The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-10-20

s,,,ly created by the two states Wheh one.
Nobody denies that we gotfull Vaiue OF tais
money, and that we now en- JOY It's fruits
and our children will enjoy them IN the ie-
ture. In law we were bound 1or oil LUIS
dcbt-so thought the leading lawyers, Jana
our Supreme Court Of Appeals afterwards
decided that this was so. See Higglnbot-
hams case.)
pledging OH their face the good name ana
faith of the Commonwealth for this pay
ment. This debt was known to all. 1t re-
uuired no further recognition. Yet it re-
ceiyed full endorsement and recognition
twice after the war, and before the passage
Of the funding bill Of 1S71-once by a
unanimous uote of your representatives IN
the Legislature-dH voting one way, sena-
tors and members. Among those thus VOL
ing were such men Us James Marshall, fea-
chev r. Grattan, John Baldwin crest MS
noble soul the clods OF his native faiiey
cover no nobler type OF the grand virgil
Man y William S. Joynes Zone OF the most
profound jurists that ever graced our own
or any other Supreme Bench), w. NJ. Cabell.
and J. A. Waddell, and Il. Turner, and
Booker, and Daniel, and Bowles, and Pen
dleton, and Clark, and Huntington, and
Evans, and Garnett. and Jones Judge j. {.
H. and Lee, and Lewis, and Powell, and
ROBERTSON, and Judge Wilson, and wash
ington OF Westmoreland, and john Sea.
well OF Gloucester, and F. n. Watkins OF
Prince Edward, &c, &c. This was the
vote taken on the I'd OF March, 1866,
on the bill to authorize the issue to
the creditors OF Virginia bonds OF the
State for the arrears Of interest then recog-
nized as due them. And then In 1863 the
people OF Virginia, by majority OF some
100000 votes, recognized our pubic DEBT,
and expressly imposed, by constitutional!
provision, upon the Legislature the duty OF
providing for it's settlement and payment.
| In 1S71-six years after the War-nothlng,
or almost nothing, had been done, and no
action taken looking to the payment of even
the interest due our bondholders. Our
Legislature had made several earnest but
unsuccessful attempts at a settlement with
West Virginia. Our creditors were Justly
clamorouS. Cur good name was at stake.
1t was absolutely essential that something
/ should be done. The Constitution OF 1863
was mandatory. The cry all over the State
was loud for an adjustment and settlement.
The best minds Of the best men Of the
State were busy with the subject. I'm
der these circumstances "the tundtn9
| bill of 1871" was agreed on as the best
and wisest scheme of all those suggested
| for the adjustment and final settlement OF
our public debt. The bill recites that in the
formation of the State of West Virginia one
third of the territory and the population OF
Virginia had been taken off; therefore it
was right and proper that one third OF the
debt should also be taken off, and that the
other two thirds was our Just share, as we
had two thirds Of the territory and two
thirds of the population, and that the State
was willing to provide for her said share.
| Ih,S bdSlS for a scttlement-of one third TO
West Virginia and two thirds to uS--Was
agreed on all sides to be fair, reasonable,
and Just, and in the proper proportions:
It received the sanction, appreciation, and
approval of all right-thinking, disintcrestcd
men everywhere. A majority OF the credit
ors and majority of the Conservative
party voting on the bill agreed that
this distribution of the debt was the
right thing. The outside Judgment of
disinterested financicrs and statesmen
approyed it and now sanction it. 1t is
manifcstiv right in itself. The several Le-
gislatures since the funding bill, having in
| all their acts directing the payment OF in
terest TO our creditors adopted this oasis,
and directed two thirds OF interest to be
paid only. except in the case OF the colleges.
Nobody denied that this was fair appor-
tionmcnt OF the debt, except, OF course, the
State of West Virginia, which said then,
and saws now, that we ought to assume and
pav all the debt, as we got all the property
and all the benefit. The funding bill then
provided that il our creditors would sur
render their old bonds and look to what
could be gotten from West Virginia for one
third of the same, then the State would give
nep bonds for our share; payable thirty-four
wears after date, and We would agree to pay
interest annually at six per cent. on our
said two thirds OF the debt, and as security
we agreed to receive said interest as it be-
came due every year, if it was not paid, IN
payment Of State taxes.
This, my friends, Is the sum and SUBJ
stance of the funding bill.
In what was it an error? Did any hon.
orable man desire to use the long-suherins
and delay we had inflicted on these credl'
tors as a means Of curtailinS their fair, Just,
and reasonable debt? Did any honest states.
man desire that the State should drive bad
bargain with our creditors because they
were necessitated and in our power!
No, no! The funding bill was SIMPLY
an ACT OF sheer Justice and OF right. This
enactment took place on the 30th OF March,
1871 Our whole portion OF the debt 50
assumed and provided for amounted in
round numbers to $50, 100000.
This act placed on West Virginia Sl5,-
100000 OF the dcbt-a saving to us forever
of 100000 of interest per annum, and re-
leyine lis OF the burden of an annual tax
to that amount.
Within twelve months from the passage oil
this act S30,000,000 of our creditors came
forward and accepted our terms. They de.
llyered up their old bonds for $50, 000,0 0C
and took new bonds at thirty-four years fol
$40, 900, 900 in full Of the debt, so far as oul
State was concerned. 1t is true many OF our
creditors would not accept these terms; they
thought them too hard; they were unwlll'
! ing to give up one third Of their debt. Al
Of our creditors had the opportunity and
the time to accept the terms OF settlement
under the funding bill, but only portion
of them agreed, and so when the Legisla:
ture, in 1872, repealed the funding bill ant
stopped the process OF funding there were
some $4,000, 600 of creditors who had moi
accepted our terms, and these are the crcdl
i tors who are making such urgent demands
I for US to do something for them. These gen
tlemen are out in the cold. They have re-
ceived no interest for some years; they are
clamorous for something to be done fol-
them, and they have united in the hue and
cry against the funding bill. Now, mind, I
don't censure them for trying to get some
measure of relief; two thirds Of their debt
is u just and fair claim upon us.
Thus the funding bill assumed to pay in
thirty-four years S30,500,000 in full OF al
our share of the debt, and it turned over
to West Virginia for her to pay about
$4,000 900. But this was not all, for be II
| eynr remembered the State of Tirpinia-OuT