The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-09-20
A Present DUTY.

upon the Public Debt question. One party
construes the maintenance OF the "public
faith y OF Virginia to mean the enforcement
OF the Funding Bill law, as originally passed,
and the restoration OF the holders of the I'M
funded bonds to the equality held before the
enactment Of the law repeating the funding
clause of the bill. This construction neces-
sarily implies an increase of taxation suffi-
Gent to cover the present deficit, which en-
braces the interest on about 10000, 900 at G
per cent, and the amount diverted from the
School fund to other purposes of govern
ment. The entire annual deficit is not less
than $780, co., Further than this, in order
to maintain spublic faith in the manner
the friends of the Funding Bill contend,
provision will have to be made so dispose of
the aggregate amount Of defaulted interest
and the other items constituting the deficit
amounting to about six millions of dollars.
The necessity of some provision to absorb
this is just as essential to maintain ''public
faith - as to provide for the prompt pay
ment of interest on the $30,O00,0O0.
We consider that no more violent breach
of public credit and public faith was ever
perpetlatcd by any government than is
found in the diversion Of the Public School
fund, such as has been quietly tolerated, if
not sympathized with, by Virginia. The
Constitution is imperative in its direction of
this fund, and its diversion is one of the
most fragrant invasons Of Constitutional
rights and assaults upon the sanctity of law
ever famed before the eyes of a civilized
people.
To maintain "publc faith - in the method
proposed by this class of thinkers, is to dis
regard the clause in the platform that de-
mands tie Limitation of the expenses Of gov
eminent to the revenues derived from the
present rate of taxation, and the declaration
| Of Col. Holiday in his letter to which we
have referred, pronouncing against an in
crease of the rate of taxation on real and
| personal property. If these positions were
not designed to mislead and deceive, the
"pub!ic faith" as explained by the extreme
Funding Bill men, is meaningless express
sion. The two positions are antagonistic-
| that held by the friends of the Funding Bill,
and based upon the clause of the platform
that demands the observance OF the "public
faith,'' conflicting with the declared views
of Col. Holiday, and the other provision of
| the platform that requires the expenses of
government to be brought within the capa-
city of the revenues derived from present
taxation.
We are disposed to give the most rational
and legitimate construction to Col. Holli-
days declarations that they are capable Of.
He knows "public faith - is not maintained
by the diversion of the School fund in the
face of a positive Constitutional inhibition.
He knows "public faith - is not maintained
in discriminating against one class of obli-
cations, OF almost sacred dignity, and. in
| favor of another, tainted all over with fraud.
He knows that "pubic faith " is not main
tanned by the operation of law that de-
stroys the credit of the State and excludes
her from commercial confidence, as EVIL
| denced by the refusal of the banks to nego-
tiate her paper. An empty treasury and a
marred credit is not the highest type Of
spublic fath,' brought about by legislation
that there is neither legal nor moral obliga-
ton to sustain, because of impregnated
fraud.
Certainly not in the history of this coun-
try has there ever been such arbitrary and
despotic assumption of power as was exer-
cised by the Legislature that passed the
Funding Bill. There never has been before
an instance where the sovereign right of the
people to control the revenues Of the State
was so ruthlessly invaded, and the power
taken from them for thirty four years, with
out consulting them. Had Constitution
been adopted and fastened upon the people
by legislative action without reference to
them for ratification, it would not have been
near so monstrous in its violation of the fun
damental principle of free government as
was the passage of the Funding Bill. Not
only was the act itself legislative mon
strosity, but the means resorted to for The
purpose of consummating it We're, il posi-
BILE, more obnoxious to the right and dignity
of citizenship. Remember, the Legislature
that passed the act was not elected with ref
erence to any such legislation. The bill and
its provisions were never discussed before
the people. They knew nothing of it. They
gave no authority to destroy Their sover-
eighty and deprive them of the control OF
their own State for a generation to come.
After it was passed, the sanction Of the peo-
pie was never asked. And it was because
of the anomalous and INDUSTRIOUS character
of the bill that the extraordinary agencies to
effect its passage were resorted to. 1t was
the proper kind of a bill to be associated
| with bribery and corruption. 1t had to be
consummated by that Legislature or never.
| The stock-gamblers had invested their money
| in Virginia securities at one-third their face
value, and in order to realize their contem-
plated profit, it was essential that Legisla-
ture, some of whose members We're adven-
turers and cared nothing for the State, and
others incapable of comprehending the legis-
lation, should act upon it. The spectators
knew that if ever the people had opportu-
nifty to give expression to their sentiments
with reference to so grave question, their
designs would be frustrated. And for this
reason the monstrous crime was completed,
and the great wrong inflicted upon pros
trate and impoverished people.
There is no ''public faith which de-
mands that such an outrage should be re-
spected. There is no principle of right or
justice that should control Individual or
government action, that requires that law
so permeated with corruption should be held
sacred. We cannot, therefore, believe that 1t
is Col. Holidays Interpretation Of ''public
faith - that the State Of Virginia should con-
tinue to suffer under the operation of law
that violates all the demands of public honor
and the very fundamental principle of rep
resentative government. Republican insti-
buttons are a mere mockery if the people
can be thus bound, and the State made the
slave of stock gamblers and corrupt specu-
lators.
The people have a right to repudiate such
| legislation. 1t is their duty to revolt against