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


Substance of the Remarks of General
Eclsoss I'm the. House efzDeYegatcs
February z, 1878, upon House Ba1l
No. e2, Imposing Taxes ON Real and
Personal Property to Meet the Neces.
snry Expenses of the Government,
de-. and to Pay the Interest ON the
Public Debt.
General Echols said:
Mr.. Speaker,-y owe grateful acknow-
Judgements to this House for the courtesy
shown to me last evening in adiourning to
give me an opportunity to occupy the floor
this morning, In order that might express
my views as to the policy and constitution
ality OF the bill under consideration. 1t is
proper that I should say. as do with all
sincerity, that feel the great responsibility
resting upon me as member OF this House
when coming to the consideration and de-
termination OF this question. / feel that
we have indeed reached n great crisis
in the history OF this Commonwealth.
When I come to act I remember that
the last time | stood in this hall as the
representative OF the people among whom
I lived it was as q member OF the Conyen-
ton which was called seventeen years ago
to declare what was the duty OF Virginia in
the emergency in which she was then
placed. I look back to that time when Vir-
ginia was called to contend for constitu-
tional liberty, and, rs 4 Virginian, | feel
that she then acted in manner worthy OF
her former fame. / have now, sir, the
same pressure OF emotion upon my heart
that l then had, for / feel that she must
now determine question which will for
ever fix her standing among the honorable
nations OF the earth; and that il, from any
cause, we, the representatives OF the State,
decide in manner that shall bring dis
credit upon our constituents, sense OF
shame will forever oyerwhelm us at the re-
collection that we have acted unworthily Of
the great men who have preceded us as the
custodians OF the honor OF Virginia.
There is one thing that calls for congrat-
ulation, and that is that in this discussion
the utmost courtesy has prevailed. There
has been an absolute absence OF elimination
and recrimination. Each acknowledges
that the question appeals to the conscience
rs we'll as to the intellect Of his 1ellow-mem-
bers, and that TO his conscience alone each
man must answer for his action. Each is
glad 20 admit the integrity OF his fellows.
In my short political career my life has
touched on more than one occasion the lives
OF two gentlemen now on this floor, whom
I have always respected and honored, and
for whom l have the kindliest personalfeel-
ing on account OF our association, which
commenced In this house in 1852. allude
to the gentlemen from Amelia and Culpeper.
I was, in early youth, and We were then
lust commencing our active life, but
he gave evidence OF the honesty, fidelity,
and ability which have ever since character,
ized his public career. So [ can say the
same with equal truth OF my venerable
friend from Amelia, who was then, as now,
earnest and honest in the assertion OF what
he believes to be the rights and interest oi
his constituency, and in maintaining what
he believes to be the principles OF true re-
publican government. They stand here to-
day, as / think, in wrong position ant
with mistaken views, yet ready to enforce
their opinions with all their ability. There
can be no personal difference between these
gentlemen and myself. | know that they
will believe me when / tell them that, lr
whatever / may say in this discussion, there
will be an entire absence of any intent to re
fleet upon their motives.
Mr.. Speaker, am opposed to this bill
with all the energy OF my nature. believe
that it will fail of the end which its friend;
have in view. 1t will be absolutely dlsaS
trous to the material interests OF the State
disastrous to her fair name and credit
Many gentlemen OF this House, have M
doubt, like myself, before the commence
ment OF this session, had only a genera
idea Of this question Of the State debt, with
out any fixed knowledge Of the details O.
all the history connected Herewith. 1twa
necessary, in making up satisfactory opln
ion, to make thorough examination OF al
past legislation on the subject, and have
endeayored so to do; and propose now t.
81, otf ~ n E01Sa
various steps Of this legislation.
What was the first act? On the Cd O
March, 1866, the Legislature solemnly re
cognized the liability OF the State to pay th'
whole debt OF the old State Of Virginia b.
the passage Of an act to fund the intereS
on this debt. Will read portion OF thi
act:
An Act 10 Provide for Fatadin3 the intereS
upon The Public Debt.
Passed March Q, 1861
Section .. The holders Of the coupon
bonds issued by the State before the 17tl
dav OF April, 1861, are hereby authorized
to invest the interest due upon said bond
in either coupon or registered bonds OF tht
State, bearing the same rate OF interest a
the principal OF the bond bears; and th
interest thereon, il the bond is coupon
shall be payable at the place where the in
terest on the principal bond is provided t,
be paid and such bond may be payable a
any time the holder may elect, not less thai
ten nor more than thirty.four years from
its date. Such bonds shall bear dat
on the 1st day OF January, 1866; AM
il coupon, may be issued for sums OF fy
hundred dollars, or any multiple thereoi
or ii registered, in sums OF one hundre'
dollars, or any multiple thereof; ant
shall be in the form and executed in tn
mode prescribed by law for the issue OF th
certificates Of registered or coupon bond
OF the State. But the interest upon tn
bonds so issued shall not be payable befor
the 1st day OF July, 1867.
Here, then, is the first acknowledgment
in solemn form OF law, OF liability 10
the whole debt, principal and interest, AM
provision made for funding the interest
What was the vote upon that bill? 1t ha
been told to you by other speakers, Wh
have preceded me, that the materiel OF tina
General Assembly was composed OF as abl
and as pure men as this Commonwealth ha
ever known--men perfectly familiar witt
the principles OF public law men OF tn
highest standard OF integrity, honorable il
peace and in war. w hat was their decision
The remarkable fact is disclosed by th
Journals OF the two houses that every mem
ber OF the General Assembly voted for tn
bill.
What was the next step? On 21st March
1857, q bill was passed for the payment o
four per cent. interest on the whole OF fh
debt, setting forth that the State was not abl