The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1875-07-01
a Crave Quastiau.

Der of prominent gentlemen OF Virginia. some
of whom were influential members OF the last
session of the Legislature. and will be OF the
next, to bring before the people at the Novetn-
Der election, the question OF the public debt
The resolutions we append, constitute the ba-
sis npon which they intend to discuss that
grave and vital question before the voters OF
the State, irrespective OF party. They claim
that it is above party, and although heretofore
acting in concert with the conservative organ
ization, they do not propose to allow their con-
vctions OF public duty to be subordnated to
the party lash, and the routine chalked out by
caucus dctation. They argue that the people
are now suffering from the incubus OF huge
iob'' in the shape of the funding bill fastened
upon them without their consent by corrupt
influences, and that it is q crime to longer
withhold the opportunity for the people, who
pay the taxes and whose property is bound for
the obligations OF the State. to give expression
to their views upon the subject.
The resolutions we publish, very bluntly and
clearly state the case. The object is for the
voters OF the State, independent of party and
free from the domination OF ciGues and rings,
to say in the character and sentiment OF the
men they may elect to represent them, how
nue.: of the public debt they are able to pay
and after having ascertained that, then to go to
work and pay 1t.
These gentlemen, who have fully determin-
ed to bring this matter before the people, as
sumo that the funding Of the public debt and
| tI,a onpnpoun 6ipu IF t{n intaract yyac NOT 1a-
mand from the foreign creditors Of the State,
by whom most OF the bonds representing the
Indebtedness are held, but the result Of a plum
dering ring, who we're specializing upon the
misfortunes of the State, and by misrepresen-
ting the real condition of affairs, succeeded in
enacting the funding bill, by which it is assum-
ed the people are committed to the payment of
all the debt. They further assert that at the
time the funding bill was enacted, there was
no consultation with any of the bondholdcrs
outside Of the ring whose money assisted in
the passage Of the act. They claim that the
parties holding State bonds, outside OF the
ring, were willing at any time after the war to
compromise the debt at so cents in the dollar,
considering the losses Of the State from the
Cil6ClS Oh JHG WIZ dltl Lille OIL
her territory, as strong and convincing argu-
mcnt in favor OF lenency i'll dealing with this
subject A Bondholder's Ring, with its head
, centre on Wall Street, New York, however,
determined to make an effort to forestall any
, attempt at compromise, and hence al! the APP
planes that could possibly be brought to in
: fluence legislation, were mustered in the in
} terest of the fulfilling bill, and secured its pas
sage.
5 These gentlemen assert that it is but right
and proper that the people should enter their
, verdict on this subiect-that the issue should
be squarely made whether they are able and
willing to shoulder the funding bill, and the
7 three million dollars defaulted interest since
, the funding bill was passed, or if not that,
then how much they are able and willing to
, pay, and having once settled upon the proper
tion to meet it without falter. They claim
that it will be more satisfactory to the parties
holding the larger proportion Of the bonds, to
have the question settled upon a basis that
the people can meet, than to be constantly
promising and never paying.
These are some of The views advanced by in
| CoIiI0GnC anu wiz telfC
} declared ther.purpose to bring the question
involved in the resolutions below sqnale!y be-
fore the people. Here are the resolutions:
Whereas the State of Virginia had prior to
he year eighteen hundred ano sixty-two, crea-
, ed a debt and ISIS ued her bonds TO the amount
OF about thirty-one millions OF collars ; and
whereas the State OF Virginia was divided by
) tie power OF the government OF the United
States, during the late war, and the State o.
West Virginia created, embracing about one
, third OF the population and area OF the old
State of Virginia; and whereas the legislature
of the reconstructed State of Virginia did. on
the day Of March, eighteen hundred
and seventy-one. enact a law commonly known
as the funding bll.'' which act recognized
the indebtedness OF the State of Virginia, as it
existed prior to the division Of the State, and
did authorize the issuing of bonds for tWe-thirds
of the amount Of the sum total OF the whole OF
the principal and interest, including the bonds
issued before reconstruction (S7,000Ot0 in
amount,) for the unpaid interest on the whole
of the ante-war debt, funded in eighteen hun
bred and sixty-six and eighteen hundred and
sixty-seven, with interest on said interest bonds
to July, eighteen hundred and seventE-one
|, | which sum total amounted to about forty live
millions of dollars.
And whereas, the funding act,'' before
mentioned, assumed the payment of six per
centum interest OH the bonds for the period Of
thirty-fenr years
And whereas the State has not complied with
the provisions of said funding act, in providing
for the payment of interest as aforesaid, and is
in default in about the sum CT three million
dollars.
And whereas such compliance has been rem
dered impossible by the great loss of property
sustained by the people of the present State OF
Virginia, amounting to much more than one
half of all the values owned by them in eigh-
: teen hundred and siNty-one, which fact was
not duly considered or fully understood and
appreciated by the legislature which funded
the debt i'll eighteen hundred and seventy-one,
nor was such funding of the debt contempla-
the time said legislature was elected
And Whereas the revenues Of the State I'M
der the existing rate OF taxation, are not now
adequate to meet the annual interest on the
bonds which have been issued. and to carry OH
tlle government OF the State, but will amount
TO not more than one-half OF such interest," or
six Der centum interest on one-half of the
debt.
Aud Whereas it is of the first Importance
both to the creditors OF the state and the
State. that some e-adiustmentSVf the debt
should be ayr eed upon, by which the same may
he brought within such limits as the diminish
ed resources of the State will justify, to the
end that punctu.,l compliance, on the part of
the Sfate. may be certainly relied upon byahe
creditors; and where's, by the continued pros
tratien CT all the Industries Of the State, it is
probable that the taxable values thereof will
diminish. at the next assessment, in eighteen
hundred and seventy-fve and whereas, it has
been determined by the present. general as
seiGbly, that taxation in tie State is now as
| high as the people can bear, and iG IS believed