Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1880-03-10

have shown, they nave over and over
again, by unanimous vote or by i'm
mense majonties of their General AS
semblies, declared that they would do
the very thing denied, not only because
1t was in accordance with
THE PLAINEST PRINCIPLES
Of constitutional and international law,
but because 1t was just right so to do.
Andwhen they adopted the Constitution
we are sworn to support, they inserted
in it many ofits provisions that it might
stand above the reach of legislation in
full acknowledgment Oh what the peo-
ple who adopted the Constitution had.
through their representatives, so often
declared by formal resolution. | know
of no act, or instruction, or vote Of the
people of Virginia in any assembly or
convention, that Will justify the declar-
alton that they have renowned these
isolemn resolves made through legal
land organic forms, and boldly and bald
Ilv denied what they had so often de-
termiued to pay and for which they had
given their sacred pledge.
The preamble further alleges that the
immense loss property by the war
iustiies the abatement Of another large
sum. am not aware that such loses
give either State or individuals the
right. legal or moral. 10 repudiate a
debt, whatever ground it might be up
on which to base an appeal to the cred
itor to release a portion OF his demand.
Certainly not when the debtor retains
the whole consideration, which survives.
for his benefit and enjoyment, which Is
the case with Virginia.
Asserting that
is the highest that can lie borne, and
making no promise even to keep it up
| 10 that tor 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
costs of either. it proposes to give toI
the creditors their right TO be paid their
interest "out of any money in the Trea-
sury not otherwise appropriated" And
| this is the interest upon debt con-
tracted by our iathers-men who made
Virginia 90 great. so respected,so pow
eriul-the 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 sufhcien.
funds. and for this purpose to levy suffi-
cient taxes" l simply put these dec
larations SIDE by side, without argument
or comment. Hereafter the reader OF
our history Will remark upon the differ
ent views of public duty and pulic poll
CIV which prevailed in their day and that
III which we live.
Another provision Of the bill is that
the collectors OF taxes shall receive on
~ gold, silver, United States treasury
notes, National bank currency, and
temporary loan certificates there in pro
vded for excluding tax receivable cou>
pons. for the receipt Of which the prom
ise Of the State has been given, and
the highest courts have decided ire
quently and in unequivocal terms can
not be avoided without
A BREACH OF THE ORGANIC LAW,
to say nothing Of the faith Of tie Com
mOnwealth.
This the bill impliedly admits. For,
not satisfied with vacajng these Obllga-
tons in terms, it attempts by legal in
genuity to escape the bond, by denying
the remedies gwen by its own Consti-
lion and laws, affirmed by the highest
courts. Admitting the obligation, and
it can and will be enforced, the bill by
LEGAL machinery attempts to defeat it
by Limitation OF the remedy. The State
IS made to play the part Of an ;ndividu-
al in tie getting Of the money and the
putting itself under legal forms to Sc
cure its repayment and then assuming
the robes OF sovereignty. trying to avoid
the responsibility by denial OF relief, or
its limitation TO such an extent as to
make it defeat its own protested object.
To accomplish this end it goes fur
Their, and to compel the creditors to
Weld their evidences OF the States in
debtedness offers a bonus, by throwing
upon the markets vast amounts ofwhat
are called loan certificates" which it
proposes to sell to the tax payers at
ifty cents in the dollar, thus destroying
onc-half the revenues, that the interest
Of the creditors may be wrecked. 7
THIS Is A FEARFUL LESSON 1
for Republic to teach IFS citizens-how ,,
to break not to keep faith-and must |
return one day in some form with dis. S
lsrous import. O
Could these things be done, and be :
pronounced as in accordance with the .
State and Fenderal constitutions, both c
IF which declare that no law shall be p
passed imparing the obligation Of con- il
racts, would 1t accomplish the end at
which the bill processes to aim ? 1t
eliminates" Il use its own term(
more than sl3.OO0,000 Of the hitherto >,
acknowledged principal Of the debt by 7
me stroke OF the pen it eliminates" u
,ne-half the promised interest upon the tC
it proposes to pay no D,
ertain amount Of interests, but only !,
UGH sum as may be in the Treasury af- T
er future General Assemblies have dis "
,osed Of what may seem to them prop ca
Tin its own language, q,
THAT NAY NOT BE OTHERWISE AP- M
PRoPRIATED ;" Il
t eliminates" nearly all that may be =,
eft by subjecting it to State, city, and "
ounty taxation. And thus the holders III
II the States obligations abroard and at II
ZONE, are treated worse than civilized III
Iatons in these latter days treat a pub. 9,
ic enemy. For many OF them abroard :,
re held by those who themselves. or u
heir fathers before them, lent this mon pr
y in the time of need, putting trust in v
n untarnished Commonwealth or at g,
ome, by our colleges and literary insti =
ltions who bought or received them III
'Om BENEVOLENT hands, that from their I'll
roceeds young men might be sent forth 10
early the strength and ornament of 4;
ne State. and by the widows and or ~
hans Of those who served their coun- e
y WELL and had faith IN that honor tn
II which they died. p
And this is called "bill to re-estab. If
sh the public credit" Does it not /.
,em W
TO BE A PLAIN VIOLATION