Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1879-10-15

ty iOr the anu war cepl' NoV N0"'e"
with this, the new Brokers' Bill "
adds more than $4,000, 900 to the capl-
tai Of the tax-receivable coupon bonds
and gives an interest Of per cent. Tor
10 years, per cent. for 20 years. and
5 per cent. for 10 years, or an average
of 1 per cent. for the whole period
Sixty per cent. is thus added TO what Is
the just principal of our public debt and
an average of some s5Oo.OOO pc: annum
for forty years above what is just is re-
quired to be paid as interest. The peo-
pie Of Virginia are expected to acquiesce
in this proceeding. Nay, to applaud it,
and to prescribe those of her public
men who oppose it Where is the old
manly Virginian spirit?
The Legislature that enacted this
Brokers' Bill" plainly exceeded It's
rightful power over the property oil The
people. There can be no right obliga-
ton upon the people of Virginia to en-
dure misery in order to meet the exac'
tions of this unjust law, The last Leg
islature was elected under express Inn
itations and instructions TO readjust the
Public Debt only at such rate ei inter-
est as would be within the capacity OF
the revenues derived from the present
rate of taxation. This rate OF taxation
will enable the State to pay for interest
account abou. 100000. After the re-
assessment oilands, in 1880, this amount
must he materially reduced. | will not
now trouble you with recital OF FACTS
derived from official sources, on which L
base this statement ; they will be lound
stated in the speech delivered by me IN
the House of Delegates, last session.
and soon afterward printed in the Rlch'
mond Whig. The creditors accept the
new bonds with full notice of the limit
cd mowers of the Legislative agents oi
the people with whom they have dealt.
Repeatedly, during the last session OF
the General Assembly, this limitation
of their power was admitted and record
ed. The preamble of the Bocock' Fow-
Ter Bill repealed by the Brokers'
BILL and thereby brought directly to
the notice of those who claim under the
L" Brokers' Bill " declares explicitly
the limited authority oil the Legislative
agents of the people in this regard.
That preamble declares that " the
present Genera. Assembly was elected
with especial reference to a readJust-
ment Of the public debt Of the State so
that the interest may be punctaally paid
alike On all classes of it, ritiom an m
crease ofhc rctc Or aggregate Of tarat'on,
50 that said readjustment may be salts
factory and final, and public agitation oi
the subject may cease, and the General
Assembly, recognizing its duty first to
preserve and ensure the continued exist
ence of the State, including the pubic
free school sYstem, is wiling and anX-
ions 10 restore the former equality OF all
the public creditors, by distributing ra'
taply among them the entire excess OF
the public revenues derived from the
nresent rate oftaxation, after the most
economical administration OF the State
government consistent with the efiiclen-
cy of the public service" This Dill
passed the House of Delegates with onH
IL thirteen dissenting votes, and the
Senate with only five dissenting votes
and was approved by the Governor II
vos therefore, a conclusive and author
itative declaration OF the limited power
of :he government over this SUBJECT
The Barbour Bill" had previously
passed with similar declaration oil the
limited power o;the General Assembly,
OF those who voted against the " Bo-
cock Fowler Billn majority, | be-
lieve. had voted for the Barbour Bill "
so that in acknowledgment OF limited
mower there was a concurrence OF ex-
pression by nearly all the members ol
tbe General Assembly who voted on
those bills. No law. therefore. whose
execution will require OF attempt 10
compel an increase Of both the rate ana
oopreoate of taxation could be legitl-
mately enacted by representative body
80 expressly limited as was the last
General Assembly ; certainly no such
act in direct vi olation Of the delegated
authority, can impose obligations IN
honor and good morals upon people
whose limited grant of power has thus
been hagrantly abused. TO pass Ia"
with such effect must be conceded to be
cenndation of the obligations of the
Legislature to obey the admitted anc
declared will of its constituent sover-
elrn. The moral and political authority
to mass a law with such effect was "it''0
rires. Those who accept bonds eXecut'
ed urder the provisions Of the McCul'
loch Bill must do so with full knowl-
edge that the General Assembly whicl
authorized the issue of those bonds was
exercising clearly limited authority
and must see, at their peril, that this
limited authority is not exceeded. L
the interest on these bonds can be pal(
wIthost increase Of the rate or aggrc-
gate of taxation, this authority has no
been exceeded, and however objection
liable in other respects, the law will b.
obligatory. But if any increase Is re-
ouired the whole scheme totters to it
fall. Drawing its power from repudia
tion of the most honorable obligations
it will be impotent in calling for protec
ton from the results ofits own violation
oc foifh