Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1877-09-11
fleas for REIMBURSEMENT and Repud ia
ton.

Pleas for REIMBURSEMENT and Repud Ia
tiOn.
l. That the present State of Virginia
Is not the same State that made the debt.
Answer: The present State of Virgin
Ia now owns, holds, and enjoys, or has
deliberately disposed of all the property
these bonds paid for.
The present State of Virginia has re-
peatedly acknowledged the debt. She
has formally assumed and adjusted it.
| IL. The United States Government
stole our slaves and set them free. The
Federal Government must pay our debt.
| Answer: Too rapid. Grant that the
Federal Government stole our slaves
The Federal Government then owes our
people tor them.
But we are not settling with the Fed
eral Government. The holders of our
bonds don't know anything about the
Federal Government. They are our own
people and our oldest friends.
A is travelling on highway with half
his wealth in his satchel. A robber steals
1t all from him ; does that settle the bill
he owes his grocer and butcher at home
| III. Our sufferings by the war give US
the highest claim for consideration from
our creditors.
Answer: Bullying is not asking for
mercy. The debtor seizes the creditor
| by the throat and says, take half or you
| shall have none! This is the story of
the wolf and stork "be thankful to get
who suffered by the war are for the most
part ruined. Their ruin can be made
hopeless only by destroying the only
thing they have left-their credit.
| ~. individuals go into bankruptcy.
why should not State become bank
rupt?
Answer No honest man will go into
bankruptcy if he can possibly avoid it.
II he must be bankrupt it is on the con-
dition that he gives up all his property.
If the State of Virginia wants the benefit
OF bankruptcy let her give up all her
public property and her revenues, let her
go into the hands of q receiver.
| V. It is an outrage to make the State
pay 100 cents on the dollar to people
bondholders-who have only paid from
SO to so cents on the dollar for our bonds
Answer: Many of our bonds are held
now by parties who paid one hundred
cents on the dollar for them. Many are
held by the descendants of those who
paid dollar for dollar for them.
/ Our States word was given that we
would pay the full amouatt to the bearer,
to the original holder or his assignee,
whatsoever he might be. We are as
much bound to the man who received
bond by will or as a gift for nothing,
as to the man who paid one hundred
cents.
vi. Everything has fallen in the value
since the war. So our creditors ought
to be willing to take less for their debts
Answer: When the money was loan
ed the State everything was about as
cheap as it is now. Much of the land
that was reached by the railroads was
doubled in value.
1t is the old story. Our debts never
grow less. Our assets always less than
we count them. But what of that?
| VII. Our people are SO poor that they
cannot bear even the present tax.
| Answer: A M IN who has no property
has no taxes to pay, except his poll-tax
People pay taxes just according to
their property. Poor people are those
who are most interested in the credit
and good name Of the State and dema-
gogues tell them they must sacrifice that
just to keep rich people from paying the
taxes they ought to pay.
| VIII. REIMBURSEMENT would reduce
our taxes at least fifteen per cent.
Answer: 1t would do nothing of the
kinds. If we re-,djust we must pay in
cash, instead of in consol coupons.
| Whoever wants to save fifteen per cent,
of his taxes has only to bring tax-paying
coupons. Readjust and pay all in cash
and you'll be worse off than before.
TX. The State has the power, and can
pay or not as she pleases.
Answer: If this were SO, it should be
the strongest reason why the State
should meet her obligation.
But tile State has no power to relieve
herself of the $50, 1000, 600 of tax-paying
bonds. And her simplest policy is to
make virtue of necessity, and do
cheerfully what she can't help doing.
In short, in no plea yet made is there
right or reason. The State has certain
assets in taxable values when it borrow
ed money. 1t has certain assets now;
and it must pay the debt or give up the
assets. 1t has no slaves, to be sure, but
it never had any. The population which
was the property of citizens are still tax
able to the State, producers for the
State and value to the State: Finally
while our land and people remain
to us, our banking capital is largely
destroyed. We have left only credit,
whereby money comes to our people to
be used by them. That credit repudia-
ton would destroy. Reputation, there
fore, or compulsory readjustment is not
only 1nfamy, but also the widest folly
State of 9Th.
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