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

~ y. - - ~ 49,
SHOULD be the leaders of political thought
upon the continent. The time came
wnen activities operating upon other
sections of the country impelled her to
arouse herself, lest with her great re-
sources she should be left behind in the
march of material development. She
inaugurated system of internal inn
provements, and for the purpose of effect
ing them went into the market and bor-
roWed large sums of money, of which
she expended more than 1874 600, 900 in
their construction within her present
borders. For these sums of money SO
borrowed she executed her bonds, and
as the basis of credit as far back as 1888,
pledged "the faith of the State to pro-
vide sufficient funds, and for that pur-
pose to levy adequate taxes"
This was the origin of the debt-the
consideration of which survives to this
day in our midst, increasing many fold
the values ofthe property; indeed, with.
out which great portions of Virginia
would be waste. 1t will not be denied
that its origin was most laudable and
wise, and worthy of the faith the noble
Commonwealth had pledged. She had
no trouble in getting the money, for the
part she had always played in peace aud
in war gave her name
THE VERY SYNONYM OF HONOR,
and that attached to her citizens where
yer they might travel.
She fulfilled her promises, and prompt
ly paid the interest as it fell due till the
war came, and with 1t. its attendant de.
vastatiOns and woes. Whilst it lasted
she was cut off from numbers of her
creditors who were scattered in this
country and Europe, and the interest
failed to be met. A portion of her ter
ritory was severed and new State form
| ed ont of it. But no sooner was peace
proclaimed than a General Assembly,
composed of her citizens-men Of the old
regime-unanimously re affirmed the
obligation. This was repeated in one
form or another not less than four times.
For several years she was under mili-
tary rule, bgt when permitted to vote
she adopted, by an immense majority,
&c, 5s5 for, to ., 1873 against-about % to
La Constitution which fully admitted
the sanctity of the debt, and in many
clauses provided for its payment. The
earliest General Assembly under that
Constitution made provision for it, and
passed Funding bill which likewise
reoognisea 1t In its entirety. Pits bill,
as t6'nne of its features, was repealed at
the next session, but without disputing
in any way the amount of the debt. SO
events tided on, with frequent repetition
of these Views till the fall of 1877,
General Assembly was elected solely
to work. and during the first session set
| lnI of oh
heated discussions, tA0an n1oofed ques-
tions-the war and reconstruction inter
est ana the 9uantasns of the debt-and at
its second session passed, by large ma
jority, bill, which was based upon
THE CONSENT OF THE CREDITORS,
and was regarded by the outside world
as honorable and fair.
| No bill of forge evey lPcaMaa law, and
the act Oh the last Legislature Brought
the debt within the present rate of taxa
ton. In the annual message sent few
weeks age to your honorable body,
showed how the law was working admit
rably, and but for the impediments
thrown in the way, would have been q
complete success, and with the present
discharged tHs ANNUAL EXPENSES Of Gov
ernmeht, and of the public free schools,
the interest on the State debt funded in
the new bopds, and left q large surplus
Tile funding, of course, has eased in
presence of this opposition, and a ma
jnrity Of this Genefal Assembly propose
to ahrogate its provisions and substitute
another scheme, which it is declared
will secure final settlement of this
/ troublesome issue, and take it out of the
field of controversy; surely an end most
afdantly to be desired. and if successful,
to be hailed by the grateful thanks OF
both people and creditors.
The General Assembly has the power
-EPsskFPAE EHIf question
4 but 1t ibnot, 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 principles which underlie both
i sseS tRS an s Saeauts p 9Ss $
itations of authority to which its mem
bers are bound by their oaths of office !;
nor can it the latter, without bringing
shame upon the people, and Hlti1pate
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 Demonstration. Ry what
authGrity ts this allegatiap made 81
! When have the people given expression
to this sentiment, atany time or through
any channel? On the contrary, as 1
have shown, they have over and over
again, by unanimous vote or by i'm.
mense majorities of their General AS
semblies, declared that they would do
thu very thing denied, not only because
| it was In accordance with
THE PLAINEST PRINCIPLES
of constitutional and International law,
but because it was just and right so to do.
And when they adopted the Constitu-
ton we are sworn to support they i'd.
serted it in many of its provisions that
it might stand above the reach of legis-
lation, in full acknowledgment of what
the people who adopted the Constitution
had, through their representatives, SO
often declared by former resolutions. I
know Of no act, or instruction, or vote
of the people Of Virginia In any assem-
bly, or convention, that will justify the
declaration that they have renowned
these solemn resolves made through le-
gal and organic forms, and boldly and
BADLY denied what they had so often
determined to pay aad for which they
had given their sacred pledge.
The prsamb bic further alleges that the
immense loss of property ~ the war
ljustifes the abatement of another large
sgp. am not aware that such losses
give either States or individuals the
right, legal or moral, to fepudiate debt,
whatever ground it might, be upon
which to base an appeal to the creditor
to release portion Of his demand. Ger.
tainly nots~hen the debtor retains the
whole consideration, which survives,
for his benefit and enjoyment, which is
the case with Virginia.
| Asserting that
HHE Ef IsFING RATE or TAXATION
is the highest that can be borne, and
making no promise even to keep it up
to that for the benefit of the creditors !:
asserting further that the Government
expenses must b9 Hsid and the public
SCHOOL system must be supported, and
fixing no promised certain limits to the
costs of either, it proposes to give to the
creditors their right to be paid their in