The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-09-13

1
| by you to me was placed in my hands, from wnlch
1 make the following extract;
| Very many OF your fellow citizens OF augusta
| are DESTROYS of hearing your views on the finan-
cal condition OF Virginia, and what. Ill your ludg
ment, 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
understanding that measure, and the reasons
which led to its adoption" The letter concludes
with the request that would address the people
Although am, as you know rather unused to
| public speaking, yet did not feel that l could
| decline to comply with request so cOurteously
| expressed and so fiattering to me. l. therefore,
held myself ready until a late hour on Court-day
to address as many of our people as might choose
| to hear me. But the business OF the Court pre-
vented the using OF the room for any other pur-
pose, except for short time, which Was fully oc-
| tions for Governor, &C., and no opportunity was
found by me for addressing you. I, therefore,
adopt this method of responding to your request,
| and will briefly state in writing what proposed
to utter more in detail in the public assembly,
sire from me, testimony rather than anything
| else; and, as I thus appear before you somewhat
| in the character Of witness, you will excuse me
otherwise be appropriate. In the fall of 1852 the
people ofsAugusta elected me a member OF the
| State Senate. While I highly appreciated the
compliment, did by no means desire such an
| honor, knowing that it would involve the per-
OF some very b iron
| elected me without any solicitation on my part,
| went forward with determination to do my
| duty to the extent of my ability.
| When the Legislature met. the President of the
| Senate, without previous consultation with me,
| appointed me Chairman OF the Committee on FL
| nance.
| The subject OF the public debt was. OF course,
| the prominent and most important matter tnat
| d smanded the attention of the Committee. Ow-
ing 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 recognizing the State gov
eminent under the new constitution, that moth
ing was done IN regard TO inc pnnc Was
| reported by the Senate Committee, provided Tor
tax on property OF sixty cents IN the $loo doiafs.
| / advocated that amount OF taxation, ana II the
| bill had been carried and the law had been per-
mitted to stand for few years. there would, in
the Senate made the mistake, as think, of first
appropriating large portion OF the amount 10
the maintenance of public schools: and secondly
of reducing the tax from sixty to fifty cents. Let
| me not be misunderstood here. was not OPP
posed to proper apr ropriat1on to puDl1c scnoos
| at the proper time; but the constitution did not
| require such an appropriation for some years,
and the application OF the money at that time
| was premature and injudicious.
| When the Legislature met again in the latter
part of the year 1870, the question OF the pubic
weighed upon the minds of the members Of the
Legislature, and especially was this true OF the
| Committee on Finance. For myself can assert
that had no motive for acting otherwise than as
| public duty required. had no personal interest
| in the matter, as did not own dollars worth OF
| State stock. But, that it was Just debt, and
/ that the State was bound by every consideration
OF honor, duty and lf-interest to pay it, did
not for a moment doubt And was equally well
satisfied that the sooner we made some necessary
| adjustment and began to pay, the better Tor all
parties concerned.
and House of Delegates held frequent and pro-
tracted conferences on the subject in joint SEES
determined to recommend the funding of the
principal of the entire debt OF the state ana pro-
leaving the accrued interest outstanding for a
time. need not enter further into the details OF
the Plan MI Reuben gohnson OF and
were appointed subcommittee to prepare tne
necessary bills.
The plan proposed was cordially approved by
me- believed, and had so argued in the Senate
that, as between us and the creditors, we were
bound for the whole debt, that it was our duty
under the constitution, to provide for the whole
and then necessary sue the state 81 mes5 VIZ ta
gnia in the Courts OF the United STATES d9f Inc
arguments to support this view. The Supreme
Court OF Appeals of Virginia has since then es-
decided in 1859 The law is therefore settled as
far as we are concerned. Every good citizen con-
sders it his duty to submit to and sustain the de-
| csions OF our courts in other words to maintain
the law The law is not what you or may think
spect for law is the foundation OF our safety. Ac-
custom our people to condemn and repudlate the
DECISIONS Of the judiciary ana no man sba MI o
drift into that state of society where the only law
known or practised is
That he may take who has the power,
And he may keep who can.
| take it, that the decision of the Court OF APP
peals in the case referred to, covers the whole
ground OF our obligations in regard TO the pubic
debt of the State. The legal obligation being es,
tablished, the moral obligation is matter OF
Icourse.
Before the bills above alluded to, were finished
by the b-Committee on Financially. Johnson
! being draughtsman,-Go Walker sought an in
] tervfew with me as the Chairman of the Commit,
: Instituted privately, he was satisfied that West
Virginia would not do any thing at present. IN
to the public he debt e He for s
circumstances to provide for the payment OF thai
Y portion of the debt which everybody admitted We
:, portion outstanding He requested me not to re
:, port the bills agreed upon by the Committee, un
u til he had completed bill embodying his views
: which he was engaged in writing, and which b, h
. desired the Committees to consider. feit at u
erty to do SO, and gave the promise rev "a aa a
It the famous Funding Bill" objected to tht
bill the ground that it practically repudlates
e we were legally and morally bound for the whole
y The two Committees were, however, snmmo ne
! full, every member, I believe, being present a
one or more of the meetings. After ample discus
70 majority voted in favor Of reporting the bill
voted against it to the last, and Two otnef gentie
men voted with me: NJ Anders9n nt OF raI1sy1
- | of Loudoun, a member of the House OF Dele
y gates 1 remember no other in the minority, al
a though one or two, out OF some thirty OF lorG
= present, may have declined to vote at all.
" As soon as the Funding Bill was adopted by tn
or the not doubt
II and do not low; and thought It petter Ior IN
creditors than no action at an. II tns iatter az
!! agreed to the compromise. and the state was re
l. ieved from the obligated to provide Tor the out
i | standing one-third, until West Virginia Snoul
= please to pay the portion due from her. Inc lea
IL ture of tax paying coupons was an essentlai Pa
of the measure. Witho tut the certainty OF gettln
the interest on two-thirds of their bonds, ther
/ would have been no inducement to creditors t
o. accept the provisions OF the act Otherwlse, VIII
e. out guarantee, which twas supposed could nc
~ fail they might as well have held on to their Of
y bonds and taken the chances, and thus the Stat
IN would not have been relieved OF the burden
the whole debt. knew then, as well as / kn lo
If now, that tax on property OF 50 cts on the $io
Ina n sue o on the
De government under the Funding Bill puG VIII
IN the then existing assessment OF properly,
would not have fallen very short OF the necessai
if amount The coupons, it was believed, woul
in even before maturity be used as money and pa
II so, the coupons would no more be used for pa pa.
u ing taxes than any other currency and the STA
neonle as formerly, Void Be disposed to inve
AZ all their savings in State bonds, and the consoE
lis would soon be held almost exclusively am m ,,
10 Funding Bill had a right to anticipate We shf
10 see by what means they were disappointed: H., -,
an 1t has been charged that the Funding Bill w
al carried by fraud and corruption, and the chars
re- is still reiterated day after day 50, where s
,ir t tnr = and what members we're bribed? i b
ad lieye without boastng that did more to pr
~ mote the passage OF the bill than any other sing
IL. member OF the Legislature. may say SO now,
ur the declaration will not secure for me any pop
ed lar favor. worked for the measure day o.
night, believing was doing the state goou 81
vice. l believe SO still. Whether was a man
go bribe, or be bribed, leave the people OF Augt
" ia to say. 1t has been insinuated, II not opel
;tv charged, that Gov. Walker used corrupt means
Ivy behalf Of the bill. do not believe it, Gov WA
- err needs no commentator from me- but "
ill say that he exhibited during his admlnstraIi!
ITO wise craftsmanship, unusual financial aplil
w and, as far know and believe perfect lnteg
iZe ty. But say some, how was 1t that the Repupic
nd members OF the House voted one day III ~
n q against the bill, and the next day, Tor II l
d not know how it was, nor am prepared 70 !
IN lieve that whole party was Susceptible oI
en- berry. For one prominent member OF thaG par
~ think can vouch-I refer to Mr.. r. It. tree
III Senator from Petersburg He was a MEMBER
the Committee on Finance, and was thus IN ga 9
md intercourse with him. Although differing wld
all strictly political questions we agreed ~
~ in regard to matters OF finance. AT my solic
TO ton, he went among his political FRIENDS OF
Sc House of Delegates to electioneer Tor the f,l
10, ing Bill, after having made speech IN supp
pal of it in the Senate. know nothing OF this 6
ny tieman except what saw while in Richmond;
nothing could surprise me more than to learn
he was a corrupt man. or that he used any me
with his political allies other than LEGITIMATE
,i,v guments and fair persuasion.
49, After the passage of the Funding Bi a mum
he | -, ~bf ois in