Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1878-02-06

and did nothing else, except TO work 10
secure to ourselves republican form OF
government. And when that question,
and thai question alone, was before the
people no matter Of Slate policy was
discussed. The public debt Of Virginia
was forgotten and cast out OF view.
The salyatsn of the. State was the alb
Isorbing question occupying the atten'
ton of everybody. At that time a
Legislature was elected containing ma
ny good and true and worthy men
men whom l hope the State will con
| tinue to honor. Legislature came down
here and passed this funding bill. |
don't propose to 90 into tee question as
to the manner Of the passing of that bill
thai is not the question at issue at
all. Gentlemen who voted for that
measure did so, | have no doubt, from
conscientious motives, and as conscleE-
tious as am nov in opposing it.
don't propose to use invective and in
dulge in insinuation, for give them
credit for the same pure and high mo-
tives that have'in opposing this fund
ing bill. do think, however, it was
the most unwise measure that ever was
placed upon the statute books OF the
State. What did they do? Under the
specious pretence of cutting off one
third for West Virginia, they capitalized
the debt, piled in the war and recons-
truction interest. and compounded To-
terest, and then after setting aside one
third for West Virginia, left Virginia
with debt proper OF near $50, 600,
leaving out of consideration the debt
due to the sinking and literary funds
in other words the Legislature assumed
burden for Virginia almost as great as
when the State went into the war. That
Legislature passed the first act OF iorci-
BILE readiustment. We hear great
deal said about the crime of forcible
establishment that Legislature COM
mitted the crime. The Legislature OF
lS66-67 passed the first funding bill.
They provided for the payment OF the
whole debt. interest and principal-put,
ting in the interest with principal and
making it all an interest-bearing debt.
The Legislature of lS69-70-7l readjusied
the contract of l866-G7-passed an act
Of forcible REIMBURSEMENT. (Here Mr..
Allen read from act of II, known as
funding bill, especially the preamble
The words of the bill speak better than
any argument.
cannot conceive Of any act more
forcible in its terms. If the gentlemen
will meet US with Just such readjusment
forcible enough to accomplish its pur-
pose, we can stand on common plat
form. They had the creditor in their
power and they imposed such terms as
seited them, and if the creditor declined
to come in and accept, he got no inter-
est at all and yet we are told TINS
funding bill is holy thng-lay not
mpious hands upon it! 1t was passed
by the Leglslature-the first under the
reconstruction of the Government. IL
has coupons attached! You cannot IN
terfere with them without violating the
contract. | now desire TO 80 on furth-
or and show what is the condition OF
Virginia by reason Of the workings OF
this funding bill of 1871
When it was passed there were elgh-
teen hundred thousand dollars in the
treasury. Now look at the condition Of
Virginia. Notq quite seven years have
elapsed since the passage OF that BILL
What is the condition Of affairs now !?
Eighteen hundred thousand dollars III
the treasury then-tO-day the State Is
bankrupt; the Auditor running through
the streets begging for short loans with
which to pay the expenses of this Legis-
lature the school fund bankrupt ; the
schools robbed to pay public creditors {;
the appropriations TO yeur asylums and
colleges unpaid. And yet it is said that
reimbursement is not necessary. why.
sir, unless we adjust, or pay, repudla-
ton is bound to work out itself.
Mr.. Allen then went on to show that
1.-THE increase Of the debt proper had been
near FIVE millions since the funding bill
was passed.
Where are We drifting to? asked the
speaker.
Is itnot plain to inevitable rcpudia-
ton Now, what is to be done That
is the all-absorbiug question. There
are two horns OF this dilemma. One is
to raise the taxes and meet the issue
squarely.
Eighteen hundred and seyenty-fyc
thousand dollars detcient-takin-
| from this the income realized by the
new liquor law, 100000, as estimated
by the Auditor in his report Of this
morning. and we have a deficiency Of
nearly $4,000 to be made up at least.
Five million dollars Of arrearages will
be due on the lst of July. VIII you re-
pudiate it? Capitalize It? Pay it?
If you don't pay it, according to your
theory, you are regulators, If you
don't pay it all, YOU must adjust it. Il
you are going to pay it all, then you
must increase the taxes, because you
have already gone far beyond your re-
sources. Pay the arrearages sayin ten
wears. This will require 100000 add
tional revenue annually, which added
to the $4,000, the deficit, after de-
Quoting the receipts from the Moticlt
register, makes over million. requir-
inc from thirty to thirty-live cents in
crease of tax on the 500. Ifyou are
not for raising the revenue, what are
you going to doS What is your scheme:
Tender to the creditors a bond with a
four per cent. coupon attached, when he
has SIX per cent. one in his pocket !:
A wise scheme, indeed Unless yea
pass this bill or one similar, your read
! iustment don't amount to a snap OF my
finger. Now, l come to the question
whether this bill which hold in my
hand will not stand the tests Of tie
courts.
Ati O'Clock the time having arrived
for the consideration ofthe SPECIAL order
(Mr. Barbour,s taX-bllD. Speaker Allen
took the floor and resumed the discus
SIGN. He said that yesterday he adj