Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-12-29
WEDNESDAY. -. DECEMBER 80, Is:
The Extra Session.

body would justify Governor LEE In con-
yepipg the Legislature In extra session II
1t was known that the debt question couid
he settled once for ell at such extra session.
But a. IL is maniies,ly impossible TO know
beforehand whether that good result would
follow the assembling OF that body, IL would
seem 10 be rather a bazy opinion when
was attempted to he expressed IN the case
supposed. In word, the Governor ana
the people must take the chances OF war
Who would content himself with saying
that il he knew beforehand that his troops
were 10 be victorious he would begin the
bsttles
Fortunately. Governor LEE Is not in such
strait as that 10 which We have alluded.
There ore. outside Of all questions as to the
State debt. good and sufficient reasons
tbereun,o moving him to afford full iusti'
fcation OF q call for an extra session OF the
Legislature. Some OF these reasons are
well set forth in the following article from
the Northern Neck NeuS. We quote
"Tbe question as to whether an extra
session Of the Legislature should be caiieu
or not IL now agitating the public mlnd.
II is very generally understood that the re.
yisers of the Code will be ready to report
upOp their important work by The ISL OF
February, and II IS also generally conceued
that so important subject can only De
properly considered at an extra session.
We are OF those who believe that IL Is qlite
DO. s,be 10 have too much legislation Tor
If tha IN.
Icing Of society, and we have always held
that extra sessions should he avoided eX.
,cpt where imperatiyely demanded by
some public necessity. But there Is also
another subject which 1t seems to Us to
demand attention. The Federal courts.
by a wonderful stretch OF their iurlsdlc-
ton. have placed |. in the power OF the
pubiic creditors OF the State TO veX and
hafsss her to such an extent that there Is
almost a consensus Of opinion that there
sbouId be some additional legislation which
will have The effect OF relieving the State
from further taxation. The creditors OF
Virginia cannot be so blind as not TO have
discovered that the Democratic party has
made tremendous sacrifices to meet what 1t
deemed 10 be her Just obligations and to
maintsin her honor and credit. To no
other party can the creditors look for any,
thing approaching justice; but when they
undertake TO drag the sta G before the FED.
ersl courts and to defy her whole people,
they must know that the Democratic party
means 10 thwari them In their efforts TO de-
grade and harass the old commonwealth.
The situation Is one OF gravity, and we
think that the Legislature should be in
yoked TO consider it. 1t will not do to
leave the revenues Of the State at the mercy
OF Judge Bond and his Federal courts"
The price Of aon.iundable coupons (only
thiyty.six cents on the dollar day before yes
terday) shows how the general public re-
gard the debt question. The moneyed men
cannot have much confidence IN the founda-
lion upon which are based the boasts OF the
bondhOlders IN this behalf, or they would
lasten 10 invest in Virginia securities
willis, these are SO low. The bondhOlders,
however, have learned good deal during
the last six months. They are much better
informed on the subject OF the Virginia
debt and as TO The possibility OF compelling
it, payment than they were in July last.
Those 81 them who are represented in and
by the Council OF Foreign BOndhOlders in
London would be willing now, we suspect,
10 accept per cent. upon their principal,
and II they had control Of all the bonds, As
they have not, might even consent to re-
duce the principal from the Second Audi.
tors thirty.nine millions TO thirty millions.
This is an encouraging beginning; but as
il is only our own guess, and does not pre-
tend TO he anything else, we trust that no.
body will suppose that 1t demands any no.
fice at the hands Of the bondh0lders or
their supporters.
The Legislature ought TO be convened in
extra session IL there were no debt qucs.
tiou 10 be settled. The new Code will be
worth, ii Is 10 be hoped, ten times as much.
even II Is value l. 10 be estimated In mo-
noy, as the cost Of an extra session. 1t is
simply impossible for the Legislature to do
the business which a two-years' vacation
will throw upon the next regular
Stssi0n and at the same session
pass intelligently upon the work oil
the reysers Of The Code. We firmly be.
lieve that the Tevisers are much better quail.
fed than the Legislature TO complete that
work; but that belief does not prevent us
from knowing that the Legislature Is moi
gong to abdicate lis functions. Many OF
the members will have changes to suggest,
and will wonder at the stupidity OF Their
iellow-members when these vote down
their proposed amendments.