Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1872-01-11

| 'OAliIuy hoNGtCi, Wig
o.lgihal bonds be surrendered and no
cla'n made Upon US for the balance due
upon them, except in accordance with
such settlement as shall hereafter DO had
with West Virginia.
Gan the execution Of this act work any
injustice to the State? VIII not all the
advantages aeclae to her? Does she not
thereby obtain an extension of time upon
the principal of the aebt, and is she not
released from all present liability for one
third of it? Tits true that the interest
which we have here to-fore failed to pay
is added TO the principal and funded In
like manner, but is there any thing wrong
or unjust to the State in thai? Is not the
payment of Interest as such part of the
Obligation, and as solemn and binding as
the payment of the principal? The failure
to spay the one is no less and no greater
dlshonor than a failure te pay the other.
We were unable to pay either, and the
extension Of the time Of payment Of sums
already due, for period of thirty-four
years, is ali advantage of great Importance
to the State. The act authorizes the is
sue OF either registered or coupon bonds
at the option of the owner, and the coup
ons of the latter, at and after maturity are
q legal tender for all taxes and debts due
he State.
If we intend to meet our obligations at
maturity and to pay the interest on our
debt when it falls due, what objection can
be urged to these coupons? They neither
decrease nor deorease,our liability, and in
stead Of impalring will rather conduct to
the support, and maintenance OF the pub
lie credit. | have thus briefly reviews
the principal and more important fea-
lures of the funding act, for the sole
purpose of ascertaiuiDg whether it con-
tanned any provisions which could by any
fair and reasonable construction be adjud-
ged unjust. or which could operate to the
injury Of the State.
[ confess my inability to discover any,
but, on the cl ntrary, am more than ey r
satisfed, that it is not only just to both
the State and her creditor, but is one OF
Of the wisest actof leg islaturc which ever
passed the General Assembly. 1t is in
strict harmony with the constitution, and
is defensible upon the highest grounds
of morality and public policy; 1t con-
tains within itself nothing which can
justify its suspension or nullifcaton, and
have discovered no reason outside of
necessitating such action. The i.egisla-
ture which passed the funding act also
imposed taxes to meet its requirements.
Those taze7 have been ia great part
collected, and have accumulated until
there is today in the treasury over 81
| 500 coo. What is to be done with this
money? One third of it will pay the in,
tcrest maturing on the bonds issued undor
the funding act on the 1et January,
1872
Why should it not be paid? After
this sum is deducted, 81, 200 600. with
! $500 ,OG0 OF unsolicited taAes to come
IN before the 1st of March next, remain,
and what disposition is 10 be made of the
money? Our creditors have a 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 this
purpose, it is proposed not only not to
pay the interest falling due on LIST of
January. but to postpone indefinitely the
future execution OF the funding act.
Such Legislation cannot meet with my
approval. l have shows that it was IN
just and unnecessary, and based upon an
assumption of facts which DO not exist.
That it is unwise, You have hut to OBJ
serve its effect already produced upon our
State credit, For the fist slime in her
history the confidence Of the financial
| world in the integrity of Virginia has
been shaken. The vsry uncertainty
which enshrouds your futo:e action, IN
settles public conflence. Smoothly
drawn declarations of intention, unac-
companled by appropriate action, viii not
avail to establish State credit. Our ac-
ton must be commensurate with our ex-
pressed intentions, aud ticr ful6llmenf
must equal the full measure Of cur prom :
ises. The plighted faith Of the Common
wealth must be maintained, and her
escutoheon kept uotarnyhed, or we ska il
prove false to her traditions, and unwor
Thy OF the nigh trust reposad il US.
! C. &. WALKER.