The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-01-12

n,,cst on q Is raised biz counsel and passed
iran IN fhs cnurt. Iris settles the eIegat
,ss1esi io.s. NM the court will pro-
1 Yt,is Alt void md mt syprfh eie pa.
t,as ID wr,tfa,, OF, HE dsetsio 10 Anto,ni
70 ;yrspbt hayit,g settled this question, u
il saffieei For an time. because the nprene
tso,Srt Of the United States will follow the
first decision af the Court OF Appeals 2.
Vfrg;r,in. and where property nave
been vested win not follow that court Wile We
It reYerses IT'S own decisions. 1890
s. Tn iowa and Wisconsfn those rough West.
ern peopte tried this trick. Tbey. oorrofeu
money and issued bonds, and lhen al-
tempted 20 repudiate them. Their suprenle
Courts decided that they were bound 10 pay,
and thereupon those hals-ciyilized, uncoulh
neorie changed their constitutions ana re-
modelled their Supreme Courts. Sncn Things
could only be cone among an unsettled,
semi-ciyiIized society. Oh course no such
change would ever be thought OF OF pro
nosed among decent, law-abidinS, properly
resnecfinr people. AS a matter OF course
the new Supreme Courts, like military COM
missions, having been organized 10 con-
yiet. straightway decided all the laws a'l-
thorizine the issue of bonds to have been I'M
constitutional and void, and thai therefore
the neople were not bound to pay their debts.
Rut the SUPREME Court OF the United STATES,
in Kenosl,a as: Lawson, 8 Wallace, At, de'
cided that it would follow the first decision
of n s11nreme Court OF State in coDstru.
ina,a State law where bonds had passed
nnder such decision to 6ona:fde holders,
and would disregard all subsequent reVer'
sails Of such decisions by the same court.
So the contract OF the funding bill stan IS
until It is performed, and no earthly power
can set ii aside less than an amendment 20
fine Constitution Of the United States:
Rut nv amendment proposes real relief
for the school fund. It provides that the
Auditor shall at the first OF every year estl-
mate the amount OF revenue that during
the wear will be coming to public schools,
und sball set apart monthly one twelfth OF
such sum and pay it to the schools each
month. NV amendment secures the school,
money out of the first revenue that comes
in. The proposed bill only secures it as u
is collected, which is in December OF the
current wear and in june OF the year FOL
lowing. NV amendment is in the interest
Of nublic education; and I am no new
friend OF the education OF the people. Inc
first convictions OF my life settled me IL
that opinion, and I have never changed.
T made a speech in Boston 10 1877, II
which 7 showed, to the infinite surprise o.
that people, that Virginia contributed.
LARGER percentage Of her taxation TO puDil(
schools than Massachusetts. Then VIZ
ginia contributed 49, cents per $500 IL
taxes. and Massachusetts, only II cents pei
500. Now, however, Virginia contributes
to public schools, ny report Of DR.. kunnef-
Amount expended in oeo'o9 o5
Bonds held by schools and coilegcs...... oo,oOe
Military Institute 1917
University. ........,................. oo'oo'
Now the sum total OF property assessed
fore expend an annual sum equa
10 nearlv forty cents on one hundreo
dollars of property. / am proud Of
this exhibit. 1 think education n prime
necessity, and as it Is tlitfused viii
kill ont all such crude notions Of obi
CATION and the moral law which now appear
to be so prevalent. The bill proposed Is
Inconsistent for the supporters Of it. They
complain OF the funding bill that i
mortgages the public revenue for thirty
four years ahead; yet under this bill i
mortgages the revenue for schools forever
But apart from all considerations Of co1sti
tutonal law, apart from all questions OF .
technical nature, object to this bill ON thu
broad ground that 1t ATTACKS the pubIit
credit.
The act of the representatives OF Virgini;
says: We pledge her that these coupon:
shall be received for all public dues ant
taxes. This law says they shall not be re
ceiyed for one fifth of the property taxes
nor fer any of the capitation tax. The State
is pledged to receive coupons forSdH taxes
This bill says they shall not be received fol
all taxes. This is breach OF public faith
care not whether the law be constitutional
or not; whether the Legislature which
passed it had the constitutional right to dc
so or not. They were the agents an6
representatives Of the State. They held
out to the world that they could
make this contract. The contract was made
The State has received value. Bondholders
have surrendered old bonds, which were
due and payable. The State has extended
their time and given new bonds at thirty.
four years on the conditions stated. Now,
for the State to disclaim the authority to
make those conditions is population; that
is what it is-repudiation, or denial and
failure to fulfil obligations. It is precisely
the case of Mississippi. She issued bonds
to aid the Union Bank. They were issued
and sold in derogation OF the law which
authorized their issue, and contrary to the
Constitution Of the State.
But the bonds were sold to innocent par.
ties. The bank got the benefit Of them.
The bank broke, and then Governor Nc.
Mutt, the very man who had issued and
signed the bonds, took the ground that the
State was not bound to pay them on ac-
count of the defect in their creation and
negotiation. Sergeant S. Prentiss, JOHN
A. Quitman, and others, took the ground
that, having realized the benefit, the State
was bound in honor, not in law, to pay.
But Mississippi decided otherwise, and to
this time her name and Reputation have
been indissolublv linked together. She
gepudiated. That is enough!
William L. Yancey told Dr.. Curry, of this
city, that one Of the greatest difficulties in
the way towards recognition o. the Con.
iederacy was the fact that Jefferson Davis,
Of Mississippi, q repudiating State, was at
the head Of the Government. Mr.. Lamar,
senator from Mississippi, is reported to
have recently said the same thing. IL
The Reputation OF Mississippi has, there
fore, cost us in Virginia the .independ.
ence of the South. This is what it cost
Mississippi: BY the report OF the Con-
troller OF the Currency for 1876 it appears
that the banks in Mississippi had
Loans and Discounts. Deposits.
lS4O,..,............S4 S,O00,O0u Se,O00,OCO
lS42................ lS,00O.000 $1,000
1s5l."................ 10000 $500
Here is photograph Of the distress and
poverty brought on by reputation.
: do not speak here in the interest OF the
public creditor. It is some time since have
owned q Virginia bond, or allowed any one