The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-02-10
"a Bin to Es~Establish the Public Gre
dit"

"a Bin 70 Es>Establish the Public Gre
dit"
The expected Is always happening, say
,he rrev,ch. Truly we have happy Illus
trstios lust now OF the truth OF the saying
seeius that the above Is the title OF BIZ IN
teneed to repudiate more than one third OF
tue debt Of virginia. That bill was intro
,tiuced into the General Assembly yester'
s6ay, We have Just now only room Tor
brief notice OF H..
The preamble sets forth number OF pre-.
tended reasons for repudia'ing one thiro OIL
a debt which every department OF the STATE
government has in the most solemn hlan"e'
declared to be binding upon the Com'no"-
wealth. These reasons we need not reiei
10. They viii, deceive nobody VINO knows
the facts OF the case. The amount OF eac"
class 10 be rcpudated Is set forfh so clearly
in the hin that we will not here repeat the
figures. Nearly half OF one class OF ponus
az per cent.) Is TO be repudiated; oSs Oh
another; and 40 OF another.
The bill copies the McCULLocH Dill III
proyIdtng for coupons, but these are noe ~
he receivable for taxes. Also, in proVieinn
for a special tax to constitute sinking fUno'
Also. In allowing executors, administrators,
&C., 10 invest in the new bonds. AZ goe'
farther, and provides that large part OF tue
rsrenues Of the State shall be separately col
iecsed aud paid into the Treasury TO the
credit Of the public debt, Now, how much
setter is this provision than are tak-receiva
ole couponss Here is "cut-w0rm OF tnt
Treasury sure enough. Here Is an Inter
cept,on OF the revenues OF asovere1gn stare
Here is everything that was declared by tue
Rexdiusters 10 be the damnable feature OF
the tax.receiyable coupons; unless, indeed,
this provision is intended to deceive and
swindlc the creditors. and Is not to be car
ricd into effect. But this we do not believe.
We give the trainers Of the bill credit for a
full intention to live up to the law; and il
they do they will have cut-werms OF the
Treasury in abundance.
The 14ih section is revolutionary and I'M
constitutional. II is an attempt to legislate
the higher courts of The Commonwealth out
of their Jurisdiction. 1t is an attempt TO
violate that provision of the Constitution OF
the United States which forbids the passage
of any law "impairing the obligation OF
contracts" The courts hold that TO take
away the remedy is To impair the obligation
OF the contract. And this is plain endea-
vor to take away mans remedy under the
law ys ii stands. Ii is more than this and
worse. II forbids the courts to issue
for the relief Of Virginians oppressed
by an unconstitutional law any writ
OF injunction. SuperSededS, mcnddmuS.
prohibition, or any other writ. This it pro-
poses to do in violation of the sixth article
OF the State Constitution, which expressly
gives TO the Supreme Court of Appeals
original jurisdiction in cases Of hd5eaS cor
paS, mdndamuS, and prohibition; and
which also provides that that court shall
have appellate jurisdiction in ceases OF
ha6eaS corpus, nlandomuS, and prohibi-
ton, or the CONSTITUTIONALlTY OF
A LAW" The consttutionality Of this
new funding bill will be the very question
that the Supreme Court OF Appeals will be
called upon forthwith to decide; and,
thanks to the despised UNDERWOOD Consti-
tuition. the Legislature has no poloer to
take d,ody the jurisdiction Of that honored
tribunal. "Cease, vipers, you bite file"
This attempt to close the courts OF justice
to the people Is the worst thing that the So
called RCxdjustefs have yet proposed to do.
They are pretty "friends Of the people"
The same is the object OF the provision for
fning collecting officer ten dollars who
may not defend his case as well as he might.
And what a reflectiOn-what burning i'm
pu,ion-upon the honesty OF the newly
elected county judges Is this bold propos-
ton to put into their hands the decision Of
questions which more learned and better
men and higher courts would not decide TO
please Repudiating Legislature!
The next most remarkable feature is that
which provides for negotiating temporary
loan, but which says not word as TO when,
or how, or why the State may apply for
suCu tOui. DVit'y htlO 10 Sit"b ONCi
sight. The object of this feature is of
course to repudiate the coupons. 1t is a
clumsy continuance. 1t won't work. We
heard man say yesterday, WHO, we know,
was recently the owner OF more than sixty
thousand dollars Of State consols. that be
would buy hundred-dolar certificate as
soon as he could get one. The "boated
bondholdeis" can't be flanked in that way.
This absurs feature OF the new bill will
hardly get through the General Assembly.
There must be some Readjusters who can't
DE compelled 10 support it.
The vote on this wonderful bill is to be
taken when the President aud congressman
are TO be elected. This provision u part OF
the scheme to have separate electoral
ticket Of unplekged Readjusters and Re.
pubheans set up against the regular Demo.
cratic ticket. ii this feature OF the bill can
be stricken cut, there will be no such sep
aratei electoral ticket. II not, it is possible
that there may be, though we have never
Hitherto believed that this one OF General
MAHONE's plans would be carried out.
Pressed for room, We can say no more
about tbistill Just now. Read ii for yotrr-
selves.
ss..------------------------------=
In Douot.