The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-02-14
General Echols' Speech,


Echols in the Legislature last Thursday, ON
the debt question and in opposition to the
Finance bill introduced by Mr.. Barbour and
subsequently passed. The length of the
speech preclndes its publication this week,
but we will give 1t in full in our next
1t is an instructive speech, prepared with
care and method, reviewing in chronology
cal order the legislation of the State in re.
speet to the debt since the war, and, like all
the efforts of that gentleman, will be read
with interest and profit. 1t surprises us,
however. that gentleman of the practical
mind that General Echols possesses did not
discuss the question differently, and instead
of giving his endorsement to the various laws
passed since the war, with reference to the
debt. dsseet them and explain the manner
of their passage and the influences which
operated. Not one OF the laws, recognizing
/ the whole capitalized debt, was enacted with
reference to the ability of the people to pay.
There was no effort made to ascertain the
amount Of revenues that could be drawn
from the people, without destroying State
existence. But, without consulting with
the creditors OF the State or examining Into
the condition Of the people, the several Leg
islatures up to 1871 proceeded to dispose OF
that vast and vital subject, as though de-
struction had not wasted at noon-day and
at night throughout the entire Common
wealth, and swept away the values upon
which the debt was predicated. The bond
holders did not expect and would not have
asked more than fifty cents on the dollar.
If they had been requested to make prop
osition, that is the very highest they would
have suggested. But our Legislature was
busily engaged in seating Dirt and to ai-
rect atteation away from that entertaining
pastime, they had to hold in front the shonor
of Virginia. resolve that the last dollar
should be paid, although the creditors did
not ask nor expect it, and this, too, with
out reference to the condition of the people
and the devastation OF their property-the
destruction OF the values upon which the
debt was created. and their utter inability
to comply with the obligations created be-
fore these values were swept away.
All the legislation of the State W it'll refer
ence to the pub lie debt, up to and including
the enactment of the Funding bill, was ef-
fected without reference to the real capacity
Of the revenues to meet The liabilities as
sumed in such legisla ton. The people,
until the rece mt canvass, did not know really
their own condition, and the authorities did
not pref end TO inform them, nor to do any
thing else than to adduee false and fab
ricated estimates to deceive and mislead.
Whatever have been the resolves heretofore,
they have been the mere PRONUNCIATION of
sentiment, and not business-like consid-
Grafton Of the relations between creditor
and debtor land the ability OF the one to meet
the demands OF the OF her. The legislators
may have been able and patriotic, but they
certainly we're wantin. in strong practical
business sense, and the courage to deal with
the obligations Of the State as the conditlo n
OF the people demanded and the bondhold-
ers really expected; and out of this mis-
conception of duty has grown all the COM
plications. divisions and injury which have
followed the agitation of the debt question. |
We, however, will not further anticipate |
the speech of General Echols, and the ref |
erence he makes to past legislation. Our |
readers will have the benefit of his able and |
ingenious argument, and can then think !
over it in connection with the above re-
marks. We only regret that we cannot give |
it in full this week. We will not spoil it by I
or extracts, but publish it In |
toto in oar next. t