The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-02-28
Tie Public Debt.

We publish elsewhere to-day the bill re-
ported from the House Finance Committee
to consolidate the Public Debt, and estab-
ish the credit of the State upon a solid basis.
by bringing the aggregate Interest thereon
within the ability of the tax payers to meet
it promptly, and to restore to the creditors
their former equality of rights, and at the
same time to provide for the ordinary
and necessary expenses of government and
the support of the Free Schools. The bill
needs no explanation. 1t is plain and
straightforward Ii provides for refunding
of two-thIrds of the debt and the interest
thereon, as it existed in 1871. beiore the
present funding bill was enacted, with City
year bond, bearing per cent for twenty
years, and 4 per cent. for thirty years; and
a certificate for the Otl.er third, for which
Virginia will hold herself no way liable, but
the creditor must look primarily and all
the time to West Virginia.
1t provides, also, for the issuance of nom
interest bearing certificates for the accrued
interest up to July LIST, 1878, to be paid off
that may remain in the treasury after pay
ing the interest on the 3 per cent. bonds au-
thorized to be issued by the bill, the neces-
sary expenses of government and the mon
eys due the Public Free School fund, in the
order of their priority of date of the said Ger
tifcates. These certificates comprehend but
two-thirds of the interest, or the interest OIL
two-thlrds Of the debt. as mentioned in the
bill. 1t is atwo-third arrangement through
out, assigning to West Virginia the exclu-
sive responsibility for the one-third and the
interest thereon, and for which Virginia is
to regard herself in no way bound.
The bonds are to be non taxable for State,
county, or corporation purposes, and the in
terest to be paid in Richmond, New York.
or London, as the creditor may select.
An important provision is that from and
after the passage of the bill, no bond, GER
tifcate, or other evidence of indebtedness
shall be issued for any portion of the debt
Of the State, nor shall any interest be paid
upon any part or portion of said debt, ex-
cept as provided by the act. The full pro-
visions of the bill should be carefully read and
digested.
We assume as a fac. that the committee |
exhausted every source of information to as
certain the amount of revenues that will ac- |
crue from the present rate of taxation. !
(Which is as much as the people will consent |
to OF can bear), and that after reducing the |
expenses of government to the lowest posi- |
BILE cent, they fixed upon the rate of interest !
as consistent with the highest considera-
lions of public policy, as well as justice to
the people and the creditor. We do not |
think there is any room to question the pur-
pose of the Legislature to do the very best
that can &c done for the creditors. The
State government must be supported and
preserved; the Constitution requires the
public schools to be perpetuated and i'm
that do not admit of de-
bate-and all the revenues then remaining
to be devoted to the interest on the public
debt, in such manner as the bill provides;
and this after restricting the expenditures
for government to the sevesest demands of
This is honest, it is Just, ut is right and
the public creditor will so regard it, Il he has
sagacity to appreciate the condition of Che
Commonwealth and his own interest.
Col. c. P. Ramsdeil has been appointed |
United States Marshal for the Eastern Dis
,riet of Virginia, and confirmed by the SEN
ste, we are pleased to announce. Colonel
sasasdefi is straightforward, honest man
ndGEcer. He came to Virginia after the
var with a view of making this State his
lone and lielping to build her up, as well as
improve his own fortunes. A number of
GG9strious and influential Pennsylvania
arEiees came with him, and have been sue i
essaul va Snrry county in improving lands, ,
'uiidisfg school houses and churches, and :
citing good example for other people to- :
blow. Col. Z. was the Republican candi- 7
late for 1t. Governor, on the ticket with q
Judge R. W. Hughes, in 1873. lr