Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1878-02-06
Speech Of Speaker Allen on the Debt Ques'
lion.

Alter the morning hOuI III 1uo iA0uSe
Thursday. the special order being the
fax bill reported by the Finance Com
mlttee. Speaker Allen took the floor
and continued until Adjournment, and
will again take up the subject this morn
ing. We quote from the Richmond
Wing:
Speaker Allen Judge B. W. Lacy i'll
the chair) said he began the discussion
of this question with great ditidence.
He had determined to say something in
regard to the bill reported by the FL
nance Committee, but within the last
few minutes had not expected to spea
at that time. 1t was strictly bill Tor
the reimbursement of the debt. but unless
the bill passed, this talk about rdadjust-
ment was mere balderdash. The bill
was the necessary forerunner OF an act
for the reimbursement Of the debt.
He was in favor Of such readjust-
ment as would make the receipts OF the
State pay her expenses.
He avowed himself opposed to repudi-
alton. We were, he said, now in the
disgraceful attitude of repudlating one
third of the debt. Some such meas
ure as was contemplated in the Finance
Committees bill must be adopted.
The bill stated the preamble that Ia
crease Of taxation was impracucable.
This was the keynote Of the whole
scheme. An increase Of taxation upon
property at this time is impracticable.
Is it not true? asked the speaker. Look
at the necessity for readjustment. In
1850 the debt Of Virginia was some
where in the neighbOrhood OF go, 0OO,-
600. after that schemes for internal i'm
provements were cotton up. do not
deny that the money was expended IN
these works. l am opposed to calling
the gentleman who advance the money
for this improvement Of the State
"bloated bondholders, as they have
been called. Such language Is not be-
coming. In 1860 this debt had swelled
to s3S, 900, 900. Thenit began to attract
attention.
What was the condition Of Virginia
then? | propose to contrast the State
in 1860 and now. The speaker then
proceeded tO show that the loss by pop
ulation since 1860 has been 100000; the
population cut oil by West Virginia, and
including the best and most thrifty peo-
nle in Virginia. In like proportion fall
inc off of almost two-thrds OF taxable
values. A difference in the value Of
personal property OF one hundred and
sixty millions. The value Of slaves du
ring the war was two hundred and for
lN-iye million dollars-a total loss.
| Ihirty-siX millions one hundred thou
sand dollars lost on internal improve
ments. lie would say here that the
lines of internal Improvements were i'll
the hands of receivers, appointed by
| Federal courts hostile to Virginia. NJ
body was to blame for thls condition OF
affairs. 1t was the natural result OF the
var and misfortune. The value OF the
States interest in banks. amounting to
to millions, all gone-nOt stlver lett.
Besides that, we know how Virginia
was divided, how her territory Was sew
cred from her. Then we have to spend
moe money in our Legislature than be-
tore the war.
There was the large class ofuniorluna c
color lunatics who were before the war
provided for by their Owners-this class
we had to build asylLms for, besides in
creasing the appropriations to asylums
fer the whites. Then our colleges-we
have to increase the appropriations to
them to keep them from the hands OF
the receiver. But. said the speaker, L
will not continue to paint this picture.
II will take too much time. The war
left us nothing but the soil of the State,
and that kneaded with the blood OF the
defenders of Virginia-blood of the de-
fence of that sovereignty now bound in
with inky blots and rotten parchment
bonds" What did the Legislature OF
Virginia do directly after the war? A
Legislature composed OF some of our
best men came here, and as if possess
ed with some strange infatuation, pass
ed bill for the capitalization Of the debt
and for the payment of full interest on
the whole oft. Passed the funding bill,
and a part of the debt was capitalized
under that bill. The contract under
the funding bill was made then and
there. 1t was unwise legislation
I have il from q banker OF this CITY
that one of the gentleman who occupied
a high position in this House, than
whom Virginia never produced nobler
son. told him that he could not mag
line what they were thinking about; that
lit was the most unwise act ever done.
After this came the agony Of the long
nights ofreconstrusiion, lasting almost
three years.
What opportunities had the people Of
Virginia to pay their debts then What
man thought of business during that
time? Even in my own country where
we knew our local affairs were safe,
vet, looking across 10 this country, east
| oe .ha ,,,ounfoina. our neOple quit their