The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1870-12-15
sTAUNTON VIRGINIA, THURSDAY DECEMBER 15 1870


The better course to be pursued, is for the
two States to submit the whole question to
arbitration. Let each State select one dis
interested arbitrator. and the two thus Sc
lected a third, to whom the whole subject
shall be submitted, and their finding to be
ipal and binding upon the two States =
This is a fair and equitable mode of adjust
mcnt, and, if rendered by you, cannot but
believe that West Virginia will promptly
accept it, II she refuse, you will have the
satisfaction of knowing that you have ex-
hausted all honorable means to obtain set
Element. and will then be amply justified in
seeking your remedy through the only in
strumcntality remaining to you-the Su-
prems Court Of the United States Which
ever course may be adopted, considerable
time must necessarily elapse before final
settlement can be made. In the meantime.
our public creditors are justly anxious for
some actiou on your part looking to a re-
SUMPTION of the payment Of interest upon
our debt.
A considerable portion of our debt is own
ed by our own people. Is it just to compel
those people to pay the State taxes while the
State is in arrears of interest to them? Many
of our bonds arc held By tho trustees and
guardians Of widows and orphans dependent
for subsistence and education upon the in
come from this source. Much Of the debt
is held in both this country and Europe by
original investors in the same, at tho highest
market value when created. It is true that
SINCE the war many holders of Virginia
bonds. including numbers of our own citi
acns, hase been compelled from necessity to
part with them at ruinous Depreciation
The bonds thus sold are doubtless held by
spectators, Mso obtained them at half or
less than half their par value; but docs this
fact, in any respect, affect eur liability for
the debt or afford any excuse or justification
whatever for our violation of plightcd faith?
Certainly not. The bond held Cor the ben
eft Of the poor orphan and the bond owned
by the rich speculator are of equal dignity
and equally binding upon the Sta'e. Each
il her solemn obligation to pay, and the con-
sideration for both Of which she has long
since received and applied to her own use.
But it matters not where or by whom eur
bonds are held, or at what rates they were
obtained, SO far as your duty is concerned.
That duty is to reinstale our dishonored
credit The people Of this Commonwealth
will never permit the blighting stain Of re-
pudiation TO tarnish her eseutchcon. A neg
lect. however, to provide the means for
meeting the obligations Of the State is as
much Reputation as would be an absolute
refusal of pay ment. and far less manly The
J,,Lr Of
the State government, and adapting our
laws to the new constitution may be regard
ed as reasonable excuse for your monaco
ton in this behalf at your last session. But
that excuse no longer avails. The time has
arrived when you must grapple with this
question. do not urge au attempt for the
immediate resumption of the payment of in
terest upon our public debt. We are not
yet prepared to do SO, nor can it be reason
ably expected of u.s. What do most earn
estly urge is that you take immediate action
looking to the resumption Of the payment of
interest by the State at certain day, not in
the distant future I would recommend that
provision be Immediately made for the fund
ing of the whole debt, principal and interest,
in now bonds Of the character mentioned in
nv message of the 9th of March last, bear
ing date July 1, 1870. The first senli-an-
nual interest will then fall due January l,
1872; and, in my opinion, that is as early
period as it will be prudent to undertake the
payment of full interest regularly I'm my
Judgment it is far better to postpone the
commencement of the payment Of any inter
est to a time when we are satisfied that we
shall not only be able to commence, but con
tinue to pay it regularly and promptly as it
natures thereafter, than to pay part reg
ular'y or the whole irregularly. What We
all desire is the speedy restoration of the
State credit, and this can euly be accom-
-plished By the prompt payment of the inter-
est upon our debt when due; partial pay
ment will not accomplish it, aud whom we
shall have once resumed payment, any If
regularities or uncertainties will most seri-
ously damage. if not destroy, our credit. y
Tn March last was OF tho opinion that we
might safely undertake to commence the
payment of interest on the list Of July, 1871,
but the heavy expenses incident to the re-
organization Of the State government, and
the lengthy frat session of the Legislature,
tHC pl5TdlcICe VI d vi H'liiS NlUNoh III "tS
section Of the State the past season, and the
devastations of terrible foods in the James
and Shenandoah rivers, have so crippled Our
treasury and our people that [ am satisfied
postponement to the LIST Of January, 1872,
is necessary and advisable.
The constitution limits your present SEES
sion to ninety days, aud I trust that you
will be enabled to complete all necessary
legislation within that period With an i'm
poverished people on the ono hand, and
anxious, needy, deserving creditors on the
other, it more than ever becomes us to prac
tice the most rigid economy in all depart
ments Ct the government. Hereafter, our
annual legislative expenses ought not to
equal one-half of the cost Of your last ses
sion. I hope also under the reforms already
: initiated and to be initiated, to see our
terminal charges and the expenses of our
penitentiary reduced more than one-half.-
In view Of these and other reductions in our
annual expenses, and the increased and in
crcasing subjects of taxation and ability on
the part Of the people to respond thereto, l
am satisfied that we can and oug to resume
the payment of interest as early as the LIST Of
January. 1872. The honor and true iu-
terest Of the people demand that we should
do this if possible. So long as our State
credit remains in a condition Of dishonor, it
is idle to hope for that prosperity and de-