Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1874-04-02

climate Of Virginia, and her unsurpass-
ed mining, manufacturing and CONNER.
cial resources are now attracting wide
spread attention. The best evidences
exist that a great influx of immigration
and capital may be expected as soon as
the Integrity aud stability Of our
government shall be demonstrated
beyond question Action tending to
impair the pnbli6 credit Or to depreciate
any class Of our obligations; the appli
cation Of surplus mea,n to any purpose
other than the payment OF the interest
due creditors; especially the use Of such
surplus in the purchase of our own;
deprecated paper, would infict lasting
and grievnus wrong and loss upon our
own people. If even partial reputation
We're practicable, it would subjec. the
State to pecnniary losses very far ex
eeeding the amount of the public debt.
|.#s Our real relief lies in the restoration
OF confidence and good. understand
ing between the State and her credi-
tors in such settlement OF the public
Indebtedness as Will restore respect tor
oar good faith, as will command the
assent If creditors and secure to them
the regular and punctua1 payment Of
the utmost Interest we are now able to
pay--only postponing such part of our
undertakings as our poverty renders
impossible of performance for the pres
emit. 1t is. certainly in our power; if
we now enact a just and efficient sys
tenn Of taxation and prudently husband
our resources, to paw, heneeforward.
four per centum per annum on the en-
tire debt intended to be assumed by
the funding act 1t is believed tn Il
an understanding can be had with
creditors, by which we might guaran-
tee with certainty the regular and
punctual payment, in semi annual
instruments and at convenient places.
of two thirds of the accruing interest
for the present-giving proper certifi-
Gates for the deferred interest, and
providing for the payment of full iii
terest, together with all arrearages oh
interest account, as soon as our steadily
increasing resources shall permit.
Creditors asserting to this adjustment
would be paid two thirds of their tax
paying, coupons punctnally at maturity;
they would be restrained 10y express
stipulation, IS we'll as interest from
resorting to the circutous and expen-
sive process Of paving their coupons
into the hands of the tax collector; and
a sutficiency of revenues in money for
the support Of the gov rnment would
be certainly and permanently assured
MITIGATION OF THE DEBT
In such adjustment it ought to b.,
stipulated that all our outstanding obi.
cations Included in the numerous and
confused classes and grades before
enumerated should be made first class
debts Of unite rn terms and character
They are all equally just, and it is not
reputable that we should favor amy OF
them with special advantages Or make
any distinction between them. Many
OF the least favored creditors are our
own needy and worthy citizens, who
have always been induigeht and liberal
i'll their dealings with the government
it wl.l be easy to secure the proposed
payments upon interest and to. INVEST
the new arrangement with bsofute col,-
tidence ami certainty by the passage Of
a law, elnbodyi,ng in it our stipulation,
with creditors, which would set apar.
specified aud permanent taxes to be
dedicated 10 the public debt md to b.
applied rtsuially and directly by the
proper officers ot the State in payment
OF the interest rs it shall fall due. Such
a law would be self executing; it could
neither be suspended nor intertered
with without the concurrence OF the
contracting parties; it would obvia,t
the necessity tor further legislation in
the premises, and it would forever tx
tricate our finances from enlsiiny ayit;
ton and uncertainty.
1t is believed that d; fair and deliber
ate conference between the State and
her creditors will result substantially ii.
the settlement now proposed; settle
lnel,t providing Tor the time being, as
may correspond with cur reduced
means, and for such greater intercs-
hereafter as will steadily increase with
our increasing population and resources,
50 that the whole debt as heretofore
assumed, together with the full interest
as now agreed, will be discharg I'd
ultimately and just as quickly as tn,
best ability Of the State will permi,
1t would bind lis TO do now what W,
are able to do, and it would postpone
50 much Of our undertake gs as we are
unable to perform. To do less ON oul
part is reputation; to do m,re is to
plunge the Commonwealth into TIL,
abyss Of bankruptcy.
reiito,s, acceeding to the proposed
plan, would get all the means possible
to be applied by the State to the d b;,
and more than they now receive, OF
can receive, under any different plan. /
They would receive with certainty and
punctuaiity larger payments than thos,
irregularIy made in the past. The exec
cution Of that pl.n will establish a
practicable and jus: und rslatiin. be
tween the State and her creditors, and
will confer positive benefits upon both;
it will restore the sunken credit Of Vir
ginia, impart new life to her dead re-
sources, advance the standard of her
regulations to the highest possible posi-
ton OF financial integrity, intrench the
government in stable and, permanent
policy, and inaugurate a new era OF
prosperit. to be felt by every interest
.and enterprise in the Commonwealth. |
\ With such wise torbearance ON the