Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1873-02-21
Friday Morning, Feb. FL, 1873.

Gov. Walker, of Virginia, 10 message
to the legislature on Tuesday, presented its
members dazzling prospect Of ease aud
prosperity, in the shape Of proposition for
the national government to assume the debts
Of all the States, thus relieving us Of this
burden; and then to pass q law forbidding
the states to incur any debts. The whole
debt to be assumed is nearly $4O0, 900, OOJ.
A summary Of his message says:
The Governor claims that this compare
lively small sum would cause no embarrass-
ment, nor necessitate any increase of federal
taxation, as the present revenues Of the gen.
eral government are sufficient to meet all
current expenses, including the interest on
the public debt and leave balance of near
ly one hundred millions to pay the princi-
pal of the national debt, and that too
before maturity. The adoption of these
propositions, instead of ipjuring, will en-.
nance our national credit by the withdrawal
Of all State securities from the markets Of
the world, leaving the national bonds the
sole American security known. 1t would
check the growing danger of reputation,
and place the national debt upon so secure a
basis that in few years it might be funded
into bonds bearing no higher rate ofinterest
than the debt of England, reducing the ia
terest upon the public debt, and giving lower
rates of interest upon all other securities. The
wealth Of the country would be employed in
the development of its resources rather than
in specializing upon its necessities. He
says he knows of no measure which could
be devised of more general advantage to the
people or more beneficial to their interest
and well being, nor one which would tend
in an equal degree to unite and harmonic the
whole country and obiterate the last vesti.
ges of national differences and artagonism.
He recommends the General Assembly to
invite the cooperation Of all the States t,
secure the adoption Of these propositions.
Nothing could be more delightful than
this arrangement, if it could be carried out,
and certainly no State better deserves such
relief than Virginia, who in her poverty
pays such an enormous revenue, chiefly on
tobacco, into the national treasury, and is
just offering to give the Government canal
worth $4,000. 600; but the glory Of the
proposition fades considerably when we sit
down practically to consider the impossib;l-
ity of its realization. In this gsnsral cluo.
bling together, the great State of Iowa for
instance, with debt of only $500, 900,
would be helping to pay the interest on
Virginia's debt of $40 900, 900, aud the
State of Indiana with debt of 81 500, 900
would be paying the interest Of Tennessee
debt of $50, 900, 900. If some grand liberal
impulse were to take possession of the North.
ern heart, sweeping away, with some tire
mendous wave of generosity, all the recol.
lsctions Of how we got into this pecuniary
trouble, all the petty animosities which re-
main as the lees Of great war, and all that
calculating ambition which finds political
advancement easier in a poverty rid
den and easily ruled State, than in
one waxed fat and prosperous, we might
hope for something from the Governors
proposition. For it is one Of those things
that il done at all must be done on the hur.
rah, and not likely to be done after cool
calculation The scheme is very much the
same as if the poor citizens Of town, offered
if the rich would pay all their debts, they
would never get in debt again, and would
be able, with lighter hearts, to do more
work, and make more wealth, and conse.
guently pay more taxes. The richwould not
be likely to listen to them, nor will our rich
northern neighbors listen to US, though this
might be richer country for it if they
would-certainly stronger one in the sense
Of cemented nationality.
In the Senate the plan Of the Governor
was discussed and the speakers generally
favored it, some favoring the clause allow
ing the Federal government to pay the debt.
but opposed to allowing it to have such con-
troll of the States as to prohibit their incur
ring other debts, and among the latter was
Senator Cochran. Two of the speakers
thought we had better let it alone as imprac
ticable, and 60 on and pay our own debts
A committee was appointed to report on it.