The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-02-21

In the senate the vote was
Crockett. Dnlany. Gray. Hannah; Kello, Lawson
McRae, Meade, Miller, Mitchell, Peck, Richmond
Robinson. and Taliaferro.-l7. y ...-.. f-ff 81
NOES.-MeSsrS. Coleman and SaunderS-2.
By this act, as you perceive, coupons an(
certificates for interest were made recciva
BILE in payment of taxes and all other pub
lie dues. This our friends on the other sid'
denounce as an enormity never heard o
before the passage of the bill of 1871, ant
justifying them in any extreme measures tt
nullfy the provisions of that last-mention
ed act, and of the contracts made under tht
same. | ask gentlemen from the variou!
counties of the State to look carefully ovel
the votes on this act of the 25th OF April
1867. and say what was the character O.
the men who thus. as is charged, in an I'M
constitutional manner attempted to de
prive their State of her sovereign power tt
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, an6
which we have sworn to support. By the
10 section of the 10th article of that Con
stitution it is provided
'"rhe 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
sam as shall be received from Vest Virgin
ia shall be applied to tile p ayment Of the
public debt o -the State
And yet we have heard it announced on
this floor that Virginia is not bound for this
debt. ,t
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. I am not here to
speak now of the wisdom Of this measure
as to whether it was wise to surrender the
control which the State had of her reve-
nues to the extent of the amount Ct inter
est on the public debt. [ only wish to
show that this feature OF the bill was but
a repetition of the provision Of the act OF
April, 1867, and that it was nothing new in
Virginia legislation, as has been charged.
Thus we find q concurrence OF opinion
and of action OH the part of successive leg
islatures as to the liability of the State fol-
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 rev.
enues of the State for the payment of the
interest on that debt. I5
What has been the action of the different
chief magistrates of the State? Governor
Walker in 1871 gave his sanction and APP
proval to the provisions OF the funding bill.
BY hiss approval and signature it became
the law of the land. When in 1872 the
General Assembly attempted to nullify the
provisions of this law by passing an act
providing chat nothing but gold and silver
and currency should be received in payment
of taxes and other dues to the Common
wealth, Governor Walker promptly vetoed
the act upon the ground that it was unc II
stitutional and void, as impairing the con-
tract made with the creditors of the State
by virtue OF the funding act. How was il
with the next Executive, Governor KEN
per? BY permission of the House | will
read one extract from the last message o.
Governor Kemper, which is regarded by
many persons as the ablest document cvel
issued by Virginia Governor
ssNor can it be imagined that any device
or subteriuge, however ingenious, designed
to obstruct particular provision Of the
funding bill, could be regarded with less
disfavor BY the judicial mind than an oper
and direct violation Of the contract it con
tains. Any measure, OF whatever kind, in
tended to impair the receivabiiity OF the
coupons would be regarded as. impairine
the obligation Of the contract, and would
be met with the condemnation OF the courts
all the more decislvely, on account OF its in
direction -7
Where stands the distinguished gentle
man who at present occupies the Executive
office? Upon this question, which has 81
long exercised the public mind, l refer you
to his inaugural address, in which are an
nounced his opinions. It is fresh in the re
collection of you all. l honor the head an(
heart OF the man who proclaimed them. III
will be found maintaining the contracts
and the honor of the State unless hi
friends have greatly mistaken tie qualitie:
of the man.
Thisquest ton has also been passed upoi
by the highest judicial tribunal of the State
Our Supreme Court, in the case Of ''Anton
as. Wright hes given its sanction to tn
funding bill of 1871, and have decided tina
any legislative act intended to nullify 0
eyade its provisions is unconstitutional ant
void, Thus we have the concurrence of al
three of the coordinate branches OF OIL
State government on this subject. Is
reasonable to suppose, after what we hav,
seen, that our courts will take any dtferen
view of the subject, and will permit an
evasion Or violation OF Our contract wit
| our creditors?
| There may be some member here VIII
I has never seen one OF these contracts o
obligations, which have been denounced S
bitterly Ii so. let me show him one
Here is q coupon bond of the State Q
Virginia. Holding up and exhibiting a Vir
ginia coupon bond.l What is inscribe,
| upon each of the coupons and signed by tn
proper officer OF the State ''Virgini
agrees to receive this coupon in payment {
taxes and all public dues" This is III
bond OF the State. Flow can you void
without reputation? Gentlemen tell me
with an expression OF scorn and indign;
ton, that they are not repudlators. kno
that they do not intend to be. But wh'
do youm by reputation:
Hind that Worcester, whose dictionary
regarded as the highest authority, define
s'Repudiate" thus: ito disown obligatio
for,'' Ito refuse to pay" Webster sa.
that ''Repudiate' means ito refuse ar
longer to acknowledge or to pay" 'to di
claim"
In this bond of the State there is a prom
Use to pay the interest on borrowed none
on the LIST of January and lst Of July of eat
year. | find an obligation there. in e
press terms, to receive the coupons in pa
ment CT taxes and dues to the State.
What is the intent of the bill now und
consideration 1t is intended to ''disoW
!, the obligation" Ito refuse to pay ito |
fuse any longer to acknowledge the oblig
tion"-to discredit the obligation. Th
. is what it means. | know that in their p
, vate transactions all the gentlemen on I'll
/ floor would Indignantly spurn the propo
, ton to disown. their obligations. Ii tn
could not meet them they would say fran
ly and respectfully to their creditors tn
5 their means were not sufficient; that tn
would meet their creditors in a spirit
fairness and Cancellation, and confer togei
er and make an exhibit of their assets, a
i would pay all that they could. | am sal
fed That this would be the best course, a
. / have every reason to believe thai it wot
/ be an effective mode for obtaining. relief
e But this bill does not coupon any such i'd
+ | oppose it, aud call the attention Of r
friends to it, because its intent is to set t
o creditors of the State at defiance. and !
!, cause it is intended as the first step in
course OF .forcible adjustment. What IL
:. the bill propose? | read you the first
i ton:
j. Be it enacted by tic General Assent
e That on all tracts and lots OF land the
II proyements thereon, not exempt from ta