Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1878-02-19

Even if it could pass this House, it aC
complishes nothing unless it stood up
OF this bill as its substructure.
In the consideration of this bill,
propose to crDfine myself 10 very fey
points. and | shall present them a
briefly as | can, for tortured peopl
stand in suspense awaiting definit
action of this Legislature. If it shal
fail woe unto him through whom i
fails.
It proposes to cut the chains whicl
the Funding Bill of 1871 has put up0I
this sovereign State, l have no de
nuHcialion for those gentlemen, VIII,
| conscientiOusly voted for that meas
ure. many of them were douhtIessi 5
guided 10y patriotic considerations.
can excuse the bIunder they made q
thSt early period, for many Of then
have lived to regret it, and have &C
knnwIedged the error, and tried tc
! repair it. But sir. in its effect, If not
/ In its design, 1t was political OutTa {
on the people of this State. AS u leg.
/ islative mOustrosity, it has had nc
! equal in our history.
The bill contains three propositions
/ aad no more. IL asserts
lst The condition of the people of the
| wealth. renders impract lea
| be, R greater rate Of taxation than
the present one.-viz. Scots.
ID. This rate is insufficient to pay for
an economical administration of the
| Government and the entire interest
on the pnblic debt.
| Sd. The administration of the Govern
meut must he paid or no interest can
be paid on the debt.
The second aud third propositions
are self evident. and the first has been
solemnly affirmed by this House.
with only dissenting votes.
With the principles Of this bin ex-
tended To the tax on licences, | am
willing it shall go forth to the people
as the adjustment of the Public
Debt.
1t proposes to restore the sovereign
ty of the State, and to make each Gen
crai Assembly the Judge, and the soIe
Judge Of the amount that can wisely
AMI humanely be taken from the citi-
Zens for public uses. OF this mani
mum sum 20 taker, il proposes 10 use
the minimum amount which will
keep from death the OhliGor ~ the
uaIter Of the Public Debt. For the
State being once dead, or its vitality
once suspended. there can be no hnjNr
fur the Public Creditor. II is - much
as 10 say, the Stale must be fed End
clothed before il eau be led to the bar
Of justice. snd held tn virtuOus pub
lie service.
The Bill does not rest on compru-
mise enforced, or voluntary, hui l.
based on the law of Representation,
a. prerequisite to the obligation to pay
the public debt. 1t proposes to OF,
repair. and furnish motive power "a
the public machinery. and it then
pIaccs at the disposal Of the creditor
the remaining revenue.
| maintain there can be no revenue
for any other purpose. or person. that
stops the levers. and valves Of this
machinery.
This Bin proposes to restore the
debt To the position assigned it by the
contract. tist IF resting on the virtue
anH ability uf the State.
Never will aduit, that it was q
part of the contract that this debt
should he lien on the life Of the
Siate-that II should stand between
the Commonwealth and her treasury
that it 4ss understood the Com mGn-
wealth should 8: ench annual in-pira
tion roll from its lungs, this huge OBJ
t8cie to ITS existence.
Sir, can il he said, that if the Legis-
iature of 1871 he'd hypoihecared for the
payment of [ is interest, transfer OF
the Right of Emiu+nt Domain it
would nor have exceeded its suthOri-
ty ? The Right of Eminent Domain,
stands not higher than The right OF
the sovereign to access to tie subject
for taxation.
Suppose tins Public Debt had been
300 instead of 80 millions Where,
in that event, would have gone the
Government of Va? E we my
friend from Richmond would have
failed. and imagine he would have
cried "mnre Sinking Fund give me
more Sinking Fund or die ! ~
| fail to see in this measure any nec-
essary autagonism to the decision in
the case of Antoni Va. Wright. That !
decision denied the right Of the State |
to debnr the new coupons from all
rank as tax currency This Bill ad- !
mits they shall be allowed to rank as
legal tender for taxes, after the State |
has done with the tax payer for pur
pOses of prime necessity. 1t does de- |
clare that as against all else, this pc
culiar power and privilege shall he !
them The State could enter |
on no rev enterprise to their preju-
dice So SAYS this Bill,
1t does promulgate and proclaim !
that no State can he forced to divorce !
itself from the right of accpsa to its |
tax payers. for this prime purpose of |
self l-preservation.
1t antagonizes that doctrine of For
cible 4 Adjustment. which leaves one !
class of our creditors to devour the !
rights and property of another 1t |
contains in essence, and by iudireC- |
tiOn-the declaration that the Funding !
Bill Of 1871 was repsalahle- az To all J
the parties who were eligible to its
or repealahle as to none.
Sir, ii has been said this Blil takes I
the creditor hy the throat. i the Con-
sol creditors be meant, | will aak why, I
and by what right, he has his hand /.
on he throat of the PeeIer creditor /
BY V hat right has be his hand Oh the /
throat Of this Commonwealth? Vas /
il 90 agreed in the Bond At whose |
instance, and on whose motion was !
this forcilIe adjustment made, by !
which he chokes Virginia ?
! call attention to the fact, that its
T assage was effected at time when I
our people were bound 10y the cords of /
Federal ver gPance. and that il WIS 1
enacted 10y power thst wss no party /
TO the contract original. In thst dark /
hour, he put his hand on Virginia |
v hen she could not resist
Sir: No party can readjust or sd- !
just. unless the contractor he dead, or
This measure WAS never /
Hssented to by the people of Virginia. |
She sent no SCENTS here to do this |
thing. ard as soon as che could she
cent agents here to undo it.
Sir: we are not responsible for this
agitation. The holders of this debt
LL..n me LiscnLi Cd miih tknir con.