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


NO. 90. IMPOSING TAXES ON REAL AND
PERSONAL PROPERTY TO MEET THE MEG
ESSARY EXPENSES OF THE GOVERNMENT,
&C.. AND TO PAY THE INTEREST ON THE
PUBLIC DEBT.
General Echols said
Mr.. Speaker Il owe grateful acknoW-
Judgments to this House for the courtesy
shown to me last evening in adjourning to
give me an opportunity to occupy the floor
! this morning, in order that l might express
my views as to the policy and constitution
atty of the bill under consideration. 1t is
proper that [ should say, as L 90 with all
sincerity, that 1 feel the great RESPONSE
bility resting upon me as a member OF this
House when coming to the consideration
and determination of this question. feel
that we have indeed reached great crisis in
the history OF this Commonwealth. When
[ come to act remember that the last time
I stood in this hall as the representative
Of the people, among whom | lived.
1t was as a member of the Con-
vention which was called seventeen
years ago to declare what was the duty of
Virginia in the emergency in which she was
then placed. / look hack to that time when
| Virginia was called to contend for constitu-
tional liberty, and, as a Virginian, | feel
| that she then acted in q manner worthy OF
her former fame. have now, sir, the sam e
pressure of emotion upon my heart. that l
then had, for feel that she must now de-
termine question which will forever fix
her standing among the honorable nations
Of the earth; and that if. from any cause,
we, the representatives OF the State, decide
in manner that shall bring discredit upon
our constituents, a sense of shame will for
ever everwhelmn us at the recollection 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-
u1ation, 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
as well as to the intellect Of his iellow-mem-
bers, and that to his conscience alone each
man must answer for his action. Each is
glad to admit the integrity of his fellows.
In my short political career my life has
touched on more than one occasion the lives
of two gentleman now on this floor, whom |
have always respected and honored, and for
whom have the kindest personal feeling on
account of Our association, which commenc-
ed in this house in 1852. I allude to the
gentlemen from Amelia and Culpeper. The
gentleman from Culpeper was then, as
was, in early youth, and we were then Just
commencing our active life, but he gave evil
dence OF the honesty, fidelity. and ability
which have ever since characterized his pub
lie 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 Of his constituency,
and in maintaining what he believes to be the
| osr1loc re fvtrn rFnn
They stand here to- day, as l think, in a
wrong position and with mistaken views,
yet ready to enforce their opinions with all
their ability. There can be no personal diff
ference between these gentlemen and my
self. know that they will believe me when
Ttell them that, in whatever l may say in
this discussion. there will be an entire alb
sonce of any intent to reflect upon their
motives.
Mr.. Speaker. am opposed to this bill with
all the energy OF my nature. L believe that
it will fail Of the end which its friends have
in view. 1t will be absolutely disastrous to
the material interest of the State-dsastrous
to her fair name and credit. Many gentle
men Of this House, I have no doubt, like my
self, before the commencement of this SEES
sion, had only general idea Of this question
of the State debt, without any fixed knowl-
edge of the details of all the history connect
ed Herewith. 1t was necessary. in making
up satisfactory opinion, to make thorough
examination of all past legislation on the
subject, and have endeavored so to do;
and 1 propose now to call the attention OF
the House briefly to the various steps of this
legislation.
What was the first act? On the I'd OF
March, 1866, the Legislature solemnly recog-
nizeG the liability of the State to pay the
xr,I, IL floJ,f Of ho nIfl fofn of ritlin
by the passage of an act to fund the interest
on this debt. [ will read d portion of thi:
act:
An Actto Provide for Funding the Interest
upon tile Public Debt.
| Passed March 2, 1861
Section 2. The holders of the coupon
bonds issued by the State before the It'll
day Of April, 1861, are hereby authorized to
invest the interest due upon said bonds ir
either coupon or registered bonds of the
State. bearing the same rate OF interest a:
the principal of the bond bears and the in
terest thereon, if the bond is a coupon, shall
be payable at the place where the interest on
the principal bond is provided to be paid
and such bond may be payable at any time
the holder may elect. not less than zen nor
more than thirty four years from its date
Such bond shall bear date on the lst day o
January, 1866; and if coupon, may be issued
for sums of five hundred dollars, or any null
tiple thereof, or if registered, in sums of ont
hundred dollars, Or any multiple thereof
and shall be in the form and executed in tht
mode prescribed by law for the issue Ct thu
certificates of registered or coupon bonds o
the State. But tile interest upon the bond!
SO issued shall not be payable before the Is
day of July, 1867.
Here then, is the first acknowledgements
in solemn form OF law, of the liability fol
the whole debt, principal and Interest, ant
provision made for funding the interest
) What was the vote upon that bill? 1t ha
been told to you by other speakers, who hav'
preceded me, that the material OF that Gen
eral Assembly was composed OF as able anC
, as pure men as this Commonwealth has eve
known-men perfectly familiar with tn
principles of pubic law-men OF the highes
standard Of integrity. honorable in peac
and in war. What was their decision? Th
remarkable fact is disclosed by the Journal
General Assembly voted for the bill.
What was the next step? On the 2ls
March. 1867, a bill was passed for the pay
ment of four per cent. interest OH the Who'll
of the debt setting forth that the State wa
not able at that time to pay more, but rel
Grating the declaration that she held herse
bound to pay all at a future time. | wi
not tire the House by reading this act, but
:, refer members TO it for their own satisfat
ton. We pass now to the third act. IL
most importantof any yet examined,in vie
u OF the arguments now being urged in regar
to the enormity Of the provisions OF I'll
funding act of 1871. trust that my frient
y who were as uninformed as myself whe
we came here will make a note of this.
will read it. 1t was passed on the %
|. April, 1867, and is as follows /:
An Act authorizing the Issue Of Cenifcat
| an the Nature Of Coupons, Sc.
}. Passed April 25. 1867
d 1. Be 1t enacted by the General Assem6l
That the Second Auditor is hereby require
to issue, at the request Of all persons holdil
. registered bonds of this State on which i
terest is made payable by an act pass
March 81, 1867. entitled an act to provi
for the payment of part of the intere
upon the public debt, q certificate or Ger
ticates in the nature of coupons, shown
the amount OF interest that will be so pa
able on such bonds at the ensuing semi;a
Is nual periods for the payment Of such init
II est Provided, Aoaoeces, That such certl
" cate or certificates shall be issued not ca
l;or than civ r,ontbS nor 1ator that n