The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-10-18
A Depleted Treasury.

We noticed last week that Gov. Kemper
had ordered that the moneys of the State be
withdrawn from the First National Bank and
the Union Bank of Richmond. The reason
for SO doing was that Jno. j. Davenport. the
president OF those institutions, had declined
to loan the Commonwealth 100000, upon
the ground that the State did ''not offer sat
isfactory security" The funders seek to
convert this into an evidence that the read
justment movement has injured the credit
of the State. Papers outside of the State have
taken hold of the case as thus stated by the
funders, and are warning the people against
the effects of the views they have determined
to reduce to practice of readjusting the
State debt.
The real cause of this distrust Of the State
is the working of the funding bill. The bank
ers know that there is not enough money
paid into the treasury to meet the expenses
of government. The coupons attached to
the funded bonds absorb the taxes. and
hence the robbery of the School Fund and
the impairment OF the machinery of govern
ment. The recent difficulty in borrowing
900, ZOO experienced by the State autlor-
ties, is one Of the strongest arguments yet
presented for readjustment in accordance
with the recommendation of the Richmond
platform. that the expenditures of govern
ment be brought within the capacity of the
present rate of taxation to pay.
It is useless to argue the question of an
increase OF taxation. The people do not in
tend to submit to this. They have had their
hard earnings dissipated to no purpose long
enough. They have determined to have
economy and retrcnchment in the admins
tration Of State affairs. and readjustment in
this respect as we'll as in the nature of the
debt. The creditors must be placed upon
an eauaIity-the default in interest must
stop-the schools must no longer be robbed
of what the people pay into the treasury for
their support. When policy is adopted
that will effect these results there will be no
difficulty about the credit of the State. 1t
will regulate itself. If we had honest and
fair dealing at Richmond, and wise iegisla-
tion, there would have been no occasion for
the humiliation now experienced: by the pro-
test Of the State obligations. The Funding
Bill and those who support it are response
bic for all the harm that has been effected,
and, until readjustment is effected. the
harm must grow and continue. The people
propose to remedy these evils. The politi- |
clans have brought them about. The people
haye become alarmed, and are firmly re-
solved to avert the plunge to bankruptcy.
Those at distance can rest assured that |
there is no Reputation contemplated. It is
to preserve State crcdit-tlcal fairly and |
equally with all creditors, and respect the |
Constitution, that the people are aiming at.
They cannot do these things unless they |
throw overheard the ring and caucus poll
ticians and take charge of the legislation OF
the State. 1t will require little patience,
and then the whole world will know that it is
an honest desire to maintain public faith,
and preserve State existence, that is at the
bottom Of the present popular uprising.
The Vindicator quotes from the VIRGIN
- h. kokn 1o1t |