Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1878-05-14
The State'Debt and the Public
School Funds.
PART II.
PART II.

Another artful device Of the fun
ders is the charge that the readjust-
ers are in favor Of repudiating the
State debt. This charge is about as
consistent as that of 'Forcible read
iustment. 1t is true there is a
greatdeal of repudiation sentiment,
and it is not confined to either party
in this controversy But the differ
ence is that the readjusters wish to
repudiate the froud of the fHading
JlR, not the just ds5t,' while the
fundeTs hure Tspudjuted tie cOnStitH-
ton.
This charge Of repudiating the
debt, spit from the mouths Of fund
ing orators. and scrlbbled in funding
papers, reminds rs Of twO boys in Il
dispute, when one turns to calling
uick>uames aud throwing mud the
by>stauders are very apt to conclude
that be has been driven 10 the vail.
Ca ling miCk-name6 and thr0wing
mud Is a sign that the stock Of argu-
meut hes ruh out
Il NAV be asked Uhat can the leg
i>Iaturc d to eX,ricate the State
from this Perpiexing dilemma: This
is hard question But we cannot
thiHk Of any measure more wise and
appropriate than to 90 back to first
principles, and to try to regain our
sovereignty over our own tinancies. -
This was understood to be the aim of
the Barbour bill passed by the last
Legislature. That bill set out with
the eeIf-evideIt truth, that it was
The first duty of the Legislature to
preserve the life Of the State, and to
provide for the successful working of
its machinery. 1t i, needless to say
that the constitution makes this the
FIRST duty Of the Legislature. Next;
the public school fund was consider
ed as matter over which the Leg
stature had no legislative jurisdlc-
tion. It's duty was simply as trustee
to execute the mandate of the con-
stitution. The school fund. there
fore, could not be touched while the
consultation remains as it is.
These questions being disposed of
in the only way it was competent for
the Legislature to treat them; brought
then. to the question of the State
debt. 1t was contemplated to con-
slider this perpleXed question upon
its own merits, aud uuembarrasSed
by complication with any q.esIion
not necessarily involved. The pro-
vision for the payment of The inter
est on the State bonds was the only
question upon which discussion was
called for. Here the battle ought to
have been fought aud the question
settled Here cvey shade Of npin-
ion had the opportunity of being
heard The Barbour bill was design
ed TO lay a foundation for the read
iustment of the debt and 20 bring
the bond holders to agree to an ad-
iustment of TIE entire debt. funded
aud unfunded, upon fair and reasona-
ble terms
!, is manifest that the - cts. tax
designated the Barbour bill for pay
ing the interest on the State debt,
will fall far short of covering the
interest at the rate as at present fix
ed. But six per cent. was too much
AZ the time the funding bill was pass
ed, and is too much now. Senator
John W. johnson, in an interview in
the Richmond Dispatch said. that
interest on public securities was
tending downward and that the best
bonds in England worth 81 cts. on
the dollar, only drew three per cent.
interest, aud that this was probably
enough on we'll secured bonds, and
punctualIy paid interest. The new
funding bill, passed lust before the
Of the last Legislature,
and which was supported by most of
those who opposed the Barbour bill,
proposed only three per cent interest
for the first Is years. If the interest
we're reduced 10 or even 4 per cent,