The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1872-01-11
STANTON, VIRGINIA, THURSDAY. JANUARY H. 1872

i oDilgation, and as solemn and binding as tn
payment of the principally The failure I
pay the one is no less aud no greater dishon
or than failure to pay the other. We wer
unable to pay either, and the extension of tn
time of payment of sums already due for
period Of thirty-four years is an advantage o
great Importance to tho State The act auth
orizes the issue of either registered or coupe,
bonds at the option of the owner, and the
coupons OF the latter, at and after maturity
are legal tender for all taxes and debts duo
State. If we intend to meet our obligations
at maturity and to pay the interest on gu,
debt when it falls due, what objection eau be
urged to these coupons They neither To-
crease nor decrease our liability, and instead
of impairing will rather conduce to the sup
port and maintenance Of the public credit.
| have thus briefly reviewed the principal and
more important features Of the funding act,
for the sole purpose Of ascertauing whether
it contained any provisions which could by
any fair and reasonable construction be ad-
judged unjust, or which could operate to the
injury Of the State.
& I confess my inability to discover any, but
on the contrary, | am more than ever satisd
ed that it is not only just to both the State
and her creditors, but is one of the wisest acts
of legislation which ever passed the General
Assembly 1t is in strict harmony with the
Constitution, and is defensible upon the high
est grounds Of morality and public policy
1t contains within itself nothing which can
justify it's suspension or notification, and II
have discovered no reason outside of it neces-
stating such action. The Legislature which
passed the Funding act also imposed taxes to
meet its requirements. Those taxes. have
been in great part collected, and have accu-
INFLATED until there is to-day in the treasury
over 81 100000. What is to be done with
this money? One-third Of it will pay the in
terest maturing on the bonds issued under the
Funding act on the LIST of January, 1872.
Why should it not be paid After this sum
is deducted, 100000, with 100000 of
uucollected taxes to come ia before the LIST of !
March next to remain, and what disposition
is to be made Of the money? Our creditors
have right to it; it was collected for them
and why should they not have it? And yet
with this money in the Treasury collected for
ibis purpose, it is proposed not only not to
pay the interest falling due on the LIST of jan
aary, but to postpone indefinitely the future |
execution. of the Funding Act.
Such legislation cannot meet with my ap- /
proval. / have shown that it was unjust and |
and based upon an assumption of
facts which do not exist That it is unwise
you have but to observe its effect already pro-
duced upon our State credit. For the first
Time in her history the confidence Of the f.
nancial world in the integrity of Virginia has
been shaken. The very uncertainty which
enshrouds your future action, usettles public
confidence. Smoothly drawn declarations of
intention unaccompanied by appropriate ac-
ton will Lot avail to establish State credit
Our action must be commensurate with our
expressed intentions, and their fulflment
must equal the full measure ofour promises.
The plighted faith of the Commonwealth
must be maintained, and her escutcheon kept
untarshed or we shall prove false to her ira
ltions, and unworthy Of the high trust re-
posed in US. G.. G. WALKER