Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1877-10-05


our platform which binds us to preserve |
the honor of Virginia, (applausel. When
the Highest Court of the land makes de- |
cislon 1t becomes the supreme law of the |
land, and when man attempts to violate
it his attempt reaches not only the sacred
ness of contracts but the safety Of his own
right to his own property. If the highest
law of State is violated where is your own
safety? But this issue was begun in
another quarter of the State, not here and
was not intended to relieve the people OF
their burden. The movers knew that
any attempt at forcible adjustment would
be stopped by the Court OF Appeals and if
the Court of Appeals were swept away the
United States Courts would intervene.
Adjustment can't be done by bullying; it
can only be done as one business man
would settle with another. If you go to Il
State creditor at the North and say Il
want you to compromise and if you don't
bust me if l pay you cent he III say just
as you would say, ''Well ii this is the way
you talk, you just go away. You do the
best you can and I'll do the best [ cam"
WHAT A FINANCIER NORTH THINKS.
The speaker said he had become a can
| didate for the legislature in the earnest
| hope of aiding in an effort to relieve the
| State of her financial trouble and he had
| beenlooking into the matter to ascertain the
| feeling OF financial men about adjustment.
He read from a letter OF the President OF d
large monled institution North, giving
his views. The writer said that it was
important that Virginia should put all her
bonds on the same footing in the first place
and then offer a settlement with the hol-
| ders. He thought the people of Virginia
could offer 81 or per cent bonds in ex-
change and he thought the bondholders
might accept the offer, The agent of
Barring Bros, of England, had told the
writer that he thought the English bond
holders would be satisfied with 81 per cent
and the writer adds that "the people of
| the North and of Europe are exceedingly
anxious that Virginia should make aquick
and honorable settlement 1t is for such
reasons and expectations. said Gen. Echols
! that he thought the next legislature should
| not raise the taxes and it WAS with the views
| he had given that he had become cand-
date for the legislature. cloud applause.)
| HON. MARSHALL HANGER
followed, saying that his legislative re-
cord was before them, and fol- it he had no
| apologies to make, for it had been the re-
| suit OF his honest convictions, and the
| most intelligent view of the matters in
| volyed 1t was within his ability 10 take.
| He had no promises to make, for it had
been his legislative experience that the
| men most promising before they got there
| rived (laughter). He would say at the out
set that he was debt-paying man, and OPP
| posed to all evading Or lodging obligations,
| whether they were national, State or in
dividual, and this conviction was the re-
suit of Christian edL cation, which taught
him that honest obligations are to be hon
estly metz principle that is as high and
| indestructible as the mountains that sur
round us. He said the debt of Virginia in
1860 was $4,000, 600. 1t was recognized
| by the constitution OF the Peirrepont gov
eminent, and it became IL constitutional Oh
Eqation, and the legislature that followed
recognized it.
Judge McCue-Did that legislature re-
cOgnize the whole debt?
MI. H;nger-It recognized the hole of
the S32 000,00
MI. Hanger, continuing, said that then
came the Underwood constitution adopt
ed by the people in 1869, which also re-
cognized the whole debt as due by the pre-
sent Virginia, and required the establish
ment of a sinking fund for its gradual Ii
quotation. When The legislature of 49,
10 assembled, of which the speaker was
member met it postponed providing for the
debt as required by the constitution as long
as it could, and finally passed the funding
bill. The debt, which in 1860 had been
$50, 900, 900, amounted in 1870 to s45 ,UOO,-
900, from the following causes. The le-
gislature of 1856 had funded 81, 1884, 90 of
| interest, and there was no escape from it,
| thus making the whole debt $50, 75S. 900. TO
this was added by funding, interest which
had accrued, nearly "a 500, GOO which made
the whole debt in 1870 about S45 ,00G 900
BY the Funding Bill one-third was set
apart for West Virginia which reduced it
to $50 0O0,0OO and of this $20,0OO,O00 was
funded.
West VIRGINIA's SHARE.
| Mr.. Hanger here remarked the pests
| teace with which it was claimed by some
| gentlemen that the one-third had not been
gotten rid OF ard that that was not the
intention of the bill. and read the whole of
the Funding Bill. preamble and all to show
! their error. The preamble sets forth in
explain nation OF the reason OF the passage
of the bill that it is ''to enable West Var.
| gtnia to settle her proportion Of said debt"
The bill WIS matter Of law and contract
and the creditors who accepted the West
| Virginia certificate could claim nothing
from Virginia.
RETRENcHMEhF,
Mr.. Hanger said the counties ought to
bear there own criminal expenses and
showed where the Valley suffered by til il
| being borne out of the State Treasury
| Al5eatarle draws 81 ,2U3 and Elizabeth CITY,
IL very s;,,ali county, $1,000 yearly out of
the state Treasury for their criminal ex-
penses, while oyer ilefc Bath only draws
SITS and Allegheny 1921 ana thaRt is the
proportion all through the list. 4 change
in the law would place these expenses
| where they belong. In conclusion he said
] that he had ever favored adjustment if it
woo tor M ntb mill JoJl
| moment before the courts. He had not
! the same confidence in our ability to get
| such favorable adjustment as Gen. E. had
spoken of, but his earnest effort would be
to secure it and the retrenehment in the
government.
A voice-Ale you aware ofany improper
Means used in procuring the passage of the
Funaing Bill +?
Mr.. iIanaer--I know Of none, and never
heard any ihtinsatayd1 until months after it
beci me a law.
Judge Isn't it fact st. thirty
members changed their votes in night
Mr.. Hanger-l cannot say but it may
have Deas; 80, | don't recollect how mem
beTS voted.
CAPT. 1NG. 4. GFIE
followed He thought no p}s4 Of 4lay heart
recollecting her losses could ask Y j. g;tai4 /
to pay the whole of her debt. His hearers
would recollect the opposition OF the mar-
csiants to their tax and how the whisky
manufacturers fought their tax, how the
bill to tax eisGrat,es got only seven votes
and that is the was' with all-lawyer,
editor, banker, all want tia3 safe debt |
paid, SO you don't tax them to &c IT, iAr~ !
plause.) Still like Macbeth they cry. "lay i
or Macdutf, and damned be he who first !
cries foif epough.' AS for the honor of |
Virginia. the speaker had fought four
years to preserve It, as@ here he would |
remark by way Of paresaShesfs, that if he
ran as well for the Legislature as he do at |
Piedmont, he would certainly land in
Richmond. lGreat laughtari The honor 1