The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-02-14
The State Debt.


ence between the two branches of. the
Legislature on the important and vital
question of the State Debt. We pub
fish both bills, to give our readers the
benefit OF their perusal, and to inform
themselves OF the propositions between
which a compromise will have to lie effected,
or no plan of settlement result from the de-
alterations of the present Legislature.
To our view, the Barbour bill is, of the
two, much the more simple and plain, and
points to the solution Of the debt compiled.
ton upon the very theory embraced in tile
platform of the Conservative party. If the
trainers OF the resolutions adopted by the
Convention last August, were sincere in the
announcements made, they cannot well
object to the provisions of the Barbour bill,
These resolutions, in the first place, declared
that the present rate OF taxation ought not
to be increased, and that equal justice should
be done to all the creditors of the State.
The Barbour bill is prcdcated upon these
two controlling features. 1t provides, first,
for the support of the State government,
which all must admit is essential. 1t stipu-
lates for the preservation and maintenance
OF the Public Schools, which very few will
have the temerity to question rs right and
proper. TO these purposes it dedicates 81
cents out OF the 80 cents-the present rate
OF taNation-or so much Of it as may be
found to be necessary for the eeonomica
support of government and the efficient
condac. Of the Schools.
If the retrenchment promised in tie adj.
mnistfation of government is carried out i,
and the Motiett register yields the revenue
expected of it, we can see no good reason
why at least four per cent. interest OH tile
debt should not be paid at least after 4 few
years. when the business of the country
shall have revived, values increased. and
the development OF material interests pro.
crossed.
The bill recognizes, too, the equal dignity
and rights OF the c1editors-treats them all
alike, and provides for an equal distribution
OF the available revenues of the Common.
wealth among them. alter maintaining the
State government and carrying out the man
date OF the Constitution in respect to the
Public Schools. No one will question the
right and duty of the Legislature to provide
for the existence Of the State: nor will any
one dispute the obligation, imposed as it is
by the fundamental law, TO preserve and
perfect the school system. These plain
necessities are considered by the Barbour bill
as OF the highest dignity. They constitute
inasp ensable interests which the Legisla.
ture cannot disregard; and are the warp
and wool of social and political organisms.
When these primary and paramount inter-
ests have been cared for. the balance Of
the revenues are to be dedicated to the cred
itors OF the State, as equals, with no dis
elimination in favor OF one or the other.
This would simply be reducing to practice
the professions and resolves of the Conser.
yative Convention which spoke for the par
ty in power-it would be carrying OH the
pledges OF the Governor and the Legislature
as made in the canvass which resulted in
their election-it would be representing the
will of the people as reflected at the ballot
box, the only legal method OF giving ex-
preston to their wishes, and participating
in government and legislation.
The Legislature has already declared.
ssitn only eight dissenting voices in the en-
tire body, that the people shall not be called
upon to pay higher rate of taxation than
the present. Ii that means anything, it
means that an adjustment must be effected,
so as to bring all the expenses of govern
ment within the capacity to pay Of the pres
ent revenues. The State government must
20 OMIT cannot stop without anarchy
and the Constitution says that the Schools
must be maintained and perfected. These
essential facts must be recognized. When
these things are provided for, the creditors
are assured tina. they will get the balance.
We think this is as fair a solution as could be
well arrived at. Ii the promised economy
is practiced-if expenses are reduced,
as it is claimed they can be---tllen the credi-
tors could reasonably expect more than the
Brooke bill promises them. We believe four
per cent. can be paid, and if SO, it would be
to the advantage OF the creditors to receive
it in money rather than in deprecated cou. !
pOns.
The most serious objection that attaches I;
to the Brooke bill, and one that renders it |
fatal with the people, is the perpetuatIon OF !
the present insulting and degrading tax.
receivable coupons. The people will never /
be reconcled to that. II the interest were i
reduced 10 two per cent, and this provision /
were attached to the law, it would be indig. |
hantly repudiated by the people, So long
as the distrust incorporated in this feature I
is insisted upon, SO long will the debt ques-
ton be agitated; and il the present Lesis- /
latare is wise, it will frame bill that will |
dispense with it,
There is another Objectionable feature OF |
The Brook BILL. The preference that it gives /
to the conscl bonds over the pceler bonds,
placing the holders of the latter at the
mercy OF the former, involving the policy
against Which the people have been warning,
md will continue to war until tile injustice
IS arrested.
We earnestly hupe that the friends oil
he State-and we have no doubt there are
many in the 1,egislature-will address them
elves to an unselfish consideration Of the
differences which have been developed, and
|eyise plan of settlement which the SELF
aspect OF the people can sccept-tle pro-
isions of which their capacity can meet,
0 that the agitation growing out Of the debt
uestion may cease, and the thoughts aud
nersies Of tine constituent body be directed
I the practical business channels of life.
We cannot see where objection will be raised
3 any Conservative to the Barbour bill. It's
/ full accord witt. the policy OF that party.
) announced last August and proclaimed !
ON every cross road in the State. 1t is
lie most perfect arrangement to carry out
lat declared policy which could be we'll
,vised. 1t proceeds upon the premise OF the |
'esent rates of taxation, which the pres
It Legislature, by formal vote, has almost l
declared is rs much rs the y