The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-07-25

Of which is 20 odious that it would not be
tolerated it is seen. therefore. that you
can neither increase the rate or suggest new
subjects for taxation. snd each year finds
Won falling behind million dollars.
WHAT ARE YOU GOING TO DO?
How are you going to pay? You havn't
said since 1860. and why don't you pay !?
The debt you are called upon to pay now is
not just debt. 1t was piled upon you in
the face of every principle of right and equi-
ty. There is not a lawyer who will tell you
that Il foreign creditor has the right to de-
mand interest during the period OF war.
The legislature that passed the Funding
Bill, capitalized the warinterest and shame
fully misrepresented their constituents, al
though some good men voted with it. The
people are Indignant that the control and
sovereignty of their State has passed into
the hands of the money changers, and that
the taxes they pay for specific purpose are
diverted from their legitimate object into
the pockets of the bondholders. By the pro-
U
to support their public schools, and yet year
after year the money they pay for that pur-
pose is stolen and misapplied, and their hui
name and educational institutions are left to
laneuish. Talk of the honor of the State,
when from border to border the jails OF her
counties are filled with insane! The very
highest duty OF society is to take care OF
those who cannot care for themselves, and
it is burning shame. a disgrace in the sight
of God and man, for Virginia to leave her UNI
fortunate children, whom an all-wise prov
idence has seen proper to afflict, to thus Ian
guish and die in u felon's cell. Is there
honor in that? is there humanity? is there
justice?
THE PRESENT CONDITION OF THE STATE.
In referring to the present financial condi-
ton of the State, the speaker read from a
letter recently received from one OF the Off
Gals at Richmond whom he said was in
every respect reliable and knew of what he
spoke. From the letterit appeared that the
annual receipts of the Treasury had aver
aged less than $2,5 900. This year the
Moffett Register and r. r. tax would pro-
bable make it 100000 more. The Treasur-
er reports $l,S10,OOO received to June 1st,
leaving balance of $S90,000 to be expected
to October LIST. The Second Auditor reports
outstanding coupons on June 1st to be $780,
600, and $5sO,OO0 to fall due 1st Of July.
Here then is a big estimate of $780, to be
collected and on the 1st of June there were
$3.50, 900 of loans to Fay !; $500, 900 past due
coupons, and $5S0,00O to fall due, making
81, 270, 900 on market prior to October lst.
On the LIST of October, 1877, there was due
the Schools $40, 900. In October, Novem-
Der and December, 1922, 900 was paid, leav-
ing balance Of s3OS,000 and about $780,,
900 due on current collections to July LIST,
making in all 100000 due the Schools on
July LIST, 1873. AT the same time the Asy-
lums and Literary Institutions were in ar
rears between $3.50, 900 and 100000 The
expenses of government ire 100000 per
month.
To remedy this condition of affairs, the
friends OF re- adjustment proposed the Bar
bour Bill. 1t was not a hastily conceived
measure. but was the result of long and la
borious work of some of the finest legal minds
in the State. 1t was framed in the broad
light of the Constitution, and sanctioned by
such lawyers as Judge Robertson, Jas. Nee
sor, Green, johnson. Attorney General
Field, and others of like high standing. By
the provisions of that Bill, after providing
for the expenses OF the Government and the
support of the free schools, IN accordance
with the provisions of the Constitution, every
cent of the revenues of the Commonwealth
was dedicated to its creditors. Was there
anything harsh in that? After reducing
every thing Of expenses down to the most
economical, even niggardly basis, and pro-
viding for the education of the children, the
people said to the creditors of the State, we
give you everything in the world we have
now. and if our revenues increase your re-
ceipts will increase also. That Bill was de-
feated by Governor Holidays veto, and the
people had just right to complain of *, for
Governor Holiday had distinctly declared
that he would not interfere upon the ques-
tion of the State debt. But he has
ONLY POSTPONED
the settlement of the question, and we in
tend to have no milk and water Governor
for the next term. He will be re .adjuster
and not only a re-adjuster, but forcible
re-adjuster Cheers and cries of fright
rightly
A voice-''Are you a forcible re-adius.
ter?"
Paul am a forcble readjuster, for if
force is not used in the settlement of this
question, you might as we'll sell out the
State (Cheers,) Capital, like corporation
has no soul. and but one nerve, and that
the purse string, and if you wish to ac-
complish any thing you must make them
take less rate of interest. TO effect a
settlement I favor forcing, by ali legal and
equitable means, the foot Of the bondholder
from the neck of the people, and to this end
[ would change the constitution, if neces
sary, and resort to every measure in law
and in reason, in equity and in right, that
will lift from Virginia the mortgage that
bears her down and restore to her people
that sovereignty of which they have been
SO shamelessly robbed !! cloud and prolong-
ed applause.)
But it is claimed that the Supreme Court
has decided the funding bill to be con-
tract and therefore inviolable. Does not the
Court of Appeals reverse its own decisions?
Is not this very decisive areversal ? In the
case of Burroughs and Abrahams VS.. Pey-
ton, reported in 10th Grattan. Judge Rob
ertson in delivering the unanimous opinion
of the Court said ga legislative body cam
not part with its powers, by any pro-
ceeding, SO as not to be able to continue the
exercise of them,' and If any attempt be
made to do SO the act is null and void. sit can
and should exercise them again, and again
as often as the public interests require.''
sit cannot abridge its own legislative pow
er by making permanent and irrepealable
contracts in reference to matters of public
interest" In this case two men hired substi-
tutes and Claimed exemption from military
duty on that ground; but the court decided
that the public demand was higher than any