Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1877-12-04

which the organic law OF the Union expressly
binds Virginia not to dor In order to i'll
yoke such supposed authority Virginia
must 90 outside OF the Union, and cease to
be member OF it. The proposed remedy
Is cXtra-constitutional and revolutionary,
and in order to justify it the supreme judi
cial tribunal of the Union would have to be
called on to do what is plainly Impossible
that is. 10 reverse its consistent and tradl-
tiona rulings upon the question involved.
Even where III independent nation lnyokes
the ultimate law OF seli-preservatlon in such
case. the highest AUTHORITIES inform us that
the necessity for resorting to- it must be
clear and Overwhelming; it must be such
us TO satisfy the sentiment Of honor which
pervadcs the moral and financial world; sit
must be the first and supreme necesSity-a
necessity which is not chosen but chooses,
necessity paramount to deliberation, that
admits no discussion and demands no cvl-
dence," which alone could excuse an alter
native so replete with anarchy and despera-
ton.
Happily. it is demonstrate that no such
necessity can arise in Virginia. Ii the debt
proper Of each State be aggregated with its
municipal and local Indebtedness, COM
parison on that basis will show that, rea-
lively to population and resources, the pco-
pie of Virginia owe less than those OF many
OF the States. 1t will be found that the-ratc
OF taxation in this State is less than in almost
all others. 1t will be found that the State
taxes are little as compared will the direct
and indirect taxes which Virginia pays to
the National Government. Even ii the new
method OF taxing liquors should yield no
increase OF revenue, still the deficiency in
81 , hp
equal to z tax OF ten cents on the hundred
dollars, or OF thirty cents on each inhabitant
OF the Commonwealth The allegation that
the State cannot maintain its existence and
carry its debt is not only wholly unsup-
ported, but conclusively contradicted by
the facts.
The remaining directors to the funding
bill are those, before referred to. who assert
that Virginia owes no debt. They argue
that the State has been conquered by arms,
and that the conGucror, having dislnem-
bered it and destroyed more than half OF its
taxable values, has become solely liable for
| its ante-bclum debt.
We arc taught, by the standard authori-
ties on national law, that where two powers
are ut war, and one oil them in battling for
the defence of its invaded territory destroys
| the property Of its own citizens, the dam
ages thus inflicted ''are misfOrtuncs which
chance deals out to the proprictors on whom
they happen to fall" and that no demand
lies against the State for losses which it thus
occasions to its own citiZen; in the eXcrtion
Of lis rights. 1t is evident, and for strong
er reason, that no reclamation lies against
the invading or conqilcIin" enemy for
THE damages or losses he inilcts.
The law OF States and nations de-
clares 4 II are exposed TO such damages,
and voc to him on whom they fall. The
members Of society may well encounter
such risk Of property, since they encounter
similar risk OF life ITSELF" 1ndenlnifica-
ton for such losses is utterly impracticablc,
because " there would be no end Of the par
tEllla.s, and it is TO be presumed TINT nc
such thing was to be Intended by those who
united to form society," II compensation
for such losses is allowed at all, it proceeds
from the equity and voluntary bounty Of
the sovereign. and not otherwise. It is true
that il tic autonomy Of the conquered State
be DESTROYED, il it be deprived Of the pow
ers OF taxation and sclI-%overnment, and
its being merged in that Of the coEGueror.
then the latter must aSsulDc its foreign debt !:
but even III that case the conquered people
would be taxed by the con1uerOr and so
made to pay their own debt. Assuming
that Virginia was conquered by arms, lts
autonomy was not destroyCd: the con-
oucror reinvestcd it with its original pow
crs OF raiSiAg revenues by taxation, and
restored to it the very imp.rn22yyGG'n"tTh'ce
and nrnnnrtina '"h;~t- ."pi TSenlcu the
Consideration OF its debt. 1t must
also be borne in mind that the State, in re-
sumin@ these powers Of scli-goycrnmcnt,
renewed its liability for the debt in the very
Constitution which WAS then accepted and
ratified by almost the whole body Of lis
pcoplc. Moreover, the uw-making power
afterwards, in pursuance OF 4 new contract,
delivered to the creditors new bonds for
such part Of the original debt as CORE
spondcd with the reduced proportions of
! the State Even il 4 right Of action had ut
any time existed against the United States
III respect to the debt the State would now
be estoppcd by Its own record from assert
| ing such right.
have heretofore deemed it due to the
| truth OF history TO place on record q recital
OF Virgina's claims upon the equity OF the
| United StatcS-adding then what | now re-
peat-tbat the best way to get help from
others is first to help ourselves; and that
| the cheapest and easiest, as well rs the only
means Of getting rid OF the debt, is to pay
| it off.
TIE REIMBURSEMENT OF TIE DEBT.
Soon after the beginning of my official
| term. when the monetary pressure upon the
country was distressing, and when the diff.
Guilty OF meeting The deficiency in the treas
llry was greatest, the General Assembly, on
ny recommendation, authorized Il confer.
encc with the public creditors in order to Il
read uStmcnt OF the debt. lin recommend
ing the conference. and in comforting will
| that body, [ proposed that all the contract
| ing parties to the debt should agree to re-
adjust it by poStpOniug so much OF the ac.
cruing interest as exceeded the then dis
possible means OF the Statc-thus providing
for the payment Of such reduced interest
for the time being us would correspond
with Our reduced revenues. and for Suct
greater interest afterwards rs would steadily
increase with our increasing population anc
resources; $50 that the whole debt an(
interest, as originally assumed and agreed
should be paid in full ultimately, anc
Just rs soon as the best ability OF the
State would permit" BY this arrange
mcnt it was designed TO secure every
possible relief to our own people. to place
all classes OF the creditors on the same foot
inc by paying the same interest to all, t.
establish relations OF confidence and good
Will between them and the State, TO restore
the public credit, and to put an end forever
to the financial controversy which his al
ready subjected Virginia to losses ia
greater Ia amount than the debt itself n
countenancc was given to the idea that
reduction OF the debt, or the eXcsion o
any part OF it, was possible TO be enforced
by the action OF the State without the free
consent and concurrence OF the creditors
The conference was held on the 10Th day 0
November, 1874. and lis members repre-
%cntcd great and commanding prcportio!
OF the public debt. After dcliberalicn tina
body agreed by unanimous vote TO the O.: