The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-02-28
regain freedom from martial law md resto-

Gus 10 pe DOTne were aQQeu 10 tnOSe unuer
which the State was then staggering. An
expensive machinery for State and local
governments, proper enough in thickly-
unnecessary in Notwithstanding q
large increase in the number OF office-hoId-
ers-was put into operation; system OF
public education was imposed which was
to begin in full-grown proportions instead
of acquiring its growth and strength
gradually, as the means and experience
of the State would justify: and it was made
incumbent upon the Legislature to set apart
for public-school purposes the then literary
fund OF the State, with the annual interest
thereon; the proceeds OF all public lands
donated by Congress for schools, OF all
escheated property, Of all waste and unap-
propriatcd lands, OF all property accrlling
| by forfeiture, OF all fines collected, the en-
| tire capitation tax, and an annual tax OF not
less than one nor more than five mills on the
dollar OF the general revenue. This con-
stitution was adopted under the circum-
first Legislature which had met since the
session OF 1867 convened Hereunder i'll
that year, known as the session OF 1SG9-'70.
At this session nothing was done in refer
ence to the public debt of the State, except
to make the usual annual appropriations for
interest to the literary fund, the sinking
fund, and to schools and colleges holding
State bonds, and to appoint commissioners
to negotiate with West Virginia for an adj
| iustment with her as to Ter fair proportion
thereof.
At the next session. among its first action,
the Legislature rendered to West Virginia
an arbitration, whereby the liability OF each
State was to be determined-a proposition
never accepted, and which came to nought.
At this time session 1SI0-'Tl) the debt had
increased by the non-payment OF interest
upon the original debt, and compound in
tercsr this interest, payable OH the bonds
given for funded interest under the above
mentioned act OF March =, 1866, and the
recognized liability OF the State was OH Jan
uary /, 1870
Old funded debt. S32,179,262 "a
| New funded debt and to be fundct. 7.cSi.373 81
Interest due and unpaid OH old
funded deDt..: ;,'......... >:Sst,f 10 -
Interest due and unpaid OH new
Also, bonds OF the James River aud
| kanawha Company. assumed by
the State, convertible Ill STATE
bond. ........................ 2l2430 90
Total fsee Acts 1860 and 20,
Appendix .............. s1o.S fZ.f 10 w
In addition to this the State was liable to
|
on 800 600 Of old James River Company's
stock. This was the array OF figures TO
which the attention OF the Legislature was
called when it convened in December,
1870, with the addition that interest had ac-
crucd and had not been paid for the
eleven months beginning January l, 1870.
Besides making provision for this debt,
means for the expenses Of State government
were to be provided to an amount rather over
81 900, 600 for the then current fiscal year.
How thi, was to be done in view Of the i'm
poycrishment Of the State, which was then
even greater than at the close OF the war,
and much more clearly appreciated than
when the war Giose;i, was il problem wei!
calculated to strain the financial abilities OF
the ableSt statesmen; and any representa-
tive body might well be forgiven ii in the
attempt to solve it error was committed.
The men whose duty it was-to their praise
be it spOken-had at least the moral courage
TO 20 something. Whether what they did
Ito be presently mentioned) was wise OF un-
wise, can never be known by actual test Dr.
cause their scheme was never fairly tried
by an act approved March 50, 1871, the
Legislature passed an act [>Ge Acts lSI0-'1l =,
y. 37Sl commonly called in cOntra-distinc-
ton to all other funding acts, ''THE FUNDING
BILL "a measure which caused the greatest
political tribulatlon to its supporters and
brought about the premature birth OF many
m embryo statesman, who reached the poll
tical arena per Sdltum, Notwithstanding the
natural law that crawling should precede
walking, &c. Why this should be so. the
creditors OF the State, who have not listen
ed to the mad torrents OF bad rhetoric and
worse logic Il had almost said morals) which
have been poured out upon every forum in
the State, would be at Il loss to know. They
would naturally ppose-having loaned
their money with no other security than the
honor OF Eirginans, with no appeal to any
but the court OF conscience, being wholly
irresponsible for the losses sustained by the
State, either in territory, population, or
other resources-that the unpopular feature
in this act was that which practically repr-
dated one third OF the State debt for it
provided for funding the debt, including
interest to July /, 1871 with the exception
OF s., $50, principal OF the sterling
debit; two thirds in SIX per cent. bonds
when the old bonds bore six per cent, and
five Der cent. bonds when they bore tive per
cent, with coupons receivable in payment
OF all dues 10 the State, or registered bonds
convertible at the creditors option into such
coupon bonds; one third in certificates, the
amount thereof payable in accordance with
such settlement rs should be thereafter made
with West Virginia in reference thereto.
But no; the complaint was not that the
State had done too little for the creditor, but
too much. The poison OF reputation
generated by the demoralizing effect OF the
war, which had dethroned the reason OF 1
nation and caused passion to usurp It's
sway, was, like the noHious vapors from the
battlefield, creating disease, and its faint
produced the fever that led to the ravng
OF the stricken demagoguc and his burning
thirst Tor office.
I would not draw ccnsurc upon all who
objected to this measure, either those who
regretted the arbitrary diScardal OF one
third Of the debt, or those who honestly be-
ieyed, as many did, that the State was civ
ing pledge which she could not keep; but
what apology can offer for that other class
to whom ] have alluded, who objected be-
cause when the creditor who accepted the
proposed compromise and received his
bonds with taX-reccivable coupons, whether
his interest was paid him or not, could col
lect it indirectly by using his coupons in
payment OF his taxes or bya sale to the tax
payer! .-...
WATCHING THE OPPORTUNITY Washing
ton, February 2G.-The Democratic mem-
bers who arc anxious for the completion OF
the electoral count and the passage OF the
A.. ,,lA,.t "a I,x ia rN,y