Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1878-02-12
ON SPECTATOR AND GENERAL ADVERTISER-

fail to effect the object gentlemen hoped
from 1t, and would prove disastrous to
the fair nameand credit of the Common
wealth.
Commencing with the act of 1865-'66.
ne rapidly reviewed the legislation on
the subject of the debt. In 1867 four
percent. interest certificates in the ma
ture of coupons were authorized to be is
sued, and were made receivable for tax
es and all public dues. That was four
years before the now odious funding bill!
One of those who voted for that act was
the present senior member from Norfolk
Or. Robinson). Referring to the fund
ing bill, he commended that the obnox-
ious feature there had the sanction of
the legislative, executive, and judicial
departments of Virginia. The bill at
tempting to repeal the coupon feature of
the funding bill was passed over Cover
nor Walkers veto, and the Supreme
Court sustained the Governors. veto.
Governor Kemper was quoted to show
that the contract was lrrepealable, and
that any attempt by indirection to in
validate the coupons would be con-
demned by the Supreme Court. So have
spoken two Governors. Governor Hol-
liday, too, he claimed, had spoken In
his inaugural on the side of the main
tenance of the public faith, and would
ever be found in that position, unless
his friends had very greatly mistaken
him.
General Echols read the definitions
of ''repudiate' as given by Worcester
and Webster-to disown, to disclaim, to
refuse any longer to acknowledge an OBJ
legation, &c.-and held that the present
| bill is reputation measure. He argu-
ed that the debt was an honest one that
| the money was spent in internal inn
provements now held and enjoyed by
the people and yet they were asked to
say this debt can be postponed behind
all other claims. He showed how this
money had been spent, what counties
had profted by it, and applauded the
city of Richmond, which others had
decried, for sending here solid debt
paying delegation. Richmond, he said,
would have been recreant to every prin-
ciple of.fair dealing if she had done
otherwise, And he did not condemn,
but honored her clergy, for laundering
forth their denunciations of great
moral wrong. Did they do less they
would be forgetful of the teachings Of
their Great Master.
General Eehols declared himself re-
adjuster upon the platform of the Con-
sentative Convention. In the language
of Mr.. Harvie, he would strip the State
to the skin in the way of reducing ex-
penses; would find out our resources
and Indebtedness, and then make an APP
peal to the creditors. He thought if this
arbitrary bill passed we would have to
forego forever the opportunity for COM
promise. He referred to letter receiv-
ed from England by Governor Holiday
indicating that the foreign bondholders
would cheerfully refund in four-per-
cent. bonds.
General Echols depleted the shame
and loss that would follow the wreck
ing of our character and credit; pointed
to the case of Mississippi; declared that
the bill would not stand the test Of the
courts, and held that it would finally, if
persisted in, lead to absolute repudia-
tiop, In closing he made grand APP
peal for the preservation of the honora-
BILE name Of the Stats.
i He occupied his hour fully, and cop-
m8pded the undivided attention of the
House and crowded galleries through
out.
The afternoon and night session were
consumed in the discussion of this bill
the speakers being Harvie of Amelia,
Starke of Brunswick, Gen. Taliaferro,
Popham of Rappahannock and Mush-
back and Hunter of Alexandria.
In the House on Friday afternoon
and night Barbour's bill was debated by
Lacey, Bocock, Walker of Chesterfield,
Harrison OF Sussex, Lee lqolprpd) OF
elizabeth city, FAR, Dickinson and
Fowler.
| On Saturday Mr.. James Barbour, of
} Culpepef county, CHAIRMAN of Finance
Committee and the patron of the bill,
spoke for two hours in favor Of its pas
sage.
At the conclusion of his speech, the
vote was taken, and the bill passed by a
I vote of II to 40.
Van Lear voted for the bill and EchoIs
and Hanger voted against it. 1t is pro-
bable that this bill viii fail to pass in
the Senate. and that BrooKess bill, which
passed in the Senate, will fail to pass in
the House, and that the debt question
will be left undecided by their Legisla-
ture, and will be kept open to the det-
riment of the credit of the State and the
annoyance of the people.