Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1877-09-04
Mr.. Jos. A. Waddeu on the State Debt.
Messrs. John Zoa0berman, YIN. NJ. Bell,
Yna. II. Gamble, @. W. SaUoope, YIN.
z. Bush, Vim. F. Smith, James r..
Stout, a. N. Bowman, John g. Stouer,

r. Rush, Vim. f. Smith, james r.
Stout, a. NJ. BOaUnaa1o, John G. StOVer,
Vim. S. A6ney and others:
GENTLEMEN.-Som days ago, letter
addressed by you to me was placed in
my hands, from which 1 make the fol-
lowing extract:
Every many of your fellow citizens of
Augusta are DESTROYS of hearing your
views on the financial condition of Vir-
glnia, and what, in your judgment, it
becomes her to do with reference to her
public debt. The fact that you were our
Senator and Chairman of the Finance
Committee of the Senate at the time of
the adoption of the Funding Bill in 1871,
gave you unusual opportunities of I'M
derstanding that measure, and the rea-
sons which led to it's adoption" The
letter concludes with the request that
would address the people at August.
Court, the 9th.
Although l am, as you know, rather
unused to public speaking, yet did not
feel that I could decline to comply with
request SO courteously expressed, and
SO f1attering to me. I, therefore, held
myself ready until late hour on Court
day to address as many of our people as
might choose to hear me. But the bust
ness of the Court prevented the using of
the room for any other purpose, except
for short time, which was lily occu-
pied by meeting to ratify the recent
nominations for Governor, &C., and no
opportunity was found by me for adj
dressing you. I, therefore, adopt this
method of esponding to your request,
and will briefly state in writing what 1
proposed to utter more in detail in the
public assembly.
AS 1 understand your letter, you ex-
pect and desire from me, testimony rath-
er than anything else and, as thus ap-
pear before you Somewhat in the charac-
ter of witness, you will excuse me for
speaking of myself more freely than
might otherwise be appropriate. In the
fall of 1869, the people of Augusta elect
ed me member of the State Senate
While I highly appreciated the compli-
ment, I did by no means desire such an
honour, knowing that it would involve
the performance of some very disagree
able duties, from which I naturally
shrank. But, as the people had elected
me without any solicitation on my part
I went forward with determination to
do my duty to the extent of my ability.
When the Legislature met, the Presi
dent of the Senate, without previous
consultation with me, appointed me
Chairman of the Committee on Finance.
The subject of the public debt was, of
course, the prominent and most impOr-
tant matter that demanded the attention
of the Committee. Owing to the failure
of the State to pay the interest, the debt
was rapidly increasing; yet the time of
the Legislature was so entirely occupied
during the first session in re-organizing
the state government under the new
constitution, that nothing was done in
i. regard to the public Indebtedness. The
annual taX-bill. however, which was re-
ported by the Senate Committee, pro-
vided for tax on property of sixty cents
in the 500 dollars. I advocated that
amount of taxation, and if the bill had
been carried and the law had been per-
mitted to stand for a few years, there
) would, in my opinion, have been no
, further difficulty. But the Senate made
the mistake, as L think, of first appro-
priating large portion of the amount to
the maintenance of public schools, and
r secondly ofreducing the tax from sixty
to fifty cents. Let me not be misunder-
, stood here. / was not opposed to a pro-
per appropriation to public schools at
the proper time but the constitution did
not require such an appropriation for
money at that time was premature and
injudicious.
When the Legislature met again in
J the latter part of the year 1870, the ques-
; ton of the public debt again presented
itself for consideration. 1t weighed up
on the minds of the members of the
, Legislature, and especially was this true
of the Committee on Finance For N.Y.
| self can assert that had no motive for
2 acting otherwise than as public duty re-
quired. / had no personal interest in
: the matter, as I did not own a dollars
worth of state stock. But, that it was
: just debt, and that the State was bound
| by every consideration of honour, duty
} and self-interest to pay it, l did not for
| a moment doubt. And I was equally
| well satisfied that the sooner we made
) some necessary adjustment and began to
pay, the better for all parties concern
ed.
The two Committees on Finance, of the
Senate and House of Delegates, held fire..
: quent and pr0tracted conferences on the
, subject in joint session, and finally a
: plan was agreed upon. 1t was determ.
med to recommend the funding of the
principal of the entire debt of the State,
, and providing for the payment OF the
interest thereon, leaving the accrued in.
terest outstanding fora time. Ineed not
!; enter further into the details of the plan.
Mr.. Reuben Johnson, of Alexandria,
) then Chairman of the House Committee
f and I, were appointed sub committee
: to prepare the necessary bills.
The plan proposed was cordially APP.
proved by me. [ believed, and had sc
8 argued in the Senate, that, as between
us and the creditors, we were bound fol
| 4 ~, hole Io1,f hot .J,,kx
der the constitution, to provide for the
whole, and then, if necessary, sue the
g State of West Virginia in the Courts Of
the United States, for the portion she
twas bound to pay. I need not adduce
a arguments to support this view. The
Q Supreme Court of Appeals Of Virgins
:, has since then established it as correct
e (See HigginbOtham case decided in
, 1875 The law is therefore settled as fa]
as we are concerned. Every good citi
zen considers it his duty to submit te
/. and sustain the decisions of our courts
r in other words to maintain the law. The
: law is not what you or may think il
I is, but what the Courts declare it to be
e Respect for law is the foundation of oul
/, safety. Accustom our people to con
denim and repudiate the decisions of the
! judiciary, and no man will be safe, ever
ny Ills OWL ureSlue. w snail soon drill
t into that state of society where the only
1 law known Or practised is
. 1.-THE good old rule, the simple plan,
That he may take who has the power,
81 And he may keep who cam
: take it, that the decision of the Cour
D of Appeals in the case referred to, covers
e the whole ground of our obligations il
f regard to the public debt of the State
: The legal obligation being established
t the moral obligation is a matter of course
: Before the bills above alluded to, were
$ finished by the Subcommittee on FL
nance-Mr. johnson being the draughts
man,-Gov. Walker sought an interview
with me as the chairman of the Com
mittee. He informed me that from in.
). quiries he had instituted privately. he
: was satisfied that West Virginia woulc
J not do any thing at present, in regarc
| to the public debt. He expressed tht
o, inion, that it would be best for us. nm
I der the circumstances, to provide for tht
s payment of that portion of the debt
e which everybody admitted we owed