-
lutions would meet with the unanimous con-
currence OF the Senate, as the first step to-
wards the settlement OF mischlevous ana
mucb-vexed question. .,.
Mr.. PAUL, OF Rockingham, moved TO IN,
definitely postpone the whole subject.
Mr.. BLAND demanded that the question
be taken by ayes md noes, which were
ordered. and the Senate by q unanimous
vote declined to indefinitely postpone the
subject.
Mir. HURT, OF Pittsylvania, said that he
conceded with Mr.. BROOKE in what he had
said. except that he wanted the Senate to
omit the "re" before GO adjustment" in his
resolution; that he was anxious for falr
and honorable settlement OF the question
alike creditable to all parties.
Mr.. BROOKE amended his resolution TO
suit Mr.. Hurts views.
Mr.. PAUL presented the following substi-
tute for Mr.. BRooKE's substitute: :
Be 1t resolved by the Senate (the House Of
Delegates concurrlDg): ,.
l. That the present rate. Of taxation on
real and personal property is rs high as can
be borne by the people Of the State.
3. That our system Of public education
must be fostered. developed, and protected,
and the fund dedicated by the Constitution
to this purpose must not be encroached upon
for any other.
8. That the expenses of the State govern
ment should be reduced to the lowest
amount consistent with an efficient admin
istration Of the affairs Of the State and OF the
business Of the people.
4. That the State debt must be readlust-
ed on terms not dictated by the creditors OF
the State, but in accordance with the sove-
reign will of the people, and such rate OF
interest adopted as will enable the State,
after providing for all the expenses OF the
State government, public institutions, ana
free schools, to meet certainly its annual
requirements without increasing the pre-
sent rate of taxation, and also provide a
sinking fund for the extinguishment OF the
principal sum Of the debt.
S. That the present unjust discrimination
in favor OF the holders Of the consol bonds,
resulting from the operation OF the funding
act OF March 81, 1871, must not be perpe-
tuated, but after providing for the support
Of the State government, public institu-
tions, and free schools, the residue OF the
revenue arising from our present rate OF
taxation shall be dedicated to the payment
OF interest alike to all classes Of the States
creditors, and such laws should be enacted
as may be. necessary to enforce such dlstrl-
button. 49,. ....-...' ....
6. That while we are anxious and deter
mined to pay to the creditors OF the State
all that the diminished resources OF our
people will Justify, and we repel and utter
ly discard the idea Of reputation, yet we
are determined by all legal and constltu-
tional means to resist and defeat the opera
ton Of the funding act and to reassert the
sovereign right Of the State TO control her
own revenues. ...s..-.
Mr.. PAUL moved to lay on the table and
print both the original and substitute.
: Mr.. BROOKE could not regard the Sena-
tors paper as substitute.
: The CHAIR said it was in order.
Mr.. FULKERsoN thought the resolution
ought to be tabled. Surely the Senate
would not vote upon what contained a de-
clararion of policy without full considera-
ton. He would be at loss to know what
to do now. The gentleman on his left (Alr.
HuRT) had asked that the word "re" be
stricken out. He did not see how that
could properly be done. We had already
had one adjustment, and any other would
be adjustment. These resolutions would
open up the whole question OF the public
debt, and he hoped the motion to lay on the
table would prevail.
The motion to lay on the table and print
was put and agreed to without division.
MR.. HURTS RETRENCHMENT RESOLUTION.
Mr.. HURT, OF Halifax, called for the or
der OF the day, and presented his resolu-
ton as modified, as follows:
Resolved (he House OF Delegates concur
ring), That q special Joint committee, to
consist OF three on the part of the Senate
and five on the part Of the House Of Dele
gates, be appointed, with instructions to
inquire into and report such legislation as
may be necessary to reduce the pay OF all