Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1879-09-24
March 10, 1879,
Mr.. SPEAKER {:


bly, as a Readjuster. During two years
service on this floor, a member OF the
last House Of Delegates. became con-
WINGED that an increase OF the revenues
of the state was impractlcable. and !
became a Readjuster because | believed
that the rapid increase Of the burden OF
accumulated unpaid interest must neces
sarily lead TO Reputation and further.
because believed a great wrong had
been inflicted on Virginia by the COM
rounding and funding of war and recon-
struction interest, under the act OF March
3Oth. 1871. REIMBURSEMENT was no new
thing to the legislation Of the state. The
act OF March 2nd. 1866. assumed the
pavment of the whole public debt, pro-
ylded for the issuance OF SIX per cent.
bonds for The arrears Of interest then eX-
listing, and provided for the payment OF
interest on these bonds given for inter
est. to begin on the lst day of July 1867.
The act of March 81, 1867, passed by
legislature, this branch Of which was
presided over by Augustus distinguish
ed son, Col. Baldwin, readjusted the
contract of March ID, 1866, and pro
yided Tor four per cent. only on the
principal of the debt as it existed before
secession, and deferred payment of in
terest on the bonds issued under the last
named act until settlement could be
had between Virginia end West Vlr-
ginia. The funding bill OF March 5Oth,
1871, was another act Of readjustment-
which provided that unless the creditors
accepted its terms they should receive
no interest on any bond or certificate OF
Indebtedness. The act of March 1th,
1872, passed over the governors veto.
and declared by the court Of appeals to
be unconstitutional, attempted TO re-
adjust the contract under the act Of
March 30lh, 1871.
know the expression, gorclble re-
adjustment" does not sound pleasant to
the ears of large number OF gentlemen
on the floor of this House. If the acts
have cited above, all save the first, were
not acts Ct foreible readiustment,'
then | have misconceiyed them. !, at
least, thought, in the light Of these pre-
cedents, that readiustment 1CaS no crime A;
and when l became a candidate for the
House Of Delegates in the fall oflo1I l
took position that the highest dictates
of state policy demanded readjustment
of the state debt. The people of Shen-
andoah. in general meeting, in Septem-
Der, 1877, the day that announced my
self adopted series Of resolutions, one
of which provided that " they recognize
as the Just debt Of the present state OF
Virginia two-thirds of the debt as it was
at the time Of secession )" or, in other
words, recognized as the Just debt OF
Virginia, something over twenty -One
millions Of dollars, bearing six per cent. /
iterest.
A large majority OF Readjusters were |
elected to this General Assembly,
When we came here there was no we'll
defined plan of readiustment. Every |
gentleman had a scheme Of his own
some advocating one scheme, and others |
another. After consultation it was de
termined to report what was known as
the Barbour bill as a test measure. That
measure had my appreciation, andl gave |
it my most earnest support. 1t was de-
nOunced as a measure Of reputation. | |
advocated it on the floor Of this House,
and defended 1t afterwards on the hust-
ings. I advocated and defended 1t be-
cause it contained and asserted the prin-
ciple that a state had the right to control |
its revenues without let or hindrance,
and because it was measure OF ecOno-
nv, and a measure of justice to the
creditors. 1t was simply an appropria-
ton bill, az has been well said by the
gentleman from Culpeper. 1t segregat-
ed the revenues, and, as Il left this
House, appropriated the constitutional
amount ten cents on the hundred dol
lars TO the schools, twenty-five cents on
the hundred dollars 10 the support of the
government, and fifteen cents on the
hundred dollars to pay interest on the
public debt. 1t provided that the
amounts appropriated for the support OF
the government and schools should be
collected "only IN lawful money of the
United States land herein consisted
1.-The principle of the Barbour BILL" for
herein was The assertion Of the control
by Virginia Of her revenues. In the
speech that had the honor to make on
the floor of this House IN advocacy OF
that measure--the opening argument
/ stated that it was not itself an act OF
reimbursement, but was intended to be
the fOrerunner of such an act; that 1t
provided for the schools and the gov
eminent, after reducing the expenses OF
the government to the lowest possible
amount, and then dedicated all the 9th
er revenues Of the state TO the payment
of interest Oh the public debt; and that,
whether these revenues would pay three,
or four, or five per cent, would have to
be ascertalned when we came to act on
the bill for readiustment itself. And
here, IN passing. | will allude to the
clam that has been recently asserted on
this floor, that the arrearages due to the
school fund were part of the debt Of
the state that were meant to be proyid-
ed for. The bill, az reported from the
finance committee Of this House. after
ten cents for schools and
twenty-five cents for government, pro-
vided, Third. Oftiftecn cents on every ,
hundred dollars of the assessed value
thereof, for general school purposes and ;
to paw the interest on the public debt /; :
of which tar One-tair9 shall be applied to
pay arrearages due the literary fnpd and -,
he general school fund (which clause ,
was amended, on motion Of the gentle :
man from Washington cOunty-Mr. !
Fowler--amended by unanimous con =
sent-so as TO read as follows: Third.
Of fifteen cents on every hundred dol F.
ars of the assessed valne thereof. to pay -
interest on the public debt" The fact
,f the bill having been so amended is a h
complete answer to this assertion with i
tut further comment. 7
The bill passed this House by very C
arge majority, and went to the Senate. a
The clause cited was amended in the Il
senate so as to read as follows Third. a.
u fifteen cents on every one hundred c.
dollars of the assessed value thereof,
which, with all other revenue, except "
he capItatIon tax and portion Of the hi
quor license tax, not TO exceed seven oil
g-fye thousand dollars, shall be ap- "
lied to the payment of interest on the IS
ubljc debt.O And when the bill was 70