The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1871-03-30

THURSDAY, March ~, 1871.
The editor Of the VIReINrAN has been alb
sent from his post of duty for several issues,
part of the time in an adjacent county, at
tending to some indispensable private bust
ness, not connected with the paper, and for
some days past too much indisposed to re-
sumo the labors of the Office This will ac-
count for any want of energy exhibited in
the editorial columns, especially the local de-
partment. He hopes to Be- able to resume
the active duties in the next issue, and throw
fresh energy into all branches of his business.
There are several subjects of State inter-
est upon which he would have expressed de-
cided opinions had he been on duty. One of
them is that which is now commanding the
attention of the Legislature, and eliciting an
unusual display of talent, as compared with
that exhibited here ofore. 1t is the State
Debt We regard it as an essential and vi
tai element of the States honor that her
whole debt should be assumed. The effort
is now beng made to lay the foundation for
reputation, in partial sense at least The
defeat of the Senate's Funding Bill, by re-
commitment in the Lower House, with the
ideas to govern it contained in DR.. Grahanl's
resolutions, will necessarily throw the ques-
ton iato the next canvass, give the opportu
IN b,t;opa Jov IN inf. tbo
popular mind, and by appeals and devices
with which such men are familiar, raise doubts
and hesitatiens as to the justice of the propo-
sition now embraced in the funding bill. The
question should be settled no,c. The future
prosperity Of the State is not only depending
upon it, but the life ofthe Conservative par
ty IN Virginia. Just as sure as this question
is left open by the present Legislature, the
Republican party will carry the State in the
next State election. We place the prediction
on record, and venture the assertion that its
verify will be established, that if the ques-
ton Of the payment of the Public Debt is
permitted to 90 into future campaign in this
State, by the refusal of the present Legisla-
ture to act on it and settle it, the Republican
party will carry the State, just as the Re-
publican party in the West and wherever
the issue was fairly presented, augmented
their strength in conflict with the Pendle-
ton theory Of partial reputation Of the
national debt. We lay it down as broad
principle, whether applied to public Or pr-
vatc affairs, that no people will deliberately
justify the reputation Of Legitimate con-
tract made between parties who were cogni-
zant of what they we're ding. 1t is an ele-
ment in the moral constitution of man, and
about the most redeemable one in it, that in
his heart he disrespects and mistrusts the
man who in any form violates his plighted
faith aud written obligation. 1t is equally SO
with States and nations The inviolabiity
OF obligations is one Of the cardinal dogmas
: of the Federal Constitution, as it is of the
State Constitution. IF these obligations are
to be broken or evaded by subterfuees, they
were made then in deception and fraud
Such at least are our convictions and conclu-
sions The ability of Virginia to pay her
debt is demonstrable by figures, on the basis
of the funding bill, but rcither space nor in
clnation at this time, while the matter is so
near its conclusion in the Legislature admit
of the effort; for before this issue Of our pa
per goes from the press the question will have
been decided whether Virginia means to
maintain her as yet untarnished fame or place
herself in the roll of ths only two States
that ever did repudiate their debts, and that
under modified circumstances, but never
have been relieved of the reproach
Since writing the above the House on
the night Of the 2Sth, passed the funding
bill as it came from the Senate-7S to AZ.
1t provides for funding two-thirds of all
the bonds, stocks and certificates, with the
interes. accrued End accruing to July LIST.
1871, except the per cent. dollar bonds
and the sterling bonds. For this two-thirds
coupon registered bonds are to be issued,
payable in 81 years, with interest semi-an-
nualiy. Certificates of indebtedness are
to be issued for the other one-third, paya-
BILE when a settlement shall have been
made with West Virginia.
The Richmond Wing says 1.-THE COM