The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1871-12-28
THE FUNDING BILL.

We publish on our first page, all the def
aite proceedings Of the Legislature on the
Funding Bill, tc the time Of the Adjournment
of that body for the holidays. The House
had passed two resolutions referring to this
subject, which had not been acted upon by
the Senate. One directs the Auditor not
to pay the interest on the public debt. and
another declaring that The measures already
aiken, and which the Legislature hereafter
propose to take, are in no wise intended
to affect the rights of State creditors.
When the Senate adjourned, two PROPOSE
tons were pending before it--one the bill re-
ported by Judge Thomas, from the commit
tee on fnance, providing for the payment, on
the 1st of January, ofone semi annual install
ment of the interest on the ,ohole debt, C per
cent to the holders of new bonds, per cent.
to the holders Of old stock, or certificates Of
ndebtedness-which puts the funded and un-
funded debt on an equal footing) with the
proyiso that nothing therein contained shall
be construed into the recognition Of the con-
stitutional validity or financial wisdom of the
funding bill The other scheme was bill
introduced by Mr. Fitzpatrick. repeating the
funding actand providing for the exchange of
the new bonds, issued under said act, for the old
bonds or certificates of Indebtedness previously
,1orod ~ rofor , ~ tho naup,onr horoo E.
ter Of 4 per oentum per annum,ln semi. annua
instalments GU the whole of the debt, as it
existed previous TO the passage of the fund
lug bill.
So it will be seen that no act of the Legis
lature, treating this subject, has get become
l law and that to this date, lie status of the
public debt question is the same as before the
assembling Of the General Assembly. But
the opinion Of the attorney general, elected
by the resolution of the House, must not be
overlooked.
The whole amount of money in the State
treasury. 90 the 22nd, vas 1851 1895.
The amount of debt funded to date 500,
462,1l5.65.
Our views on this important subject have
been asked by at least one hundred Of our
personal friends within the last week. We
have responded that the matter was before
the freshly elected representatives of the peo-
| pie, and therefore we were not disposed to
enter into an elaborate discussion of it. We
may say, however, that there is serious dis
crepancy between the official report of the
Auditor and the estimates of the Governor
and the statements made sometime ago by the
late Treasurer. In view of this state Of
| things, we have no hestancy in cxpr essin g
our approval of the bill suspending funding
until the exact financial condition is asccr-
| tanned Aud further from what is reported
to US BY the tax-gatherers of Augusta coun-
IT, and from what we know of the condition
If the finances of the people of Rockingham
we are satisfied that they are not able to pay
greater ratio than fifty cents on the hun
drcd dollars, without a great sacrifice of prop
erty. And, again: we believe that the
whole action of the present Legislature is in
| accord with the wishes of three-fourths of
the voting population of the Valley. We
state these impressions, because we have been
solicited to do SO. Our own antipathy to
| anything like reputation heretofore, will
screen US from the suspicion of favoring it
now. We have not the space to enter into
a further discussion of the subject this week;
but we do not think the people should be
ground to the earth their energies paralyz-
ed, and their property sacrificed, to force the
immediate payment Of the public debt.