The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-08-02

| clamatlOn upon General Joseph II. johnston
\ NIRG1NIaN.
| The Public Dcbt---EcttcrO of Major Ohm
W. Daniel 10 VI. Giennan. Esq.
..... LYNCHBrRG, July 80. 1871.
! II. Giennan, Esq, Editor ind Proprietor
.NortoM Iirginian:
|. NV Dear Sir.-Whic never Disgusting my
opinions respecting the public debt, have
not hitherto thought proper to bring them
into notice. in anticipation OF the course
which the party to which I belong might
deem wise to pursue, and whose interests
should he made sub>eryicnt to all personal
ends; and T still think it would be better
TO leave the solution OF the matter to
the Legislature, to which department the
levy and disbursement OF the revenues
belong in all forms of government but that
! Of absolute monarchy. | have also thought
that sound policy should exclude the debt
| from being made party issue Tor the rca-
son that the Conservative party contains the
mass OF property holders, who bear the chief
| burdens OF taxation, and it would be mis-
| fortune to divorce the power that lays the
taxes from those who pay them. Prelna-
turc agitation OF the question has this ten
| dcncY. ........... -s...
Worthy and able gentlemen have differed
| from these views, and in Difference to them,
and lest my silence be miSconcelved, ! now
define my position as follows ........
1st. am opposed to reputation. e..
I'd. ] respect the decisions OF the courts.
Sd. uphold the sanctity Of contracts.
4th. Much confusion Of thought has arisen
from regarding our debt rs homogeneous
whole; and the term adjustment " has
,to1 ia, 1onu RI nun
one thing, in other localities another. The
status of the debt being first determined,
| think that little difference OF opinion can
exist amongst fair-mindcd men as to its
| treatment, or us to the scope, policy, and
Limitation Of adjustment. .g -s...
5th. The debt is divistble into three por-
tions, each standing on Il different basis.
The first portion is the third OF the original
debt contracted by our State before its par
tition; and it has been declared by Fir-
cinia to be the Just and equitable share
which West Virginia should assume. Its
holders have acquiesced in this disposition
of it. 1t calls for no adjustment at our
hands, but should be left severely alone.
9th. The second portion consists OF some
nine millions OF registered bonds, with ac-
cumulatcd interest, excluded from the ope-
ration OF the funding act by its repeal. This
portion has not been adjusted. 1t should
be. / think it would be iniudiciouS to ,eX-
tend to these bonds the terms OF the fund
ing act as it might lock the wheels OF gov.
ernment. But overtures Of settlement with
the State have been made by the holders.
| They should be met in spirit OF comfy.
and other terms mutually honorable and
advantageous fixed upon and adopted.
I 7th. The third portion embraces twenty
millions Of bonds with Representatives.
est coupons attached, made by law receiya-
BILE for taxes. They were issued under the
funding act OF 1871 to the holders OF thirty
millions OF old bonds, who yielded them up,
deductine one third OF their claim, and ac-
| ceptine the terms of compromise and READ
| iustment which Virginia herself offered.
:, I opposed and voted against the funding.
act. I did not think that u State in Fir-
pinia,s condition should tie her hands and
lock up her revenues by irrepealable Iegis-
lation. But the act passed, and the matter
Immediately assumed new relations. 81.
y subsequent Legislature, OF which Twas
not a member, repealed it with view to a
different adjustment with the holders OF
these bonds. The Supreme Court OF AI,-
peaIS OF Virginia, following series OF de-
cisions of the Federal Supreme Court, de-
clared the repeating statute unconstitutional
and void as TO the bonds already funded:
and the terms already accepted by their
holders to be unalterable save by their con-
sent. Besides, be it remembered that the
State has acquiesced in the adjudication, the
Legislature recognized its binding force,
and the people ut large have availed them
selves OF it by using the medium OF cou-
pons-cheaper than mOney-to pay their
taxes. aa., s.-.1,-
sth. Now, after all that has been, or can
be said on the subject, it lies ina nutshell,
thus:
West Virginia needs no adjustment. ~
1d.> The unfunded portion, all agree can
and should be adjusted. 4 t.dI ...r..4 :.
I'D The third or funded portion oil
must concede has been adjusted, and cannot
be readiusted without the creditors assent.
None deny this plain, honest truth; and
the few who hint the contrary are silent
when reminded that even il new judges
were put on our Supreme Court, or were
the State Constitution amended sc, as to
evade its former decision, the Constitution
of the United States would still remain In
flexible, and the Federal Supreme Court
would stern1y enforce it. E'!t"a.>- ~ -.'t'.
9th. draw the line respecting adjustment
precisely where the Federal and State con-
situations alike draw it. They forbid the
State Legislature to pass "any law impair
ing the obligation OF contracts" Federal
and State Supreme Courts have alike decided
that the engagement OF a State to receive its
securities for taxes is "a contract which
cannot be impaired" much less annulled.
10th. Any honorable adjustment that does
not violate the Constitution and our oathls
Ito support it would have my hearty coop
| Grafton. It Ia the part, OF tirianeia! wisdom
to seek it; and the busip ess intereSta q the
State Fequiressai speedy settlement 81 this
.Yexed issue. nm. 49, agi,i, ,lrn iii, .:s,,