Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1870-12-17

Thursday the 18th Inst
The adoption Of the substitute offered by
MIR. Snowden to the substitute proposed by
MIR. Waddell to the joint resolution in refer.
cnce to the public debt, being the unfinished
business, MIR. Snowden said Fir. President
Like the gentlemen who have preceded me
in The discussion of this grave and intricate
question, involving as it does the credit, and
to a greater or less degree the honor of the
State. l approach it with the utmost difidence,
and with a full knowledge of my inability to
give TO it that enlightened consideration which
it deserves ; but SO strong arc my convic
tions, AID SO DESTROYS am l to see our mother
State steer clear of the breakers that threaten
her, that I Ieel compelled to lift my voice in
nv place 10 this chamber in support of the
views set forth in the preamble and resolution
offered by myself on yesterday. -.
Sir, | am compelled to differ in opinion with
both the gentlemen who have submitted to
this body resolutions expressive CT their ideas
of the method Of settling this question Of the
payment of the interest upon the public debt.
10 steer between the Scylla ofrepudiation and
the Charybdi5 of taxation l know il q %idlhcu!t
task, but in cur case it has to be done, aud the
question is, how is it to DO accomplished, and
The cid ship sailed safely through, while the
waves of revolution are yet running high, and
the clouds Of adversely hang so low and black
around us2
10 the outset, | will frankly avow my utter
adherence of Reputation, or that which tenos
10 ind0ctrinate the public mind, ever ANXIOUS,
when tIou5led, TO rush bii1d.y towards that
which seemingly affords temporary relief, but
which, ignis tatuus like, only aliures to &c
struc,ion, with the idea Of committing that
crime, which needs to be hated but to be seen;
But seen too Off, familiar with the face,
We first endure, then pity, then embrace
And yet, sir, while entertaining these views, L
am equally opposed to imposing upon our peo:
pie a burden which they cannot bear, or, If
borne, with that fortitude which is character
Isle of Virginians, would be detrimental to
their every interest.
Sir, the resolution Introduced by the gentle
mar from Bo:etourt, means, In my humble
Judgment, nothing moro nor less than an act
Of reputation, however much he may otjec! 10
the term, and should it pass, it would be so
considered by the world at large, especially by
CAPITALISTS, and it would at onoe depreclate the
credit OF the State, if it did not ruin it, dishon.
or the far name OF Virginia, upon whose
escutcacon there is no stain or blemisb, and in.
0ict a bow upon the financial and commercial
prosperity OF the State from which it would
take years to recover. | am aware that it is
contended that because Of the ACKNOWLEDGMENT
Of the State, by no act of ours and 10 violation
OF all right and justice, the debt contracted
prior to the war ought to be scaled as TO the pre-.
sent State of Virginia: and that her DOMAIN
having been ru.hless'y torn from her, Ter pop
u~'ation thereby diminished and the amour OF
her taxable property greatly reduced, she can-
not Gc held RESPONSIBLE for tho public debt
but Go Senators forget that in accepting war as
the arbitrament, and going forth to battle IN
q common cause with our sister States OF the
South, we risked all, and thatsas an overpower.
ed people We must accept the consequences?
10 the loss of our slaves, the Wantuu destruc-
ton of our property, and the innumerab!e
woes that have befalicn Us as . people, conse-
quent upon cur overthrow, are orr private
obligations not held binding and, sif, are
there not gentlemen here, or within your
knowledge, who would had il no; beel strictly
prohibited by a power that ne could not gain.
say, have assumed the war debt OF TIC State
looking upon it as Il debt OF hon0r-Rud yet
before the ini'iatory steps for an arbitration are
taken or !hc case in any manner decided by the
judicial tribunals Of the State or %coun'ry, 1t Is
sought by an act Of the Legislature. to herald
to the world that Virginia is not responsible
for her debts. May God in his mcrcituI prov
idence avert the blow
1t has been said that IN the separation this
debt question he'd nothing to DO, but permit
me to say that it was a primo consideration,
and that both political parties IN the State OF
West Virginia used it for political capital, and
We'd with each other in opposing the payment
OF one cent Of it hut still conscious OF the
righttul claim that Virginia has upon her for
a lust proportion Of the debt, no act OF repu.
diation has ever been passed by a West Vlr
GINA legislative body, and it is merely sought
TO shirk the issue by refusing action.
1t would, Mr.. President, be q most eZtraor-
binary proceeding for US, before submitting the
question TO 4 legal tribunal, TO proceed by acts
OF yio;cnca-ior the legislation proposed is
no!hipg les than vioicrce-to attempt a set
t!ement Of this matter. We cannot become
cur oHn artitrators we cannot give judg-
ment in cur own cause. 1t is neither Jaw
nor reason. We must appear at the bar
with those who have y%roneed, or rather fail.
ed TO light rs. We must appear there on
en- equal footing, and after judgment we must
either pay or be paid. AL the legislation pro.
pused by these gentlemen in advance OF this !;
worthless.
Mr. President, have we not som regard TOR
our credit abroad-scroSs the Atlantic, where
Fireinia's name and fame stands pre.emincnt-
ly high, and would you, by gny act now, lessen
the ca,ecm 10 which sho is held Well, sir,
in The Kingdom of Great Britain the State Of
Virginia owes some $500, 900 sterling, or a
~fraoiion over 81. 900, OO0-a debt contracted
prior to the year lS6l-and would you, by re
iuSing to pay the interest on this sum, break
your faith p,igb,ed to a people who place i'm
pIicit confdcnce in your integrity? Yet these
cannot DC made preferred creditors, aud must
share the tate OF the others.
But then, On the other hand, | cannot agree
With the resolution offered by the gentleman
from Augusta, whose sense CT fright and justice
| so appreciate, for according to my under
standing, he would release all CLAIM upon
West Virginia, and compel the creditor to look
solely and alone 80 Virginia, who would thus
be made to bear the burden Of the debt, which
once %liquidaied by Us, would in all probability
relieve West Virginia, or 1T least diminish the
chances OF ever 1~ccsiVing one cent CT the pro-
portion due by that State. 1t is to guard
against this contingency and to hold to her just
accountability West Virginia, that | have in