Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1878-02-19
N SPECTATOR AND GENERAL ADVERTIsER-

provide for funding the. interest. upon
the public debt acknowledged in solemn
form of law the liability of the State for
the whole debt, principal and interest,
and made!provisionIfor fu nding the in
terest.
On 21st March, 1867, bill was passed
for the payment of four per cent. inter-
est on the whole of the debt, setting forth
that the State was not able at that time
to pay more, but reiterating the declara-
ton that she held herself bound to pay
ali at a future time. a.
The act, passed April 18th, 1867, au-
therizing the issue of certificates in the
nature of coupons, provided that such
"certifcotes may, be used and shall DC
received, in payment Of State toreS and
other public dues"
This act passed the House by the vote
of 6S to 2, and the Senate by II to 2-the
negative votos in the House being Wad-
dell and Word and in the Senate, Cole
man and Saunders.
He'uuoted the Constitution and said -
1.-THE liability of the State for the
whole debt of Virginia as it existed be
fore its division is acknowledged and de-
clared by the very Constitution under
which we live, and which we have
sworn to support"
He then spoke of the Funding bill of
March 3Oth, 1871, and said
IT am not bere to- speak now of the
wisdom of this measure--as to whether
il was wise to surrender the control
which the State had of her revenues to
the extent of the amount of interest on
the public debt. | only wish to show
that this feature of the bill was but a
| repetition of the act of April, 1867, and
| that it was nothing new in Virginia
legislation, as has been charged.
Thus we find concurrence ofsopin-
ion and of action on the part of success
siye legislatures as to the liability ofthe
| State for the whole amount of the public
debt as it existed in April, 1861, and as
to the right of the General Assembly to
pledge the revenues of the State for the
payment of the interest on that debt"
After referring to the opinion of Gov
errors Walker, Kemper, and Holiday
as to the unconstitutionality of evading
the contract made with the creditors of
the State, he said
;, 'eThis question has also been passed
upon by the highest judicial tribunal OF
the State. Our Supreme Court, in the
case of "Antoni Us. Wright" has given
it's sanction to the funding bill of 1871,
and have decided that any legislative
act intended to nullify or evade its pro
: visions is Unconstitutional and void.
, Thus we have the concurrence OF all
three of the coordinate branches of oul
State government on this subject. Is II
reasonable to suppose, after what we have
seen, that our courts will take any differ
| ent view of the subject, and will per-
NIT any evasion or violation of our con-
tract with our creditors?
There may be some member here VINO
e has never seen one OF these contracts OF
| obligations, which have been denounc-
ed SO bitterly. II SO, let me show hin
one. Here is coupon bond OF the
State of Virginia. Holding up and ex
hibiting a Virginia coupon bond.
I. What is inscribed upon each of the cou
3 pons and signed by the proper officer o.
t the State? Virginia agrees to receive
this coupon in payment of taxes and al
public dues" This is the bond of tn
q State. How can you void it withou
: repudiation? Gentlemen tell me, will
a an expression of scorn and Indignation
that they are not rep4diators. ! know
:, that they do not intend to be. But wha
do you mean by liquidation
He then quoted the definitions
. "repudiation." as gwen by the lexicog
= raphers Worcester and Webster-t
show that the Barbur bill was a repu-
" diafion bill. He quoted theprovisions
!, that bill, showing that it violates th
,f contract made by the State, as 'it doe
!, not permit the payment OF the cou
. pons in discharge of the taxes and due
= to the State, as we solemnly covenante'
and agreed to do by the provisions Q
the funding BILL"
}, After concluding this part Of his ar
+ guaaent, he proceeded as follows:-
pl Is there anything about this deb
h which can justify forcible measures t
avoid it? Was there anything dishon
Ii est on the part of the creditors at tn
l. time or its contraction +?
d I have here the records showing G
i what the debt is composed, how it wa
contracted, and what use was made {
t. the money borrowed by the State, an
[ call the attention of gentlemen O.
: this floor from all parts of the Common
Z. wealth to the exhibit. From repol
d of the Second Auditor, made in nc
q vember, 1865, now before me, find tia
. the public debt in January, 1859. was
n in round numbers, $40, 100000, and tha
ISL in October, 1866, it amounted, in roun
at numbers, to 35,OoO,O 900. find farthe
from same report, that the expenditure
of the State in the construction OF rail
r roads; canals, tnfnpikes, bridges, &c
J. up to 1861 amounted to So, 1000. He!l
. is the exact table:
tUI Ndnals lZ,Aof,Ilo
=, FIanRyfoaOs o59,I00
- TURN Z,oIl ,OUJ
1Of,4Il
state fOaaS.....~ 1,o2o,olo
s35.52o. 100
1t These various works OF internal in
l. provement were built with borroWe
;s moHey. People, inside and outside {
10 VIRGINIA rplViuC unOu her traditiOnar