Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1877-03-27

81, 4j2,GS0. But, in hia opinion, it /,
not probable that more than 81 .OOO. OOi
VIII he offered IN payment. A with
drawHl, however, of Il million of dol
lars would make it troublesome Il
administer the rDvCfunpnt and carry
on the public schools on the balance
which would be left OF our average An.
Eual revenue.
Then let them set aside the sum
nee ssary for the education required
To secure such progress and charac-
Ter for lts people As they have hitherto
planned. The residue, after securing
those objects, should be given to the
TuOIic creditors Of the same date in
proportion to their just demauds.-
why should the owner Of the tax,
paying coupon be paid the whole
amount OF his claim, IL possible,
| whilst the h lder of an obligation OF
| the same date and character gets
LoIhing, IL his claim be unfunded or
fInded after the privilege OF funding
| with aX-payiug coupons had been
abolished? The promise to him was
obtained on consideration as good
and given "a early as the otter
When the consideration of these
promises vas as good and the promis-
Is themselves given at The same tilnc
the right 70 payment was equal, and
hn action Of the one can give prcce-
Gence over the other without the con-
| sent OF the other. No action Of the
state. either, then, without such as
sent can fairly give all 10 one and
| nothing to the other. Surely, then,
the superior energy or lack OF the one
cannot give him all and justify him
| in taking all. The owner of what is
called the peeler' would ave landed ,
| tao, before this If he had not been for
! hidden by the Government. Equity
and equality would demand that both
| should receive in proportion to their
claims, and a court of chancery
would So decide as between private
| creditors.
II ono, upon no better considerable n
| than that presented 10y the other, is
| allowed to collect his own claim,
whilst the other is denied the same
| right upon claim Of equal justice
and long-stGndiEg, and the first, by
| means OF such an act is enabled to
| appropriate the whole TO the eXClu-
sion of Of the other, the reputation is
in passing such an act, MOTH repeating
| it. Let us declare, therefore, that at.
| ter reservinE what is necessary for the
existence of the government, and the
| pledge given to "a iSfy the clear wants
of education, the residue shall be dis
! Jributed prOpOItiOnateiy according to
| their Just demands The claims of
one Will he discharged not to the ex-
rlusion of another a. justly entitled as
himself, but all will receive alike aud
he dealt with alike. If to do this it be
| necessary to repeal the right of any
! creditor tO collect for himself then
| repeal thai right, collect the revenue
| IN money, ana after setting aside
| enough for the Government and to
| execute the settled system Of contracts
| Of the people, distribute the residue
| Iqtably amongst the public creditors.
| II the present system of making the
| coupon taX-paying gives ali to Its
! holder and deprives his equRlly-enti-
| tied COtemp0rary Of everything, will
| il not he Tppudi9tiun to maintain. the
| irst in his exclusive privileges and
give him everything to the exclusion
Of the other nay, perhaps destroy the
! Government itself, to maintain which
is the duty of n society. What right
has any creditor to complain that be-
fore paying him the Government is
| maintained t. do which il the highest
| of public Obligations? Which is the
| most in accordance with public obi
| CATION and hOROr--tO secure the exist
ance Of government and our educa-
tional establishments and to distribute
| the residue ratably amongst our credi-
| tiers, or to secure one class of tie puD-
lie creditors to the possible destruction
Of the Government and the entire an
limitation of our means TO satisfy or
pay anything to the residue of our
creditors? Mauifestly the frat system
Of distributing our revenue is iaireT,
luster. and more honorable and equit-
able than the other. IF, then, it he
necessary to repeal the right of the
public creditor to collect himself from
! the revenue OF the State his own
claims upon her to enable the country
| to make lust and fair use of its in
! come it ought to be done. II in OppO
sition to this it he urged that thia
light was specifically promised, OH the
other hand it was deliberately prOmis
ell To the public creditors TO pay them
what was due, which cannot be done
If the other pledge is maintained. If
it had been promised to pay the first
class out of tia property of the other,
| would any court of equity maintain
our obligation to execute such prom
ise--u promise to execute tnjustice?-
Certainty not. Experience has shown
that under the circumstances of our
case, such would be the precise effect
of continuing any longer to grant this
privilege.
1t is mRnilestly necessary 10 make
that repeal in order to establish some
such system IA | recommend and II
plainly JUST, whilst that which now
exists is unequal, unjust and violates
the faith we have given to pay c. edi-
tors WHO now get nothing, aud under
the proposed plan wolld get their
fair share of all that We now receive or
are likely to receive, without burthen-
ing our people too heavily in their
present distressed condition. AZ We
improve, and doubtless we shall inn
prove IL we establish system like the
one here proposed, the public CREDITOR
would get more and more and the PEG
pie move more assuredly in their walk
Of life TO be nearer certainty on this
head | would yet add another prOvis'
ion To this system of legislation. !
would provide that any owner who
should offer one Of the present q per
cent. bonds binding the State to pay y
dpht, might exchange 1t for bond al
like amount hearing per cent. inter
est per annum, payable on Il credit a.
n longer term Ot years than Is allowed
on her present securities, which in
crease of time would make it as valua
hle on the markets Of New York OF
| Richmond as bond with taX-payinl