The times. [volume] (Richmond, Va.) 1890-1903, 1892-02-18

we w "a " 49, tvVtiue IMAM those who had
funded under the Olcott committee,
In this connection he pronosed n, ouorJ
ment to the effect that the Board OF sinking
Fund Commissioners should no. cbnrro a
greater commission than that charged Inv the
Olcott committee. lie explained the effect
OF the amendment. which would be that II
the OlcOtt committee reduced the commis.
sion, the State should also do so in the same
proportions.
TO yIRCIyIA's ADVANTAGE.
With reference to interest Mr.. RYAN a.ated
that It was certainly TO Nirginia's advantage
10 fund the outstanding obligations funded.
especially those held in Virginia. and IL vas
not reasonable 90 suppose that persons hold
lng bonds in Virginia bearing 6 per cent. and
others that on the face were exempt from
taxation would surrender them for per cent.
bonds liable 10 taxation. The effect would
be to prevent their funding or drive them all
out of the State.
Mr.. Saunders proposition 20 permit the
State 20 tax them and not allow them % be
taxed by the counties and cities ought % be
considered unjust and unpopular. He re-
terred 20 the statement # the member from
franklin. who alluded 10 the fact that by
reason Of the decision of the supreme court
which prevented the school fund. whisky
licenses and fines from being paid IN coupons.
we had the bOndhoiders at our mercy. The
Speaker explained that even after deducting
F"EEN "E"HN ~ - ma 1850"
there would still be outstanding 1900, 900
that might be tendered for taxes.
In cOnclu I'M Mr.. Ryan sad that the out
standing Indebtedness OF the State bore or It's
face a tax Of -l.5s0.O0l. II the debt was
settled according 10 tie provisions OF this
bill IL would only require an annual charge Of
100000 for the next ten years.
He thought the State should not hesitate to
accept such a favorable proposition.
AIR. IFrcurp cp,rrrrrn
Mr.. Letcter. Of Rockbridge. who approved
the measure as reported by the committee.
said that he was gratihel 90 see the spirit Of
iair and full discussion which was now Al
lowed on tins subject. for 10 was a deiibera-
tive body. II there were any portfolios in the
measure they should be now closed Def re 1t
was too late. when the enemy would throw
rOund-shOt through. il there were any rot
ten spots they should be cut out while Il
could be easily done. The acknowledged
outstanding obligations OF July /. 1891. were
S25,bDS,1 1852 instead of $500 600 as the bull
contemplated. Thus StOs. 1868 by the Gov
ernOr statement was not settled by the bll.
or otherwise this settlement made more than
$40. OOO. 600 for the ensire outstanding Obiga-
tiOns. The people demanded everywhere
that all property should be taxed. and 20 ex-
empt these bonds places them on . favored
footing above the Riddlegerger bonds. I'M
Justly 20 them. the holders Of which should
ltNt lut uIrL fOL04IArl htl|l DNNaAoN NHNF
ceased To- fight Virginia, but came 20 her as
sistance in her hour OF need. lie objected 10
charging 81 per cent. to others than the Oh
colt committee for funding; this was q dis
elimination % throw all funding into the
committees hands and make this bill a
brokers' bill. the very obnoxious feature Of the
Mccullough bill. 10 was q tarll. an embargo
on future funding, and would tend 10 keep
out the $1,000. 600 outstanding and prevent
this from beng a settlement.
WOULD BE OUTRAGEOUS.
Mr.. Letcher pointed out that ali the sinking
fund was directed % be applied % the Olcott
bonds. which, If 1t was 50 intended. O.. to
cut the ground from under the hlddleberger
b~Onds-wuuld be an outrageous lniqulty and
would destroy their value. lie said section
u gave up the ship and ANONYMOUSLY sur
rendered 20 the coupon tenderers. that the
RIddleOerger bill AMI amendments should
only be repealed so far as conflicting with tins
bill. lie offered amendments % correct ali OF
the above defects and moved 10 put a statute
Of limitations applying IA OF January J.. 1923.
beyond which all obligations not then funded
should be forever Outiawed-the Iyleramend-
ment of tie last session. Mr.. Letcher was
frequently interrupted by questions and the
Railroad bill was several times postponed
that he might finish.
SHARPLY QUESTIONED.
When Nj. Letcher had concluded his state
ment he was questioned by Mr. Muntord IN
the following manner. by this bill 10 Is pro-
posed IN brief 10 substitute a principal of
over twenty-elght millions with a new princl-
pal of about nineteen millions and an annual
interest charge of over a million by a new
charge of only $3.50 900. Now. YOU have made
many criticisms upon the form and proyls-
ions Of this bill. and / desire to ask you TIM,
question. If every amendment proposed by
you were accepted would you then vote for
the bill ~
Mr.. Letcher replied that lie was not pre-
pared 10 answer. but he did not think be
would vote for tho measure.
Then, SAID Mr.. Munford. you arc really
opposed 10 the whole settlement and trying by
this method o. accomplish Its defeat.
The bill then went over until to-day.
THE KENT MEASURE.
The Kent Railroad Commission bill wasthen
taken up. MIR. Kent. the patron OF the bIl. In
advocating the passage of the measure, made
one of the finest and most eloquent addresses
ever delivered on the floor of the House. lie
spoke in substance as follows.
Mr.. Speaker, ! rise for the purpose of Civ
ing my reasons why / think that this bill
should be enacted INTO A law. / DO not pro
pose to advert 10 the political aspect of this
case any further than simply % say that If, as
has been stated 20 this House, there was an
understanding and an agreement entered into
between the Democratic party aud the farm
ers OF Virginia, that 1t Is an agreement that
ought TO be carried out IN good faith and leg
islatiOn for the relief OF the farmers by the pas
sage Of a fair railroad bill should be enacted
by this General Assembly.
BOUND BY D
How far that agreement would bind the
Democratic party in Virginia Is a question for
the General Assembly and each member of
this General Assembly 10 determine for him
self. All I can say is that the men who ! am
with on this floor have performed their part
OF the agreement. they performed 10 IN the
last election. they performed 1t on the floor Of
the House. they have asked nothing at the
hands OF a General Assembly exceptth the pass
age # this bill. They have followed. sirs.
wherever you led. and If disaster aud division
ensue from the failure upon your part 10 carry
out Your agreement. you cannot point your
hand 20 the agriculturlsts ia this Assembly
and say they are responsible for Il.
TURN HIS MIND OUT TO GEAZE.
Now. Mr.. Speaker. with that ~allusion TO
the political aspect of the case. ! pass over 1t.
livery member knows how tar he was bound
by any pledges that he may have made. and
that Is Il question that l don't propose TO
instruct him on.
MIR. Speaker. on Yesterday the gentleman
from Fauquier. when he arose TO oppose the
passage Of this bill. characterll ed Il IA tie
Interest # terms as the most mOustrOus
piece of legislation that ever emanated from
the brain ~ man. lie described it as "a mon
etroairv the Ike Of which no man had ever