Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1877-08-03
EfsiOr Daniel Oh the State Debt
LYNCHBURG. July 80, 1877

hitherto thought proper to bring them into notice
III anticipation OF the course which the psrtv to
" hich belong might deem wise to pursue and
whose interests should be made subservient to
all personal ends. And still think il would
be better to leave the solution of tho matter to
the Legislature to which department the lew
and disbursement of the revenues belong, in al
forms of government but that of absolute mon.
archy: have slso thought that sound policy
should exclude the debt from being made \
party issue, for the reason that the conservative
psrSy contains the mass OF property. holders who
bear the chief burdens Of Taxation, andi i. would
be misfortune to divorce the power that isys inc
taxes from those wac pay them. Fremstur,
agitation of the question has this tendency.
Worthy and able gentlemen have differed
from these views, and in Difference to them, AMI
lest my. silence be misconceived, l now deilr
nv position as foilows:-
1st. l am opposed to Repudistion.
"a. respect the decisions of the courts.
81. uphold the sanc.;ty Of contracts.
4th. Much confusion Of thought has arisen
from regarding our ceb: as d homogeneous whole:
and the term sc ustmcnL' has been INTERPRETED
in sone localities to mean oao thing; in Other
localities, another. The status of tho debt bejng
first determined, think that little difference Il
opinion can exist among fair minded men Us ,o
its treatment, or as the scope, policy, and li:n.
tstion Of adjustment.
5th. The debt is di1i:ible into three norton.
each Standing on different basis. The first por.
ton is the third CT the original debt, contrsc,e
by our State before its partition; and it has been
declared by Virgins to oe the just and ca .ta
BILE share which West Virginia should assume
Its holders have acquiesced in this disposition O,
it. 1t calls for no adjustment at our HANDS
but should be left severely alone.
9Th. The sscond portion consists Of some nine
millions Of registered bonds, with accumulated
interests, excluded from operation OF the fund
ing act by its repeal. This portion has not been
adjusted. 1t should be. l think it would be in.
judicious to extend to these bonds the terms Of
government. But overtures Of settlement with
the State have been made by the holders. They
should be met in g spirit O. comfy. and o.her
terms mutually honorable and adyentageous
fixed upon and adopted.
It'll. This third portion embrace; twenty mi.
lions of bonds with six per cent interest coupon;
attached, made by law receivable for taxes:
to the holders Of thirty millions of Cd bonds
who yielded them up-deducting one third 0!
their claim, and accepting tho terms of con.
promise and REIMBURSEMENT which Virginia h?-
self offered.
l opposed snd voted againa: the finding acs
dition should tie her hands and lock up Fer :ey-
enues by irrepeasble legislation Bal TIE sc.
passed, and the matter immediately assumed new
relations. A subsequent Legislature. Of winch
was not member, repealed Il with vie" !)n
different adjustment With the holder; Ct th"s;
bonds. The Supreme Court Of Appeals G! III.
ginia, following O series Of decisions Of -. Ft!
eral Supreme Court, daclsrAi the repeating ~
tus unconstitutional AID void US to the boH!. =.
ready funded, and the terms already scceE.-I
b. their holders to be unsterab!s save By tn"t:
consent. Besides, be it remembered. t!.. tn
State has acqu!esced in the adjudication, tn
Legislature recognized lis binding torco AM 10
people st largs hsve svsiled themselves Of B;
using the medium cf cOupons-chea2o: lhIH
money-to psy their taxes.
S.h. Now after sll that has been, or al g.
said on the subj sct, it lies in nutshell, thu
(ls!.) The third OF the debt assigned To We.
Virgins needs no adjustment.
(2i.) The unfunded portion 81 agree ca 81
should be adjusted.
(2d) The third or funded Portion 81 r!U::
concede has been adjusted. sad caHno. ~ r.
adjusted without the creditors assent.
None deny this p!sin honest truth; Ell !h@
few who hint the contrary are silent when r.
minded that even if new Judges were pa. ." car
Supreme Court; or were the State cons.l.-:Io"
amended so as to e7ade lis former decision, ="
constitution of the United States would slii! r..
main iuhcyible, end the Federal Supreme L"G'.
would sternly enforce il.
0th draw the line respecting A:ju.tE&Gt
precisely where the Federal and Safe co:::.!l'
lions alike draw it. They forbid tho State legs
latu:e to Pass any Law imparing the ob.!gs"oa
of contr acts" Federal AMI State Supreme
Court; have alike decided that the engaSa.r:a.
O: State TO receive il securities for taxes = =
contract" which caHnGt re impaired mHcA !"i5
snnuiled.
10Th. Any honorable adjustment th.t d'cs -.
violate the constitution AID our oaLhS - airppr.
it would hsvo my hearty cooperation. l: i "a"
part Of financial wisdom 10 seek 1t, and la@ D1a''
ness interests OF the State require speedy settle.
nent Of this vcyed issue.
1leh But Oh effort to exercise arbitrary p)"'
or TO attsins result which the constitutions CT our
State ard country solemnly and lnlpeTa.ive!y
denouncn, ! noed scarcely say to al intelligent.
high minded, and law abiding people "uI"!
plunge tho Commonwealth into g VORTEX Q: e&'
pensive. acrimonious and li.igious strife "iI"n
would waste timo and money, parsyz, bu:i"s:
and inevitably ruin her reputation AND c'5i.r
without, by any possibility, saving her coI:T.
TO foment such strife would be, in the !HS: d''
gree, unDatriotic.
18th Deeply synlpsthzng VITA ou7 p4o?r
having never held u State bond in my H', o.
had any interest in the debt savo to help N -
humble way to pay it, l should, with 81 G..'''
otto mon, welcome q practicable, hOao:"or
eglitablc, and constitutional scheme to co%s"I'
d Ate, rearrange and cqualizo cur irdeb.eINc.',
upon basis moro convenient in form, AID c'
burd ansome in substance, and would c2:d s''T
aid its contamination. But clearly any sHeH
plan must have its origin and sanction IN !A'
on firm State credit. upon constitutional +"
thority, end upon acceptabilty to the homes
1n2:ses Of the people. All hopes Ct It: p1i:'o'%
success disappear with the first thrcs.enl&si oI
force, intimidation, or reputation.
18th. 70 the end. therefore, that In! s'IJ%:
be approached with dignity. conservatism, M!
that high sense of responsibility when be''tai'
a noble people, il-tcmper should D. a'1"'
elimination End rs.crminstion shoud cease. ="
suggestion should be given fir he.cns, !':-
erlsh agite.io1s should BIZ soothod, aad ih' "I,"
matter be rsf,rre1 to the Legislature abl". =
BIO elected, wherein the wisest and pares. Enea ~
tho Commonwealth should be assembled -
the peoples represe natives. and to .heIu;c: ~
liberation CT tho Council Caambe: let /, b; ~
mittcd.
14th. Above all things, we should nod "
you'd the bighting touch Of reputation u,
honor of our state, which the trials OF ce1!H';
and the shocks Of revolution have lcIt wi:ay1'
q stain. And as one family, who c1efL'H IT,
ties Of lfs and history that bind us IN comm.
lot, we should subordinate self to State, 81 '"'
care that Wo war not with ono ano.hc:.
Very truly and respectfully yours;
Jous W. DANIEL
MINISTER PlERREpONT desires it 10 be u".
iers.ood that be has not had arm0Ila oe"HoS'
BAIT