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

But, answer TO all lllS IL may De Salu Lilat
none of this class Of our people now hold State
bonds; that wealthy spectators hold them all,
and that having purchased them for tribe, they
can afford to lose them. TO some extent this may
be the case and PITY it's. it's true" After long
waiting with hope deferred many impoversh-
ed creditors have. no doubt, been compelled by
dire necessity to sell their bonds at whatever
they could get for them But in my Judgment,
this makes difference 1t matters not who hold
the bonds or what price was paid for them, our
obligation is the same. III buy horse from one
OF you gentlemen and give my note for one hun
dred dollars, payable at the end OF twelve months.
what would you think of me il refused to make
payment because your necessities had compelled
you to sell the note at heavy discount to paper
shaver! The principle which applies in transac--
application where communities or common,
wealtlS are concerned. There is not one rule OF
morals for individuals and another for States.
The same great law of right ordained by God ap-
plies equally to all. By opening your Bible and
turning to the Second Book OF Kings, fourth chap
ter and you will find example illustrating very
forcibly the position hold on this subject, and
clearly indicating duty to creditors
tain woman whose husband was dead, in her hour
OF need when the creditor was come to take her
sons to be Londmen, cried to the prophet Elisha
for aid and counsel. Now imagine this poor wi
dow applying to some parties OF whom we know.
what would be the answer? Probably something
OF this SO TT: "Why. madam. you are not under
the least moral obligation to pay that debt. Ny
advice to you is to take your sons and escape by
starlight across the Jordan into the land OF Moab.
But not so did the prophet speak The law was
hard law if ever there was one, but the debt was
woman into an honest way of raising the money
without saying one word about this '.shylock,
Of the law " Finally, the woman came to report
that her one pot of oil had increased to great
quantity. What then, think you, would some of
our Ic odern counsellors have advised? fancy
they would have said 'Now, my dear madam
don't say word about this to any one else, and,
madam, my fee being contingent. !! ought to have
at least one-half of the oil as my share. You can
take out what will make you and your boys COM
Portable for life, and we viii put the creditor off
thing" But here again the advice OF Elisha was
very different. &C., said he, "sell the oil and
gay thy ae1t and live. thou and thy children of
In the Fall after the passage of the Funding
Bill, the members of the ensuing Legislature were
Aspr d 10 Fnnin R readv
their hand, they lost no time in mounting 1T. By
that time it had become evident that sone addi-
is said to be, of all nerves the most sensi-
tive. From time immemorial it has been easy to
excite popular camor over any scheme Tor m
A Legislature was elected pledged
to repeal the bill, and it was repealed. To that
extent the Legislature had the power to go. At
ter some twenty millions OF " consolS - had been
issued the further operation OF the act in that
direction was arrested. and about ten millions OF
dollars of the State debt were excluded from the
benefit OF the law. But the Legislature, in their
wrath, went further, and passed an act prohibit
ing public officers FROM receiving the coupons OF
funded bonds In payment of public dues. This
was a step too far. The Supreme Court OF Appeals
decided that this act was unconstitutional, null
and void, and therefore the coupons are still re-
ceived for taxes.
These coupons however. We're taxed, and their
value for every other purpose than that OF paying
State taxes was destroyed. AS soon as they ma
ture, therefore, they find their way into the State
treasury. And then, in addition to this, without
reducing the rate of taxation, the amount OF re-
venue collectable was diminished by lowering the
assessments of real estate, thus deprivlng the
Commonwealth of her legitimate Income, and
greatly depreciating the wealth of the people.
All this was prior to the financial panic and de-
preston of 1878, which is supposed to have re-
daced the value OF all property, although it has
not done it universally. Property often sells now
in this town and county as high as it ever DID,
But take no pleasure in reviewing this portion
OF our history land would gladly have the record
of it blotted out. The furious hostility to the
Funding Bill continues. 1t has been killed as
dead as the Legislature kill it, yet many chlV
airons knights insist that it shall be killed again.
They remind one OF the redoubtable Sir Johh Fal-
staff on the field OF Shrewsbury, who stabbed the
dead Percy, and looked to be either earl or duke
for his proWess.
The ability of the State to pay the public debt
is matter separate and apart from the question
on to pay in one year, or few years, the whole
thirty millions OF dollars, or Whereabouts, which
the Funding Bill was intended to provide for, we
might feel discouraged. But this is not the case.
The bill proposed to pay the interest on two
thirds OF the debt semiannually, and to discharge
the principal in thirty.four years. Can the State
the value of his property he is insolvent Many OF
the people,and among them some OF our pest CIT
the last dozen years. but this does not AFFECT the
solvency OF the State, The property has not per I
ent holders who were able to pay for it, ought
certainly be able to pay the taxes assessed there.
upon. They bought it with the knowledge that 1t
was liable to taxation, and that by the provision
OF the law, the payment OF taxes must have pre-
cedence Of all other claims. The State as a unit
is not insolvent. In 1871 when the public debt,
principal and interest amounted to about Sl7, 00O
900, in round numbers the taxable property OF
the State valued at 1850, 0oo. ooo at this time
uni nv
ing Bill as debt is less than 900, the as
sessed value of property in the state, under the
present low assessment, is 1886, 100000 Surely
debtor whose property is worth sS36,o00 can, in
course OF time, pay debts amounting to 5000 !;
or a man worth 1886 ought to be good for sSs
Our whole debit mean the two-thirds recognize
ed by the Funding Bill-distributed among our
people would be about 1926 per head. France re-
Gently paid in four years debt of $l00 per head,
and that after the kingdom had been ravaged by
war and despoiled OF two valuable provinces; we
are only asked to pay the interest on debt OF
annually-and the principal through long series
of years To do this would not require an oner-
GUS taxation n citizen who now pays ~ staie e
seems to me, with little effort and without de-
priving himself and family OF many comforts pay
tax Of $50 or $40. This effort would accomplish
the object, and bring through all our Difficult
ties. The times have been hard with US Tor
year @o the
ure has been felt. But it is said to be TACT, OF
which, however, have seen no explanation, that
try in Europe, while Prussia surfeited as she is
with French gold, is the most depressed and sui
fering. And, after all, the times with US nave nave
| many of those who denounce. in such unme as
| ured terms, the oppression of the Funding Bill
and the high taxes, visited the Centennial Exhl,
bition in Philadelphia last year Some degree OF
selfdenial is necessary to the performance OF any
| duty.
OF course we all wanted the taxes to be low as
they can properly be reduced. The Legislature
| ought to practice a wise, not n1ggardly econo
my; measures should be adopted to secure Just
and personal; if anybody can suggest an honora
| BILE plan for adjusting the public debt more az
| vantageous to the State than that offered by tht
| Funding Bill, would say let it be tried by al
means; and then, if necessary. let the Legislature
| Law on more taxes. Ispeak solely as a Taxpayer
| having everything possess invested in real eS
tate-not a dollar invested in State bonds. real
| ly believe that an increase of taxation to NEE
our obligations to the public creditors would, II
the end be worth millions of dollars to the Stat
| nor am I peculiar in this opinion. therefor
| want to meet these obligations matter ofself
interest though at the same time am 1nnaf II an
because it is right to do SO, without reference
the question OF profit.
The public debt of Virginia will am convinesesd
be paid sooner later, every dollar OF II. IN
State cannot afford to repudlate the DEBT OF an
| part of it.-This debt, however, is increasing eV
day and 3or t6e u III Would hurr
the Legislature to begin the necessary work an
as the speediest mode OF relief-speaklng LOT my
|
rate of taxation. would most earnestly depre
cate any course of action that would present IN
state to the world either as an outlaw Win m m
hand on his creditors throat, or as pauper ask
ing for charity.
Much sympathy is expressed now-a- days for tn
holders of '.Peelers, or unfunded state bonds.
respectfully ask whose fault it that this class
creditors is left out in the cold Surely not thos
who passed the Funding Bill, but OF those VIII
| repealed it. The wrong may be corrected by y
enacting that bill and thus all our eredlters wi
solved from the obligation to provide for MOI
than two thirds of the whole debt.
: Yours very truly,
Jos. A. WADDELL.
staunton, August Goth, 1871.
: THE FAMINE IN INDIA.-The suffering
. of the starving people of India have touche
' the heart of Florence Nightingale, the w
n man who made her name immortal by dew
i ton to the sick and wounded soldiers in I'll
!, Crimean war. The following is her chara
| I toto lNffn