The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-02-05
worthy oi his reputation, tue subject, and

AT the conclusion OF Alr. HENRfss speech
Mr.. CoGHIrL got the floor. He explal2ed
that he would shortly have to leave the clty,
and so 1t had been arranged that ne snouid
follow Mr.. HENRY; otherwise ne would
have preferred ID follow some gentleman
who was an advocate OF the bill;
Mr.. CoGHII.L had scarcely made ms open
| ing remarks when, the hour OF o O'CLOCK
having arrived, the chair was Vacaleo uhtii
1880 O'Clock.
| Night session.
Mr.. Fulton In the chair.
Mr.. CoGH1LL having the right to the floor
gave way to Mr.. TALIAFERRo OF Norioik TO
make personal explanation.
Mr.. TALIAFERRo said the gentleman from
Richmond (Mr. HENRY states that nothing
was farther from his thoughts than to reject
either upon myself or any member OF tne
lCommittee OF Finance. Dfr. Speaker, 1
would disown the land OF nativity, the
parental roof under which was reared,
forget that chivalry which has ever charae-
/ terized the citizens OF this proud Common
wealth, were Inot to accept the graceful eX-
PLANTATION by as courteously withdrawing
ianything that may have been offensive,
either in my remarks or manner.
The gentleman says / do not estimate Tor
| arrearages of revenue made up OF balances OF
former years which are paid within cur
rent fiscal year. An estimate maze LOT
year supposcs the revenue paid within the
year, and il it is not paid the arrearages OF
| former years make up the unpaid revenue
OF said year, which, Of course, becomes ar
rearages OF the next fiscal year. ana SO the
arrearages balance and equallze each year:
The gentleman further complains thaC
did not bring forward as annual revenue
| 10
and Ohio Railroad Company. Now, how
was if possible for ME to take up and carry
TO account of annual revenue that which
i was not an annual receipt, and was only
received under decree Of the courts. l
have accounted for that which will now an
puaIly become due, and this is all that can
be properly done.
The gentleman says that rs appropria-
tons to colleges, &C., are debited, so the
amount received from the Chesapeake ana
Ohio Railroad Company should be credited.
Tn this I do not agree with him. how
would it be possible to estimate for that
which we do not know OF, or which cannon
be reasonably coniectured, as the action OF
those who shall come after us as represent
atives OF the people.
I again repeat-what have said on this
floor more than once-that I looked to the
excess for liquor over previous years, The saw
ing in legislative expenditures; and amount
saved from criminal charges to sustain the
bill am here pressing looking to four per
cent. interest on the debt.
Mr.. Speaker, submit to this House II
could properly have put these several items
or the items OF tax on bonds as reliable
! basis OF revenue looking to settlement
with the creditors OF the State.
MIR. R. A. CoGHTlI.
Mr.. CoGHILL resumed the floor. lie ar
gued that the debt OF Virginia was Just
i debt; that the creditors had nothing to dc
with bringing on the war; that virginia
went into that from motives which seemed
to her proper, and he would be among tho
last to claim immunity from the debt on thai
account; that the Alexandra Constructor
/ recognized the entire debt that in the whole
history OF the State there was no Legislature
more than the peer OF the Legislature ol
1866, which had provided for the pay.
ment OF four per cent. interest, and funded
the interest, and allowed parties to take tax,
receivable coupons. The charge OF frauC
against the funding bill had done more than
ANYTHING else to poison the minds OF the
people against it.
Mr.. ALLEN said that he didn't make thai
charge.
hlr. CoGHILL said he knew that Mr.. AL
LEN didn't; but Mr.. ALLEN objected TO il
because it was coGrciye measure, and then
argued because that was coerciye, coercion
should be used here.
| Mr.. CoGHILL read several authorities tC
show that il there was fraud in the Leglsa.
ture which passed the funding bill it could
not now be pleaded, because the Judiciary
could not investigate the motives OF the
Legislature-a separate and independent
Il department OF the government.
Answering Mr.. ALIENS propositions, Mr.
CoGHIIL held that if when the war was flt-
grant we had contiscated the debts Of north
crn creditors, under recent decision Of the
United States Supreme Court such action
would have been void, and that much less
defcnsible and idle would any such attempt
now be.
Mr.. ALLEN explained that in comment
ing upon Judge Pendleton's opinion
where the Judge had said that the British
creditors ought not 10 have either principal
or interest-he had simply said that If that
was true as to the British creditor, it wa:
true as to the northern creditor.
Mr.. CoGHILL stated that the recognized
principle is that nations do not in.
duire who hold their bonds; that Mr.
ALLEN was wrong in his propositions,
T both as to principal and interest due
northern creditors; that now to propose
to unfuntl, because there was an impro
per funding OF interest, would not stand
the test Of reason; that the creditors hao
never complained they were coerced by
the funding bill OF II, and the courts could
not take notice Of vague statements to that
effect. He claimed that the Supreme Court
of the United States had held that we were
not conquered -; therefore that the pie;
which had been advanced by some people
that because we were conquered" W.
don't owe anything wouldn't avail; thai
where there is conquest the conquerine
mower takes possession of the conquered'>
Droperty and assets and pays its debts Out
of them. Here the United States Govern
ment did nothing of the kind. The State
didn't lose her property or her identity
She was still Virginia. So our Supreme
Court said in the Higginbotham case.
State sovereignty won't allow us to i'm
pair the obligation Of contracts. Not only
the Federal Constitution prohibits US, but
orr own State Constitution does. Both oil
them say YOU shall not impair the ohliga
ton OF contracts. You have surrendered
that power. After quoting authorities on
this point, Mr.. CoGHILL commented upon 9lr
Fl, II, HARRIsON's resolution on the subject
of the Federal compact, and characterized
il as an attempt to amend the Constitution
OF the United States by resolution of the
House of Delegates. [Laughter.] He ar
eued at length, and quoted numerous au
thorities to the effect that contract be.
tween State and an individual is such .
one as comes within the provision OF the
Federal Constitution, and can't be annulled
Mr.. CoGHILL thought the funding bill