The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-11-28
The State Debt Question.
A FEASIBLE PLAN FOR ITS SETTLEMENT
To the Editors Of the Tiyginian:

To the Editors cfhe Virginion
The near approach of the session Of thu
Legislature, has naturally led people to in
quire, what will that body do in regard tc
the debt Of the State?
While, Individually, I am of the opinion
that it would not, under ordinary crcum
stances, be consistent with the dignity of th,
Commonwealth, to sue, in .formc pauper;s
to her creditors, for relief from any portion o
the debt which she honestly owes them io
money which she borrowed from them, an(
expended in building her railroads, erecting
her colleges and maintaining her charitable
institutions and while am still more firm
ly convinced that it is not competent for The
Legislature, or a State convention, to repu
date, either directly or indirectly, any par
of that debt, yet | concede that it is admis-
sible, without any sacrifice of principle. tx
consider and act on any proposition submit
tedsby the creditors for a readjustnent O.
the debt on more satisfactory basis.
Such proposition was submitted three
years ago to the Legislature by Gen'l Rich
ard Taylor, acting on behalf of the holders
OF about eight millions of our bonds but fol
some reason, or without reason. the Legisla
ture failed to take action on it.
That proposition contemplated the surren
der of the old six per cent, bonds, both con.
soils and peelers, and the issue in lieu thereof
of new bonds, bearing four g2er cent interest
payable in gold.
This proposition always seemed to me tc
be reasonable and liberal, and | deeply re-
GREETED that the Legislature did not accept
it. There has been no formal withdrawal Of
it, and, believe, it would now, with some
modification, be cheerfuily accepted by al
The PRINCIPAL grounds of affection to tba
''Funding biu' were two-fold. LIST
That it stimulated for the navment of ton
large rate of interest. and End. That Il
made the interest commons receivable in
payment of taxes.
The proposition of General TavIor. nm he.
half of the creditors fully mot tic t;rst Oh
lection INV rod,,c;nr tho rotn - ;ntorost fro,,,
sir per cent. to fo11r ner cent Th,s would
be a saving of one.thfrd OF the whole inter
est. and would make file aggregate of inter
est on the whole debt hut trifie more than
the twelve hundred thonsand do,lars which
we are now comnelled 10 nav in tbn form of
coupons. f'''
For reasons which if is pnnecassarv IN
discuss. there is a very strong nreiudice in
the minds of many Of nur nnorla agsinst the
receivability Of coupons in navmenf If taxes s;s
would pnt ri6 nf how
Rut The Conefituliop Of Tho State ~ sn uI t,o
prohibitions of the FeSeral '' Consti i NV
present insnnerabla ba,riors to an,, v;nJa
tion or chanoe of tern1s NJ onr nontroot With
the creditors rif1omtf1c;r coneent ont 'N' wan
Can tbic oonson+ bo oh+o;nods T 4,,;,,1- -
can Tba reaa;rab p W. ans s o.,', t ~
was a secu,.ify which we offered tn thn cred
itors for the n.vmant Of tho na,r honds is-
sued under tho Fnnflno Hi, rrb;s soa ,,r;t,,
while if is irrovocah,a7 and ;nn;o1ahlo hs : ,
nrove,l cco,oolv Lac sot;ofnoton., ~ t,n , ~
itors than to tho Ststa Tho r w ;o -,
most cases ba va hoon oon,,oI1ai ~ vi t,oi ~
connonS Of erch S,ieon,,,,t that So '' ~
dnct;nn co,on,;ss;a,s ~ hno,-ons ' e. .,,e1,
have n;olden ~ ~ M ~, the5
littia f anntbinn $50 w. t thap pouo.s nuv
interest i'i''o ''''''' J '"' P'' ''''''
II tben uo ooo off,. =, t,,o ora,7;to.. .,o,.
mode of ooc,.nI,, o,,,o1,,, aaeo ~ - 49,. 10y
lass o,,ioot;onoI *, 10y ~ a., "a. aiu
is If rvroaoonahI ~ one peope u t'e oeate
o1ad1v aooant i.S ~ e"ppo'0 ''es "ou'u
Rnt If 49, ho os,.oa ,,,,,ot o.,,ou ,,o,,.;.,,
can wa o ,y " Nv asnuu m"aI oour seuuiisy
onar,, ~ ., seSui.'y "ii:e"
oldi,S ~ lra,.a II. .no s.yli1eu Moieu ~
hos So, III 4i W t;ae y, o,1o i'eu S:ase
VIZ - " 49, " ~ y. ou.loi
t;o,, n ~ ~ "'peege. on.. po.
aJ cth "u 1oUv1.@eo iTa1 Dii's'ili' rlance
ot 4i; HUuael es VI Luiope, nave oiteh
for,, of f nr ~ oo ~. ~ .ne eaiiy ms
;tv Voc otton sa III s so1 .,
n,adood ~ 90 4s.o al .no
liz lanJs NV ;4 u ..ae sa,e VI oes puu-
~, ;l,;ons Sc d o see'i"S A0i d io"'i u h'e
If thon " Nv Ioii e..
;tors un. VII; le ,aee were ~ say ~ el GREY,
wv, 49, "a 1922 soul plopos,.io" W lahe
~ s1iu' a, ~. WIZ pleuse anu appropriate SO
ntho. s VI .ne oaA ievieu on ialio, VI soine
~ $500 10 INDY w iiooIaoaiy ~ hiee1
;trr o'a my oe "o"o' ei'at 'e clea-
M "e $3.50; aSoepo , !.
e eiouiUolo W. "iu eei'aiiiy w
toI I,Io Il h. .n a.; Ivy ooliaa "ele aue ho-
go Iaaao ~ ono ota.o vi colpolat'oiis' lie
uTaio S.so.Iois Mouao W equany "hiiig.I
ha mo ooup , QUESTION Mouiu mus Nc setIl eo'
5esaass 1,'e coupol polus wouiu oe surieh-
N.Y. MY anu NJ" uohus Ssueu' tue interest on
so $500 ~ $50 a,, w p.9sla9u ~ "a! VI eAe
M ~ w. .es e,Iue p'eus1u W ile9I IL.
o,,-aat sa-e VI oe@Is ooius -, uiool AT GU
W ,.,o1a o,lo VI !ues'iolapic P.opiiHIy,
ho,n. ~, " Tv9u. oolisIi1.'oiallIs ne
bla VIZ ,tto1 az ~. ~; :. MI.
consttntonal ~ t. tho 1919 .,a1 NV "'S ul
hold 80 ~ 49,, .s .,to ou9o 81 si'o IIt.e'
Gil poI hat t,oC
- ~ eau nv CouiS WI. 81 uecLue
fora Il 1"I Thn t .nplu esel W p1ousis W.
49, -. =: Se ., VI ieeonO ue1isiols "a
rn,nor ~ So 90 ~ v.noW uuuos oii l'Io
:, tha hand " a. ne, um
IF file MAJ, LAWS nf s vi .io, omt 'l.,Aes
,h;n ILL., p =. -, !; y. ui1 :o'iie'
ia a., Inv ~ %GaL a,uptSu, =. moo,u ulh
@at rid of no,o .la'y ~ ~ 60.
s;es or,;n VT 81 t thon ono hyu
ligs t;nns i.,,; ar d,2t GU ta, "
# wonld alsn Ui s"..0u - " th ~ pay
sbhles in ~ tho 10 sohooI o f de'e f
Ii or reron,os o,,i,, ' he oid u, 1870 Aoi
If we would tbon ~ s'ro ,,ora f
Che r"to vs. tao , MAN. sn'a,a tIle,sse VI
fnltl on, conStit;,tinna o,linot;on " ~ 10
sinking fund wa mo,ld soon y, ,v; pnoss'o
dinmnntien Of o,r ao I So n " .h
onld he onanod fnr yaronross;ra u uod,,ot Ho
of our tayes . f'Nss i'(''''''o''
and steadfast advocates OF 'readjustmens,
Woulu IKE TO know now tnls moae OF
SGs.leliieht, when involves 70 sacrihce OF the
als,.!y VI .ne ntate Is llee from tne talntoi
sasoiVes no vloat,oil VI tne Oon-
s.lsu''oh VI eiie olale,ol VI tle nlleu STATES,
oetause l. ooes ~! seen W impair Tue ooil-