Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1884-08-13
ing different from that which its own Ian

RuuRc ltupOftS.
The Attorney. General contends that the
act fixed the amount OF the bonds TO nc
funded at $2l,035,377, and limited the
amourt Of the new bonds to that aggregate.
But coupons forming part OF the S2.0f3,fi6
OF unpaid psst.due coupons which nave
been mentioned are readily funded by
the commissioners, and thus this imaginary
limit Is undergoing daily augmentation.
There is no language In the act which fixes
the amount OF the new bonds ut twenty
one millions aud fraction OF dollars. On
the contrary, the first section OF the act d-
rcc:iDg the creation OF the new bonds Is
elastic In this respect. IL empowers and
directs the commissioners +" to create bonds,
registered and coupon, 10 such ertent as
may be necessary 10 comply nth hepror'-
si0ns Of this act" In a succeeding section-
namely, section 5-this language Is repeated.
and the commissioners are authorized to
issua eucb bonds as NAV
be necessary to carry out the provisions OF
this act" An act which twice gives q
power unlimited as TO amount in express
teims cannot be inferred from other clauses
really not contradictory TO imply that a
limit of the amount OF the new bonds was
intended.
It ~ hOulu tltNt ntNH uulhSl if tb'
Legislature TO have made the distinction
eontended for; and we cannot imply an
unjust meaning In an act which does not
express that intention. There can be no
magical virtue IN the date OF the 1st OF July,
1889. which converts coupons due before
into more sacred obligation than coupons
falling due afterwards. Many Of the old
londs are held in England; some OF them
In. rFnllan1 ar,H ntbor annffr,nnt N N
States OF Europe; many are held in other
States OF this Union. Comparatively few
are held in Virginia. The Legislature
could not suppose that the funding It pro.
vided for would begin before the lst OF July,
foS2. or mako much progress until after a
considerable lapse OF time. The act itself
gives no notice to hondholders that they
would De prohibited from funding their cOu.
pOns falling due after the lst OF July, 1882;
on the contrary, il expressly provides, or
seems TO provide, that whenever the sex
change Of evidences OF debt" should be
made. the unpaid coupons then past due
would be funded, dollar for dollar. After
thus lhllng the distant bondholders into
security in this regard. would il be Just and
equitable for the State now 10 say that none
but unpaid coupons which fell due before
July 1, 1882. shall be funded dollar for
dollar; and that those which have fallen
due since shall be funded only at the rate
Of fiity-thrce cents on the dollar, and the
greater part OF THEM not funded at all?
The GT9umentltm db incOnUenienh al
vanced in behalf oi defendants, that il none
OF the interest on the cClsol bonds should
be funded for the period OF forty eight
years, It will then amount 10 the great sum
OF SOS. .9C1, ,3l2, is inconGlusiye. In point OF
fact it shows nothing more than the sur
prsing power Of interest TO accumulate
when ttunpaid and allowed to run on for
half century. II can hardly be presumed
that the creditors OF the State would delay
for forty-cigbt years the collection or the
funding OF the interest due them; and, even
il they did, the operation Of the sinking
fuUd, designed to provide for such IN ac-
emulation Of debt, would largely neutral
ize tie evil despicted.
But whatever the consequences OF the
operation OF the statute construed by its
plain terms, the Commissioners OF the Sink
ing Fund are not thereby justified in viz
tually enacting an additional section or
clause out OF their own heads, and elgrait-
ing il by construction into the text OF the
laT. 1t Is competent for the Legislature,
within some reasonable time, to declare by
statute that sitter a future date unpaid and
past due coupons detached from consOl
bonds shall not be funded dollar fOr dollar
and shall be funded only at the rate OF 81
FOR 100; but it is certainly premature In the
Commissioners OF the Sinking Fund, who arr
net Legislature; who are but a branch OF
the executive charged with ministerial
powers exclusively, TO perprctrate u mea'
sure CT legislation, in the form OF an aibi-
trary rule Of funding, which. they admit
may Involve q difference OF millions OF dol
lars in the rights OF the States creditors.
On the whole case we conclude that tho
motion to remand must be denied and thai
the mGnd0muS must issue a. prayed fer.
The opinion Is expressed that IN this cast
there Is 10 sppcal for the State, but ii ma!
possibly he IN the power Of the Genera
Assembly to amend the Riddlebergef act
Unless one or the other can be done The prin
eIpal Of the debt win be increased seyera
millions.
IN the opinion OF some II tae Legislature
bed not already been called in extra session
this decision would have made n call in
reratiyc.