Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1880-03-09

the remedies given by Its own COnstitu
ton and laws, affirmed by the highes
courts. Admitting the obligation, anG
that it can and will be enforced, thu
bill by legal machinery attempts tc
defeat it by Limitation of the remedy
The State is made to play the part
of an individual in the getting Of
the money and the putting itself under
legal forms to secure its repayment
and then assuming the robes of sover.
eighty, trying to avoid the responsibility
by denial of relief, or its limitation te
such an extent as to make it defeat its
own professed object.
To accomplish this end 1t goes further
and to compel the creditors to yield
their evidences of the States indebted
ness offers bonus, by throwing upon
the markets vast amounts of what are
called "loan certificates" which it
proposes to sell to the Taxpayers at fifty
cents in the dollar, thus destroying one
half the revenues, that the interest OF
the creditors may be wrecked.
THIS IS A FEARFUL LESSON
for republic to teach its citizens-how
to break, not to keep falkland must
return some day in some form with dis
astrous import.
Gould these things be done, and be
pronounced as in accordance with the
State and Federal constitutions, both of
which declare that no law shall be
passed impairing the obligation of con-
tracts, would it accomplish the end at
which the bill processes to aim? It
eliminates" u use Its own term) more
than $13, OOO, 600 of the hitherto acknowl-
edged principal of the debt by one
stroke of the pen; it "eliminatesH one
half the promised interest upon the res
idue-indeed it proposes to pay no GER
tain amount of interests, but only such
sum as may be in the Treasury after fu-
ture General Assemblies have disposed
of what may seem to them prOper-in
its own language.
THAT MAY NOT RE OTHERWISE APP
PROPRIATED;"
it then eliminates" nearly all that may
be left by subjecting it to State, city,
and county taxation. And thus the
holders of the States obligations, abroad
and at home, are treated worse than
civilized nations in these latter days
treat public enemy. For many of
them abroad ara held by those who
themselves, or their fathers before them,
lent this money in time of need, putting
trust in an untarnished Commonwealth !;
or at home, by our colleges and literary
institutions who bought or received
them from benevolent hands. that from
their proceeds young men might be sent
forth yearly the strength and ornament
of the State. and by the widows and
orphans of those who served their coun-
try we'll, and had faith in that honor
for which they died.
And this is called chill to re estab-
lish the public credit" Does it not seem
TO BE A PLAIN VIOLATION
of that provision of our Constitution
which declares that, mo law shall em-
brace more than enc object, which shall
ha expressed ia its titleY
AS I remarked in the heginninS. A
State cannot give its own definition to
terms, and expect them to be adopted
by the world. 1t may use the word
eliminate" The world will use
much harsher word, which has a well
known and accepted meaning. You
and I may say, as Va have ever done,
to fepudiate.l :But these declarations will
not avail The charge will be brought
and fixed. Virginia's history Will be
ssorts Of outs Jul e. s. IF those WHO viii come
after Us can erase, and for which no fu-
ture repentance can eyer atone.
With these views and convictions I
cannot put my signature In approval to
this bill. respectfully return it to
your honorable body in which it origi-
mated, because 1 believe it to be in vio-
lation of the Constitution of the State,
IN violation of the Constitution Of the
United States, in yiolstio4 Of the apirit
Yhi2h Aas ever moved and inspired the
traditions of the Commonwealth, and
made her name so dear TO her own citi-
xeAs, and SO hohored among mon.
FREh w. M. HOLIDAY
March 5th, 1880.