The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-06-28
State Affairs-Mr. Stuart's Address.

The question which at this time most
seriously engages the anxious attention of
he people is the State debt. The farmers,
especially, whose means of knowing their
approximate income. and the amount they
can bear Of expenditures for personal and
State purposes, are generally accurate, are
the most earnest solictude in
regard to matter that comes home to them
the embarrassments which environ the State.
They are aware that their lands are taxed as
high as they can bear-that the assessments
are at more extravagant valuation than in
any State in the Uniou-and that to increase
the rate of taxation on this basis of assess
ment, would be intolefable oppression.
They know, too. that notwithstanding the
strain upon their industry, and the vast
sums annually drawr from the sweat and
toll of the people, the aggregate amount is
not adequate to the present demands Of the
State-that the debt, for which their property
is mortgaged, is, in one view of the case,
increasing annually more than one million
OF dollars, and, in the other, near two mil
lions, and that there seems to be no method
of escape from this gloomy condition, so
long as they are hedged in by the difficulties
Of existing legislation.
These endorsements are the legitimate
outgrowths of what is known as the Funding
Bill, the most iniquitous piece of legislation.
when all the attending circumstances are
considered, that ever marred the records OF
any people. There was nothing in the de-
mand of the creditors requiring it, or any
similar measure, at the time. There was
nothing in the condition of the people that
flecessitated it. There was no public or
private emergency that could be offered as
an excuse for lazy that absorbs the very
life of the State, and imposes upon the
people burthcns such as were never inflicted
upon State anxious and willing to meet all
equitable and just obligations, compromising
interest for period when the people had
no command over their resources, and all
the results OF their labor were dedicated to
the purposes and incidents OF war, by arbi-
trary laws and orders, either legislative or
executive.
It is true some of the bonds of the State
were due, and others rapidly maturing, as
stated by Mr.. Stuart And it is also true
that the State had just emerged from the
most desolatlng war the annals Of Christen-
dom recofd The condition of the State, as
the debtor, appealed to the creditor, and
there was no urgent importantly that would
have stimulated the demands OF the creditor
for the ''pound of flesh" There was no
adjustment demanded that contemplated an
increase Of the burdens of war-stricken
and desolated people and country. On the
contrary, every consideration OF public policy
and all the instincts of humanity pointed to
the Encouragement of the obligations Of the
Commonwealth upon basis in harmony
with the condition and the resources Of the
people. The State had been despoiled of
one-third of her territory and population
5000, OO0, 900 of property had been wrested
from her by the proclamation of emancipa-
tion-all other personal properly was sub.
stantially swept away-our bank currency,
amounting to over $30,00O,000 before the
war, was utterly destroyed, farms were made
waste, and all other values either utterly
annihilatcd or so greatly impaired as to leave
the people almost in condition of absolute
bankruptcy. We do not pretend to exact.
ness in the statement of the bank currency.
We have assumed sl0,O00,000 stock, specie
basis, upon which, under State law, three for
One Of currency was issued.
With the industry and activity charac
istic of most of our people, and that courage
which brightens and deepens as misfortunes
events and c6ndHtISoahG sa With tbs syisabs
with the resolve to work out their deliverance
from material slavery. Never did people
struggle with adversely more bravely. A
few years attested their wcll-directed efforts
in the increase OF stock, the rccuperation. of
farms. and the general improvement OF the
condition of the State.
About the time when the people were
being inspired with hope from their own
energies, political necessities induced them
to ask Gilbert c. Walker to become their
candidate for Governor. He accepted and
was elected. He was acquainted with the
habitues OF Wall street, had lived and specu-
lated in Chicago, and driftcd to Norfolk to
engage in the banking business. No sooner
had he assumed the duties of Chief Executive
Of Virginia than his astute intellect COM
menced preparing the public for the financial
juggernaut that was to ride ruthlessly over
all their interests-and, according to present
Interpretation, destroy their rights-known
in the legislation Of Virginia as the Funding
Bill. The Legislature elected cotempora.
neously with him was composed mostly OF
gentlemen of little or no legislative cxpe-
rience, unacquainted with the resources Of
the Commonwealth, and without the infor-
nation to prepare them for the proper con-
sideration OF the grave and vital question
that was to be precipitated upon them, and
OF others who had not the capacity or educa-
ton to comprehend the wants of the State,
il they had the honesty to stand by the right
when they knew il.
Not only this, but, humiliating as it is
now to admit it, there was tremor of ap-
prehension pervading the public mind,
growing out of the events that then had but
recently transpired-thc manner in which
the Constitution had been adopted, with the
excluded, the obligations the people
felt to the Federal authorities at Washington
for their Intervention against the work Of
the Convention and in behalf of the people,
and even the candidacy of Mr.. Walker HIM
self, who had not been resident of the |
State long enough to become citizen under |
he old CONSTITUTIONAL pointed to the fact
hat the delegates in the Legislature were |
aot in condition to deal with equitable fair |
less with the great questions which were |
thrust upon them. or with wise reference |
o the future welfare of the people.
II was in this condition of the popular |
mind, and before this Legislature, that Mr.. !
Walker introduced the Funding Bill scheme,
md fortified its feasibility and practicability
~ the most extravagant and fragrant exag-
creations of the truth that ever emanated
rom the pen or tongue of man. The very
acts he assumed and the arguments based
mon them in sunnort of his plan ouoht IN