The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-09-06


as it now stands, and it would be faulty
itself to allow the debt to continue to in
crease in defaulteG interest as it has been for
the pas: seven years. Without an adjust
mcnt to bring the interest within the pres
ent resources, and thus satisfy public appre-
hension, it requires no prophet to foretell
the final result. Reputation will come as
certain as time rolls on, for no people will
remain quiet and see the public obligations
steadily growing larger and their ability to
prevent it overmatchcd. 1t is to the inter
est Of both creditor and debtor thata settle
ment be effected, honorable alike to both.
The creditor cannot afford to invite repudia-
ton by contending for the last dollar, and
to be satisfied with nothing less. and the
debtor cannot afford to resort to reputation,
because it would destroy the values which
by excrbitant taxation.
There, too, must be some method devised
by which the holders of the evidences OF
debt, whether g consol 'or ':pecler bonds,
arresting the funding of the bonds, leaving
ten millions OF the debt in state of suspen-
sion, while twenty millions have tax-recev-
able coupons attached, was passed, not for
the purpose OF doing injustice to any portion
OF the creditors, but to preserve the exist
ence of the State. The injustice followed as
an incident, and no remedy could be sug-
gested consistent with the sclf-prcscrvation
of the people.
We believe the people of Virginia are
anxious to meet their obligations as far as it
is in their power to'tlo so. Those who have
demanded a readjnstment of the debt, and
because of this, have been denounced as ere
pudiators,' are as solicitous about the well
fare and honor of the State as those who
deal in llorid sentiment and decaim from
the street corners about the past glory OF
the Commonwealth. 1t is the fear that
"repudiation " will force itself, if the pres
ent disastrous policy is continued, that has
aroused them to the environments which
hedge about them, and the necessity of some
claims, and place it within the power of the
State to satisfy. 1t is not right or just that
the discrimination between the creditors
should continue that now exists. All classes
of the creditors should be justly dealt with,
and basis Of settlement reached that will
place them on perfect equality. This can
be accomplished by surrendering the pres
ent bonds bearing per cent, and accept
ing in lieu thereof bonds bearing 81 or per
cent, accompanying the legislation that
would effect this result by taXbill that would
| give the assurance of the interest being
regularly paid. The recognition and en-
dorsement of such a proposition by the peo-
pie would be pledge sufficient that it would
| be complied with. The Funding law was
enacted without their knowledge or consent,
and at the earliest moment possible me!
with their emphatic reputation, which
caused the present anomalous and unequal
| relations of the two classes of bondholders,
Let the people, however. give their consent
to some such proposition as we have sug.
gested, in the delegates they will elect te
the Legislature, and they will stand by it.
| We have the assurance that such propo
sition would meet the cheerful approval Of
the foreign holders Of the consol bonds, and
those at home outside of Virginia. They
could well afford it, for the discount on the
coupons and cost of collection reduce the in
terest they receive almost to 4 per cent.
while the State realizes no relief by reason
of this depreciation. By some such arrange
ment, too, the creditors would be made
equal, the injustice inflicted upon the hol ders
Of the peeler bonds cease, and apprehension
give way to confidence. The creditors mus
know that the people will not submit to an
augmentation of the taxes, for in every por.
ton OF the State resolutions are being adopt
cd and the issue squarely made, that the
liabilities of the Commonwealth must be
brought within the capacity of the present
revenues to pay.
Any adjustment that might be effected
would have to distinctly recognize the fact
that Virginia will be in no wise responsible
for the portion assigned to West Virginia
and that all the creditors, whether holders
of "consols - or "pcelers,' would be par
ties to the arrangement. We believe the
only objection that would be raised to some
such settlement would come from the Vir.
gina Funding Bill creditors. They would
| prefer that the present discrimination against
the unfunded bonds should exist, rather than
yield Il copper for the sake Of preserving the
"honor and credit " of Virginia, of which
they pirate so much.
This debt question is a business matter,
and mnst be net in business way. The
people who have to pay must be consulted,
and the creditors who have their money in
vested must weigh all the facts of the case.
Neither can afford to be harsh or uncompro.
missing. There arc difficulties to be over
come and there must be concessions made,
| if an amicable adjustment is expected, for
| otherwise, it will be painful to contemplate
| the result.
A Legislature, too, must be elected, fully
alive to the Importance Of the grave ques-
| ton to be considered and the embarrass
ments which surround linen capable Of
comprehending the complications and with a
disposition and ability to solve them, if solu-
ton is possible. The people themselves have
resting upon them very serious RESPONSE
bility, and they should aim to discharge it in
selecting the very best men to represent
them in the body whose duty it will be to
determine the matter. 1t is no time for per-
sonal likes or dislikes and the qualification Of
! petty prejudices. The very highest duties OF
citizenship will demand the thoughts and the
votes of the constituent body, and it would
be trifling with the dearest interests of the
Commonwealth not to approach the subject
involved with an honest purpose to do jus.
.ice to the State, and to all parties concerned.
Nominal ton Of Col. Eubank.
The Senatorial Convention for the Lexing-
ton District, which met at Goshen on the
3lst ult., nominated Col. j. L. Eubank, OF
Bath, for reelection to that position. AS
= - E.. 81.