The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-10-03

EDN ESDA L NOIC1Nl1NO
dttor, under the two acts approved June
28th last, and entitled respectively An act
in. relation to the assessment OF taxes on
licenses and can act for the assessment. OF
taxes and the act, approved July 9th last,
entitled An act imposing taxes for the sup
mort OF government and free schools, and to
pay the interest on the public debt, you will
be enabled to. obtain very correct data upon
which to base your action upon the subject
Of future taxation" -
THE FUNDING, BILL GOOD LAW.
Now, recollect that this language was adj
dressed to the Legislature some eight
months after the estimates have lust men,
toned were laid before them, and nearly
four months prior to their action upon the
funding bill. AS matter OF TACT, the assess
ments were completed, md all the facts
in relation thereto, and to the resources
OF the State. MS officially ascertained by
officers appointed for that purpose,
were before the Legislature long be-
fore the passage of the funding act.
H any member was ignorant OF them his
own Incidence was the cause. What be-
comes OF the charge, then, that the funding
bill was passed by the Legislature upon er-
roneous estimates in or ignorance or the re-
sources OF the Commonwealth? The ac-
tual facts as officially ascertained were be-
fore the Legislature, and on these, and
these alone, they acted. Can it be that that
Legislature was a body OF knaves and
fools? It must have been ii the objections
which have been urged against the. funding
bill are we'll founded. They have, how
ever, one consoling reflection, and that Is
that their successors have never proved to
be their superiors, either in wisdom, in
tegrity, or patriotism, and that their con-
+stituents have never been more faithfully
or honestly represented. recommended
the funding bill and framed it. / believed
it was right and for the best interest Of the
State; and now, after listening to and con-
sidering all the objections that have been
urged against it during the past six years.
unhesitatingly pronounce it to be, in my
Judgment, one OF the wisest and best laws
to be found upon our statute-books.
:, SOME OBJECTIONS ANSWERED. .,5
Really, in The light of reason and historic
facts how utterly baseless do these objections
to the funding act appear! Some, even senst-
BILE, people have objected to the funding of
the past-due interest as provided by the act,
but this objection is not tenable. When the
State contracted this debt, borrowed the
money, she promised to pay the amount with
interest. The obligation to pay the interest
was as solemn and binding As that to pay
the principal. A failure to pay the one was
as much violation Of our contract as the
failure to meet the other. We failed to pay
either, and as West Virginia had not as
sumed her just proportion OF the debt we
proposed to our creditors that IL they
would remit or forgive us OF one third OF
the amount due and extend tue payment OF
the remaining two thirds for thirty-four
wears we would, on their surrender OF the
old bonds, give them our new bond for that
amount; and, to assure them OF our good
faith and honest intention, we proposed
that the interest represented by lnterest-cer-
tifcates or coupons when due should be
legal tender to the State for all debts and de-
there anything wrong about that! is there
a man before me who would not think him.
self extremely fortunate il, when hard
pressed and unable to meet his liabilities,
he could induce his creditor to throw OF
one third and take new note running fer
long period for the remaining two thirds
OF both principal and interest? And yet
that is precisely what the State accomplish
ed by the funding act. Really, man who
could object to this most favorable compro-
mise to us would object to Sovereign Grace
unless it were extended to him without the
asking. But the legal-tender feature OF the
coupons is absolutely outrageous and abom.
Unable, cries the genuine anti-funder, be-
cause, suppose, it makes us pay our honest
debts whether we VIII or no. Well, ii men
will not do right voluntarily they ought to
be made to do right. That is one OF the CHIEF
objects OF laws and governments.
.,..u... NO EXCUSE FOR OUR DEFAULT.
II we intend to pay and do pay the in
terest upon our debt when due, what
matters it whether these coupons are' q
legal tender to the State or not? II We
intend to pay. but fail, then the Office OF
these coupons will be to erystalize our.
GOOD intentions into better acts. In any
aspect they are good thing, especially, when
one has taxes to pay. I have noticed these
objections to the funding act17-and, they
coiaprise all that have ever heard Of being
urged against it-not only to show their utter
groundlessness, but also to show that that
act in nowise changes or lessons our liability
for the debt. Barring the form OF the pro-
misc to pay it, it is the same old. honest
dcbt-honestly contracted prior to the war,
in nowise increased except by our own de-
fault in the payment Of the interest; but,
on the contrary, actually decreased by the
one third, for which we have remtted our.
creditors to the honesty and high integrity
Of West Virginia. Why should it not be
paidP There is no excuse for our default
either in law or equity All the noise that
has been raised about, the bloated bond
holder, the shylock, and the like, is simply
"sound and fury; sighifying nothing" rs
to the real merits of the case. The debt is an
honest one-we owe it-why should not we
pay its Do I hear the answer, Because
we are not able"? Alb, can listen to that
answer with some degree OF composure,
because, il not false, it is 0 good ana SUD-
stantial reason for your failure to discharge
your honest duty. Can 1T be true that all
this hue-and-cry about the funding bill, the
non-liabillty OF the State for her debt in con-
SEQUENCE Of the late war, together with the
unmeasured and unjust abuse OF our 1nno-
cent creditors, are all mere subterfuge TO
cover up our inability to pay2 Does it not
rather demonstrate our in disposition to pay!
THE HONEST AND MANLY COURSE.
q 4 man who really wants to pay but finds
himself unable to do SO is not apt to be bois-
ferrous, defiant, or abusive OF his creditor.
II the same Jealous efforts had been put
forth to pay the interest upon our debt as
there have been to demonstrate how "not
to do it" our liabilities would have been
promptly met at maturity and the, credit Of
Virginia would to-day be second to no State
ip the Union. There are men, however,
good and true men, who are sincere in their
opinions and honest in their actions, who
believe that we are not able to meet the full
interest upon our debt. Are their opinions
well founded? This, after all, is the real
question for discussion. RAl;.the other
objections to which: haye alluded are
1,ttarIr 1lntan ahla and . constitute .fhe