The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-11-28
A Feasible Plan for Adjusting the State
Debt.

A Feasible Plan for Adjusting the State
Debt.
The communication of observer; and
the suggestions therein contained, are enti-
tied to the careful reading and study OF
every friend of Virginia. We believe the
writer, who is not unknown to Virginia
legislation, nor has his public Iabors been
confined alone to the State, has mapped out
feasible proposition for solution OF the
State debt complications. His suggestions
cannot be obnoxious to either that class of
our citizens known as Re-adjusters or
those claiming to be Debt Payers or Fun
ders. No intelligent, fair-minded Virgin
ian, who really desires to secure settle
ment Of the debt question-remoy it from
the political disputations of the day, can
sincerely interpose objections to it. 1t rec
ognizes the equities of the case, and at the
same improperly appreciates the legal sane
tions of the situation. Ii addresses itself to
the reason and impartial judgment of both
creditor and debtor, anG aims at a concln-
serving the faith of the State, yet consider
ate of the condition of the people, may
concur. The suggestion contemplates no
practical abatement of what the consol
bondholder receives, and it augments the
capacity of the State to pay by relieving it
OF two per cent. OF its obligations. 1t places
the creditor in no more unfayorable condi-
ton than he now stands, while it gives to
the State the discount on the coupons and
the cost OF negotiating them. By thus as
slstlng the State to meet promptly the in
terest proposed, the securities would en-
nance in value, confidence be restored, and
mutual benefits accrue. 1t meets the objec-
tions to the coupon feature of the Funding
Bill, while it does not compromise or weak
ell the security, but really strengthens it in
the degree that the people themselves would
bs satisfied with the arrangement. 1t would
interpose in behalf of the Public Schools by
securing to them the money paid for their
support, and would relieve the people of the
supplemental contribution they are now
compelled to make to keep them in opera
ton, which really amounts to more than
the average rate of taxation would be for
the entire debt. 1t places all classes OF
creditors upon the same equality, redresses
the injustice inflicted upon the holders
OF the unfundcd bonds, provides for sink
ing fund to gradually assal and diminish
the principal, and would thus place the
Commonwealth in a position to look sqaure-
ly in the face of the world without blush
OF reproach or shame. Both the State and
her creditors would be benefited /; nobody
would be injured the people would be sat-
isfied, and if to accomplish all these results,
small increase of taxation had to be en-
dured for year or two, until the taxable
resources would enlarge under the stimulus
such propitious state of things would in
spire, we cannot conceive that there would
De insuperable objections ito it. What the
people have most complained of is, that the
taxes they have been paying seemed to
amount to nothing, or worse than nothing
Tor every year there is default in inter-
est and an augmentation of public oblga-
tions. With the evidence that all demands
were being squarely met, the debt decreased
aud confidence restored, the common sense
OF the State would soon become reconcled
TO an arrangement that effected such con-
summation.
The expression payable in gold,'' may
attract attention, but there is no other sig
nificance in it than that the bonds and in
terest will bepaid In good money. for after
the list OF January next, gold, silver and
greenbacks will be of equal value, the one
convertible into the other, and each and all
received as of corresponding dignity. The
creditor could just as well afford to omit it
as the State could consent to pay in gold,
and vice versa. 1t is a mere nominalsm, that
wonld not add to the value of the bond, if
inserted nor detract from it if omitted
We ask for the suggestions of 'Observer''
the attentive consideration Of all into whose
hands it may fall, and solicit from them
such reflections as the vital Importance of
the subject demands. The writer has no
other ambition than to see the old Common.
wealth emancipated from the environments
which hedge about her by reason of the
complications growing out of the State debt
and the contentious of the two parties to
that issue. He wants to see her come out
OF them without a blemish, her traditions
unstained and her future unclouded. He
seeks no position, but only as loyal son of
virginia, content with the ''post of honor''
as ''private CITIZEN" he has formulated
MS suggestions, in the hope that they may
arrest attention, and in some degree con-
tribute to the solution of the difficulties