Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1877-08-07
lst. ! am opposed to Population.
I'd | respect the decision of In

ISL am opposed TO Reputation.
"a | respect the decision of The
courts
Cd. uphold the sanctity of con.
tracts.
4th. Much confusion of thought has
arisen from regarding our debt ms a
homogeneous whole and the te M
adjustment" has been interpreted in
some localities to mean one thing, i'm
other localities another. The status Of
the debt be ng first determined.
think that little difference of opinion
can exist amongst fair minded men as
to its treatment, or as to the scope,
policy, and limitation of adjustment.
9Th. The debt Is divisible into three
portions, each standing on different
basis. The first portion is the third of
the original debt contracted by our
State before its partition and it has
been declared by Virginia to be the
Just and equitable share which West
Virginia should assume. It's holders
have acquiesoed in this disposition of
1t, II calls for no adjustment ut our
hands, but should be left severely
alone.
9Th. The second portion consists of
some nine millions of registered bonds
with accumulated interest. excluded
from the operation of the Funding
Act by its repeal. This portion has
not been adjusted. 1t should be. |
think it would be injudicious to eX-
tend to these bonds the terms of the
Funding Act, as it might lock the
wheels of government. But overtures
OF settlement with the State have been
made by the holders. They should be
met in spirit of comfy, and other
l, 1 l..
tageous fixed upon and adopted.
18th. The third portion embraces
twenty millions Of bonds with six per
cent. interest coupons attached made
by law receivable for taxes. They
were issued under the Funding Act of
1871 to the holders of thirty millions
of old bonds, who yielded them up
deducting one-third of their claim,
and accepting the terms of cUmprO-
mise and readjustment which Virgin
ia herself offered.
l opposed and voted against the
Funding Act. / did not think that a
State in Virginia's condition should
tie her hands and lock up her reve-
nues by irrepealable legislation. But
the Act passed, and the matter imme-
diately assumed new relations.
A subsequent Legislature, of which
| was not member, repealed it with
a view to different adjustment with
the holders of these bonds, The Su-
preme Court of Appeals of Virginia,
following a series of decisions of the
Federal Supreme Court, declared the
repeating statute unconstitutional and
void as to the bonds already funded !;
and the terms already accepted 10y
their holders to be unalterable save by
their consent. Besides, be it remcm-
bered, that the State has acquiesced in
the adjudication, the Legislature re-
cOgniZed its binding force, ana the
people at large have availed them
selves of it by using the means Of cou-
pons-cheaper than mOney-to pay
their taxes.
8th. Now, after all that Las been
or can lie said on the subject, it lies In
a nutshell, thus
(lst.) The third of the debt assigned
to West Virginia, needs no adjust
mcnt.
end The uufunded portion all
agree can, and should he, adjusted.
(3rd. The third or funded portion
all must concede, has been adjusted,
and cannot be readjusted without the
creditors assent.
None deny this plain honest truth
and the few who hint the contrary
are silent when reminded that even if
new judges were put on our Supreme
Court, or were the State Constitution
amended so as to evade its former de-
cision, the Constitution of the United
States would still remain infleXible,
and the Federal Supreme Court would
sternly enforce it.
9th. draw the line respecting ad-
justment precisely where the Federal
and State Constitutions alike draw it.
They forbid the State legislature to
pass "any law impairing the ObliGa-
ton of contracts" Federal and State
Supreme Courts have alike decided
that the engagement of State to re-
ceive its securities for taxes Is "a con-
tract" which cannot be impaired"
much less annulled.
10th. Any honorable adjustment that
does not violate the Constitution, and
our oaths to support it would have my
hearty cooperation. II is the part of
financial wisdom to seek it and the
business interests of the State requires
speedy settlement of this veXed issue.
IL. But an effort to exercise arbitra-
ry power to attain result which the
Constitutions of our State and cOun-
try solemnly and imperatively de-
nOunce, l need scarcely say, to an in
telligent, high-minded and law-abid-
ing people, would plunge the Com
monwealth into a vortex of expensive,
acrimonious. and litigious str fe,
which would waste time and money
paralyze business,-a n d inevitably
ruin her reputation and credit, with
out, by any possibility, saving her
dollar. To foment such strife would
be in the last degree unpatriotic.
10Th. Deeply sympathizing with our
people, having never held a State bond
in my life, or had any interest in the
debt save to help in an humble way to
pay it, l should, with all patriotic
men, welcome n practicable, honora-
BILE. equitable. and constitutional
scheme 10 consolidate, rearrange and
equalize our Indebtedness, upon n ba-
sis more convenient in form, and less
burdensOme in substance, and would
cordially hid its contamination. But
clearly any such plan must have its
origin and sanction in the legitimate
methods of sound finance, which rest
on firm State credit, upon constitu-
tional authority, and upon accepta-
bility to the honest masses OF the peo-
pie. All hopes of its possible success
disappear with the first threatenings
of force, intimidation, or reputation.
18th. TO the end therefore that the
subject be approached with dignity,
conservatism and that high sense OF