The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-08-29
State and National Finances.

The landlc0tOr seems to congratulate it
self that it has discovered some Inconsistency
in the views of the VIRGINIAN on the
question Of national finances as compared
with what it has advocated as to the State
debt. We have no objection to orr cotem-
porary drawing what comfort it can from
this delusion. There is. however, nothing
in our reading and observation has there
ever been anything in the history Of any
State or government, that presents paral-
lei to the condition of Virginia. 1t stands
men that the people of great State should
be reduced TO the humiiating position that
Virginia occupies, through the infidelty
of those entrusted with the guardianship of
her honor and welfare. By the legislation
which fastened the Funding Bill upon her,
she is stripped of her sovereign right to
control her own revenues. She is compelled
to witness her fundamental law violated
eminent and the education of the youth OF
the Commonwealth deliberately stolen and
appropriated to . purpose for which they
were never intended the funds for the care
Providence and gathered into our charitable
institutions, diverted to other objects the
debt increasing annually nearly million of
dollars and one-t third of the assumed debt
practically repudiated.
1t has been to correct these great public
wrongs-Eot tp say crimes-that the VIR-
GILMAN asdevoted its efforts, land to restore
to the State her sovereign authority to exer-
the munments OF Commonwealth. Faced
with the stubborn fact that the necessity of
reputation was being precipitated upon Vir-
ginia by the fearful accumulation of public
obligations. growing out of defaulting in
terest, and examining closely into the ma
ture of the unjust arrangement by which
this policy was being inflicted, we could see
no solution to the complications except a
re adjustment of that arrangement, and the
recognition of the equities of the case
Again and again had the only authority
competent to determine the question, de-
clared that the people could bear no higher
rate OF taxation, and the dominant party i'll
the State had reiterated the assurance that
the revenues derived from the present rate of
taxation were all that could be raised, and
that it was against public policy to attempt
to impose more. Yet these are not adequate
TO the demands upon the Commonwealth.
They fall short about million year-the
public schools are being robbed and Ian
gushing; the insane are suffering in jails
for want of sufficient provision for their care
in the asylums appropriations to the char
liable institutions are not paid; ona-t third
of the creditors are getting nothing; and
the State government on the eve of suspen-
sion. This deplorable and disgraceful con-
dition of affairs is the result of the Fund
ing Bill, and that bill the result of fraud
and corruption, fastening upon the people
burdens unjust and oppressive, and Which
have neither warrant in law nor equity.
Where was the honor or the public
faith in such a state OF things? Re-
pudiation, disgraceful and ruinous, now
stares the people in the face, and without
REIMBURSEMENT of the arrangement which
has consummated these wrongs, the creditor
and the debtor will have to share in the
common ruin. That Reimbursement is to re-
cognize the original two-thirds of the debt,
and pay six per cent. on the principal, with
non-interest bearing certificate of indebted
ness for the accumulated interest thereon, or
an arrangement which will be equivalent to
it. if the revenues derived from the present
rate of taxation will justify it, In this way
only can the public faith be preserved, and
the ''honor,'' SO much pTated about, main.
tanned.
For four years we labored to impress upon
the people of Virginia the necessity OF max
ing provision to meet the public obligations,
at time when the indicator was clamor-
ing about the negro, scallawag and carpet
Dagger, and deploring the condition OF
Louisiana and South Carolina We argued
for the observance of the letter of the law,
and full compliance with its conditions, I'M
just as they were, because it was the law. We
were met with the epithets of scaawag,
carpet-bagger and negro, and pointed to
the condition of other States, as evidence of
ssradical rule,'' while Virginia was being
pressed down into the present deplorable
condition by the very party that was so pit
eously bemoaning other communities with
which, practically, we had nothing to do.
All this time the debt was accumulating,
public faith disregarded, the public schools
robbed, and the people deceived and deluded
as to their true condition. We saw where
all this was going to lead, and determined to
lend the assistance of the VIRGINIAN to ar
rest such ruinous policy. We undertook
the discussion OF the debt question in all Of
its relations, and presenting the equities OF
REIMBURSEMENT until popular concern was
aroused, the people began to think and act,
and demand that a reimbursement of the
debt should be effected and reputation avert
ed. 1t is to prevent reputation that the
people are now demanding re-adjustment.
1t is the only practicable means by which
this dire result can be prevented. and it is
for this reason, as well as the intrinsic JUS
tice of the policy, that we advocate it, and
shall continue 10 do so, until it is consum-
mated.
What resemblance is there in this picture
to that of the national finances? None
whatever. The national debt has been de-
creased nearly five hundred millions of dol
lars within the past ten years, and the an
nual interest decreased at an average OF
$3l ,OO0, ZOO, while the debt of Virginia has
at the rate Of nearly a million a
year for the past seven years, by default in
The national credit has been
advanced and upheld, until it is above that
OF any government on the globe, except |
Great Britain. The credit of Virginia has |
been reduced to zero, with reputation lost |
and ruin threatening. 1t is to maintain the |
credit OF the one at its present high standard |
and to restore that Of the other, thai the |
has been influenced in the |
course it has pursued, and will continue to |
pursue.
We have had no other thought than to |