The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-09-26
Judge Allen on Reimbursement.
ANOTHER COURT DAY SPEECH-HON.
HENRY G. ALLEN ON THE STATE DEBT
BOLD, STRAIGHTFORWARD PRE-
SANITATION OE EAC CTS.


ANOTHER COURT DAY sPEECH-HoN.
HENRY c. ALLEN ON THE STATE DEBT
A BOLD, STRAIGHTFORWARD PRE-
SANITATION OF FACTS.
By invitation, Hon. Henry C. Alien, OF
Shenandoah, delivered an address to the
people Of Staunton and Augusta County on
Monday last, Court day.
1t was generally supposed that he would
discuss the question of National Finance, as
it was reported that his views upon that im-
portant subject were in direct opposition to
those recently presented by the candidates
for Congress, from this district, and that ne
would be the first to raise the hard-money
standard in the Valley. This expectation,
however, was disappointed, as he did not
touch upon national affairs at all, but for an
hour-and -a-half confined himself exclusively
to presentation Of the past and present
condition of the State, reciting much Of ms
tory connected with the debt which had been
lost sight of entirely, and presenting ialf'
honest and bold picture Of the States con-
dition, and the difficulties which now SO
thickly beset her.
At half past one, the Court adjourhssssstsan
til three, and Judge Allen took the stand.
He is a deliberate speaker, uttering his words
slowly, emphatically and clearly. There
was no attempt at rhetorical flourish, no ef-
fort to captivate by nicely rounded sentences,
but directness of language, and an array
of stubborn facts, which carried with them
conviction of truth, and admiration for the
honest manner in which they were pat for
ward. He used no extravagant Language. end
substantiated statements with documentary
evidences, or else based them upon well
known facts of history. Throughout M ad-
dress of an hour-and-a- half, he received the
closest and most respectful attention from
the audience in the Courthouse, which
numbered perhaps one hundred, or more.
In commencing be said that the principal
OF the debt of Virginia was created between
1910 and 1860. In 1910 it was SO, 900, 0O and
in 1860 it had increased to about 80, 600 300,
every dollar of the bonds for which were at
par. At that time the taxable values q Nir-
ginia were $57s ZOO, 900 in addition to $685.
100000 in slaves under II years OF age,
which were nom taxable, and some $50, 000,-
600 of available assets; now the whole tax
able values were 100000 with about
$3.50, 900 nominal assets.
After the period of desolating war, the
debt was reported under the Pierrepont re-
gime, at $50, 000, 900 with, $5,0OO,0OO accrued
interest and some additions which brought it
up to $4l ZOO, 900. The Legislature of '65-'6e,
over which John B.. Baldwin, presided, pass
ed an act funding the interest, and asslsi-
ing the payment of the whole debt. That
Legislature was composed OF the most distin-
guished men of the State. They passed that
act, and they intended to pay, for they were
men who would have kept their word, and
not given an idle promise. 1t is an easy
matter to promise TO pay, but to provide the
means with which to make good that prom
Use, is another and more difficult matter
And what did these distinguished gentlemen
do? They assumed the total debt, with I'M
terest compounded, and then levied tax OF
ID cents on the 800, and aoent home! Levied
tax which would have realized about $780,
600, when they had obligated themselves to
pay 50, 400, 600! Was that craftsmanship?
And these were honest men-men OF the
highest intelligence; and no one held them
in higher esteem than the speaker .
When these men returned in 1867, the
smoke Of the battle had cleared away, and
the desolation that reigned was laid bare.
They saw that they had committed blund-
er-had imposed burthens greater than
could be borne. But the contract had been
made A contract as binding, in law and in
morals, as the funding bill dared to 5be-but
there wal one difference-itwas not self ex-
ecuting. What did they do then? Read
justed! Forcibly Readjusted! Tiacy passeg
the act of March 2lst, 1867, which after re-
citing the impoverished condition of Virgin
ia, provided for reduction OF the rate OF in
terest from to per cent. on the principal,
and excluded the arrearagc of interest," They
had promised to pay six per cent. on princl-
pal u nd interest, and instead, provided for
four per cent. on principal and not copper
on interest. That aoas the first act Of Bead
justment And now when you call me
forcible readjuster, and repudiationist,
point to the example of that distinguished
body In order to carry cut the act ct '67,
they passed tax bill Of 80 cents on the 500,
and returned to their homes.
Then came the days Of reconstruction, and
the Legislature which was sent to Richmond
was elected with no reference whatever to
the State debt. 1t was composed OF new
men entirely-men who knew nothing Of the
States condition, and upon Walkers ESTE
mate passed the funding bill Of 1871. The
speaker then rehearsed the provisions Of the
F unding Bill land the legislation which sue
ceeded it up to the time of the Courts de-
termining it contract, all of which is famil-
lar to our readers.l
Then came the famous conference with
the bond holders, before which Gov. Kemp
er presented the ablest paper on the State
debt ever gotten up. The Speaker then read
extracts from that report, and laid particular
emphasis ON the concluding clause, in which
the Governor SCaCeU lIldL We lJLciluCu " pay
as much as we can, and as soon as we can,
with the consent of the bond holders If it
can be secured-without that consent il nee
essary.
In that paper Governor Kemper stated
that to increase the flax would be virtually
confiscation. II such was the case then,
how much more desperate would it be now,
when according to John Daniels estimate,
the taxable resources are 500, 000,000 less
You cannot increase the rate, nor has there
been any politician bold enough to advocate
it. Before the elect ion, Gov. Holiday, sent
John M. Miller, OF Shenandoah, to Rocking
ingham, to assure the people that he favored
no such increase, and the various candidates
for Congress now, are on the same platform.
Marshall Hanger, has been one of the very
| few who favord and voted for an increase, AT.
plause.] but your distinguished townsman,
| Mr. Stuart, has uniformly voted against it
[Applause.] The speaker said he could re-
spect the men who declared against readjust
ment. and advocated raising the tax, but
| uhnr lilo FitZ Toe thew were onn0Sed tf