The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-12-05
NE VALLEY VIRGINIAN.
sTAUNToN, V -.GT la.
The State Debt.

We publish elsewhere he address of a
number OF gentlemen, ,.ho have formed |
themselves into ''soci,'sya TO discuss the |
State DEBT question, and etluea 5e the people
to the acceptance OF the Iunding Bill as the |
basis of the adjustment Of the difficulties |
and embarrassments growing out Of it. |
These gentlemen assume that there is great
deal of ignorance existing on the subiect-in
fact, that half the truth has not yet been told
about it, and that it is thair mission to make
bare the facts so that proper conclusion
may be reached, The same sources Of infor-
nation that are offered to them are open to
everybody else, and unless they possess supe-
rior wisdom, there is no reason to believe
that they will be able to give any figures Or
facts which have not been adduced hereto
fore.
We construc this address to mean that an
effort is to be made to have tax bill framed
to meet the demands of the State debt and
State obligations in accordance with the
provisions of the Funding Bill, and that the
people are to be brought face to face with
that issue in the election of Legislature in
November, 1879. The address is inoppor-
tune and unfortunate. A sentiment has
been developing in Virginia for some months,
which promised to arrive at solution of the
debt question upon an equitable basis, such
as would prove acceptable to the people and
to the creditors, land enable the State to meet
promptly all her obligations and preserve
the Public Schools. Gentlemen of intelli-
gence and large information, who have here
tofore differed on this subject, seemed to be
approaching common ground of co-opera-
ton, and all the indications began to point
to the formulation of a plan that would be
mutually acceptable and beneficial to both
creditor and debtor At this time, when the
manifestations are so propitious, this address
is issued, and the plain proposition is in
timated that the people must accept the
Funding Bill arrangement or nothing at
all. While we have great respect for some
of the gentlemen whose names are attached
to that address, we cannot refrain from eX
pressing the 'elief that they have made a
luiotdhV' %hO lSOpiC Va ii nav S
never yet, mol will they ever, consent to the
Funding Bill arrangement. They believe it
to be unjust and oppressive in its provisions
and the result Of species of legislation that
d it would be moral wrong to endorse. They
are more determined in their condemnation
of that legislation now than they ever have
been, and if it is proposed to make that the
sine qua non it will be worse than folly for
these gentlemen to enter into discussion of
it. If, however, it is insisted that this issue
must be made clear and square, it will have
to be met, and met it will be with intrepid
ty and determination.
We believe a settlement can be effected,
with the consent of the creditors and accep-
table to the people, if the effort is made, but
it is useless to attempt anything o. the kind
if the spirit of concession and fairness is to be
contravened by thrustiDg the Funding Bill
into the controversy, with the demand that
it must be maintained in all of its provisions
1t is not our purpose to-day to enter upon
a discussion of the proposition contained in
this address. We do not think there will be
necessity for so doing at any time. for we
are satisfied it will be so coldly received by
the practical thinkers Of the State, that it
will be chilled to death in a very short time.
We shall await developments, hoping, how
ever, in the meantime, that those who have
thrown this apple Of discord into the polit-
ical arena, will consider better of it, and
abandon an agitation that must result disas-
trously to the State and h er creditors, if per-
sisted in.