The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1873-02-27
pEBrs-rRlyATE AND PUBLIC.

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accomplishment Of the two objects now SO
necessary to Virginia-cnhancem Of her
material pros periiy, and relief from the debts
nve,han.ing her and her citizens. Her sit
atien is universally admitted to challenge
s.esympathy ofall. and is rendered worse BY
the fac. that she ssemssto have thus far de-
veloped no party aud no leader able to sue
cessfully pilot her over tho rocks which
threaten her existence. Our legislatures have
.cragsled with wonderful energy to solve the
difficulty, and the only result Of all their en-
beavers has been worse ENHANCEMENT. The
stay law was thought to furnish paoacea
for the Ills of private indebtedness. It was
made and afterwards doctored at each sue
cesdine session until now the shrewdest bust
ness men declare it would have bean better
had there never been acy legislation on the
subject. Only short time ago the famous
funding bill, which has made SO much noise
amongst US, was thought to be just the thing
for State Indebtedness. A short trial has
proven its utter worthlessness, and shown
that the State is in financial condition far
worse and far moro complicated than it would
now occupy had no such legislation ever been
entered on our statute books. Yet the press
of the State was at one time nearly unani-
nous in supper. Of this very Jaw. Not to
support it was to be tabooed Public senti-
ment as Swallowed by the press Of the State
was, for this time at least, clearly 10 the
wrong. Then we have had the homestead
exemption Of the constitution AMI the bank
rupt laws Of tho United States, both pointing
in tho same direction. and both giving re-
lief to a portion of large debtor class Of the
State
It is useless at this phase Of events to SO
into discussion Of the complications brought
about BY the various Legislative acts in
tended to relieve Che State and our people
from the burdensome debts piled mountain
high upon them These things are too fresh
in our minds, too importunate and pressing
in their Immediate demands. Even the Gen
raj Assembly has found the problem beyond
its q: asp aud is hesitatins, hating and adopt
ing the e1pedicnts and makc-shits Of tenn
porary policy in the vain hope, Micawber-like
that at some near time in the future some
thing may turn up. in some miraculous way
by which the difficulties will be overcome b,
some poger greater than they. Gov. WAKE
grasping at the same idea, forgetting all thE
cries against Capitalization, and the rights
States, whlcl. were bu. short time ago th'
watch words Of his party, now clutches Wild
" at the skirts Of that General Governmen
which he and his party SO bitterly abused bu
a few short months ago, and asks it to stretc
out its arm and, by the exercise Of a central
lied power it never dreamed Of eren in tn
whirl Of civil contest, he begs it to say
Virginia from herself.
There is a deep lesson in all these trouble
which should come homo to the heart OF e7
ery citizen This lesson should be read D.
all. These troubles al. come from debt =
State Indebtedness, aud private indebtedness
The only panscea is in future avoidance c
Indebtedness. The cure lies, as does tn
trouble, deeper than legislation can reach
I. is beyond the grasp Of resolutions, or en-
actmcnts, or conventions. It lies with tn
p.ople Of the State, and hence devolves oa ev
ery individual citizen Of the State. The Gil
liens of the State can no more shift the re
sponsibility upon the Gener Assembly, tina
the General Assembly can shift it upon tn
Governor, or the Governor upon the forcig
bond holders.
Tho plain uuvarnished truth about Thu
matter Of the State debt lies just in this
Either the debt must be paid dollar for do
lar, honestly and justly, CT reputation
some form must be accepted. And the san
istrue Of private Indebtedness. Expedien
may be chosen bearing fine titles, the trut
NAV be hidden 10 rounded ambiguous phrase
the day OF reckoning may be postponed, b.
the final result which all must at last reac
when it is stripped Of its cxtraneous SURROUND
ings, is either honest payment or dlshone
reputation.
There is no greater drawback upon tn
material prosperity Of Virginia, not even ez
ccpting the load Of debt already aecumulate'
than this habit Of contracting indebtedness
with no certain prospect Of payment. Notl
Ing else impedes, hampers. and destroys or
terprisc Of every kind. Men with small car
ital cannot embark in business because the
cannot put half or two thirds of their capit'
into idle debts which they are uuabls to CO
Icct. Men of small capital cannot continr
their business because their money Las gor
out of their hands in the shape of bills du
from their customers, and they have not NOR
ey enough to procure new supplies. No ma
can enter upon any business with the chane
Of success he would otherwise have on al
count Of those small bills which are not pal
for long time. Persons from outside tn
Stale. looking for an investment for their car
;taI ASK about the cradit svstam and sha X