Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1878-12-24
The Virginia Debt.

By disregarding the plainest dictates
of honesty and self-interest, Virginia is
fast sinking to degradation which Is
keenly felt by every honorable man in
that State. Sheis unable to borrow from
any source the money needed to keep
open her public schools. Nobody out
side of Virginia would lend her dollar,
and the home banks which are the State
repositories have refused assistance. For
State having the past glorious record
of the Old Dominion and her present re-
sources this is indeed pitiable. The clos
ing or hampering of her public schools
may not be an irremediable injury, for
children can be taught after fashion at
home or at the private expense of par
ents. The disgrace consists in the in
ability of great common wealth to raise
money for that or any other purpose
considered essential to her progress and
Virginia is in this sad plight, not be-
cause she is poor (the success of the bell
punch proves her capacity for taxation, }
but because she is a shiftless and elusive
debtor Fully able to pay her debts if
she would make the sacrifices that hon
or and good policy require of her. she
lodges and postpones her obligations.
Her arrears of interest already amount
to over 81, 000, 900, and every year makes
the regulators who have controlled her
affairs less inclined to settle up or con-
clnde any terms with the wronged bond
holders. These men profess all the while
that they are not repudiators. They
call themselves ''re-adjusters." The
name matters not /; the world can only
see that Virginia, under one pretense
and another, keeps her creditors out OF
their money. To them she lisa repudia-
tor and nothing else.
If Virginia is not willing to rest under
this in,putation, she now has an oppor-
tunity to throw it off. The real purpose
of the majority of her sons will soon be
put to the test. The chief holders of her
bonds have made an extremely liberal
proposition. They will accept a reduc-
ton OF interest to per cent, gold on the
consols, principal and interest funded,
and 81 per cent. gold on all other classes
of bonds, the same to be exempt from
taxation and the vouchers receivable for
taxes and dues. No honest e-adiuster
could ask more than this; and if read
justment is not, as we believe it to be, a
convertible term for fiat reputation, the
offer, or something equally satisfactory
to the bondholders, will be promptly
accepted. Gov. Holiday honors his
executive office by advising a fair and
friendly settlement with the creditors.
He depicts very clearly the ruin to pub
lie and private interests in the State
which would follow reputation or for
chile REIMBURSEMENT. The increased taxa
ton needed to pay up would be hard to
bear, but would bring at last prosperity
and peace. The Governor in his views
only reflects those of great numbers OF
highly respectable Virginians of all the
professions and walks of life, who have
lately signed an address to the same eff
feet, It is now thought, and we hope
not without reason, that the majority OF
VirgInians will come to better mind (;
that they will see the path Of honor and
duty and self-interest, and walk straight
in it out of the dark and devious ways
in which they have been losing them
selves and covering their mother State
with obliquy so long Nec York Com
Dlercidl.