Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1878-03-27
wednesday. March 20 sS7S.
The compromise Bill.


After Governor Holiday vetoed the
Barbour bill and the School bill the
legislature by an almost unanimous
vote adopted the Governors compro-
mise bill for refuading the debt in bonds
bearing per cent. for Is years and 4
per cent. for the balance OF fifty years, if
the creditors ,ciU accept Il. This is what
is called readius ,ment honorable to
the State and satisfactory to the credi'
tors" In other words it is satisfactory
to the creditors because they can take
under it or not as they please; they will
not please aud therefore they are salts
tied.
That 1t Is honorable to the state"
we must emphatically deny. There is
ten millions Of our debt in unfunded, or
In "peeler," bonds worth but fraction
over one half the market price of the
"consol," or funding bill, bonds.
Before the funding bill passed our
bonds were all on the same footing.
THESE bonds Of course got none Of the
var and reconstruction interest added
to their principal unless they were fun
ded under the 'peeler" act, nor have
the holders Of them had q cent Of in.
terest for seven years. The holders of
this debt very naturally want fair and
equitable adjustment, that will give
them an equal chance to get interest.
The Governor and the funder's by their
compromise bill" offer them 3 per
cent. for Is years and 1 per cent. for 30
Years and leave the option with the
consol bond-holders. whose coupons
absorb all the taxes, to fund or not As
they please.
Is this honorable to the State? OF
can it be satisfactory to the creditors
who hold this large proportion Of our
debt? No is dishonOrable in the high
est degree to the State and satisfactory
only 10 the coupon bOnd-holders and
tleir agents who have been running
and running our State by bribery and
corruption.
Among the "peeler" bond-hOlder,
are the few orphans Of our state whose
funds were so invested, before the war.
in State securities under a law which
required receivers and other custodians
Of certain moneys to so invest them. As
these orphans" come of age they re-
ceiye their bonds deprecated to 80
cents by bribed funding bill, interest
accumulated on then for seven years
since reconstruction, coupons suppressed
ing their chance and their right 10 get a
dollar Of that interest, while lot OF
foreigners haye their bonds with war
and reconstruction interest, compoun-
ded iuto them. and set their interest by
selling coupons to the people to pay
taxes with.
Every honest man must conccde that
the debt should be readiusted to do
Justice by all our creditors or else the
taxes should be increased to pay II
tcrest on all bonds alike. Yet Gsy.
Holiday. who writes messages TO tell
how intensely honest he IS approves this
bill to deceive the people for awhile
longer, and then makes \ speech in
Stanton in which he calls it the great
measure Of settlement and peace.
1t is gratifying to observe, however.
that this bosh and humbug meets no
approval by even those who defended
the two vctoes except the Richmond
Dispatch and the home organs of
Winchester. Itafiords us no pleasure
that Governor Holiday is SO universal
Is condemned for his official conduct so
soon after his Inauguration, but 1t bodies
good to the Commonwealth because it
may have the effect Of recalling him
f.om the associations OF the ringmasters
aud brokers of Richmond, and putting
him again in accord with the people
who esteemed HIM so highly and eX'
pected so much Of HIM. Let us hope
that by another meeting Of the general
assembly, when the nonsense Of this
compromise bill, shall have been
demonstrated and its injustice fully seen
and known of all our citizens, that re-
turning reason and craftsmanship may
resume guardianship and control OF
our State. Til then we tender the sub
ject the homage Of a respectful adieu.