The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1872-01-25
For the virginian.
THE FUNDING BILL AND THE STATE
DERT

For the flrgtnlau.
THE FUNDING BILL AND THE STATE
DEBT.
Mr.. EDITOR Il am not politician, nor an as
nirant for any Office belong to that class pro-
scr,bed by the l4th Amendment, and never intend
to seek to be relieved. | am no repudiaticnlst,
in any sense, of just obligations never took the
bankrupt or stay law. | was never asked the
second time to pay debt. owe no man DOL
lar. never caused any persons property to be
so to paw me- Can those fluent writer's, who
stipmatise all who do not think the "Fundlng
Bill" the sum of all wisdom as repudlatlonists
and robbers, show better record rear not
Some of them took the benefit Of the bankrupt
la,c others of the stay law, to the last minute -
Many of them in 1867 and 1868 had money to
spend at the Springs, but not cent to pay their
creditors. and vet they would have you believe
that when they die, Old Virginia honesty will
have departed the Commonwealth. Indeed
Another GLASS; few so called statesmen, have
been writing on this subject, to show, as one
might suppose from reading their articles, their
command Of language, their comprehensive states
nan-zike uie,rs and their ignorance Of finances.
OF this class, read long letter from the Hon.
A. H. II. Stuart. For Mr.. Stuart l have
very high regard, both as gentleman and
statesman, but his letter, Astounding IN assump-
lions and mistakes, proved too much, and demon
strated how easily great man may be mistaken.
I doubt not Mr.. Stuarts good intention, but an
politicians are not fnanciers. Again, since Mr..
s. left Mr. FIllmore's cabinet, { and who has
not heard of that y he has been giving some at
tention to law and the profession of an Attorney,
and from force of habit, he may have been only
presenting his side of this question. thinking only
Of those gced old bonds laid away, and leaving 1t
to others to take care Of the other side.
But the more recent advocates base their argu-
ments upon smother ground. They have now dis
covered, they say, that most of the Virginia State
bonds held in this State are owned by poor wtd-
o,cs and orphans. If this be true, what mlsfor-
tune it was to those Virginia gentlemen who hap
pened to hold these bonds. They made them poor
then, and killed nearly every one them--sparing
only the 0idows or the orphans. Worse than the
Yellow Fever Mr.. Stuart had better sell his /!
(ssA word to the wise is sufficient How fortu-
nate was to sell all had soon after the war =
Not from fear they would make my wife widow,
that is all 6osh! but because needed the money,
and because then believed, as do now, that 1t
would be equitable and doing full justice to the
bondholders to paw fifty cents on the dollar.
sold more than $40 900 Of these bonds at that rate
and little less, computing the lnterestth que.
would not offer less than this, ant. II me. In the
same spirit by the creditors would be Wiling to
issue bonds, payable in thirty four years. IL
terest to be paid semi annually, for half the
amount of the debt with the understanding That
the bondholders might get what further sum they
could from West Virginia, as her part Of the old
debt Shecould not reasonably refuse to pay them
part-say ne-fourth-makng three -fourths of
the whole debt. 10 not believe that Virgin
ia, in her State capacity, will ever get dollar
from her hayward daughter.
Is sa man to be regarded as repudiationist
because he is not willing to concede the Funding
BilP' to be legislative perfection Have we so
soon forgotten its parentage? Grant, you VIII,
that the Legislature which passed. it was the wsest
and purest that ever assembled in the mother of
statesmen, yet we have seen in Mr.. Stuart's case
('and he is an honorable many how easily such
men make mistake. But who composed that
Legislature Some Virginia gentlemen of little
expert ance, some carpet-baggers without record,
and not few ignorant negroes and interruptions
scalawags. Is everything they have done to be
above review? Again, by whose votes was this
bill passed +? Do we not know that majority of
the Conservatives voted steadily against it ? Was
it not carried by the minority of Conservatives
uniting with every Radical in both Houses but
one? Was it not reported at the time, and gem
orally believed, that these Radicals were bought
up as SO many sheep, between Friday morning
and Tuesday evening? Was not one OF the Rich
mond papers sold about this time and withthe
change of Editors, changed its position on these
questions Was all this done for the poor widows
aud orphsus, by foreign 6onahoIders And
yet question either the purity or wisdom OF this
legislation. If we do, we are repudiationlsts.
All Indeed
have said it would be equity to all to pay the
States debt with fifty cents on the dollar. be-
lieve it, or would offer more
Let one illustration answer for the present. l
know two men 1 will call A. and b. Just before the
war they were possessed of thes same fortune.
A. sold his and converted it into Virginia
State bonds, and lived on the interest. B.soldhi
ard invested it in negroes who were increasing,
and he lived their hires. Both of these species
Of property Virginia was bound and pledged to
protect as property, the one much as the other.
By her own action she has acknowledged her ina
bility to protect 3. in his property. Aye, more,
by her own vote she declared that BIS property
should no longer be his, took his all but tells A.
yours was different species of property, and
now, it is proposed to say to hint shall be
made to you as good as gold, and to do SO, will
tax B. to pay you. This may sound like that when
it is said s'to him that hath shall be given and
from him that hath not, shall be taken away, even
that which he seemeth to have"
Is this Justice between man and man who have the
same right to protection from the governing pow
err? Would it be uni ust to say to A. your brother B.
has, by my act, not his individually, but by
adhering to me and my cause as you did, been
deprived of all he had, seven his living, and now
require you to surrender only half OF yours
because to secure you in that, must tax B. on
he has, or may hereafter get to pay you
Common sense will rise above the technicalities !
Of law, and declare that equity does no man in !
Justice.
1t may oe said, yes, but three -fourths Of this |
debt is due to Foreign capitalists, and your llustra
lion will not apply to them. l know it. aud
know that many Of them only paid fifty CENTS on
The dollar for what they hold And know that !
these most of them,-were the very cause of
BIS losses and all troubles in the case, and to
such equity would give little or nothing. You
must have done equity, if you would claim its |
benefits, is well established maxim in law, as
well 80 in morals. Let these come with clean
hands to us, and they shall see the old fashioned
nfexible, chivalrous Virginia honor that is still
cherished in old AUGUSTA.