Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1872-01-18

The people many years ago through
the Legislature borrowed large Gums Of
money aud expended the same on works
of internal improvements. This money
was not only spent for the benefit of the
people but largely enhanced the value of
the property ofthe State. Without it.
Virginia would to-day have few if any
miles of Railroad, Turnpikes or Canals.
She gave to the parties who advanced this
money her obligations, called State Bonds.
These they received atpar, and asked no
security for this money but the honor of
the old state. Until the recent war the
state paid the interest on this debt, bu:
since that time owing in the main to the
absence ola regular government. she has
failed to pay the interest on very large
part. Upon her restoration to tho rights
ola state, the Legislature said to the
creditors. 1--WE have not paid you your
interest and We are now unable to do so.
you look to w. Virginia for one third,
her portion Of the debt, and We will give
you bonds for two.thirds of your debt
both principal and interest payable in
thirty four years" AS an inducement
for the creditor to nccept these bonds
and try to ad Just his claim for the other
third of bis debt with w Va. it was
stipulated that the coupons or certificates
of interest due should be receivable in
payment of taxes. The CT ditors accept
ed this proposition and fund ed their debt.
This measure increased public confidence
and the credit Of the state begun to rise.
The Legislature stepped in and with
$780, 900 in the Treasury, levied and
collected to pay the interest in part.
suspended the funding and refused to
pay the January interest.
To this Funding Bill there were OBJ
jcctions. serious ones, and as it stands
would have met our decided opposition.
The coupon feature is especially OBJ
jectionable. It should have de fea ted the
bill, and we doubt not would have done
so had it not been rushed through the
Legislature at the close. of the session
without being fully discussed. The war
interest as to non resident creditors might
and ought to have been abated.
Bnt now t lie law and the creditors
have acquired rights under it. These
bonds evidence con tract and DO Legis-
hture can impair this contract. An
attempt to do SO will involve Virginia in
litigation that " i'll cost her thousands of
dollars.
We have as men but one course to
pursue viz: pay this debt.
With economy in the management Of
the state we believe this debt can be paid
without any increase Of taxes, and the
honor Of the State saved.
Cut down expenses, see that the pub.
tic money is not wasted, see that our
Legislators while they preach rctrench-
ment also practice it, make them realize
that whilst they say we can't pay the
debt that We cannot pay them money for
services nut rendered. let them practice
self denial too and by reducing their ex-
penses save the state more than one
hundred thousand dollars per year.
We hope that the General Assembly
will be able, honestly. to relieve the
people; they are burdened. butt is idle to
talk or hope for repeal that will avail
anything. We will BY doing 50 only
publish our shame to the world and reap
NO pscuniary reward. Make nothing and
ipse our honor.