The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-02-21
NO. 46

NO. 46
per cent. interest hold in my hand now
holding up a letter. a letter received a few
days ago by the Governor Of this State from
gentleman in Europe, enclosing copy OF
a letter from a prominent banker OF the
highest position and great Influence in fl.
nancial and commercial circles. containing
the assurance that many of the foreign hol-
ders would receive IN exchange for our pres
ent siX-per cent. bonds other bonds bearing
four az per cent. for the sake OF having a
final adjustment of-our debt. The same as
sltrances have been given to prominent and
and influential bankers and capitalists in the
northern States. So. too many of our citI-
zens who are bondholders have expressed 4
Willingness to do the same thing. Two years
age distinguished gentleman who was in.
terestlpg himself in tile financial condition
of Virginia addressed Il. letter to the chair
man OF our Finance Committee, which dur
ing this session has been printed by the Or
der Of this House and laid upon our ia
bles, affordlng evidence OF the Willingness
of our foreign creditors to make a compro-
mise with us. Yet, sir, we say here we will
listen to none. of these things; we will have
no consultation or friendly conference with
gu. creditors either at home or abroad
we will not make the effort the platform re-
quires and the people demand, bnt will set
tie in the arbitrary manner indicated by
this bill, or will do nothing.
ask members from all sections il they are
willing to iorego this opportunity to COM
promise and adjust our debt? If We make a
| false step now this opportunity will proba-
| bly, never occur again, and / venture the
prediction that, if this bill becomes Il law,
| Virginia will never hereafter be able to OBJ
tain a readjustment of her debt. For myself
am anxious to see the debt adjusted, and
will do all can in honor, according u my
perception of right and wrong, to secure
| such q consumI.ation, and my consttuent$
will not Justify me in doing more. Nj
Speaker, in my view, the first thing chat we
should have done, and should still do, is to
go earnestly to work to see how far we can
cut down our expenses, now greatly IN eX
cess Of what they ought to. be. We should
| at the same time, by a careful revision OF
| our revenue laws, see whether we cannot
materially increase our revenues without add-
| ing any farther burdenssinsthe way OF taxa
| ton on property. L am sure that great
change can in this way be produced in our
| condition and in our ability to pay When
we have done this, let.us 60 in a kindly aud
| frank spirit to our creditors, make an honest
and fair exhibit of our condition, and my
word for it, sir, the difficulty will soon be
| settled, and in way Which Will not be dam
aging to our credit and fair name. The
people of this State, will never, when they
fully understand this question, give their
sanction to any forcible and arbitrary settle
ment OF the obligations of the State. They
demand that every effort possible on our
part as honorable men shall be made to adj
lust, and if, after this honest effort, we fail.
then it will be time to look for relief other
WISE That is all OF it. But we will not fail,
unless. We do as thiszbill would have lis do,
| assume the offensive towards our creditors,
and force them to resort to measures to en-
force their legal rights and demand the en-
| forcement OF the conditions nominated i'll
the bond" We cannot expect them to per-
| NIT us to settle'th matter without consul
tation or conference with them. Yet we are
| by this bill undertaking to do this.
But och, mankind are uneo weak
And little to be trusted,
I Itself the waving balance shake
| It's rarely right adjusted
That is the principle that rims through poor
| human nature. However, good men may
be, or try TO be, yet, according to the opin-
1 ion OF the world, they are MOTTO be trusted
to have the exclusive settlement of matters
OF difference between themselves and Others.
/ Sir, there will be fonnd Il great deal OF hui
man nature in!the adjustment OF this debt
difficulty. The gentleman from Petersburg
who addressed this House on yesterday4ih
advocacy OF this bill, said that ltonly suspend
ed the payment OF full interest to some fffss
ture time; that it did not relieve us -froHr.fts
4 payment. Ii that is so the measure is-stiH
most Objectionable, fOr it resultsaia the ac-
| emulation of unpaid interest, which will i'll
few years overwhclm us by magnitude
/ What We want is compromise anu settle
ments now, and he takes upon himself fear
tul responsibility who insists upon q meas
ure that must defeat this object,
But, sil, suppose that we could by this bill
relieve ourselves Of our whole debt, princ-
pal aud interest, would it be wise in us to
pass it? a Jam there be any compensation for
| the loss of credit and position among the ma
/ lions of the earth Which Virginia would inev
4 tab]y suffer !? We have hefearful example OF
Mississippi before us. In 1910 the Governor OF
:, that State, a native of this State, | regret to
say. in time OF high party excitement rec
! commended that the bonds of the State in
the hands of her creditors shouldno longer
be acknowledged as binding upon her
should be dishonored, should be fepndated.
His Recommendation, in anevil hour, was
needed and adopted. ''.Fdeiie descensns
are1ni'' The way to the.infernMr regions is
easy; and theeway to Reputation Is just as
easy if public men will keep up the aei:a-
ton and press the people with speciolls ar
II ouments and declarations. of their inability
, to pay and of the iniquity andinjlstice of
the debts on account of WHICH they must be
| taxed. But what will be the final result:
, Disgrace and ruin must follow. Look at
} Mississippi. She has become sf-by-word
/ among the commercial nations of the earth.
Her sons land she has, many noble ones can
not 90 to the great cities OF this or the other
: continent and engage the attention of men
; of capital to any enterprise, howe yer prom
. Using. within her borders. She is summed
as if she were a very .leper.. We have heard
3 but recently that one of the prominent men
! of Mississippi, gifted and accomplished, aud
: honored wherever he is known, upon being
7 urged to go to Europe inthe interest OF some
e great scheme for the benefit Of the South
: mournfully declined, saying that it would
/ be useless for Niississippian to 20 abroad,
S that no one would listen to the appeals from
e the repudiating State. fIhirty-eight year;
ago she committed this wrong, and she ye
!. bears the mark of shame upon her brow
e The credit Of a State, When once defaced
S can never be restored. read the lutheran
e ces of the great statesman Of South Carroll
L ma on this subject. Ny. friend from Amelia
d has always honored him, and will, am sure
e respect any of his opinions.
is Mr.. Calhoun on one occasion sald
L
" pay punctually every dollar she owes, shoult
e it take the last cent, without inquirins
whether it was spent wisely or foolishly
y Should in this be by possibility mistaken
d should she tarnish her sstpsullied rhQnor, AM
e bring discred5 on our common country. b
d refusing to redeem her plighted faith (whic
ID L Hold impossible,) deep as is my devotion t
y her, and motncr as shells to ME, woul
ir disown her." zs lT
e. Whether we propose to repudiate OF MOI
let us remember that the eyes OF the worl
to are now upon Virginia that iier'every az
is will be closely scrutinized,s antl that W
le must by our acts here give renewed assu
he ancc of her fidelity to all the glorious trad
lie tions of her past history. In,after years,
o. any of us Should feel that we had tone an,
at thing to bring reproach upon cher fair nan
BIT it would be better forsus that we bad new
ed been born, The gentleman from shena
e- doah, in his able opening Of this discussio
ly in very graphic terms depicted the pover
ed of Virginia, and said that alter the war s.