The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-03-14
The Debt Question.

We are much gratified at the spirit mani
tested in the Legislature, on Monday and
Tuesday last, on the State debt question.
One of the most formidable difficulties to
be overcome was the prejudice growing Out
of the heated debates which followed the
consideration of the subject, and the pre-
sentaIion of conflicting lines of policy.
Neither side seemed disposed to make con-
cessions, and the fear was that not even the
first step would be taken during the present
session, towards a settlement OF the comph-
cations. 1t was more the spirit than the
matter of the proposition of Mr.. Bocock.
which had such rropitioGs result, ana
demonstrated that when the members fairly
come down to face the facts, that there was
no insuperable difference between them.
The Committee on Finance had reported a
bill to provide for the consolidation OF Inc
Public Debt, and the payment OF uniform
rate of interest thereupon, the bonds 20 pear
3 per. cent. for 20 years and per cent. Tor
80 years, payable at the State Treasury, anu
the principal payable within fifty years after
the 1st day of July, 1873. the General
Assembly reserving the privilege OF redeem
ing them any time after ten years. Mr..
Bocock moved, as compromise, to insert
Is years instead of 90 for the per cent. in
terest. This was regarded as an olive branch
from the opponents Of readiustment, and
was promptly accepted by Mr.. Barbour, on
the part of the readjusters. The readjusters
claim that the funders, by voting for this bill,
surrendered and came over to their side,
while. on the ether hand, the funders think
they obtained victory by striking out the
ninth section, which required the collection
of eig!t-tenths of the tax on property it, cur
rency and that thereby they get rid OF the
force which was in the bill as originally re-
ported, consequently both sides seem hap
py. There is no compulsion expressed or
implied in any section. Taking into con-
sideration the non taxable feature. the value
of the bond will average Ala per cent.
per annum. A private letter, dated the
10Th, from a gentleman in position
and we'll qualified to speak, 10 the editors
of the VIRGINIAN, says: "You cannot
Judge, from the newspaper accounts, OF the
Intense excitement which prevailed in the
House last night about the Bill. A comprc-
mise was effected, in which nearly every
body, except extreme men on the two sides,
united, and the bill was passed to its en-
grossment, and this morning was passed.
The bill was not such as that it entirely sat
isfied everybody, but nearly all seemed dis
posed to give up something, under the con-
viction that the public sentiment OF the
State absolutely required that some COM
mencement should be made in the settle
ment of the debt question. In my opinion,
very many of the creditors desire tie pas
sage of some such measure, and know that
many of them will accept TIE provisions of
this bill. do sincerely trust that this Will
be the beginning of a settlement OF the debt
question, and that the old State may be re-
lieved from her burdens and her people from
anxiety and excitement"
We join in the hope of our correspondent,
and believe, inspired by the spirit manifest
ed by the reprcse ntative men OF the Two
sides, that better and brighter future
awaits us. With united public sentiment
upon this measure, it will have moral
force more effective than legislative resolves,
and fayorably operate upon the minds OF the
creditors of the Commonwealth. 1t is to all
intents and purposes readjusters' meas
ure, and if our friends on the other side
are satisfied with 1t, so much so as to claim
its paternity, ty all means let them do SO.
It is the State we care for, and not any leg
islative or partizan faction.
As we 60 to press the telegraph brings the
news that the Senate has voted against the
bill. 1'' iNa i