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

lions Of dollars S,2S7 ,2S6) had been
funded under that act. The inadequacy
of so small u levy rs fourteen (ll) cents
but too plainly illustrated how little the
representative men of the State in that
day knew of her condition, and singular
ly proclaims the inconsiderateness with
which they so hastily proceed The Sc
quel proved that the levy was even in
sufficient for the support of Government
alone. Yet no efficient remedy was ap-
piled.
THE MAXIMUM or PROMISE
was followed only by the minimum Of
performance. The same assembly, at
thefollowing session, simply repudiated
its own previous enactments. 1t then
proceeded to effect the organization of
the State Government under the Alex
ander constitution. Then came the acts
of Congress, remitting the State to the
condition of q conquered province and
TO military rule, and thereby annihilat-
ing in effect the government and the leg
islatien that had INTERVIEWED. In this
situation we remained until the 26th of
January, 1870, when the State, with her
government now reorganized under a
new constitution, previously adopted,
was reorganized by the Federal authori-
ties and formally
RE-ADMIrTED TO THE UNION.
And here It Is so be remembered that
Virginia was rehabilitated as Il State on
ly on condition that she adopted new
Constitution acceptable to the Congress
of the United States. The convention
| which framed the new Constitution had
not been truly representative body, IN
asmuch rs at the time of its selection prob
ably the greater portion Of our best In
formed citizens--the men most capable
of dealing with our aflairs-were DIS
flanchised and ineligible to office. Hence
| there were many Objectionable features
in the instrument which the convention
fabricated, principal among these being
certain proscriptiye provisions prescrib-
| ing rigorous test oath, and other dis
franchlsing and disabling slipulations.
These, upon appeal to President Grant
and his subsequent recommendation to
| Congress had been submitted TO Il pop
ular vote of our people: that Is, the Con-
stitution was allowed TO be voted iUrWith
or without the prescriptivc clauses, as
| the voter saw fit; and thus in the can
vass of 1869 the engrossing topics OF con-
yersation, TO the exclusion or almost ev-
erything else were these clauses of pro-
scfipllon. The debt was never alluded
tn. The interest all concentrated upon
the DISTINGUISHING sections, and so, when
the Constitution was at once eXpurgated
and adopted ut the election ofJuly, lS69,
the Governor and Legislature that were
chosen at the same time were wholly un-
instructed as TO the popular sentiment
with respect to the popular debt, about
which no information and no opinion
had been elected. Yet II was the Legis-
luture, under the special recommends
ton and urgency of the Governor, that
passed, on the last day Of its session and
under very suspicious circumstances
what Is known as the
FUNDING BILL.
The official recommendation upon
which the passage Of this bill was chiefly
based. assumed that our taxable values
were $7i3. 100000. Startling as 1t may
appear, these values were soon ascertain
cd 10 but 1886. 1886 l33, and this upon an
assessment of reality which, compared
with that of the other States, MS ascer-
tained by the Federal Government, eX-
eeeded the average Of AZ per cent, and
wns 90 per cent. higher than the assess
ments Of like property In the great States
or Now york and Pennsylvania This
bill. beginning where that of lS60-GI left
Off eapitaliaed all interest which had ac-
cr,,ed In the interval, including Interest
upon that, (ln part already compounded,
which had been previously capitalized,
aud Il undertook to fix principal debt
of AIS .00O. 600, of which two-thlrda, OF
SS0 O0O. 600. was arbitrarily taken to be
J the part of this State and the remainder
deferred and certified to settlement
with West Virginia. This bill gave u'
the self-sxeCuting mH-reccivaDle cou'
mons, aud provided that these should gt
with all the coupon bonds IN which the
830. .O00. 900 of so-recognizod debt migh'
be funded. No sooner was the lull mag
nitudc of this debt Disclosed ana the
character of It's coupons understood t'iu
publo opinion pronounced decidedly
apaInst IL, not only ~ beyound our ca
paclty, but M unjust In its eXacuons nho
degrading In Its terms. some oi our mos
romnent and experienced men led nee cry
of disapproval; Legislators who had voice
for the measure changed their attitude
toward II on fuller information; ald vi
the next election General Assembly
was chosen NO overwhelmingly against
the bill that II was promptly repealed ~
10 lis mx-pCclyable coupon feature
And here let Il he observed that the peO'
ple of Va. were not derelict in proclaim
Ing their
HOSTILITY TO This BILL.
IL IN seen nc once the real oblig0rs II
our public indcbtedness-th voters ant
tax-pnyers of the Commonwealth--will
a promptuess that knew no delay pnt
with an emphasis that gave no uncertain
sound, declared their liked aud absolute
intention 20 reject THE measure aud gave
ample aud timely notice to all concernet
that they would not ratlfy u bargain
about which they had not been consult
cd aud IN which their agents had actet
without due authority. " thle cavesl
40 filed, has hoen Wantonly dlsregarded
a IL not the fault OF the sovereign obi
gors who have 90 fully dlsay0wed th,
act which sought to bind them wlthou
fhelr knowledge Or consent. But IN The
meantime, aud notwithstanding such no
flee, the creditors had eagerly nvuile,
themselves of the inviting advantage. o
the bill, aud about 800 0.0OO.00O had beet
funded under II before the repeating nc
WINS adopted The remaining $40. 900. ON
OF the 100000 600 of the recognized debt
being stlll findnble, but without tax-rc
cclyable couDone was either 10 lundc'
or 40 eubncqnently treated by the Slate
7 ~ :. .,,,.tt,u sn f,tndn1 bniup kuotvu IA