The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1872-01-11
THE RICHM OND THUNDERER.

ter, on the question Of the Finances Of the
State. We have taken no extreme position
in regard to It, We are as far from endors-
ing sofne Of the views of the Wing, and
great deal farther from having any sympathy
with the rotten, putresccnt leanlngs Of the
Register, as we are from joining in with the
Enquirer in shouting hosanuahs to the per-
lection of the funding bill AT one time we
favored the main features Of that bill We
are now convinced that we were wrong, TAX
ing into consideration all the facts of the case.
We based our conclusion on the statements
of those whom we thought were informed on
the subject We had not the data to refer
to, to see whether these views were correct
We do not believe that SO cents in the 500
will meet the current expenses Of the State
government, and pay the interest, notwith-
standing the strained and ccnjectural arith-
motto of the Enquirer.
We are further convinced that the coupon
feature of the funding bill, opens wide field
for speculation on the part of the tax-gather-
ers, which can be made to operate so as to
food the coupons into the Treasury Of the
State, while she greeubacks remain in the
hands of the county Treasurers at rate OF
SO per cent. profit There are very few OF
such officers who have not an "eye to bust
ness,' and who are reluctant to "turn an
honest penny" when it requires SO little
shrewdness to do it, 1t would require no ex-
cessiveIy sharp financial tact, to purchase the
coupons at 60 and 10 cents in the dollar,
when they really did not cost the holders
more than 40 or so cents. Thus both the
bondholdcr aud the tax -gatherer would real
ise heavy profits, while the Treasury would
groan under the plethora of coupons, and be
as free as air from any remembrance Of green
backs. Where would the money, then, come
from to pay the expenses Of the government!
The farming and laboring community would
be crushed to the earth, while the astate spec
ulators would goat over their boarded per
centums
We do not regard the question Of honor SO
exclusively on the side of the funding BILL
IF the violation of contract is so great a
horror to the sentiment of such extreme wri-
tors as the editor Of the Enquirer, why was
it that it did not have controlling influence
in preventing the violation Of the original
contract with the bondholders? That contract
should have been as inviolable as any other
We could have much easier paid four per cent
of the State debt, than we can pay not only
that, but two-thirds Of the interest on the in
terest.
We do not regard the appeal in behalf Of
certain classes of the citizens of Virginia, who
hold bonds, as any more entitled to our sym
pathy and tears, than to another class, who
haze no bonds. In 1860 one family had $40
600 in slaves and other personal property
That was destroyed, and they left to com
mence life afresh, with no basis Of credit
Another family had $4,000 invested il
bonds, it may be costing as many dollars al
the slaves and possibly not so much Suppose
the $40, 1000 in bonds to be worth $4,000
There then is collateral security for this fami
ly to borrow money, and a substantial basis
of credit. Which is in the better condition!
Which entitled the more to the lachrymal af
lection and warmth of the philauthropic most
lead on by little Mary of the Enquirer, the
family which had everything swept from
them, or the parties, who still retain one-hal
oftheir original wealth In either case they
may be widows and orphans of soldiers Of
1872, or Of martyrs to the Southern cause
It is a misfortune which could not have been
foretold, and misfortune which cannot be
controlled. If the State is to legis1ate speei-
ally for the one, it cannot neglect the other
If the aegis of its laws is to be thrown around
the bonds of the one. it should, in equity
restore to the otherssthe equivalent of the loss;
where the greater misfortune and helplessness
exists, there should the greater charity be ex-
pended.
We have about the same opinion of those
who are creating panic by decrying repudi
atlon-when nothing of the kind is contem-
plated by the Legislature is the case with
the Enquirer, as we have for those who od-
vocatc reputation, if not openly, then secret
ly rs, we believe, is the real sentiment of the
Register Both are harming the credit Of
the State, and creating unnecessary alarm 10
regard to the character of our bonds.
We believe the committee, appointed, or to
be appointed, under Maj. Sutherlin's resolu-
ton, can solve the difficulties growing out of
the financial ENHANCEMENT, and will be able to
devise plan that will satisfy bondholders of
our purpose to pay our honest debts, and at
the same time relieve the farming and labor
ing classes from the burdens under which thew
rest.
With the permission Of the great Thun-
derer at Richmond, we wifi always define
our own position, and not recognize the right
or the authority of that mass of vanity and
presumption to do it for us. If there were