The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-02-07
THE: STATE DEBT.
AN ABLE ARGUMENT.


The following Communication we find in
the Richmond Virginia Patron of the 10Th.
It is a clear presentation of the case OF the 4
State debt, and full and complete refutation
of the arguments of the editor of the Reli- |
o,ous Herald of which so much has been said. |
We ask the careful attention of our readers
to the writer's dignified and logical arrange
ment of the sentences which. follow:
The Religious Herald steps into the arena
ofIpolitics with an elaborate article on the
State debt prefaced by an apology which its
pious patrons should not accept. Itproposes
to treat the debt question as one of morals,
not of politics. But the two aspects of the
question cannot be ASSOCIATED; nor is there
any question of politics which has not its
moral bearing. ~ IA
The Heralds passport will lead it With
ersoever it wishes to go in the broad field of
political strife. The line which limits the
sphere of the religious teacher is delicate and
hard to define. In the North, public senti-
ment has simply wiped it out; in the South,
public sentiment admonishes, 'Lest you
transgress, beware Of approaching it," With
the utmost Difference it is suggested as safe
rule of action, that religious teachers should
explain and enforce the great and general
principles and obligations of religion and mo-
rality, leaving the particular application to
the enlightened conscience of their au-
dience.
The State debt is n question of morals only
so far as the precept applies, owe nc; man
anything The discussion could not be and
has not been confined within the narrow lim-
its Of. the moral aspects of the question. The
Herald is soon forced to handle, as is does
most tenaerly, that vile mass OF political
filth, the Funding Bill, and to discuss, though
notiyery profoundly, questions OF political
economy. Perhaps the best vindication OF
the new role of the Herald is the success
with which it has acted its part OF partisan
organ. Lofty and Sincere as the writer
doubtless is,the bias OF partisan appearsn,all
his arguments, and allhis denunciations, in
what he SAYS and in what he leaves unsaid-
The majority of the people of Virginia, who
have the misfortune to differ III opinion, en-!
braciae thousands OF our best and purest citi-
zens, are treated with great harshness twice
receive the intimation that 'fopprobrious cpl
thets" would be applicable to them, and are
arraigned before the word as offenders
AGAINST the command 'sThou shalt not
steal.''
While such.is the measure melted TO- the
debtors, the,bond ldefsare earcssed and Hat
tered-those generous creditors who in
Virginia's darkest hour, bought her bonds
for tribe and doubled the value OF this pur-
chase by another, the most Infamous in all
the annals of corruption.
How could the moralist, in giving great
prominence to the legislation OF the Fund
ing Bill, hold his peace asto the wicked
means by which this legislation was procur--
ed? Is it honest in the champion OF homes
ty to assign to the friends of readjustment
the position that ''the people aciH not bear''
an increase of taxation? As a question OF
dollars and cents, there is no difference be-
tween sswill not'' and cannot" but as
question of morals there is "A vast difference.
The Herald is above all suspicion of in
territorial unfairness, but surely only a strong
partisan bias could have suggested such
unique piece Of logic as the following
ssForcible reimbursement is simply refusal
topay the State debt, IN whole or in part, and
is but an other name for reputation. Let US
90 beyond the word to its meaning. 1t is
the refusal of the State to pay debt, in
whole or in part, not because she is unable
to pay it, but because she does not find it con-
yenient." sc.
The Herald believes that the State is 'snot
snable'' to pay her debt, and proves it to its
own satisfaction by this piece OF verbal Jug
glery. The ability Of the people to pay the
debt, which Governor Holiday rightly Is
serts is the real issue, receives but little at
tention. The Herald is convinced, however,
of their ability to pay by the mere fact that
the property in the Commonwealth (Which
it seems to consid likewise the property OF
the Commonwealth is ass esed at about ten
times the amount of the debt. An arsu-
ment is drawn from the analogy of a man
owing one-tenth Of what he is worth, and at
tempting to plead poverty in defiance of
reason and decencg,E The HerMa deems
this argument absolutely conclusive, and it
is this grave and palpable error which has
obscured its Judgment OF the whole ques-
zion.
= The supposed analogy - utterly false 3 In
IL q
the first place, while IAN notwithstanding a
$1,000 might possibly pay it by selling one
tenth of his property valued at $4,000, it is
utterly impossible that Tie State should dis
charge her debt of s33, 00O,o 900 by selling one
tenth, or one ninth, or even one fifth Of the
ten fold value within her borders, even il it
were unreseryedly at her disposal. But the
cardinal error of the Herald lies III ignoring
the fact that this property belongs to the citi-
zens, and the government, in consideration
; Of the benefits it wss intended to confer, has
. right 70 dispose ef8onlg 50 much of it IS the
citizens, in the exercise Of a di secretion eX-
pressly vested in them, see fit to contribute.
The State is not corporation, in which all
the citizens are stockholders, and all the
stockholders property liable for debts ofthc
concern. NO nation yorroWs on slichsasbasis
as this. The generous creditors" them
selves would laugh at the notion.
National loaps are negotiated on the faith
of the revenues Of the State. These reve-
nues are proportioned rather to the prosper
ity of the people than the aggregate of prop
erty they hold. They, are liable to tlactuate
from various causes, Or to be cut off altogeth-
,er by the extinction Of the State, or other
great calamity. Financers try to be, and
usually are thoroughly versed in all these
matters, They would not feel safe in lend-
ing to State merely because within its bor-
ders there was property in excess OF the loan.
According to the Herald's theory, just as \
lends B thousand dollars because the Dor
rover owns thousand dollars worth OF
property, the Rothschilds and Earrings might
lend Virginia three hundred millions upon
rndoubted security, because that amount of