The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-03-14
GENERAL ASSEMBLY or VIRGINIA.
Nincty.nintIl Day.
WEDNESDAY, March Is, 1878

SEN Al IL.
Senator QUEsENBERRY, president pro tenn,
in the chair. No prayer.
The rule requiring the reference OF House
bills to committees was suspended, on mo.
ton of MI. MASSEY, for the remainder OF
the session.
ELECTION OF JUDGE OF. PRINCE WILLIAM
COUNTY.
at u O'Clock the Senate. proceeded to the
election OF Judge for the county of Prince
William to fill the vacancy occasioned By
the death of Judge Nicol.
Mr.. LEE nominated John c. Weeden.
Mr.. BROOKE seconded the nomination.
Mr.. Weeden was elected.
The Joint vote resulted as follows:
Whole number of votes cast, 11S; neces-
sary to choice 60, OF which Dir. Weeden
received ZIG; scattering, 2.
PASSED.
House bill requiring the Auditor OF Pub
Accounts to make quarterly payments, il
practicable, to the Second Auditor, on &C.
count of arrearages due the public school
fund, with Senate amendment providing
that the arrearages to the lunatic asylumS
shall be first paid.
THE NEW FUNDING BILL.
Mr.. TYLER moved to take up the House
funding bill out Of its order.
Mr.. JOHNSON was opposed to the conslde.
ration of the bill. The preamble consisted
of misstatement OF facts, and the bill con-
tanned prerequisites 10 the funding of the
debt which made it utterly impracticable
and the offer it pretended to make void and
nugatory. The preamble recites and states
that the present rate Of taxation and dggre-
qate of taxation is as mnch as the people OF
the State can bear without ruin to their IN
terests and prosperity. Ii this is tue 1t is
our duty, and has been for the last ninety
DAYS, to beg settlement from our creditors
based on our common bankruptcy.
But denythe statement. So far from its
being true, il the General Assembly will
impose the taxes sufficient to restore the
public credit such action will benefit every
interest in the Stace. Trade will revive,
labor find generous reward, and land will
60 up in price. Not satisfied with stating
that the rate Of direct taxes is as high as
can be borne, it goes further than the forci-:
BILE readjusters in declaring that the agqre-
GATE of TAXATION is as great as it is possible
to make it-that is, that il new sources OF
taxation be found, il the Moffett register
realize the expectations OF its sanguine
friends, and bring in largely-increased in
come sufficient to pay our debt, and thus
add to the aggregate Of taxation, then it
will be our duty to keep the aggregate in
come at its present figure, and in no event
pay our debt. *.
1t is an attempt to file petition in bank
ruptcy for the State, and will iniure public
and private credit alike. will be no party
toiit. s
The bill further provides that no bonds
shall be funded under it until the holders of
5,000,0 900 consol bonds shalt deposit them
for funding with an agent named by the
States officers. Every. senator knows this
to be an impossible condition-one which
can never be complied with, and that there
fore the offer to fund is ilIusory and can
never be accepted by the. creditors. Let
every man come in by himself and fund il
he wishes to dose; but II yon make his ac-
ton depend on the CON urrence Of $15, 000,-.
600 OF bonds no man will ever fund. 4.
But am told that while the bill will do
no good, it will do no harm. 1t will quiet
present agitation. It will quiet agitation
Tor the present, but it gives forcible reid
iustment a club to break our; heads with
hereafter. 1t will strengthen population
ali oyer the State. Let the people. believe
that IN offer has been glade TO creditors to
fund in three percent. bonds, which the
creditors hare rel cted, and the readjusters
Will Come here. and say, - hese Sfglocks
baye refused our offer. The debt has been
!! increased =, by two more years 81 arrears Of
interest," l and now we must make, them
accept our offer. e they VIII not