The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-08-09
Virginia and her Debt.


The following communication appeared
in the Richmond Dispatch of the Goth. The
views expressed and conclusion drawn cor
respond with what we have announced
the people Of Virginia to settle this Debt
question, and to settle upon basis of JUS
tice to both parties. We, however, could
not endorse the proposition for reference to
Tilden and Hunter. The latter never enter
| tanned practical idea in his life. And as
for Mr.. Tilden, the country has had most
too much Of his financiering. He is not the
man to appear in the interest of equity and
fair dealing anywhere or under any circum-
stances. A Board of Arbitration, composed
! Of the right kind Of men, is very good sug-
gestion, however.
SAINT PAUL, July "a, 1877.
Editor Dispatch: Through the medium
OF a friend have lately received several
copies of your widely circulated journal, and
| have been much interest in the perusal of its
news columns By reason Of certain associ-
alton have always taken great deal Of in
terest in the grand old State of Virginia
Nor is mine an isolated case. For .travel
where you may over the Union, or even in
Canada, and it will be found that the people
as a class respect the name of the Old DOM
inion, and take pleasure in studying the his
tory Of the State and inquiring into the pre-
sent status of affairs within her borders.
During the past decade have travelled in
most all the States, and have met of course
hundreds of men who served with either the
Federal or Confederate armies in Virginia
during the late civilwar. These men were
almost universally pleased with the general
advantages of the country, and have acted
as good advertising medium in the way OF
rendering her people popular, as we'll as IN
citing spirit Of emigration to the State.
I have been specially interested in the
news-matter of your columns relative to the
approaching political campaign in Virginia
and the predominating issue of some-the
public debt. As an outsider, who can view
matters from an impartial standpoint. am
free to say that an extended observation
justifies me in expressing the opinion that
the people of Virginia can lily afford to let
this great question, SO vital to their interests
remain longer in its unsettled condition. 1t
it is gigantic question: problem that no
ordinary Craftsmanship or financiering tai
ent can solve-but the present and past high
reputation that your people sustain for de-
termination, energy, and honesty OF purpose,
added to unquestioned fnanciering ability,
will greatly suffer if they do not lay their
hands on this public-debt question and set
tie it promptly, intelligently, and finally.
Many good man residing In the North and
West have heard say: $50 soon as Virginia
settles that public-debt matter l am going
down there with view OF investing and 10
eating" Thousands OF capital is waiting at
the doors Of Virginia for definite action on
the part Vt her Legislature. Capital is al
ways cautious, and is from the nature OF
things extremely slow to seek investment
in localities where it is impossible to deter
mine what few years may develop in the
way of enormous tax-levies, continuous
wrangling, and final bankruptcy Hence
sincerely trust that such journals as the DIS
patch, which must to a preponderatlng de-
gree shape and control public opinion, will
see to it that the coming State Convention
places broad and emphatic public-debt
plank in its campaign platform. 1t is very
probable that Virginia, as she now stands,
could not bear the burden of all the old ante
war-debt, nor should she be expected to 10
so. West Virginia must assume her just
proportion. If her legislators have not the
honor to compromise with the present state
of Virginia upon an equitable basis, then the
for instituting and adhering to a compromise
with her creditors based on the assumption
that fair proportion must be arbitrarily al
lotted to West Virginia. The State was
created by violent and illegal act of the
Federal Government, and [ believe the hold
ers of the old Virginia State bonds will be
willing to compromise pro rata with that
State, and take their chances of compelling
payment OF the remainder from West Virgill-
ia and the United States.
Virginia cannot afford to repudiate her
debt outright. That will never do. The
State will be greatly the loser in the long
run. She will have no credit at home or
abroad, and will lose the respect and sympa-
thy of all honest businessmen. Capital and
all desirable Immigrants will cease to enter
her borders, for both will naturally avoid
investments or business connections and as
sOciations with people who deliberately
repudiate their assumed obligations. Let
the proper authorities request such men as
r. M. L. Hunter, Governor John 5. Phelps
Of Missouri, Tilden of New York, and Lem.
Say of France, to take hold Of the matter,
and feel assured they will devise settle
ment Of the much-compiicated question
which will be favorably received and acted
upon by all parties at interest.
Then will come the golden era for Old
Virginia. People from all over this coun.
try, as well as from England and Germany,
will pour into her borders, attracted by her
unequalled climate, varied productions, fish
cries, &c. Why, the gold mines of Virgin
ia, if developed, would yield revenue suffi-
Gent to pay off the State debt in ten years.
There are hundreds of farmers in this State
and Wisconsin who want to emigrate to Vir-
gina, and will do so just as soon as that
public debt business is settled. Some are
even going anyway, and more will follow
this fall. They can't stand these nine
months winters and the grasshoppers com
bined. And will conclude by saying that
your humble servant is merely waiting for
Virginia to straighten her finances out to
take up his abode within her limits.
NORTHWEST.