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

RICHM OND, A.,
/ State. How can you void it without repu.
1 ldiation? Gentlemen tell me, with an ex
preston of seorn and Indignation, that they
arc not repudiators.. / know that they dc
not intend to be. But what do you mean
by repudiations ,!5s II I! 49,
II find that w Forester, whose dictionary is
regarded as the highest authority, defines
/" "Repudiate /" thus: "to disown obligation
fol" to refuse TO pay w ebster says
that stRepudiate means .tto refuse any
Elonger to acknowledge or to pay, . ITO dis
claim" -
In this bond Of the State there is promise
to pay the interest ON borrowed money on
the 1st Of January and 1st OF July OF each
year. I find an obligation there, in express
terms, to receive the couponsin in payment OF
taxes and dues to the State.
What is the intent of the bill now under
consideration? 1t is INTENDED to "disoWn
the obligations" ito refuse to pay" TO
refuse any longer to acknowledge the obli-
cation ITO discredlt the obligation. That
is whatit means. | know that in their pri-
yate transactions all the gentlemen on this
|
tion to disown their obligations. II they
could not meet them they would say frankly
and respectfully to their creditors that their
means were not sufficient; that they would
meet their creditors in spirit OF fairness
and cancellations, and confer together and
make an exhibit Of their assets, and would
pay all that they could. am satisfied that
this would be the best course, and have
every reason to believe that it would be an
effective mode for obtaining relief. But
this bill does not go upon any such idea. /
oppose it, and call the attention Of my
friends to it, because its intent is to set the
creditors Of the State at defiance, and be-
cause it is intended as the first step in q
course OF forcjbte adjustment. What does
the bill propose? Tread you the first sec
| ton:
j. Be 1t enacted By the General Assembly,
That on all tracts and lois OF land the i'm
provements thereon, not exempt from taxa
ton, and on all personal property and
chooses in action, and on all toll-bridges and
ferries, there shall be tax-frst, Of twen-
ty-tiye cents on every one hundred dollars
Of the assessed value thereof. which shall
be paid and collected only in lawful
money Of the United States for the
exclusive purpose OF deiraying the me-
cessary expenses Of maintaining the
government of this Commonwealth, as
the said disbursement may be direct
ed by proper appropriation acts OF
the General Assembly; second, OF ten
cents on every one hundred dollars
of the assessed value thereof for public
free-school purposes, which shall be. paid
and collected only in lawful money OF the
United States, and shall be paid into the
Treasury to the credit of the public free
school fund, and shall be used for no other
purpose whatever; third, OF fifteen cents.
on every one hundred dollars Of the assessed
value thereof to pay the interest on the pub
lie debt.
It provides for collecting in money twen-
| ty-fiye cents of the tax on every hundred
dollars worth Of property, and setting it
aside for the ordinary expenses OF the gov
ernment. 1t in like manner collects and
sets aside ten cents OF the tax for school
purposes, and fifteen cents to meet the in
terest on the public debt. 1t does not per-
NIT the payment of the coupons in discharge
OF the taxes and dues to the State, as we
solemnly covenanted and agreed to do by
the provisions of the funding bill. What
would any member on this floor say ii such
proposition was made by citizen in re-
ference to his private affairs?
A man finds himself largely indebted-to
4
to curtail his expenses and put himself
probably to Inconvenience in order that
he may meet the accruing interest on
his debts. He has large amounts Of
property. He conveys and assigns to his
wife one half of all that he has in a
way to secure it from his creditors. He
then in like manner transfers another con-
siderable portion to his children, and says
to them, Now Ihave provided funds for our
maintenance and for the support and educa-
ton of the children beyond the reach OF
oil creditors, whose money have borrowed
and used in acquiring this very property
and in enhancing its value. This debtor
then approaches his creditors and coolly in
forms them that he has laid aside small pit
lance for them which they can receive If they
choose, or they can get nothing. How, /
say, would such transaction in private life
strike honest men? Would the man who
attempted it be countenanced in the, busi-
ness circles of any country! Would the
courts Of the country allow him thus to
cover up his property and defy his credit
ors? Look at it as you mayft is exactly the
plan proposed by this BILL
Again: Is there anything about this debt
which can justify forcible measures to avoid
it? Was there anything dishonest on the
part OF the creditors ab the time Of its con-
traction!
have here the records showing OF what
the debt is composed, how it was contracted,
and what use was made Of the money bor-
rowed by the State, and caQ the attention
of gentlemen on this floor from all parts oi
the Commonwealth TO the exhibit. From
a report of the Second Auditor, made in
November, 1865, now before me, / find that
the public debt in January, 1852, was, IL
round numbers, S1O,000,000, and that in
October, 1865, it amounted, in round mum
bers, to S35,0OO,OO0 I find farther, from
same report, that the expenditures OF the
State in the construction of railroads, canals
turnpikes, bridges, &C., up to 1861 amounted
to $50, 100000. Here is the exact table:
Railroads. ............. ....,......S1S,5S4,9ZSS x
Canals, &C.,. A1Zot,11o oS
Plank-roadS.. SSS,d ,d0o-
THfnp1keS A:o !,OOS y
Bridges. .......................... 1V4,t1i o.
Stale roads 1,SzO,oZo' o.
s35,52o,1o9 IS
These various works OF internal improve
ment were built with borrowed money
People, inside and outside Of Virginia, re
living upon her tradtionary honor and goot
I faith, loaned the money for the construc
ton Of these works. The benefits Of these
works are still enjoyed by our people. Yor