The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1875-07-01
VALLEY VIRGIN[AN.
Gtaunton, Virginia,
Public Debt.

n an article some weeks since we presented
scEe oftlie reasons that are assigned by gentle
1nen Influential in the Conservative party, why
the question of the adjustment Of the Public
Debt should be submitted to the people,in order
to Get an expression from them on this impor-
tant subject. It is very clear that there should be
some understanding OF this question by which
the people and tie creditors Of the STATE viii
understand each other. There has been a
great deal OF prlting and cheap patriotism
expended III regard to the ''honor" OF Virginia
and the traditions OF the commonwealth, and
to hear the fulsome and exubcrant strains in
dulged in by the peculiar guardians of the
States integrity, the conclusion would be
reached that these gentlemen would sacrifice
the last dollar before they would suffer an i'm
pairment OF her reputation. But what are the
facts? They have declared that they mean to
pay the principal and interest of the debt-not
only simple interest, but have gone so far as to
compound the interest and fund it, so as to
make it Il part OF the principal, bearing six per
cent. interest. Since this costly legislation was
enacted, and this solemn promise made, what
emulate over s., 200, 900 OF defaulted interest
they have expended the resources Of the
State in tinkering at the question every year,
without changing the relations of the debt or
making amy adequate provision for the fulfill
anent Of their promise. The ''honcr'' they
boast of preserving, they have dragged into the
mire, slobhered it over with broken assurances,
n
of public faith, and brought disgrace upon the
CONNIE nwcalth. faithful only to one thing
drawing tllci: So FER Gay for their miserable
imbeclity.
1t is time something was being done with
this matter. The condition of the State is
growing worse every day, yet these gushing
patriots still harp on the ''honor OF Virginia. ~
They put her in a position which the people
say they will not sustain. Let it be settled
Let a definite proportion Of the debt be deter
mined upon as the amount to be paid, and pay
1t. If the people do not intend to pay any
thing let them say so. If they intend to pay a
half, three-fourtils or the whole OF ii, let them
elect members to the legislature who will frame
a tax bill with reference to the amount they
are wiling to pay. Let us have something
definite and certain. whether it suits the bath
erslites or not. The people have to face the
tax-gathers. It is their ''honor'' that is
involved. It is their property that is to be
taxed, and their labor that is to raise the mon
eey. Let them come square up to the question
and determine it for all time to come. As il
stands pow, the State and her creditors are
both injured. There is no sense-no reason il
continuing this condition OF things. Let the
people decide upon paying or repudiatiag, ant
disregard the jeremaids Of the designing an(
selfish demagogues who are proclaiming higI
sounding sentiment, to delute the creditors OF
the State, when they know that at the present
rate Of taxation, there is no possibility of pat.
ting it into practice. The whole matter belongs
to the people--iet them pass upon it.