The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1872-01-18
Thursday. $50 January Is, 1872.
REPUTATION AND THE FUNDING BILL.

SNNN~'
yet anti-Repudiationists, men who are just as
Jealous Of the honor of the State as any cor
aoration or individual can be, whether 1t be
at home or abroad, object to the Funding blll
because of its provisions and purposes. All
Repudiationists object to this bill, because it
pays the public debt as claimed: Many an
ai-Repudiationist object to this BILL because
they believe it unwise in its details and gener-
al.eompl epess-only partial remedy for
the exigency which it was iatended to meet,
and either unjust to class creditors or class
debtors
In order that their views may be under
stood, the facts of public indebtedness should
be stated:
AL Virginia. before the war; owed debt
of some Thirty one Millions, perhaps. Dur
ing the war, West Virginia was cut away from
Virginia proper, and separate and distinct
organism allowed her. In this separation a
esndition was imposed on her Of paying her
due proportion of the public debt existing
whilst she was still Virginia.
The war was concluded, Virginia was Virgin
ia still in name, though not in fact. The bonds
: >re Virginia bonds, and the creditor claim
ding to the name. There was exist
'ation to this public debt, three
parties-the Gre DIV - : ~ I p|,v ~
Virginia; West Virgi.,'c,s ~. W.
Debtors. The Creditors clal.'aeo ~ v:.a:-;
ia, as she had made the bonds.
claimed 1--WE think this is an uuiverss'
mand) that she only should pay her jus.
proportional part
West Virginia stands aloof, Inactive or
dilatory, permitting, as they did in the great
struggle for Secession, the Valley, Piedmont
aud Tide Water sections to breast the fuau-
cial storm impending. In this exigency, the
Legislature passed Funding Bill-fundng
the interest on say $50 100000, and assuming
to pay that much Of the public debt, without a
release from the remainder, it being left still
outstanding against US and West Virginia.
of fioapcial wisdom We were ourselves
once rather disposed to acquiesce in it. We
confess, after critical examination, we think
it was mistake, n this-We settled for a
certain amount, not knowing our Indebtedness.
We could not know it until West Virginia
had beea brought to account. We left the
al, oFt h
outstanding, liable to be brought out against
us in the event West Virginia did not pay it.
This was not financially such an act as
shrewd economists would adopt for their own
action. That prosperous and sagacious mo-
nopoly Of wealth and power which stretches
the arms of progress over the fairest portions
of this Union, controlling public highways,
feeding all the avenues of commerce. and even
in its philanthropic zeal, making the press
subsidiary to its ends-we mean the Penn
sylvania Central Railroad would have smil
ed at such absurdity as agreeing to conclude a
settlement on such unstable and uncertain
terms.
Interior would have demanded, in a settle
ment of his own, when there was another CO
contractor or debtor involved, that that debtor
should be brought into a settlement, or at
least that a certain sum for which such debt
or should be liable, he would not be required
to pay. It may be that we owe this much,
as is agreed to be paid, but what we want
in the settlement is certainty as to the amount
we equitably owe, and certainty that the
amount We do not owe shall never be
claimed
West Virginia certainly will never step for
ward to our relief. She stands aioof, secure
till we ourselves act-and that action could
have been readily had under the provisions
of the Constitution, vis "a suit 10 the Su-
prcme Court Of the United States against her
for settlement appertainng to these funda
Their own organic act bound the State to
this. Their ancient relation to the debt SO
held them to the payment of their share.
Then when the decree was had al to pro-
portion, it would be certain and authoritative.
The seal of the United States law would
be impressed thereon. Our statesmen then
could try their sagacity as to the cheapest
mode Of settlement compatible with fair
dealing.
This is what might have been to be sure, VIII t
should have been, we believe, but Legisla-
tive action already had, may prevent any
turning Of the back upon bargains already
completed between creditors and the State.
If fraud, as is charged, attached to the act,
it should at once be repealed The water pois-
oned at the source, would hardly inyigorate
any plant that it nourished.
But whether fraudulent or not, to the BONDS
not funded, there can be no doubt the Leg
islature has complete coatrol over the Fund
ing Act. They had authority to make, they
have the power to annul it, if no act has been
done in its contamination, or as to these bond
holders who have not accepted its provisions
Fairly We have stated our views here, as
to this BILL 1t had nothing to do with the