Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1880-03-09

both people and creditors.
This general assembly has the power
to settle this question ;but it is not, BY
any means absolute. 1t is hedged BY
the organic law of the State to which it
owes its existence, by the constitution of
the United States, and by those princi-
Piles which underlie both constitutions
and laws. 1t cannot violate the former,
because Of the limitations of authority to
which its members are bound by their
oaths of office; nor can il the latter,
without bringing shame upon the peo-
pie, and ultimate ruin upon their best
interests. How is it with this bill?
In the preamble it is alleged, that "the
people of this state will never acquiesce
in any settlement which will obligate
them and their posterity TO pay any part
of the interest upon the Public Debt,
which accrued during the war and the
period Of reconstruction" BY what au-
thority is this allegation made? When
have the people given expression to this
sentiment, at any time or through any
channelY On the contrary, as have
shewn, they have over and over again,
by unanimous vote or by immense ma
iorities Of their general assemblies, de-
carcd that they would do the very thing
denied, not only because ii was in accor-
dance with the plaincst principles of con-
stitutional and international law, but be-
cause ii was just and right so to do. And
when they adopted the constitution we
are sworn to support, they inserted 1t in
many Of its provisions that it might stand
above the reach of legislation, IN full ac-
acknowledgements of what the people who
adopted the constitution had, through
their representatives, so often declared
by formal resolutions. ] know Of no
act, or instruction, or vote Of the people
Of Virginia In any assembly or conven-
tion, that will justify the declaration
that they have renowned these solemn
resolves made through legal and organic
forms, and boldly and BADLY denied
what they had SO often determined to
and for which they had given their sa-
cred pledge.
The preamble further alleges that the
immense loss Of property by the war JUS
titles the abatement of another large sum.
| am not aware that such losses give eth
err states or individuals the right, legal
OF moral, te repudate debt, whatever
ground 1t might be upon which to base
an appeal to the creditor to release por-
ton of his demand. Certainly not when
the debtor retains the. whole considera-
ton, which survives, for his benefit and
enjoyment, which is the case with Vir-
glnia.
Asserting that the existing rate Of tax
alton Is the highest that can be borne,
and making no promise even to keep 1t
up 70 that for the benefit of the creditors !;
asserting further that the government
expenses must be paid and the public
school system must be supported, and
fixing no promised certain limits to the
cost of either, It proposes to give to the
creditors their right to be paid their in
terest tout Of any money in the treasury
not otherwise appropriated. And this
is the interest upon debt contracted by
our fathers-men WHO made Virginia so
great, 30 respected, so powerful--thc
proceeds spent in our midst, making our
Commonwealth what she Is In material
development, and for the payment of
which they pledged "the faith Of the
State to provide sufficient funds, and for
this purpose to levy sufficient taxes"
| simply put these declarations side by
side, without argument or comment
Hereafter the reader Of our history will
remark upon the different views Of pub
lie duty and public policy which pre-
vailed in their day and that In which we
live.
Another provision of the bill Is, that
the collectors of taxes shall receive only
gold, silver, United States treasury notes,
national bank currency, and temporary
loan certificates therein provided for,
excluding tax-recelvablc coupons, for
the receipt of which the promise of the
State has been given, and which the
highest courts have frequently and In
unequivocal terms cannot be avoided
without breach of the organic law, to
say nothing Of the faith of the Common
wealth.
This the bill implicitly admits. For,
not satisfied with vacating these obliga-
ti)ns In terms II attempts by legal inge-
gcnulty to escape the bond, by denying
the remedies given by It's own constltu-
ton and laws, affirmed by the highest
courts. Admitting the obligation, aud
that Il can aud will be enforced, the bill
by legal machinery attempts TO defeat II
by Limitation of the remedy. The State
IA made to play the part Of an individual
In the getting Of the money aud the put
ting Itself under legal forms to secure It's
repayment, and then assuming the robes
of sovereignty, trying TO avoid the re-
sponsibility by denial of relief, or Its
| limitation to such an extent rs to make
Il defeat its own professed object.
10 accomplish this end IL goes further,
and 20 compel the creditors to yield their
evidences of the States indebtedness of
lers bonus, by throwing upon the mar
kets vast amounts of what are called
"ioan certificates" which II proposes to
sell to the tax payers ut fifty cents In the
dollar, thus destroying ono-half the rev.
enues, that the interest of the creditors
may be wrecked. This Is u fearful les-
son for n Republic TO teach It's citizens.
how to break not to keep ialth--nnd
must return one day In some form with
| disastrous import.
Could these things be done, and be
pronounced ~ In accordance with the
State and Federal constitutions, both Of
which declare that no law shall be pass
cd impalring the obligation Of contracts,
would II accomplish the end at which
the bill processes TO almY II "cllmi-
natesn q use rs own term more than
sl3, 900, 900 of the hitherto acknowledged
principal of the debt by one stroke of
the pen II "cllminaics" one-half the
promised interest upon the rcsldue--ln-
deed II proposes to pay no certain
amount of interest but only such sum
M may be- IN the treasury after future
general assemblies have disposed of what
may seem TO them propcf.-in It's own
language, "that may not be otherwise
approprlatcd;" II then eliminates
nrnpiv nil that mny he left by subjecling