The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-12-19
State Debt.

state UeDt.
The extremes on the debt question seem
to be fighting each other, with very little
to the practical settlement of the
difficulties involved, and rescuing the
State from impending ruin. Notwithstand-
ing the compromise spirit manifested in the
message and the propositions Of
the bondholders, the Funders, represented
by the State news paper and the Society"
are contending for an increase Of taxation
to meet the provisions cf the Funding Bill
settlement and the Re adiusters, repre-
sented by some Of their recognized lead
ers, are demanding that not only shall
there be no conference with che bondhold-
ers, but that the rate OF taxation shall be
decreased, in view Of the assumed decrease
in the assessed value Of land. We do not
care to 90 into an elaborate discussion Of
either Of these extreme views at this time,
for they both involve practical repadiaticn,
and ultimate ruin to Virginia. We do not
believe that the people Of this State are will.
ing to endorse any proposition that en-
braces substantially a Reputation Of what
she fairly and honestly owes. The original
proposition for REIMBURSEMENT was based
upon the unjust arrangement. Of the Fund
ing Bill, in capitalizing interest. and the
object we had in view, certainly, and those
with whom we have compared opinions, was
to get at what the State honestly and
Justly owes, upon the premise that two-thirds
of the original debt OF Virginia was what it
was proper for her to assume. We believe
Virginia owes and ought to pay $40, 100000,
in round numbers, of principal. and sl0,-
100000 of accrued int rest-representiDg
two.thilds of the principal and accrued in
terest, as ascertained to be the debt in
1871. To provide for per cent. interest on
the principal so recognized, with a month";
terest bearing certificate for the accrued
interest, or four per cent. On the capital
lied debt, as stated, we believe to be the du-
ty of the State. We do not believe that there
is any equity in trying to eyade Or escape
from the obligation, in any way, and we
further believe it is to the Interest OF
the State to make provision for 1t,
if for no other reason than that OF pure
se1fshness-to place it upon the lowest NOR
al grade. The material interests of Viz
einia have suffered enough from the agitation
of this question by men of both sides to the
issue, who do not seem to want to settle it.
1t has been hobby Of demagogues long
enoush-the ''honor" shriekers, on the one
side, who profess to be governed by the
highest moral considerations in endorsing 8
known fraud, as the Funding Bill undoubt-
eddy il, and the poverty shriekers Oh the
other side, who plead mendicancy as an
excuse for demanding practical repudia-
ton of what's due by the State to somebody
and ought to be paid to those who hold
the evidences OF debt.
The people are becoming tired OF this
constant agitation between extreme fac
tons, which do not want to get together, as
they have taken no steps to do so. and seem
to be ambitious alone for sentimental dem
goguism, forgetting that it is really costing
the State more in the distrust created, the
disturbance of values, and the consequent
hindrance to immigration and investments,
which have been occasioned by it. than the
interest on the whole OF the original
debt would amount to. The people
want the whole matter settled and re-
moved from the theatre Of politics, and
they want it settled so that there can be no
imputation of reputation or evasion cast up.
on them. The extreme men on both sides mis-
take the temper and purpose of those most
interested in the question. The application
of honest business sense to the case is what
they demand, and the settlement of tie debt
complications upon honest business princi-
Piles, and in no other way, is what the tax
payers and all others, who feel deep con-
Germ for the future of Virginia, desire. And
those who may persist in pushing forward
impractcable propositions and adhering to
nadmissible theories, disregarding the true
interests of the people and State on the one
side, and the rights Of the creditors on the
other, will find that they have mistaken
popular sentiment, and will be brought to
an unpleasant account for their action, when
an appeal is made to the tribunal Of public
Judgment.