The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1874-03-26

onaHSeS VI oIRaHlc law auu giving tuem Ell
feet by appropriate legislation.
In the meantime and until such changes can be
made to work out desired results, we cannot af-
ford to resign ourselves to the policy ofinaction.
The State credit is PROSTATE. The best bonds of
Virginia rate lower in the stock exchange Of Lon
don than those of Egypt, Turkey and Peru, and
our credit ranks in the grade of such countries
as Mexico and San Domingo. No grosser fallacy
can be conceived than the one which claims that
commonwealth can flourish while its credit is
in state of prostration or dishenor The revi-
val of production, the vtalizng of our resources,
depends upon a capital YET 10 be introduced into
the State; and the restoration of public credit is
the necessary condition precedent to its introduce
ton. Capital will surely shun the state until its
credit is established on sound basis The CAPT
tai is yet to be brought here which will develop
our exhaustless mining and manufacturing re-
sources, and such development is necessary to
revive our ianguishing agriculture By giving
new value to the products of the soil and creating
new demands for the fruits of labor. The genial
soil and climate of Virginia. and her unsurpassed
mining, manufacturing and commercial resour-
ces, are now attracting widespread attention.
The best evidences exist that great influx of
immigration and capital may be expected as soon
as the integrity and stability of cur government
shall be demonstrated beyond question. Action
tending to impair the public or to depreciate any
class of our obligations the application of sur
plus means to any purpose other than the pay
ment of the interest due creditors: especially
the of surplus in the purchase of our own
deprecated paper, would inflct lasting and
grievous wrong and loss upon our own people
Il even partial reputation were practicable, it
would subject the state to pecuniary losses very
far exceeding the amount of the public debt.
Our real relief lies in the restoration of conf
dence and good understanding between the state
and her creditors in such a settlement Of the
public Indebtedness will restore respect for
our good faith, as will command the assent of
creditors and secure to them the regular and
punctual payment of the utmost interest are
now able to pay-only postp5ning such part Of
our undertakings our poverty renders impos-
sibIe of performance fer the present. 1t is GER
tainly in our power, if we enact a just and
efficient sys EN- Of taxation. and prudently hus-
band our resources, to pay. henceforward. four
per centum per annum on the entire debt inten-
ded to be assumed by thefunding act 1t is be-
ieved that an understanding can be had with
creditors by which we might with certainty make
the regular and punclual payment,in semi-annual
installment and at convenient Places, of two.
thirds of the accruing interest for the present
giving proper certificates for. the deferred inter-
ests and providing for the payment of full inter-
est together with the arrearages on interest &C
count, as soon as our steadily increasing re-
sources shall permit.
Credltors asserting to thls adjustment Woutd %
paid two thirds Of their tax paying coupons Punct-
ually at maturity they would be restrained by
express stipulation as well as interest from re-
sorting to the circuitous and expensive process
Of paying their coupons into the hands of the
tax-collector, and sufficiency of revenues in
money for the support Of the government would
be certainly and permanently assured to US.
In such adjustment it ought to be stipulated
that all our outstanding obligations, included in
no pun md ond clio and adea
before enumerated, should be made first class
debts of uniform debt and character They are
all equally just, and it is not reputable that we
should favor any of them with special advantages
or make any distinctions between them Many
of the least favored creditors are our own needy
and worthy-citizens whs have always been indul-
gent and liberal in their dealing with the govern
mo