The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-07-04
The Highland Resolutions.

We noticed last week the proceedings of
d meeting of the people Of Highland county
on the d. bt question, and to-day we insert
the resolutions and minutes of the meeting.
The wording of the resolutions does not con-
vey the popular understanding Of the object
of the readjustcrs, and is calculated to ere
ate wrong IMPRESSION as to what the in
tention really is. 1t is not to ''readjust the
debt" No one proposes to disturb the
principal of the debt as it is now recognized
by all parties. 1t is to modify the interest,
so as to place it substantially where justice
and right demand it should be. There
was never any semblahce Of equity Or
fairness in capitalizing the interest, or fund
ing it into bond, and thus compelling COM
pound interest. The recognized debt is
about S2O,OOO.0OO. The people of Virginia
do not regard it as unjust to pay six per
cent. interest on this, and our understand
ing of the purpose of the readjustcrs is to
sauarely meet this. The amount OF about
ten millions of accumulated interest now
Incorporated into the six per cent coupon
bonds, should have been represented by
non-interest bearing certificates, to DC dis
charged as the resources of the State would
justify.
Had this been made as an original propo-
sition, instead of the ubiquitous Funding
bill, the creditor would cheerfully have ac-
cep:ed ii, because it would have reflected a
purpose to deal justly and honorably in the
settlement of our obligations, and would
have enabled the people to meet them, and
not experienced the humiliation and injury
arising from an annual default in the pay
ment of the interest. 10 broadly state that
we propose to readjust the debt, without
drawing distinction such as we have indi-
Gated, is to convey the impression that we
want to repudiate our Just obligations. The
people of Virginia scorn such an imputation
but they will demand that the equity OF Tho
case be recognized in an arrangement that
will substantially carry into effect the prop
osition we have stated, which may be effect
ed by readiustment so as to make the
$50, 1000, 900 bear four per cent. or the equiva
lent of six per cent. upon the interest
bearing debt we justly owe-s2O, OOo, 900
We do not recognize the accumulated i'll
terest as all interest bearing debt. 1t was
a great outrage, consummated by corrnp
ton and fraud, to fasten the debt upon the
people in the shape the Funding bill forml
lates it, and there will be no peace for the
creditor until that injustice is recognized
and the reasonable and just demands OF tht
people are respected.
as readjusters differ with us as to the amount
of interest for which we should consider
ourselves bound. contending that the inter
est accumulated during the period of war and
reconstruction, when all the resources o
the State were dedicated to war purposes, an(
were not under the control of the people
should not be taken into the count, and there
is much Justice il this claim; but to demon
strate that Virgi ia proposes to deal liber
ally and justly to the creditor. we are con
WINGED that large majority Of the people
would consent to an arrangement that
recognized the 100000 as six pei
cent. debt. with the accumulated in
terest represented by Eon-interest bear
ing certificates, or four per cent. upon the
whole. This is all they owe, and it is al
they will ever pay.