Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1878-03-22

STAUNTON, VA.
FRIDAY MORNING. MARCH %. 1878

FRIDAY MORNING. MARCH o. 1878.
THE WINTERS LEGISLAI TON.
The legislature has adjourned and left
behind it proposition to the creditors.
Whether the creditors accept it or Motive
are of the opinion that it would have been
far better, both on general and special prin-
ciples to have raised the taxes and met
orr obligations. 1t would have been bet
ter for Virginia, in more clearly defined
way, than for any State we know of, for
there isn't a State in the Union whose peo-
pie will hereafter so much need to borrow
money to buy machinery and labor to get
out Of the ground what is in it, and NO
ground that so much could be gotten out
of If we had the money. Men with money
who have been obliged to compromise
debt don't lend again very soon IN the
same Quarter. So we are badly woun-
ded in this respect. The agreement to pay
3 and per cent. as named in the new
bill leaves such a small margin between 1t
and the full satisfact of our creditors
at per cent. that our people will hardly
appreciate the small gain at the heavy
price they will have to pay for it in other
ways.
Of course the result of the new bill
stands in as much doubt as would the
proposition of private debtor to amend
his default by calling in his mortgage and
giving his simple note of hand, and, yet,
if Virginia's creditors see in the people .
sincere and strong desire to comply with
their now obligation, and cessation of
the talk about wiping out the debt and
kindred observation-disclosures which in
the eyes of the world affect future as well
as past contracts, the acceptance of the
bill is not an utter impossibility. 1t may
not, as distinguished gentleman said in
some remarks here few days since, be
worth the paper it is written on, as indeed
no contract is until agreed to by both par
ties, but it is worth least at keeping quiet
about and letting events prove It's value.
If the public mind is to be excited over it,;
if both sides Of the debt question-for it
was the favorite of neither, are to thrust
it aside and renew the fight on the main
question, then it had been better that the
legislature had adjourned without any ac-
tion at all. A renewed agitation, before
those to whom the offer has been made
have time to consider it, would be exceed
ingly unbusiness like and unwise
and that side which initiates it will be liza
BILE to the suspicion of having oLher ends
than the settlement of the State debt in
view.
AS to the share Augustus representa-
tives have had in the winters legislation.
we may say without fear of contra diction,
that it fully meets the expectations their
addresses in the canvass aroused. Senator
KoINER has persistently voted for re-
trenchment, economy and propositions for
fair adjustment, land as persistently against
increase of taxation and anything smack
ing of forcible adjustment, Hon. MAR
SHALL HANGER has kept steadily in the
lead of the debt payers and, when
he had reason to believe that no effort at
ally Save lOIClUlo ouJuocWoAV "ouio NC
made, voted for increase of taxation in
preference; Gen. EcHoLs has been I'M
firing and most persistent in his efforts for
an honorable adjustment, and uEcompro-
missing in his resistance to one that had
the faint of force, and Mr.. VANLEAR has
we think, fully met the views OF the most
extreme of the Adjusters who elected
him.
We trust that the politicians will give
the voters rest, now that the proposition
is in the hands of tho creditors, and, while
this paper has most decided views about
the new bill which would have been in or
der week ago, it does not propose to
break the desired peace by producing them
DOW.