The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-02-21

it? Was there anything dishonest on the
part of the creditors at the time of It's con-
traction?
1 have here the records showing OF what
the debt is composed, how it was contracted,
and what use was made of the money bor-
rowed by the State, and call the attention
of gentlemen on this floor from all parts of
the Commonwealth to the exhibit. From
report of the Second Auditor, made in Mo-
vember, 1865, now before me, I find that the
public debt in January, 1852, was. in round
numbers, l0,0O0,000, and that in October,
1865, it amounted, in round numbers, to
s35, 100000. L find farther, from same re-
port, that the expenditures of the State in
the construction of railroads, canals, turn
pixies, bridges, &C., up to 1861 amounted to
$50, 100000 Here is the exact table:
Railroads s1s 584, 1923 30
Canals. 2,234,ll6 80
Plank roads S Ss9,d5S Al
Turnplkes. wy ~
state Roads ........'.......-...... l,o1o,oso %
$500, 100 50
These various works of interna! improve
ment were built with borrowed money.
People. inside and outside of Virginia, re-
lying upon her Evolutionary honor and good
faith, loaned the money for the construc-
ton of these works. The benefits of these
works arc still enjoyed by our people. You
are yet asked to say that this debt, thus con-
tracted is OF such inferior dignity as to make
it iustifiable for us to violate our contract in
regard to the payment of the interest there
on and to forcibly avoid its payment. Is
that proposition which strikes the mem
I'bers of this House with favor?
But let us look q little more into details.
Let me call the particular attention of mem
bers living along the principal lines OF these
improvements, from the advantages of
which their constituents have been so much
benefited, to the amounts of this borrowed
money which have been expended particn-
larly for their good.
The State borrowed and spent in the con-
struction of her great central line of road
leading from this capital to the Ohio river
nearly S., 100000. What say the represent
atives of Henrico, HANOVER, Louisa, and OF
the great county of Albemarle, Whose peo-
pie are now enjoying the rich fruits coming
from the expenditure of this money, to the
PROPOSITION to adopt forcible measures to
avoid the payment OF the debt thus con-
tracted? What says the empire county Of
Augusta, who shares with her sister coun-
| ties in the great benefits of this large ex-
penditure, and also in the profits derived
| from the munificent appropriations made
|
| buttons located in her city, Will anyrepre-
sentative of ana one Of these counties stand
upon this floor and disown the obligation
| to pay this money, which has been used for
the benefit of the sane and insane? st
| appeal to the counties of Frederick,
Shenande all, and Rockingham to know
what they will do. | find that there has
been expended in the construction of the
Manassas Gap railroad, and other improves
ments. intended especially for the benefit
of these counties, between $3,00O,000 and
81. OOO, 900. What would new be the con
dition of the people of that far-famed She
nandoah Valley If the State had not borrow
ed this money, and withiit furnished them
with the means of taking the bonntiful re.
| sources of their rich land to the markets Of
the world? Shall it be said hereafter that
the representatives of these counties have
forclbiy adjusted the public debt by iupend-
ING the execution Of the contract made with
! the creditors, and by refusing forever te
/ comply with the agreement solemmy made
with them-a contract and agreement which
have been approved confirmed, and enforc
ed by the Legislature, executive and judi
cial departments? Our friends from Lynch
burg to the Tennessee line, representing
i the magnificent Southwest, when they come
from their beautiful homes with the speee
OF the steam engine to this Capitol, and SCI
their cattle from a thousand hills, and al
the varied mineral and agricultural produc
tions of their region. unsurpassed IN peauo.
and fertility. rapidly transported to tn
great commercial centres, formerly so mac
cessible to them, surely will say, we will
never forget the benefits conferred upon Il
by the expenditure of the money of thos
who relied upon our good faith and Loaned
) us the vast sums which have built our roads
Richmond has been sneered at becaus
her representatives have spoken in tone
not to be misunderstood. She would hav
been recreant to every sentiment of com
) mercial honor and fair-dealing if she ha
7 been silent or had taken any other than tn
manly stand which she has taken on thi
debt question. Her voice, too, ought to
: most potential when it is recoliected hoy
large a portion of the revenues OF the Stat
, come from her citizens.
[ honor her clergy, too, because the
have lifted up their eloquent voices, an
warned their people, and denounced til
immortality Of reputation. They woul
, forget the duties OF their holy calling an
the teachings OF their great Master if the
: did not use their influence and exert the
! abilities to keep the State from the perp'
! tration Of this great wrong. ....,
There is one oGher view which desire
, present. but | will be brief, as my time
: passing rapidly. l take it that during tt
y last canvass many of us took the san
: ground before cur constituents. When Il
- cry came up from all the land that the pc
: pie were oppressed with taxes and tn
:. the State was grooming under a Load OF de
i we said. Ii proper measures are ADOPTS
:. and earnest eNcrtions are put 1orth we
> lieye that we can adjust the debt honorab
TO make that earnest effort. We profess
: to stand upon the platform Of the Const
;, yative party of the State adopted by t
, great convention which assembled i'll I'll
citv in August last. That platform ''es
= nestlv urged upon the legislative AND exc
:" utiye branches of the government and IL
= portance of using all just and honorat
means of bringing about an adjustment
the obligations of the Commonwealth, viii
y will bring the payment of interest upon Q
4 entire Indebtedness within the resources
a the State derived from the present rate
es taxation, and do equal justice to all classes
:, our creditors" r..,... ,,.-,.
Wv IT. farther urged upon the Legislature
~: ~ ;,nortauce of cutting down the expenses
I,o the State government. This, have no dou
~ we all promised that we would do, to
~ extent expressed in the expressive langu;
y. of the gentleman from Amelia, OF s'stripp
Ii. the State to the skim in the way OF
he trenchment. Have we made this effort
m honorable and friendly adjustment, 6
cd have we as yet, above all, done anything
IS. | wards cutting down expenses Lam sa
in fed that, ii we will only make the necess
II, advances and show the. proper spirit,
of creditors will agree to fair terms OF conf
be mise and adjustment. feel great eonfide
d. from information which | have recei
oil from various sources mat the debt cal
he adjusted in way of friendly compromise,
that in the future it will bear hut fou