Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1883-12-06
COY. CAMERON,s MESSAGE.

| Cameron says in reference to the public
debt During the last session of the Gen
cral Assembly the act approved February
| H. 1852, established basis upon which the
creditors of the State were invited to fund
their claims for principal and interest into
the new bonds bearing per cent, and the
supporting enaclmcnts contained IN chap
tiers and IL OF The Acts of Assembly, SEES
sion 1881 >, have so fulfilled their purpose
us 10 afford relief to the Treasury. aud to
make possible the discharge Of the hoat
lug debt, while meeting promptly all cash
demands iorthe expenses of administration.
But the measures in no sense constitute
u settlement OF the debt. The total amount
Of old Indebtedness of all classes, principal
and interest, iunded up TO the lst OF Octo-
her last VAS s.. ,4!,2, 701 ID and the amount of
bonds and certificates issued under the act
| of February l4tb, 1857, TO the same date
was 81 ,527 ,So3.10
1t is thus apparent, while the aew bonds
have been ready for delivery during period
covering more than twelve months, the
amount funded under the Riddlebcrger bill
has been less than six per cent. of the en-
tire debt, and of unlunded obligations, prin-
cipal and interest, outstanding against The
Commonwealth remains the sum Of $:3';3S,
II ,0SG.222.
Within much shorter period under the
McCulloch bill more than eight millions of
bonds were surrendered and and yet that
measure utterly failed to settle The debt.
1t is true that the Supreme Court of the
United States in the case OF Antoni vs..
Greenhow sustained the act Of January l4th
1882, rs furnishing an adequate and consti
tutional remedy TO the holders of tax-re-
teiyable coupons, but experience asshown
that act to be deficient i'll several important
particulars The cnacting clauses omit any
reference to the coupons detached from
bonds of the Commonwealth under the act
Of March 18th, 1879" The eventual effect
of this omission must be either to exempt
the holders Of ten-lorty coupons from the
conditions imposed upon persons presenting
in payment oitaXes coupons produced by the
bonds under the act of March 30th, 1871 !;
or 10 force both The State and the holder OF
McCullocll coupons to rely on the act Of
January Goth, 1882, commonly known
rs Coupon Killer No . That act has not
been subjected to the construction of any
court oil appellate jurisdiction, State or
Federal. Experience has also proved that
| The requirements Of section 4 of the act OF!
january l4th, 1882, are not sufficient to pro-
cure proper care Of the States interest in
the suits therein authorized to be brought in
corporation and county courts by persons
in whom the claims of coupon holders and
xpayers are conjoined. The la" says
that proof of the genuiness ofthe coupons"
shall be made, and requires the attorney
for the Commonwealth in the lower courts"
10 appear for the Commonwealth and re-
quire proof of the genuinencSs and legality
Of the coupons in question.
| ,l>l So,
shall be entitled to exceptions, and an ap.
peal to the Circuit Court and Supreme Court
of Appeals OH the trial of this issue" But
wealth in 1.-The lower courts in this behalf
has been at best perfunctory. Thousands of
| dollars OF coupons have been passed through
such courts without the scrutiny needful to
establish either their ''genuineness or their
| legality" Unless exception is taken in 1.-THE
lower courts by the attorneys for the Com
monwealth no ground for appeal on the
part of the State exists.
Within the official knowledge Of the Ex-
ecutivc, coupons have passed through the
courts upon the sole evidence of persons who
could not by any possibility testify with
knowledge rs to their ''genuincncss and lc,
galty."
Judgments have been rendered against
the State Treasurer on coupons which had
no number, and therefore were tho legal
product Of no bond
During the past six months, owing to such
causes, funding under the act of February
ii, 1882, has practically ceased. During
That period for the causes stated above, no
suitcr has failed to establish his case against
the State, except where the Executive, RELY
ing upon his constitutional authority to eX.
ccute the laws, has been forced TO employ
counsel to represent the Commonwealth.
and sometimes to require Of the Attorney
General services which i'm no lawful way
could be imposed upon him.
The Governor liscusscsat length the debt
question, and airs his peculiar views on that
subject.
The Governor says notwithstanding the
interrogation by coupons between the tax
payer ana the Treasury of more thana half
of Il million of dollars, the sum remaining to
the credit the of Commonwealth on 1st Oc-
tobcr, 1882, was $55I ,54O.J7 During the
year ending lst October 1889, there has
been paid on account of interest on the pub.
lie debt, S313, !35.l1, aud the balance on
hand IN the Treasury as Of that date to the
credit of all funds, was 81 ,537 ,204.SS This
sum will he increased by several hundred
thousand dollars during the current month";
but the amount, available for general pur-
poses is subject 10 deduction in the sum
OF 5000 900 yet remaining to the credit of
the school fund rs by proceeds appropriate
cd, but yet uueXpended, OF tho sale ofthc
States interest in the Atlantic, Mississippi
and Ohio railroad During the period com
mencing on the lst of January, 1882, the
floating debt of the State has been practical
~ extinguishcd.
The suspension in the summer Of 1882 of
Il bank designated by law as one Of the
State repositories and the refusal OF another
to continue to act as such, taken in con-
junction with the rapid accumulation Of
funds in the Treasury made it necessary
that the Governor should exercise the dis
cretion given him and make new arrange
ments for the care of public moneys. In so
doing, while the State was Offering three
per cent on its obligations and money was
drag in the financial centres, it was found
impossible to place the deposits at tho rate
Of interest hitherto obtained.
After making application without success
tn no hnn ,,,D ;,l,.