Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1881-01-25

the 'peeler, and the remainder as the un-
funded debt. The $20.000.000 funded
before the act of repeal is known as the
consol debt. And here note that the
Funding bill of 1871, with all its preter,-
sions to assuming and paying the whole
debt of Virginia, began the Funder rec
ord by repudiating one-third of what the
so-called ebt-Payers" estimated as
the just principal of that debt; and that,
while these 'Debt Payers express right
eous horror of forcible readiustment and
of any settlement not consented to by
the creditor, they failed to ask this con-
sent in their initial measure, and therein
plainly denounced upon all our bond
holders who should not agree to surren-
der $3 for 50 as provided in the bill, the Sc
we're penalty of entire incapacity to draw
any interest from the State upon their
claims. In short, the creditors were
told in this Funding bill of 1871, which
is so often proclaimed as the palladium
of that Virginia
HONOR AND HONESTY
which would loudly condemn the en-
ployment of force against the creditors,
nor make any provision for settlement
without their consent, that If they did
not acccde to its terms and fund there
under they and their claims should not
be recognized! II is well to recall this
when the air around us is vocal with the
proud protestatoS of these so-called
'Debt Payers against forcible readjust-
ment, as we thus find that even in their
first step, as well as in their last, they
did not hesitate to invoke force against
the creditor in behalf of scheme favor
ed by themselves. And just here, in
connection with this second unauthoriz-
ed effort of Virginia Legislature to as
sumo and provide TOR the payment Of a
public debt for this State, recur for a mo-
ment to the Legislature oflS66-67, which
having no warrant for existence save that
afforded by the
ALEXANDRIA GOVERNMENT.
had no warrant to touch any alleged
debt attached in any way to this Com
monwealth except as directed by the A.
exandrla Constitution. What did that
instrument provide in this matter? The
9th section of Article ". declares:
"1he General Assembly shall provide
by law for adjusting with the State of
West Virginia the proportion of the pub
lie debt of Virginia proper to be borne
by the States of Virginia and West Vir-
gnia respectively; and may authorize,
in conjunction with the State of West
Virginia the sale of all lands and prop
erty of every description, including all
stocks and other interests owned and
held by the State of Virgniain banks,
Works Of internal improvement and 9th
er companies at the time of the forma-
ton of the State of West Virginia; and
no ordinance passed by the convention
which assembled mt Wheeling on the
llth day of June, 1861, adjusting the
public debt between Virginia and West
Virginia, shall be binding upon this
State.'
That covers the whole immediate au-
thority ever the subject vested in the
General Assembly of lS66-G7, and It had
no power TO assume anything as TO the
debt or provide anything with respect
! to it, or even TO adjust the relative pro-
portions Of the debt between the two
Ssates. except as especially empowered
and instructed in the section quoted. -
No matter for how much the State might
be liable in law or equity, the AleXan-
dria Constitution only authorized the
Legislature of lS6G-G7 to ascertain what
was 'propcr TO be borne" by Virginia
and prescribe the mode In which that
| should be dOne--namely, not by any sep
arnte action, but in conjunction "with
| West Virginia" That was the charter
of the Legislature as to the debt, and,
whatever resulting powers might have
| followed the adjustment commanded,
certainly Il was not IN order 10 do any
thing until that initial step was taken:
and, as that was not taken, IL Is sure
that the action attempted in assuming
and providing for any portion of the
debt was premature and incOnsideratc,
If not unconstitutional, null and void.
In like manner the Legislature which
passed the Funding Bill Of 1871, acting
under new Constitutions which speci-
iically and carefully limited the legsla-
tive discretion as TO the debt Of undfvid-
ed Virginia, largely exceeded its pow
ers when Il sought to- fix that debt at
$i5, ,000, 900, therein capitallzing 10000
600 Of simple and compound interest
which had accrued during the period of
war and reconstruction, and attempting
10 apnortion the shares which should be
borne respectfully by Virginia and West
Virginlnia. That debt under the Con-
stitution Of 1869, as under that of Alex
andria, was to await an
ADJUgrMENT WITH WEST VIRGINIA,
as both these instruments, in accordance
with common sense and common right,
acknowledged that this State had no au-
thority of her own Independent motion
to fix either the total Of the debt or the
part which Is to be borne by either
Section of 10 Of Article X. Of the Con-
stitution Of 1869 prcscrlbcs: "The Cen
cral Assembly shall provide by law for
adjusting with the State Of West Vir-
ginia the proportion Of The public debt
Of Virginia proper 10 be borne by the
States of Virginia and West Virginia
and shall provide that such sum m shall
be received from West Virginia shall he
applied to the payments Of the public
debt of the State"
Aud thus Il appears that the first at
tempted assumption and fundingo of the
alleged debt by the Legislature of 1866
81, and also IN the second attempt ut ns-
sumption an1 funding by the Logiela-
turc of lS10.7l. both bodies not only
acted without the instruction Of their
constituencies and without constitution
nj warrant, but In disregard to the es-
sential adjustment directed by both IN
struments to be made with West Vir-
ginla. without which either done or at-
tempted IN vain, all further o other pro-
coedingg were unauthorized and nuga-
tory.
Under the joint operation of these two
measures tthe Funding Bill of 1871 and
The repeating act of !S72) although there
was. 81 $4,000 IN the State Treasury
when the first of these was passed, II
was soon found that the 'pcclcr creditors