The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-03-21
The Debt Question,

had passed tile House, anu subsequently
nassed the Senate. 1t was Immediately
signed by tine Governor and is now law.
It provides for funding the debt of the
State to the amount of about $30,000,000 in
a registered bond to run so years, to bear
per cent. interest for is years, and per
cent. for 80 years, and dispenses with the tax
paying coupons. The holders OF all state
securities, including the coupon bonds issued
under the Funding bill of 1871, are to be in
yited to accept this adjustment, so that the
State may promptly meet its obligations,
remove the debt question from the arena
of politics, inspire confidence with the
creditors and stimulate enterprise in the
State. It is complete surrender OF the
Funding bill of 1871. and declaration by
the Legislature and the Governor, that Viz
ginia cannot and will not submit to the
harsh, unconstitutional and infamous Fund
ing bill of 1871. 1t is not SO clear, forcible,
and easily understood law as that proposed
r by Mr.. Barbour, passed by the Legislature
and vetoed by the Governor. 1t places eve
rything upon the option Of the creditor, and it
is with him to say whether he will accept TINS
or fare worse. 1t is safe to assert that it is
the most that ever will be offered. The
condition of the State is such that it would
be political suicide to undertake more, and
the result of any impracticable proposition
would only be to further complicate mat
tiers, exasperate the people, and !eopardlze
the interest of the creditors. We are salts
fed that we speak in the name of eight
tenths of the people of Virginia when we
say this. There is to be no more surface
work in regard to the State debt. The en-
barrassments which are depressing indus
tries, paralyzing energies and depreciating
values, must be gotten rid of. The people
do not intend to be harrassed and worried
longer on this subject, and if the holders OF
the bonds of the State do not accept the
conditions of the present Law, then heroic
remedies will be applied
The ISLANDERS which have been assiduously
circulated by the enemies OF readJustment
and the imputaton of dishonesty cast upon
the people of the State by the adherents Of
the old Funding bill, have falsely impressed
the popular mind abroad. 1t is believed
that there is purpose and party in Vlr-
ginia to repudiate the debt. The press OF
the State, with few exceptions, and the
blatant demagogues who are continually
prating about the 'shonor'' Of Virginia, to
please tile spectators in the States misfor-
tunes, have so necessarily charged ''repudi-
tom upon those who have really wanted to
save the creditors, by effecting fair and
equitable readjustment of the interest so as
to enable the people to pay it without de-
stroying their political existence, that it is
accepted as fact chat the people desire to
repudiate. There never was more vicious
SANDER fastened upon long-suffering
State. There has never been thought or
proposition to repudiatc, and those who
have made the charge are either criminally
ignorant or malciously corrupt. We have
had tables of figures presented to us show
ing for what the debt was created and the
question has been rung out, whether after
having secured the construction OF railroads,
&c., and enjoying their advantage, the peo-
ple are ready and willing to repudiate the
debt created in their completionS This
method of presenting the matter has i'm
pressed intelligent men from other States
with the belief that there is a dishonest de-
sire on the part of the people to relieve
themselves of this debt while still retaining
the benefits resulting from it. There never
was more unmitigated SANDER. and those
who have used this superficial and design
countablty.
The fact is, there never has been sugges-
ton or thought of touching one cent of the
principal of this debt, or repudia5ing single
dollar of it. The part assigned to West
Virginia was that which properly and right
fully belonged to the territory which con-
stitutes that State. No right thinking or
Just man could possibly raise an objection
to the equity of that assignment. 1t is just
and right, and has neither faint nor tendency
of reputation. The original debt Of the
State in 1871 was about $30,000,0 600 princi-
pal and about 10000 600 accrued interest
Ten million of the principal and five mill
lions of interest were set apart for West
Virginia, to be paid out of the revenues
derived from one third of the territory that
had been violently torn from Virginia.
Twenty millions of the principal and ten
millions of the interest-we use round num-
bers-were assumed by Virginia. Had '1hon-
or" and justice controlled in the adjustment
Of 1871, the interest bearing debt would have
been fixed at 500, 1000, 600, and non-interest
bearing certificates issued for the $4,000, 900
accrued interest. The State was waste in
1865. Devastation had swept from one ex-
IRENE to the other. Her territory had been
the camping ground for hostile legions for
five long years. The energies, the result of
the industries, the property OF the people
were dedicated to the demands of war.
Two hundred millions of dollars in slaves
had been swept out of existence, but the
private Indebtedness based upon it re-
manned in tact, with its ever increasing in
terest. All species of personal property
bank stock, currency, and every kind of
exchange or values, amounting to four
hundred and sinty million dollars,
were destroyed. But the State and
private Indebtedness remained, slowly
pillng up larger by reason of inter
est, which never stopped, th ough all the
means of paying it were absorbed by the
Confederate government. Notwithstanding
this sad and desolate condition of the people,
the Legislature of 1871, with the utterly
groundless estimates by the Cover nor of the
resources of the Commonwealth, proceeded
to capitalize the debt, and instead Of an in
terest- bearing obligation of 100000, 600 made
it $50 1000, 900, compromising interest upon
people who had been deprived of even the
commonest comforts of life. No such pros
titution of the legitimate functions of gov
eminent was ever before inflicted in civil
lized country. Ii was converting per
cent. into 10 per cent. debt upon an im-
poverished and PROSTATE State, and to-day
the people of Virginia are called upon to
nav 10 per cent upon what thev originally