The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-01-10
TIE State Debt.

pointment. of q committee of five to make a
thorough Investigation of the public debt of
the State, Showing It's true and full amount
on the first instant, the different classes
into which /. is divided, the amount thereof
which is principal, and what amount Is in
terest accrued before that date, and that the
said committee report such a statement of
said Gebt-principal and interest-as may
hereafter, when approved by the House, be
regarded as authoritative upon the subject.
The resolution also provides that the COM
mittee ascertain the precise gross amount
received by the State OF Virginia by loan
from her public creditors, and further to as
certain the precise gross amount paid by
the State of Virginia as interest upon the
same to the end of the present fiscal year.
Mr.. McMullin moved to strike out IA COM
mttee of five," and insert the siFipancc
Committee" and with this amendment, the
resolution was adopted.
The Importance Of this resolution, looking
as it does to reaching (, basis for action on
the State debt question. cannot be overesti-
mated. 1t is the first step towards definite
legislation, and its purpose should be speed
lily and rigidly carried out.
1t will be we'll enough for the Legislature
to remember that the conscience OF the State
is interested in this question. The people
desire and expect settlement OF it. and it
will not be in cousonance with public esti-
mate OF right and justice, if mere personal
ambitions take precedence OF the great inter-
ests involved. If the iealousies OF factions
can be suppressed and the honest endca yors
OF the Legislature directed to a solution of
the complications, there will be nd insur-
Imountable difficulties to be encountered.
The partizan supporters of the Funding
Bill exhibit very reprehensible spirit, in
the taunts they are throwing out through
the press. because a Plan has not already
been determined or for an adjustment.
They intcrposc every conceivable obstacle
to such consnmmation. and then express
their delight that nothing has been done,
and predict nothing will be done. This is
triffing with the people, as well as the cred
itors and the reputation of the State. and if
through such instrumentalities, obnoxious
and disgraceful as they are, the debt oues-
ton is not settled, there will be an outburst
OF indignation throughout tie entire State,
that will foreshadow no good to those who
may have been the means of the failure,
and the interests they represent.
The people do hot intend to be trifled
with. 1t is already apparent that there is
very little difference really among the mem
bers of thcs. Legislature. The resolutions,
coming from each of the factions, pub
lished in the VIRGINIAN two weeks ago,
show this. 1t is aeknowls dyed by both
sides that an adjustment is necessary, and
that the slight difference as to a basis, re-
Elected in the resolutions of MIR. Harrison,
representing the readjusters, and Gen. An
derson, speaking for the Funders, could be
easily reconciled, if an earnest and honest
purpose to do SO were shown. 1t will be Il
fatal policy, if the obstructionists succeed
i'll interpreting difficulties to this end, as
they seem to be DESTROYS OF doing. 1t is not
a question whether one or the other of the
factions shall have precedence in presenting
proposition, which would commend itself
to the creditors but it is whether the inter-
ests OF the People and the Creditors are to
be fairly and justly dealt with and consid-
cred OF paramount Importance to the petty
spltes and prejudices of designing polti-
clans ,anartricksters. r-4-e-e -,,.-s'se
Not only should the information contem-
plated by the resolution be accurately and
speedily ascertained, but careful investi-
CATION as to what retrenchment in expenses
can be effected instituted, so that an intelli-
gent understanding of the resources of the
Commonwealth be communicated to the
Legislature as the basis of its action. 1T is
important, to a fair presentation of the case
of the State, that q system of the most rigid
economy be established in all departments
OF the government, to the end that every
dollar OF the re venues derived from the pres
ent rate OF taxation may be held for the
creditors, after supporting the government
and the schools under such system. Re-
uuce expenses wherever it is possible to do
so consistent with the healthy and effective
operation of the machinery of government,
husband jealousy all the resources of the
State, and then see how much of the inter-
est upon the whole debt can BIZ paid, and
make that the basis OF the action of the Leg.
islature.
If members will lose sight OF self and look
to the interest Of the people-forget that
they have future except that which is
linked with tie pros perity of the State-and
honestly and earnestly address themselves
to the work before them, they will find no
insurmountable difficulties to an adjustment
consistent with the interests of the people
and the rights Of the creditors. There is no
good reason why prop osition acceptable to.
the creditors and within the capacity Of the
present revenues to meet, should not be
formulated. and nothing will prevent it,
but the reckless disregard Of the wishes of
the people by that class of politicians who
would prefer to see the State sink into bank
ruptcy and reputation rather than yield
their prejudices Or surrender their y .tty sell
fish schemes. l..+
Let the exact amount of the debt BIZ as.
certained-see what expenses can be Topped
then go to work upon proposition
in accordance Herewith. If earnestness and
honesty govern in the motives and labors of
the Legislature, the whole matter can be
disposed of, so far as the Legislature is con-
within 80 days. If it is not done
the people will be disappointed, and the
will be held responsible for
it, 1t will not be safe to allow this issue to
60 into another canvass, and there it must
go, unless tile present Legislature does its
duty. The papers which have tainted the
Legislature with a failure, thus far, to agree
upon basis, will then find when it is too
late. their mistake in not aiding in settle.
ment, instead of putting imnediments in
he"way OF it,
Gov. HOLIDAY s INAUGU AL.-The
pro position to print the Inaugural Address
o., LII =