Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1878-11-29
THE LEGISLATIVE SESSION.

ing surroundings than any that has taken
place in the past decade. AT the very out
set its legal existence is denied-a denial
chiefly arising out Of its own acts, and
shared in and expressed on the floor at the
last session by number OF its own mem
bers. This denial, however, while it will
in all probability be carried to the length
of testing by law some of it's legislation,
will not prevent the assembling, and on
Wednesday next we shall see Speaker Al
len liz his seat and the members in theirs.
Turning from the doubts of their own
existence, to the State, they will find the
existence of the Commonwealth in quite as
precarious situation as their own. They
will find the financial credit of the State
gone-not enough of it left to borrow
money to erect new State prison work
shop just burned; the teachers throughout
the state unpaid; the public institutions
in want of the money appropriated to them
and all the rest of the evils which have
been detailed from the hastings through
all the year past.
If they are bent on more folly they will
begin haunting each other with being the
cause of this state Of affairs; if they are
wise they will bend their combined wis
dom to mending it. The people are wearled
out with this inability to manage their af-
fairs, and expect something more from
this session that from the last. 1t is but a
simple statement of a fact to say that few
if any of.the members who voted for the
compromise bill-the Bocock-Fowler bill
last winter, expected any result from it..
It was regarded rather as flag Of truce
to bury the dead and gain time: than as
settlement of the dispute. It was against
the commonest of common sense to sup
pose that a. creditor was to reduce his
claim for interest nearly one half and
without the slightest preparation for pay
ment in view, surrender his receivable
coupons-the only means he had of collect
ing his debt. and that in very diminished
amount.
This receivable coupon is the stumbling
block. It will appear again before many
days of this session have passed. 1t has
been matter Of surprise to see many OF
our friends on the other side who speak
lightly when the honor Of the state has
been mentioned in connection with the
payment of the debt, grow very grave anc
speak warmly Of the indignity to the hon
OF of the state when the receivable coupon
is mentioned with favor. ''The very life
of the State. Sir, is threatened by it" they
say. But this is not so. The very money
Of the state is threatened by it, and that Is
all. If the legislature passes an act pay
ing four per cent, ,or whatever per cent
YOU please, on the debt, and at the same
moment levys a tax sufficient to pay the IN
terest and run the government and the
schools, what difference can it make to the
state whether the bondholder presents bis
coupon at the Treasurer's Office or passes
it I'D to tie window through the hands OF
a tax payer? If Virginia proposed, after
the acceptance of the creditors, to 60 into
some gigantic work of internal improve
ment and borrow more money than her
people could pay cat the present rate OF
taxatisn''-in short, If she proposed to OBJ
tain some money that she never intended
80 repay, then the receivable coupon would
be inadmissable. We are so anxious tt
see the way clear to an honorable adjust
ment with our creditors, that we beg those
of our friends who are adjusters to dismiss
from their, minds the meretricious im-
portance that is attempted Ito be attaches
to this class of Offset. 1t is nothing but
simple allowance Of offset, principle
that underlies the whole business OF thu
world. When you build bridge for youl
county. your bill is a receivable coupoL
against your county taxes. You can t II
law exact payment Of a claim. where there
ia an offset. auickened by the suit into =
receivable coupon. All the TRANSACTIONS
Of business are made on this principle and
there;is no indignity in it. That mystic
rbrase Of ssstopping the revenue OF govern
n,ent at it's source'' amounts to nothing
more than sound. You can't stop tn
stream of revenue at it's source, or any
where else if it is deep enough and 1ul'
enough to pay the debts of the goSerL-
rnenb. There is but one way in which the
debt can be Justly adjusted and that is by
the consent of the creditors. They now
that is the most favored Of them. get
about four per cent. and that is attended
with uncertainty. 1t is said by those VINO
claim to have reformation, that the debt
can by be compromised with them at that
Shall these receivable coupons still stand
between us and happy deliverance ?
And we may as well understand that at
this session it is only settlement OF Che
debt: a fms hing up Of the question, that
will give us peace. The compromise bill,
we have named above, has not put us
stem forward on the road. The Barbour
bill. had it passed and been favorably
passed upon by the Court OF Appeals.
wouid have been but temporary expe-
dent. The government and schools would
have been provided for and the unpaid
interest been left to grow. 1t would nave
kept the debt question as standing issue
in State politics.
We fear that the schools will be made
the subject of much demagoguery at this
session. They are SO important matter
and so anxiously regarded by the masses OF
the people that curt and imperative asser-
tions regarding their fate are accepted
without thought. For instance, the press
at large is teeming with such statements as
that whatever else is left undone this
matter ssmust" be done. Now, all that is
idle. sort of fat argument. The govern
ment "mustn be run as well as the schools.
No unhealthy commonwealth ever had
healthy schools. They must come In with
the general welfare, If wise measures fail
to settle the debt question, then we see no
wav to aid the schools but to raise the