Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1877-07-27

bridge was paying. Which county would
the immigrant go to!
REMARKS OF MIR. DAVID S. YOUNG.
Mr. Young thought the present V lfglhla
was not the same Virginia that contracted
the debt before the war, and while ne WAS
no repudiationst he wanted that JUST ice W
done though the heavens fall. He wanted
hate thee before the Judge and the Judge
cast thee'in prison." The prison OF the
creditor could not be worse, than making
| us paw this debt, but he added II am no
reputation ist.'' (Great laughter) lie
said he didn't profess to be much OF IA law
yer, but he laid down the proposition as
unimpeachable, that when bona IS mace
| the creditor takes the risk a. well as the
| debtor. Would there be any dishonor IN
saving to the creditor we will pay all we
can Z? (Cries of noD Mr.. Young dWelt on
the losses of the four years OF war NC, to
show Virginia s inability to pay.
JUDGE JOHN II. McCUE.
Judge McCue dwelt eloquently on the
outrage of dismembering Virginia and her
impoverishment by the war, but said there
could be no adjustment of debt without
the consent OF the other party, and ne saw
no way of getting relief save through the
generosity of our creditors-a generosity,
Judge NJ. thought, ought to be excited by
| the sufferings through which the State had
passed.
| REMARKS OF HON. MARSHALL HANGER.
MI. Hanger said this was not a political
question appealing to the emotions and
passions of men, and he was sorry to see
the excitement it had occasioned. AS for
myself, | am debt-paying man, CHEERS y
l was adebt-paying man in 1871 and have
been one ever since, CHEERS y 1 voted for
| the Funding Bill as the best adjustment Of
the debt obtainable, and l voted for a tax
to carry it out, and have not seen day
since that would not have done the same
thing. Tremendous cheering) 1t is ar
gued that Virginia ought not to be held
responsible for this debt; l voted for her
going out of the Union on the principle
Chat was involved, and to-day have no
regrets for that vote, (applause,) but UNI
dertake to say here to-day that the major
ity of this debt is held by widows and Or
phans, who were i'll no wise responsible for
her going out, and by Englishmen, who
had nothing to do with Virglnla's seces-
sion. This question OF the hour with us,
is not one to be decided by passion or feel
ing. nor by sentiment, but by the cold and
Interchangeable facts that look us in the face
from the record-and ] propose to look
them in the face The State debt of Vir~
ginia was recognized in the Alexandria
: constitution, which was the legal govern
ment Of Virginia, no matter how wrong
fully it got there; it was recognized III It's
entirety, and the recognition is found in the
9th section of the 4th article of that con-
stitution. (Hele the speaker read the sec
tion) Mark 1t recognizes the a0bole
debt. In 1865, the best General Assembly
that Virginia ever saw, among the mem
beers of which were John Baldwin
and other distinguished men, declar-
1866, it provided for funding the inter
est already accrued on it. In 1915,
the Legislature assembled and found
what? Why that the debt was recognized
as an entirety and a constitutional provi-
, sion that it should be settled. Of this
. Legislature, MI Waddell was in the Sen
ate, and the late honored Senator A. B.
Cochran Was in the house. After d labo-
rious session, the Funding Bill was passed.
The fact that Virginia owed the whole
debt OF S45 900 coo, Was recognized every
where, and this bill proposed to the credi-
tors that if they would take her bonds for
0 two thirds of the amount due them and d
: certificate of the fact that West Virginia
owed the remaining one-third, Virginia
o wouli issue bonds for the two-thlrds pay
: able in thirty-four years. Now, was there
: ever in legislation more fair, equitable
: and rable adjuS tment wi h a creditor
f Virginia was absolutely relieved of the
: payment of the one-third, and that it was
' so have never, until recently, heard ques-
toned. The adjustment was made under
the requirements Of the constitution.
n A voice-Read the bill.
e Mr.. Hanger.-I haven't a copy of There.
: There we're amendments offered to it, but
they. were voted down as not necessary.
v Mr.. Turner, the Speaker of the House, of
t fered one relative to the release OF Virgin
l ia and / voted against it because it was I'M
necessary. That release was complete in
: the bill. If Virginia was not released there
was no necessity for any funding bill at all
; and it accomplished noJhing. 1t West Viz
i ginia pays, then Virginia pays it over to the
creditor; if not she pays nothing. AT that
Il time so cents in the 800 would have paid
$ the interest, but 10 cents had to go to the
/ public schools. Sixty cents would have
E done it. Seventy cents would do it now
and pay off everything.
A voice.-Pay all?
i Mr.. Hanger-Yes, pay all and the man
t who owns property in the State and is not
willing to pay 10 cents in the 500 to main
); tain the credit of the State ought not to
n be regarded at all. (Deafening cheers.) l
own property in Staunton on which l pay
) $175 taxes and l would pay twice that
e amount before l would see the State
!, dragged down into the mire of reputation.
IS (cheers.) If the legislature had rails
ed the tax to 60 cents then to pay the
$ expenses of the government and left
d the ten cents for free schools to i'm
|
! any difficulty. If the legislature had not
since made two illegal reassessments Of the
e land striking out from taxation $50, 000,e 600
of property we would have had money
enough.
/ This is my position and ever will be.
t IT there were any way to adjust, in
: the name of God l would be the last man
to oppose it, (Applause.) The legislature
y Of 1872 made the attempt and failed, Gov.
IL Kemper undertook it and failed, Gen. Dick
: Taylor, now citizen of this State, but no
an owner of it's bonds. after going to
! England and comforting with the bondhol-
ders came back and conferred with the FL
nance Committee OF the legislature and
failed to devise amy acceptable scheme of
) adjustment. And why? Because those
bondhOlders whose coupons are receivable
for taxes, hold a Self-eXecuting contract
and are not going to surrender it. 1t is
the same as if you owed me $4,000 and
had given me a bond for it, You don't
pay me and then Iagree to reduce the debt
to two thirds If you give me q deed of trust
on your property to secure me. And then
you come to me again ana want me to
surrender that security and take another
bond without security, do you think |
would do il ? Do you think any of you
would do it !? There is not man within
the sound of my voice that would do it.
How then can you expect others to do what
you would not do. The only adjustment
that know of that can be made is to re-
peal the repeating feature of the Funding
Bill and then levy tax and march up like
men and pay all our creditors alike. (Pro
longed cheerlng.)
REMARKS OF S. BROWN ALLEN.
Mr.. Allen il response to calls said that
| to find an honorable and permanent SOlu-