The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-12-05
The State Debt.

70 The People Of the State of ViYginia:
The undersigned citizens Of the State of Vir-
glhia nave organized themselves into society,
The object OF which is to preserve the credit Of
me tn state and towards the accomplishment of
tn IN OBJECT they cordially invite the cooperation
or every citizen of Virginia.
For some time past it has been the constant
practice on part OF the press of the State and Of
some individuals to attempt to make the people
of the State believe that tue public debt is so
large that interest upon it cannot paid without
loading the people with burdens greater than
they can bear. This course is pursued, notwtn-
standll 6 the fact that every dollar OF the money
which the State owes was spent in erecting and
roads. canals, universities. and asylums, which
we daily use in the transaction OF the business
affairs OF our lives, and without which the State
would be little better than an unmproved wilder
ness. This being the fact, the assertion that
cannot pay the interest upon our Iublic debt
without imposing great burdens upon ourselves,
even if true, would not exonerate from the
Obligation to to perform our duty OF paying our
them and Justly owe to them.
But the amount Of the public debt. and the in
crease OF taxation necessary to paying full inter-
to you. The entire amount. of the public debt
which bears interest is 500 $50, 1868. upon which
1873, 14l3S, (see the Acts OF Assembly for 1878.
page $780, Report of Second Auditor for Septem-
Der 80, ls77g All the balance Of what has been
represented to be part of the public debt is
bonds Of the State owned by herself in her sink
ing and literary funds, and being her own bonds,
owned by herself are, therefore, due by herself
to herself, and therefore not due at all.
II you leave the expenses OF conducting your
State Government at what they now are, and
maintain your public schools upon their present
footing, yet it Will require you to increase YOUR
taxes but twenty cents the hundred dol
Government, to maintain your public schools. TO
pay TO your creditors full interest upon what
you you Justly owe them, and to provide a sinking
iuno when Will In q few years eXtinguish the en-
tire debt. People Of Virginia, think of that.
remember that the taxes now levied for county
purposes in most counties equal the state taxes
counties
that Where man now pays ten dollars of State
taxes, ms whole tax. county and State, amounts
70 twenty collars; and with the necessary in
crease will then amount to only twenty four
dollars; or, in other words, taxes will be increas-
county and State taxes, will then have to nav only
one dollar more, and the man who now paws five
cents more. This slight increase is necessary in
order that the good name and fame Of our State
may be preserved; that We may stand before the
world high and honorable people rather than
one with furnished credit; that we may enjoy the
material blessings of people in full credit rath-
credit. ~
II State is faithless to her obligations her loss
OF credit has disastrous influence upon the pc
cunlary interest OF every citizen OF the State 1t
diminishes and even destroys the price Of the
lands. 1t increases the price ofIeverything which
every man has to buy.
The merchants of that State. when they 90 TO
new YORK or Baltimore to buy goods, coming
from repudlating State, are given no credit on
account OF their industry, honesty, or enterprise
and can only buy for cash; CONSEQUENTLY none
but persons with capital in money can do busi-
ness, and those whose capital consists in cha rae
ter and energy are excluded. No money can he
borrowed except upon the most exhorbitant rates
OF interest, if at ALL Capital goes from such So
c1ety TO one organized on Sounder principles and
energy, industry and thrift all seek new fields for
s she1r exercise Every business interest in that
State suffers from 1.-THE laborer and the farmer
the mechanic and the merchant, the doctor and
the lawyer
AS practical means OF consolidating and or.
ganizing all those citizens of the State who are in
favor OF maintaining the public credit, we rec
ommend that society, similar to the one we
have formed, be organized in each county city |
and town. and that an effort be made to enroll in
such society every person in the county, city or
town who desires to see the public faith presery-
ed. We recommend also that this society," when
formed, select some person, fitted by his talents
ms character, and his courage, to represent his
people i'll the legislature and in November 1879 |
Wnen the next Legislature will be elected that |
it give whatever influence it can command to- |
greatest confidence that if this plan is pursued |
theoretically all over the State, the next Legisa-
ture Will be composed of members in favor of |
meeting our obligations,
A thorough discussion and an exhaustive can
vass on the hustings, through the press, and by
printed statements and arguments, are necessary
for the proper calculation and understanding OF
the whole subject of the State debt and preserya-
ton OF the public credit
Such measures will entail considerable eypense
1t has been suggested to us that the creditors o.
the State ought to contribute some share OF this
pecunlafy burden; but we have rejected all
such suggestions, being Of opinion that it is due
to ourselves that we should take the entire bur
den and expense OF this controversy upon our
selves, and not permit any assistance from auy
extraneous source-the people of Virginia being
the sole and only guardians of her credit and her
honor.
We recommend that as fast as a county society
IS formed it put itself into communication with
the central society at Richmond. Communica-
tions addressed to the Secretary will receive i'm.
mediate attention. 1t is desired to make this So
become members will please send their names TO
the Secretary. The press throughout the State
is requested to publish this address.