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

and delicacy as the public credit, Che mean
ing and intent of the Legislature should b
SO clearly expressed as to afford no opportu
nifty for question or cavil.
And yet, aside from the determination t.
arrest the further funding of the public debt
there is not in this resolution single clearl.,
expressed purpose of any kind or character.
Whether there shall be any examination
into our financial condition, and if so wher
and how long to continues when the funding
is to be resumed, if at all, and what are The
ultimate design and purposes of the Legisla-
ture, are all uncertain and left to mere con.
jocture.
Such, when analysed, and its complicated
verbiage unraveled, appears to be the true
character Of this resolution. l cannot believe
that it expresses tho mature judgment of the
General Assembly. I am confident that it
| could neither have been carefully considered
nor thoroughly understood Over two-thirds
Of the debt has already been funded, and as to
that portion, the Funding act has become an
executed contract which must be fulfilled
Throw1 around it is the protecting shield of
our own and the national constitution, though
| trust the occasion will new sr arise when the
aid Of either will have to be invoked. But
the balance Of cur creditors-a small aud
helpless minority, who by their very de-
lay in funding have manifested the greater
confidence in our integrity ARE rudely thrust
aside, without remedy or Lope of immediate
redress. Is this right, is it just? Is it the
mode in which great and sovereign State
should deal with those who, trusting implicit
" Ia her honor, have furnished the means
with which to construct her railroads and ca.
Ials and develop her resources? Why should.
not all our creditors be placed upon the same
equal basis! What justification, palliation
or excuse can be offered for this unjust dis
elimination against one portion of our oredi-
tors! know Of none and have heard of
none, am aware that it has been assumed
by some that to pay the annual interest, if the
whole debt was funded, would necessitate an
increased rate Of taxation; but this is mere
assumption, not sustained by the facts. have
already laid before you my views upon this
subject, and further reflection entirely salts
Ges me that if they are sanctioned by prompt
action on your part the fears of increased tax
alton will be effectually disspated. -
not only co not favor increased taxation,
but l am an earnest advocate of measures
which will sensibly relieve the people from
the heavy load of county, township, district,
road and municipal taxation, their real bu,1h-
en-.
Why not strike at the root of the evil and
limit by appropriate legislation this local tax
alton, rather than bring untold evils upon the
Commonwealth by tampering with her cred
it?
But it is said that the further execution of
the Funding Act ought to be stayed because
that act is unjust. But to whom? Certainly
not to the State, far beyond question more
favorable settlement was never made by a
State with her creditors that that provided
for US by this law. Let US consider this sub
ject briefly.
At the beginning of the war, the State owed
bonded debt Of over $3l, 900, 09a. During
the war, interest was paid upon portion of
this debt, and remain unpaid upon the bal
snce. After the war, the Legislature, which !
convened IN 1865, by an act passed March |
End Of that year, authorized the funding of
all this unpaid interest matured and maturing
to January /, 1867, in new bonds of like |
character, and bearing the same rate of in
terest as the old bonds
Under this act, between six and seven mil
lions was funded. On the 2lst of March,
1867, the General Assembly authorized the
payment of 4 per centum of interest upon the
entire amount of the public debt, except the
bonds issued under the act Of 1866
These several acts recognized aud confirm
ed the binding obligation of the whole debt
upon Virginia, notwithstanding the fact that
during the war the State of West Virginia
had been organized, severing from her iuris-
diction nearly one third of her original terri
tory and nearly one-third of her population
upon the fundamental obligation that the new
State should assume and pay her. just proper
ton Of the public debt, contracted prior to
her SC raration.
The legality of the legislation of the Cen
eral Assembly of 1866 and 1867 has never
been called in question. But if any doubts
upon this subject were ever entertained, they
We're finally and fully solved by the adoption,
IN 1869, by an almost unanimous vote Of the
peop'e, OF our present constitution, which not
only validated all the legislation subsequent
TO the war, but distinctly and unequivocally
recognized the public debt. and the unques-
toned liability Of the State for the whole
amount Of it. both principal and interest
This brief statement of the action of the
State upon this subject must without the aid
Of public law which is in perfect harmony
with it) silence all discussion as to the liabili
ty Of the State for this debt. That liability
is absolute aud undoubted, and no objection
can be raised to the funding act, because it
recognizes this incontastable fact.
The first Legislature which convened under
our present constitution having failed to make
any settlement with West Virginia, recog-
nizing the vast Importance of maintaining I'M
sullied the honor Of the State and the sancti-
ty of our public obligations, and conscious
that further delay would inevitably result in
great and perhaps irroparable injury, both to
our public and private credit, after mature
deliberation, adopted what is popularity known
as the Funding bill.
After reciting the undoubted fact that the
State is unquestionably liable for two thirds
Of the debt, this act authorizes the funding
Of two thirds Of the amount-both principal
and interest-of all outstanding obligations OF
the State in new bonds, dated the LIST of July.
1871, bearing the same rate of interest as the
original bonds, payable semi annually, and the
principal payable in thirty-four years from
date-upon condition, however, that the orig
inal bonds be surrendered and no claim made