Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1879-02-11

panized iu Richmond, and John W.
Jenkins. who was an agent or attor-
new paid to further its passage, gives
painful account of the frauds perpe>
trated in its passage. Sixteen bnn-
dred dollars is said to have been paid
for merely inserting arguments in pa
pers favorable 10 the bill. Suffice
it to say. it was passed, although it
was not an issue in the elections be-
fore the people, and they had no OPP
portunity either to approve or disap'
drove of the measure.
This bill took the debt-added
war and reconstruction interest on it,
made new principal, and agreed to
issue bonds with tax>receivable cou'
pons for two-t thirds of the whole debt
| (which whole debt at the date of the
Funding bill was $iO,0OO,O0O), to
such holders of her bonds as would
come in and accept the provisions Of
the bill; and for another one-third
of the whole debt they issued certif-
Gates that she (Virginis) would pay
that one-tbird when West Virginia
should settle with her. Now, the
Funding bill did not release Virginia
from one cent of the $4,000, 600,
and unless West Virginia does pay
hsfAthird, the State of Virginia is
bound to pay it. Tue Court of APP
peals OF Virginia so decided in llig>
ginbotham's case. rs Graft, and
Judge Staple so says in Antoui VS.,
Wright etc.. 22 Graft.
The speaker showed the wrongs OF
the Funding bill; that it deprived
the State of her sovereignty: mort
gagged her revenue for thirtystour
years; put into circulation tax>re>
ceivable coupons to the amount of
| 81, 200 900. which intercept the free
school funds dedicated by the cons
stitution of Virginia which is two
years older than the Funding BILL
He showed that the enormous arrear-
ages of 100000 of interest was
embraced in the Funding bill, and
made an Understanding fund, thus
exacling compound interest from the
tax payers, aud lhat too, 10 pay IN
full these bonds Of the State that
had Leen bought up in the market OF
the world ut heavy discounts,
The speaker then showed the 6nan.
cial status of Virginia to be about
$500, 900 900 of principal debt to in
dyidual holders of bonds, which is
the two thirds spoken of, which $50.
600, 900 is funded aud hus the tax
receivable coupons attached, which,
with six per cent. interest. would
make 81 200 600 the amount of cou-
pons out; that the 81 200, 600 cou-
pons were bought up for 5000 600
and that thus, To the tune Of 20 per
cent. discount, the rich bOnOrShyieker-
sh0ved tie honor OF the State OF which
they pratc SO much lie showed
that S. 10000 0 of unpnid accrued
interest was due; $1,000, 600 md
over arrearages to free schools. 5000.
600 TO usy lums over 81, 400 600 due
TO literary fund, and tina. the whole
amount Of debt property, exclusive
Of sinking fund (Which is also debt }
reaches the wonderful sum OF $50 6Sl 1,
90.
lIe stated that, Notwithstanding
the manipulation Of the school aud
other sacred funds. the debt was in-
creased during 1878 nearly, 1000, :
900, while the taxable property OF
Virginia has decreased IN value near
Ily $lo 600 900 during the year. he
showed that the peeler bonds Of, say
| 80 900. 600 were virtually repudiated
by the Funding bill, as no interest
has been paid since the passage of
that bill, and that interest now
amounts 20, say, $4,000, 900. These
bonds are cqnally meritorious with
consols, aud they are mainly held by
Virginians. while consols are held
by syndicates and money'sharks.
The Auditor admits deficiency
Of 500. 900 for 1873, exclusive of
interest on literary fund. Every
| year we are sinking deeper and decp>
er In debt. aud values arc decreas-
ing. The people are unable to stand
auy increase OF taxation beyond the
present rate Of fifty cents on $loo
The speaker critically examined
the Auditors report, the Governor
message and the circular address OF
The Meeting House Last Dollar par>
v,' lately organized. and caustl-
cally animadvcrted on their discrep-
anclss. He said the Auditor puts
the taxable property Of VIrginia for
1878 ut S3I0 900, 900, While the
Meeting House Inst Dollar Party"
puts II at sloo, 600 900 the Auditor
says twenty-five cents increase OF
taxes will pay four per cent. [; the ID
D.'s say twenty cents will pay SIX
per cent. but Gov. Holllday's mes
sage saws 1t will require thirty or Tor
" cents to pay six per cent. How
cpn tho people know the facts under
conflicting reportsY He said the
Auditor, since his wonderful report,
was like Cassandria Of the Classics,
whose doom 1t was not TO bo believed
even when speaking the truth. The
speaker then proved that none Of
them made any provisions for accrued
interest, 10000, 600, due asylnms.
artcarapps 10 schools, 81 900, 900
due asylums $500 600 Nothing for
sinking fund did not couaidpr that