The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-03-06


ent revenues would 10 short time have
discharged the annual expenses OF govern
ment, aud CT the public free schools, the In
terest on the State debt funded IN the new
bonds, and left large surplus In the Trea.
sury.
The funding, OF course, has ceased In pre-
scnce Of this opposition, and majority OF
this General Assembly propose 10 abrogatc
its provisions and substitute another
scheme. which u is declared will secure a
final settlement Of this troublesome issue
and take IL out OF the Geld Of controversy;
surely an end mos, ardentlv 10 be desired,
and, II successful. 10 be hailed by the crate
ful thanks Of both people and creditors.
This General Assembly has the power to
settle The question: but II Is not, by any
means, absolute. Ii is bedged by the or
ganc law OF the State TO which 1t owes its
existence. by the Constitution Of the United
States, and by those principles which un-
ferlie both constitutions and laws. II can
not violate the two former, because OF the
limitations OF authority to which It's MEM
bers are bound by their oatbs OF office; nor
can it the latter, without bringing shame
upon the people and ultimate rum upon
their best interests. How Is itwith this bill
In The preamble IL 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 thc IN.
terest upon the public debt which accrued
during the war and the period OF recon-
struction."
BY WHAT AUTHORITY is THIS ALLEGATION
MADE?
When have the people given expression TO
this sentiment, at any time or through any
channel? On the contrary, as have shown,
they have over and over again, by unani-
nous vote or by immense maiorities OF their
GeReral Assemblies, declared that they
would do the very thing denied. not
only because it was in accordance with
the plainest principles OF constitu-
tjonal aud international law, but be-
cause 1t was inst and right so TO do. And
when they adopted the Constitution we are
sworn to support they inserted in 1t many
OF its provisions that it might stand above
the reach OF legislation, in foil acknowledg'
ment OF what the people who adopted the
Constitution had, through their representa-
! tiyes, so often declared by formal resoiu-
| tions. know OF no act or instruction or
vote Of the people Of Virginia in any as
sembly or convention that will justify the
declaration that they bave renounced these
solemn resolves made through legal and or
ganic forms, and boldly and badly denied
what they had so often determined 10 pay,
and for which they had given their sacred
pledge.
TIE preamble further alleges that the i'm
mense loss OF property by the war justihes
the abatement Of another large sum. am
not aware that such losses give either States
or individuals the right, legal or moral, 10
repudiate debt, whatever ground 1t might
be upon which TO base an appeal to the
creditor to release portion OF his demand.
Certainly not when the debtor retains the
whole consideration which survives for his
benefi; and enjoyment, which Is the case
with Virginia.
Asserting that The existing rate of taxa
tion is the highest that can be borne, and
making no promise even 10 keep it UP to
that for the benefit Of the creditors; assert
ing further that the government expenses
mnst be paid and the public-school system
must he supported. and fixing no promised
certain limits TO the costs OF either, 1t pro-
noses to give to the creditors their right to
| be paid their interest "out OF any money
| in The treasury not otherwise appropri-
ated." And this is the interest upon
DEBT CONTRACTED BY OUR FATHERS
men who made Virginia so great, so respect
1 Ell. 50 pow tltuI-tES PtOSSNNo -p~iiN -" - -
midst, making our Commonwealth what she
is in material development, and for the pay.
ment Cf which they pledged "the faith OF
the State to provide sufficient funds, and
for this purpose to levy sufficient taxes" L
sjmplv put these declarations side by side,
without argument or comment. Hereafter
the reader OF our history will remark upon
the different views Of public duty and pub
lie policy which prevailed i'll their day and
that in which we live.
Another provision Of the bill is that the
collectors OF taxes shall receive only g0iu,
silver, United States Treasury notes, na'
ltional-bank currency. and temporary-loan
certificates therein provided for, excluding
jtax.recelyable coupons, for the receipt ol
which the promise of the State has been
given. and which the highest courts have
decided frequently and in unequivoca
terms cannot be avoided without breacI
of the organic law, TO say nothing OF th(
faith OF the Commonwealth.
This the bill impiedly admits. For, moi
satisfied with yacatng these obligations III
terms, it
ATTEMPTS BY LEGAL INGENUITY TO ESCAPE
THE BOND
by denying the remedies given by its owl
Constitution and laws, affirmed by the high
: est courts. Admitting the obligation, ant
that It can and will be enforced, the bill by
legal machinery attempts to defeat 1t by
limitation OF the remedy. The State is made
70 play the part Of an individual in the get
ting OF the money and the putting itsel
upder legal forms 10 secure its repayment
and then assuming the robes OF sovereignty
J irving TO avoid the responsibility by dena
, of relief, or its limitation 10 such an exten
as TO make it defeat its own professed oh
iect.
TO accomplish this end it goes further
and 10 compel the creditors to yield thei
evidences of the States Indebtedness offer
A bonus by throwing upon the markets vas
amounts OF what are called "loan certlh
cates,v which it proposes to sell TO the tax
!, payers al fifty cents IN the dollar, thus de
sfroying one half the revenues that the 10
/. ,erest of the creditors may be wrecked
This Is a fearful lesson for republic I
|, teach its citizens-how to break, not to Keel
fath-and must return one day In som
.. |! form with disastrous import.
Could these things be done, ard pro
noun ced as in accoI dance with the stat
!. and Federal Constitutions, both OF whicl
, declare that
!, no LAW SHALL BE PASSED IMpAIRING TIL
, OBLIGATION OF CONTRACTS,
, woald Il accomplish the end at which tn
, fill nrofesses to aim? II eliminates"
!. use liz owr term) more than S13,000,000 o
the hitherto acknowledged principal OF tn
!. debt by one stroke OF the pen;
r q eliminates - one-half the promised in
: terest upon the residue--indeed it propose
I to nav no certain amount OF interest, bu
, only such sum as may be in the Treasur.