Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1878-02-05
Speech of Speaker Allen on the
Debt Question.

SN''S III ia b4li i'pO4tSd ~ INC II
nance Committee, Speaker Allen took
the floor We qnote from the Rich
mond Why:
Speaker Allen Judge B. w. Lacy
in the chair said he began the discus
sion of this question with great diff
dence. He had determined TO say
something in regard to the till report
ed by the Finance Committee, hut
within the last few minutes had not
expected to speak az that time. 1t
was not strictly q bill for the ~readjust
mentO OF the debt, but unless the bill
passed, or one similar to il passed. this
talk about readjusrClent was mere
hladderdash. The bill was the neces-
sary forerunner of act for the readiust-
ment of the debt.
He was in favor Of such a readjnst-
ment as would make the rerei p:s OF
the State pay her expenses.
He avOwed himself opposed to re-
pUdIatlnn. We were, lie said, now IN
the disSraceful attitude of repudiatIng
one third of tie debt. Some such
measure as was contemplated in the
Finance COmmittee's bill must be
adopted.
The bill stated in the preamble that
increase Of taxation WAS impracIicable.
This was the keY-nOte of the whole
scheme. Al increase of taxation up
on property at this time is impTacii-
! cable. Is It not true? asked the speak
Lock at The necessity for read
-lent, In 1850 the debt OF Virgin
AZ S0mew here Ia the EeighbOrhu0d
-, 600 600. after that schemes for
<rual Improvement were gotten up.
do not deny That the money ~as TX
pended ia these works. am Opposed
20 e Hing the gentlemen Who EGvGnc-
Ell the money for this improvement of
the State ''Ll0ated bondhoIders," az
they have been called. Such language
is not becoming. IN 1850 this deb:
had SIS elltd TO 1913. COS, O00. Thea it
bcgan to attract attention
What WAS the condition Of Virginia
then ? / ITOpnse To contrast the Slate
ia 1850 an DOW. The speaker then
proceeded t0 shaw thai the InsR ty
population since 1860 has been $40 OO0;
the population cut off by West Var
gipiu, and including the hest and
most thrifty people i'll Virginia. In
proportion ii falling off Of almost two
thirds OF taxable values. y difference
in the value of personal property of
enc hundred and sixteen mil,inns.-
1 IL N6iNtS pl SitsACS bttthe no al
was TWO hundred ana forty five mil
lion doliars-a total loss IBirly-siK
miIllnas one hundred th0u-and dul-
lars lost III Internal Improvements
He W. Iii say here that the lines Of
internal improvement were III the
hands of receivers, appointed hy Fede-
raj courts hostile to Virginia. No.
body was To blame fnF thi4 condition
of affairs. 1t Was the natural result
of the war and misfortune. The val
ue OF the States Interest in banks.
amounting to millions, all Gone--unt
a stFiver left. Besides that, We know
how Virginia was dtvid a.. how her
territory was severe! from her. Then
we have 20 spend ruoce money in our
! Legislature than before the wHr.
There was the large class OF unfHr-
tunnta c0luTeI luDatjcs vii" were, he-
fore The war. provide! for ny THAR
owrers-thI4 class we had 10 bJi'd
asyIuns for, hpsid, s Increasing the a =
preparations to &syluEi4 fl he whites.
Then our colleges we have 10 increase
the appropriations 70 them 10 keep
them from tho hands of receiver
Put. said the speaker, | will net cou-
tiuue Ia paint this picture. II Will
take too mach time. The war left ia
nothing bat the soil Of the State, and
that kue4ded with The blonsi of tie
defenders of Firginia-bi00d shed in
dr5rnce of that sovereignty now
bound in with Iuky bios and rotten
parchment bonds " What did he
/ Legislature of Virginia so directly
after the war" y L~agi-l&turr com
po-a;i If some 81 our est mrn came,
and rs II p0sS->~csj sinh some strange
! i~nfltu4fio; pa-t-d a t..ji TT f!- c,pI
~tai.zsrisn Of the d-tt and ."r the ply
rurnt Of fail Interest "n shr whn'e f
il. o.s--h rh- fiir dig till. and II
rart ~ tae debt was capitalized und,r
that bill. The c"ntracJ un,ier the
! fluding bill was made then and there.
Il was UNIV Isl legislation.
have il from = banker Of this city
that one of the gratIemtn who occu-
pied a high position Ia his Hous",
than whom Virginia never produced
"A n0hirr son, told him that lie could
not imagine what they were thinRlr Z
about : that it wa the most umwIe
act ever done. After this came the
agony of The long nights Of recon
structiOn. lasting almost three years.
What opportunities had the people
Of Virginia to pay their debts then ,
What man thought Of business during
thar time? Even in my country
where We knew eur local affairs were
safe. yet, looking across to his cOun-
try, east Of the mountains. u people
quit their business and thought Uf
nothing else. and did nothing rise,
except to work to secure To ourselves u
republican form of government. And
when that question, and that question
alone. was before tie people, no 1t
ter of Estate policy Was discussed. Il e
public debt of Virginia was forgotten
aud cast out of view. The salvation of
the State was the attsurhins question
0rcupyinK the attention OF eytiy one.
Al that time n Legislature WAS elected
containing nan good aud true nnd
worthy mrn-men whom l hope tie
State will cnnti"u ne To honor. That
Legislature came down here and pass
Ell the funding hill. l don't propose
to go into the question as TO tie man
ner of the passing Of that biii-th|t ~
not the question 1t issue at all. Cen
tlpmen who voted for that measure
| did SO, [ nave no doubt, from cori>cien-
I tiuus motives, and a. conscientious as
| am now in opposing 1t. | don't
propose to use invective and indulge
in insiuuation. for | give them credit
for the same pure aud high motives
that | have III opposing this ~funiing
bill. l DO think, however, it was the
most unWlse measure hat ever was
placed upon the statute books of the
STATE. What did they do? UudeT
the specious pretense Of cutting off
one-tIiird for West Virginia, they
capitalized the debt, piled IN t e war
aud reconstruction interest, and COM
,a..,.H,4 1.r.,.- a. H.. ST. ..
ting aside one-third for West Virginia,
I,fe Nv- ,-;,E H. ~