The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-09-06
Mr.. Waddell's Address.

Jos. A. Waddell; Esq, at the solicitation
OF number Of prominent citizens of the
county, publishes in the last issue of the
Spectator an address reviewing the history
OF the Funding Bill and the present condl-
ton of the State as it relates to the Public
Debt. We regret that its length precludes
its publication in our columns this week.
We may find room for it hereafter, and
until then we forbear any general criticism
oft, il such should be necessary at all.
While we have great respect for Mr.. Wad-
dell and the fullest confidence in the purity
of his motives, we do not think he has made
strong case in his defense OF the Funding
Bill, nor arc his statements and reasons such
as 10 convince the people that justice to the
State requires that the legislation arresting
the process of funding should be rcscindcd,
at least without some cotemporancous ar
rangement by which the peoples interest
would be consulted, as we'll as the creditors.
We recognize the injustice that is imposed
upon the holders of the unfunded bonds.
but this was the result of the monstrous in
justice to the people Incorporated in the Fund
ing Bill itself, and the arrest of the operation
OF which became a matter of life or death
to the State. We think it possible tina. the
present inequality of the creditors can be
obviated, or corrected. and at the same time
protect the people from the wrong inflicted
upon them in the Funding Bill. 10 do so,
would necessitate a concession upon the
part OF the holders of the funded bonds,
and If they are really as sincere as they pro-
fess to be about justice and right, and the
honor of the State, they would not hesitate
to make such concession. Money is seeking
investment in per cent. U. S. bonds, sew
enty millions having been SO invested with
in the past few months. This now may be
regarded really as standard of interest,
and when the condition OF Virginia is con-
sidered, and what she has endured. we can
see no sound reason why her home creditors
should not be willing to extend to her the
same terms that are accepted from the ma
tional government, especially when other
than Virginia creditors would checrfully
agree to or 81 per cent. bond. We have
it from undoubted authority that the agent
of Barring Bros. has intimated that such a
bond would be entirely acceptable to the
English bondholders, and that the creditors
of Virginia in the United States, outside of
Virginia, would surrender their per cent.
evidences of debt for a 81 Or 4 per cent.
bond, If satisfactory assurance were given
that the people of Virginia would be salts
fed with it. We are sure they would. and
that the interest on the public debt, as thus
adjusted, would be promptly met. The only
objection would come from the few Virginia
holders OF consols, with tax receivable cou-
poEs, whose patriotism and love OF State are
measured by the amount of the claims they
hold against her, and protest any sacrifice
to preserve the ''honor" they pratc so much
about.
Mr.. Waddell's address is open to vario lis
objections, bnt we have not the disposition.
without giving our readers the benefit of his
views in fall, to point them out.