Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1879-09-24

did the Barbour bill, I'LL which was
applauded to the echo BY all the Re-
adjusters on this floor, aid which, as
MY friend from Culpeper has said, was
approved of generally by the Readjust'
ers all over this commonwealth, how
much did the Barbour bill dedicate tC
the creditors of Virginia? / take The
revenues of the last fiscal year as basis
of calculation /. Fifteen cents on every
one hundred dollars of the assessed val
NC of all real and personal property
amounting, in round numbers, after de
Quoting the costs of collection, TO abou
$4,000 .. All the revenues derived
from licenses, except S75, 600, aggregat
inc, after making this deduction, in rounC
numbers, 1896, 000 3. Taxes from IN
comes, amounting to $50, 4. Rev
enue from all other sources, amOuntin!
20 Sl95. 200. All Of which amounts
summed up, aggregate about 81, $50, 600
(My figures are taken from the report o
the finance committee of this House.
In other words, the Barbour bill dedi-
Gated to the creditors of Virginia, to pa
interest OH the public debt, at least ST.
100000. Suppose the bill had become
a law and the sum appropriated for tho
expenses of government turDed out K
be not sufficient, what then? Is there
man on this floor who would have voted
to make up the deficit by making use o
the fund appropriated for interest?
know the gentleman from Culpepel
would have resisted such an act OF baC
faith to the bitter end. He would have
stood by the solemn dedication with
which his name is inseparably linked
But the bill did not become a law. The
governor thought it unconstitutional,
and interposed his veto. The member;
of This House will remember the stormy
discussions that followed the veto. The
principle OF the Barbour bill was to be
carried out at all hazards. A resolu-
ton offered by my colleague, nstructing
the committee Of finance to bring in a
bill for the readiustment Of the public
debt, was amended, on my motion, so
as to provide that the bill should con-
tam the principle Of the Barbour BILL
The resolution was adopted, and bill
reported in accordance Herewith. 1t
came up for discussion in the House dur
ing the closing days of the session, and
on the night Of March llth, 1873, the
ninth section was amended by striking
out the words, all Of which shall be
collected only IN lawful money of the
United States "-wOrds which referred
to the money for schools and the gov
ernment. The amendment was adopt
ed by vote of-yeas, 10; nays, 81. In
these words, as | have stated, were con-
tanned the principle Of the Barbour bill.
and when this amendment was adopted
there was din abnegatjoR--a remuneration
of the principle Of the Barbour Till by
a large majority of this House of Dele
gates. The ninth section itself was
then stricken out, and the House passed
the bill-feas, 81; nays, l3. ! voted
in the negative. 1t passed the Senate
by an equally large majority, was APP
proved by the governor, and the Bo-
cock-Fowlcr bill became the law of Vir
einia, and is sull ihe law OF Virginia
But | am told as the Bocock-Fowler
iii did not provide for coupon bonds
the coupons receivable IN payment Of
was no necessity for the
section stricken out. | would like to
know. then, why the necessity OF pro-
viding in the Barbour bill for the taxes
for schools and the government TO be
collected only in lawful money of the
United States. TIE Barbour bill was
to be followed by a bill for the read
iustment OF the public debt, and for
bonds without coupons. If the provi-
sion was necessary in the Barbour bill
to accomplish readiustment, 1t was
equally so in the Bocock- Fowler bill.
The object in both bills was to relieve a
arge portion OF the revenues OF the state
rom the operation Of the coupons.
While on the one hand it was an asser-
ton Of principle, ON the other 1t was
4 provision of repression. The dis
.mction. therefore, that IS sought to be
drawn, is distinction that amounts to
nothing.
Shortly. after the passage of the
Bocock, Fowler bill and its approval by
he governor, the Legislature adjourn
ed. and the governor issued his procla-
nation, in pursuance OF the Sth section,
which provided, The governor shall.
oy proclamation, give notice Of the
provisions of this act inviting all the
holders Of Virginia securities to make
he exchange herein provided"
When we assembled here again in
December last, the governor commune
.ated in his message to the General
Assembly what had been done. and
in response TO his procla-
nation by Barring Brothers Il Co..
August Belmont. the Messrs de Roths-
mid, and other bankers and brokers,
Offering to refund the public debt on
certain terms. On the 10th Of Decem-
,er introduced a joint resolution in
his House for conference Of the credi-
orS. IN general terms, of the state OF
Virginia. That resolution was never
eportel back but, instead, a substl-
ute for similar resolution adopted by
he Senate, which, after long pream-
lie, authorize the governor to request
he presiding officer Of the council OF
orelgn bOndhOlders of LOndon-Messrs.
Barring Brothers & Co., Messrs. L. G..
Z G.. {. Ward. Messrs. De Rothscbild,
'Ir. August Belmont, Messrs. Brown
Brothers & Co., Messrs. Richard Irwin
I Co., Mr.. Charles NJ. Fry, and Mr..
lugh NcCullOch, or the Authorized
representatives. Of sad persons, and
UGH other creditors of the common
wealth or their representatives as may
eslrc to be present-tO meet the Gen.
raj Assembly IN conference. This
pbstilute was adopted by large |
majority, and in response to the in vita
ion Mr.. Hugh McCulloch, Mr.. Charles
/. Fry and Others attended the con-
arence. With what grace, then, | re-
pectfully submit, can gentlemen who
Cted for the resolution denounce Nc
'uloch and Fry as Intermediates and
lterlOpers? They came in response
D your invitati0n-came and conferred
and at the request of the confereeS on
he part of the General Assembly SUBJ
fitted plan of compromised scheme
II the .eadjustment Of the debt-and
nat scheme is the proposition now
ending. Is 1t not proper, then. that
re should calmly consider it without