The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-02-12

VOL. LII.
at that time to pay more, but refterating the
declaration that she held herself bound to
nav all at q future time. will not tire the
House by reading this act, but refer mem
bers to it for their own satisfaction. We
pass now to the third act, the most import
ant OF any yet examined, in view Of the ar
gnments now being urged in regard to the
enorznIty of the provisions Of the funding
act os 1871. Il trust that my friends VINO
were as uninformed as myself when we
came here will make a note OF this. will
read II. 1t was passed on the 25th April,
1867, and Is as follows:
| An Act authorizing the Issue of Certificates
in the Nature of Coupons, dc.
Passed April 25. 1871
/. Be IT. enacted 6y the General Assembly.
That the Second Auditor fs hereby required
| TO issue, ut the request Of all persons hold
ing registered bonds Of this State on which
| interest is made payable by an act passed
March 81, 1867, entitled an act to provide
for the payment Of part of the interest
upon the public debt, a certificate or certif-
Gates in the nature Of coupons, showing the
amount Of interest that will be so payable
L.
periods for the payment Of such interest: !:
Provided, hoUeUer, That such certificate or
| certificates shall be issued not earlier than
six months nor later than one month before
the anticipated interest will become due.
3. THE certificates aforesaid may be used,
and shall be receiUed. an payment of State
tdaes and other public dues.
4. Persons holding coupons OF interest
issued by this State: for payment or which
provision has been made. may use the same
in like manner in payment Of State taxes or
other public dues at any time not earlier
than six months before the period OF pay
ment.
desire to call your attention specially to
the vote by which the act was passed.
In the House Of Delegates the vote on the
bill was:
AYEs.-Messrs. Atkinson, Baldwin. Bekem, Bent
ley, Booker. Bowles. Braxton, Butt Cabe, a. l..
Clark, w. T. Clark, Chidress, Crump. Daniel, pa
Epgsh ed
Hansbrough, Hernden, Homes, Jackson. Jones,
Owen, Rsed. Pendleton, Powell, Purdie, lRagsdale,
Rggs Rxsy Scott, seawe smith StIraaghsn
Wan, " watkins, Wilson, woltz, Woodbridge, and
NoEsSMessrs. Waddell and Word-2.
In the Senate the vote was:
AYEs-Messrs. Alexander, Boiling, Cabell, Crock
ett Dulany Gray, Hannah. Kelo, Lawson, McRae
Meade, Miller. Mitchell, Peck, Richmond, Robinson,
NoEs~Messrs Coleman and saunders-2.
BY this act, as you perceive, coupons and
certificates for interest were made receiva-
BILE in payment Of taxes and all other pub
lie dues. This our friends on the other
side denounce as an enormity never heard
OF before the passage Of the bill OF 1871,
+ and justifying them in any extreme meas
ures to nullify the provisions OF that last
mentioned act, and Of the contracts made
under the same. Iask gentlemen from the
various counties Of the State to look care
fully over the votes on this act OF the 25th
OF April, 1867, and say what was the char
acter OF the men who thus, as is charged,
in an unconstitutional manner attempted to
deprive their State OF her sovereign power
to dispose Of her revenues. They will know
the character Of the men, and whether they
were men who would wantonly do injury
and wrong to the Commonwealth.
The liability Of the State for the whole
debt OF Virginia as it existed before its di-
vision is acknowledged and declared by the
very Constitution under which we live, and
which we have sworn to support. BY the
10Th section of the 10th article OF that Con-
stitution it is provided:
"The General Assembly shall provide by
law for adjusting with the State Of West
| Virginia the proportion OF the public debt
of Virginia proper to be borne by the State
OF Virginia, and shall provide that such sum
as shall be receiued from West Virginia
shall be applied to the payment Of the public
debt of the State"
And yet we have heard it announced on
| this floor that Virginia is not bound for this
debt.
We now come to the funding bill OF 1871.
do not propose to discuss its provisions.
That has been done in elaborate arguments
! by all the members who have addressed the
House on this subject. This bill was passed
March 80, 1871. am not here TO speak now
| of the wisdom OF this measure-as to Whe-
tber it was wise to surrender the control
which the State had Of her revenues to the
extent Of the amount OF interest on the pub
lie debt. / only wish to show that this fea-
ture OF the bill was but repetition of the
provision OF the act of April, 1867, and that
1t was nothing new in Virginia legislation,
as has been charged.
Thus we find concurrence OF opinion
and OF action on the part OF successive
legislatures as to the liability Of the State
for the whole amount Of the public debt as
it existed in April, 1861, and as to the right
| OF UNS ASSCluoiy " PiCuSS ebS
revenues OF the State for the payment OF the
interest on that debt.
What has been the action Of the different
chief magistrates of the State? Governor
Walker in 1871 gave his sanction and ap'
proyai to the provisions of the funding bill
By his approval and signature it became the
law OF the land. When in 1872 the Genera
Assembly attempted to nullify the provi'
sions Of this law by passing an act proyid
ing that nothing but gold and silver and
currency should be received in payment o]
taxes and other dues to the Commonwealth
Governor Walker promptly vetoed the act
upon the ground that it was unconstitu-
tional and void, as impairing the contract
made with the creditors Of the State by vir.
tue Of the funding act. How was it with
the next Executive, Governor Kemper? BY
permission OF the House [ will read one
extract from the last message OF Governor
Kemper, which is regarded by many per-
sons as the ablest document ever issued by
a Virginia Governor:
"Nor can it be imagined that any device
or subterfuge, however ingenious, designed
to obstruct particular provision OF the
i funding bill, could be regarded with less
disiavor by the judicial mind than an open
and direct violation Of the contract it con
tains. ANY measure, Of whatever kind, in.
tended to impair the receiYability OF the
coupons would be regarded as impairine
the obligation Of the contract, and would bt