Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1877-08-21
Ex-Governor Smith and the Public Debt

The True Lader, published in War
renton, Fauquier county. in its issue OF
last Saturday, publishes lengthy letter
of Elk. Governor VIM. Smith, in response
to call to become candida te for the
Senate of Virginia, and in answer to
questions propounded in reference to the
payment of the public debt of the State,
from which we extract the following:
II have heretofore and now state, that
my decided preference is, if am to re-
main in your service, to continue as
your Delegate, that I might by discus
sion and intercourse more effectuaily
satisfy you that you ought to give
hearty support to the act, popularity call
ed the "Moffett punch BILL" as it is be-
lieved it will supply all the money re-
quired to pay full interest Oh the public
debt, and too, without an increased tax
on property that you ought for your
own interest to approve the law for the
protection of sheep; and also the law
for keeping in repair the public roads.
But, if the Senatorial Convention which
is to assemble here on the LIST of Septem-
Der should tender me the nomination,
would not decline it,"
After quoting the constitution show
ing that it requires the Legislature to
provide for the payment of the debt, and
after giving the history and chacter and
effects of the Funding Bill, the letter
proceeds as follows:
''The advantages of; this arrangement
were our discharge from one third of the
common debt. and extension for "a
years, that we might have time to recov-
er from the cruel effect of our previous
War.-This many claim to be very val
liable accommodation, as many, at all
familiar with business life, will readily
admit.
But this adjustment was violently as
sailed, and the funding act was repeal
ed as far as the 'peeler debt" was con-
cerned. The DIRECTORS proposed no SUBJ
stitute, and have not to this day. They
charge the funding act was carried by
corruption, and to this day no effort has
been made to establish the charge. This
sort of warfare is unbecoming the states
man and is grossly defamatory and un-
just. The Constitution requires us to
provide for our debt, and if we do not
we are not only forsworn but wilful and
deliberate regulators. Non-action is
reputation. An attempt to escape, in
any way, from an honest debt, conse-
Grated, too, by the honor of great State,
is reputation. From this there can be
neither evasion nor escape. The cry
that we are unable to pay is fallacious.
The Auditor tells us that our debt is,
consol debt $50, 237 OILS, "peeler debt"
So, 252, BOSS. On the consol debt the in
terest is 81, 215, 220.95. and on the "pee-
Ter debt" $555, 1873, amounting to an ag-
gregate of interest of 81, 1853, 1853, on
which there was paid 81 ,1O3. 254.02, leav-
ing something upwards of $500, 900 to be
provided for. The Auditors balance is
S61O, 691.S9. Shall it be gravely said that
Virginia with 1886, 4s4 ,466 of real and
personal property cannot raise such a
petty sum as this. But we have al
ready provided for 100000 of this
amount by reducing the expenses of the
State Government, and the friends of the
Moffett punch bill verify believe that it
will easily supply the entire deficiency
and render it entirely unnecessary to
further burden property. Indeed
learn that the Moffett punch bill is in
full operation in Richmond, and that
each machine has been turning out for
the State S. an hour. In conclusion, |
for both time and space admonish me to |
bring my remarks to q close, I am for |
meeting our debt, because it is called |
for by the honor of the old Dominion,
can be.doneIwithout burdening property, |
and may arrest internperance and in
some cases, rescue the drunkard from
perdition. Let US then with manly de-
termination and fortitude try it and all |
will be WELL
Before leaving the subject, however,
in treating which have confined my
self to the funding bill adjustment. it is |
right that I should say that there is ev-
cry reason to suppose that our creditors |
would allow us still more favorable
terms, if we could satisfy them our con-
dition was such that they could rely up
on our faithful execution of any new ar
rangement into which we might enter.
But until this fact is clear, with an ex-l
listing engagement broken, 1t is in vain
to hope for any improved adjustment.
I am in favor of the Moffett punch |
bill as have before stated, hoping and |
believing that it will supply us with all |
the money we need,H