The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-12-26
The Outlook.

i''cc luo premium ou SOlu mas disappear
ed, and greenbacks, national bank notes and
speciest and square upon an equality, there
is an evident Frightening Of business pros
poets and confidence. In few days the
law will clinch the already realized fact of
specie resumption, and the beneflcent effects
will be felt in the gradual and substantial
improvement in all channels of trade and
exchange. The Treasury Department has
received information that on Saturday a
New York banking house, having occasion
to use 100000 at New Orleans, deposited
that amount in gold coin with the Assistant
Treasurer al New York and took draft on
the Assistant Treasurer at New Orleans for
100000 in greenbacks. AT the Treasurcr's
office in Washington, on Saturday, well
known citizen cashed $4,000 worth of gold
bearing coupons, and refusing the proffered
gold, requested payments in greenbacks.-
These facts show the confidence of the pub
lie in the ability to resume specie payment
successfully.
While confidence is being thus inspired all
over the country, and the securities of the
Southern States, where there is no contro-
versy as to the public debts, are increasing
In demand and advancing in market value,
Virginia is yet in state of uncertainty and
distressing doubt, because of her financial
complications. There is no method OF com.
putting the injury to the State by reason Of
this distrust. 1t affects all the interests OF
the Commonwealth, and duplicates the val
ues of every citizen, and depression must
continue to be the rule until some adjust
mcnt is reached which will enable the State
to meet promptly her obligations.
We have within the past week conversed
with number of the members OF the Leg
Stature representing heretofore divergent
views upon this debt question. Each and
all of them spoke encouraeingly of the
prospect of settlement this session., They
indulge the hope that on the re-assembling
Of the General Assembly formal Invitation
will be extended to the representatives of
the bondholders, who have authority to act
in effecting an adjustment, and from the
manifestations already given a..strong belief
prevails that terms mutually advantageous
will be agreed upon between the authorities
of the State and b er creditors.
We see from publications in the London
Fmoncier, several copies Of which have been
sent us, that the English bondholders are
taking very intelligent and generous view
of the question, and an interest is being
stimulated on the subject, with the bearings
all towards a four per cent. agre ement.-
With this idea Of an adjustment gen orally
prevailing as the basis OF negotiation, any
mere differences of details, we think, could
be easily reconciled, and final disposition
of the vexed question effected.
Virginia cannot participate to the degree
she should in the general revival of business
until this debt matter is settled. So long
as the agitation is kept up and the contend
ing factions arrayed in hostile attitude,
neither willing to concede anything, and
both determined on continued strife, we
may expect the same damaging result to
confront us of a million more debt every
year, and still lower standard of credit to
be assigned to our financial standing. Per-
sistence in such policy is certain ruin and
bankruptcy, and it is for the people to say
whether they are willing to embrace this
dire extremity, or to demand a speedy and
final settlement upon an equitable basis.With
due regard to the resources of the State
and the rights of the creditors.