The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-03-27

$20,00O,O 900. Was there man here, be he
forcible re.adjuster or not, who could DENY
that (? Then she owed $4,000 OF incer-
est, for that is the interest at six per cent.
on $40, 100000 The re-adjusters claim that
we should be upon that basis. II we could
do better he would have shown that we were
doing well. Now this Bill that was derided
SO much, placed the debt upon an average
OF four per cent, and we pay s9Oo,0OO
interest instead of $1,200,000. He did not
believe that majority of the people had so
far forgotten the sense of right as to object
to such liberal settlement.
But what are you going to do? Would we
repudiate the debt? No! for two. reasons.
First in order but not in morals, Virginia
could not afford in a pecuniary point Of
view to stand before the world and repudiate
any part of her debt. Credit was absolutely
ary-ndispensable to the existence OF
| of States in times OF war, instruction, pes
thence, &c. If Virginia could have bor-
rowed no money she would have had no
| railroads, no asylums, no institutions for the
deaf and dumb. How could the govern
ment Of England or Of the United States
have sgotten along without credit /? Even
the threatened reputation of one and the
actual reputation Of another State deprived
| the United States, that now carries debt OF
over two billions of borrowing $1,000, 900.
| Mississippi had tried it. The year before
she had banking capital of 100000
and IS, 0G0, 900 on deposit and in 1867 when
prosperity had again returned to the country
at large, reputation was still hanging over
that State, her banking capital had greatly
decreased, and her loans and discounts only
amounted to s1,200,000, falling off of
| sc, 500. 900. This was the effect Of repudia-
ton in eleven years. Let Virginia repudi-
ate her debt and then might the question be
asked as to how much falling off there would
be Of the revenues at the re-assessment of
property.
How much did the people Of Augusta
suppose they paid a head upon the debt. He
had taken the trouble to make the calculation.
The population was 35,000,and of the whole
81, 100000 they paid, $1.10 each. Sweep
out the debt and you will pay s1.10 less.
But then let your merchants 90 on to buy
goods, and when the northern merchants
begin to put on twenty or thirty per cent.
to cover the increased risk of the loss of
their debts, you will find that you have paid
81. 10 several times over. This is one reason
why the State should not repudiate. The
second was because there was no necessity
for it. She has much better proposition
offered her than majority Of the Legisla-
ture hoped for. He could prove it by the
| Ke-adjusters themselves. Take that great
watch-word of the new party, the Barbour
Bill. That gave twenty-five cents for the
support Of the government, ten cents for
the support of the free schools, and the bal.
ance was dedicated to the payment of the
debt. What was that balance? He would
| give it not from guess work, but from the
figures of the Finance Committee. of which
Mr.. Barbour was chairman. It amounted
to $1,000, ISL, to be paid on the debt under
the Barbour Bill. If under that bill they
could pay $1,000, 5S1, why could not the
State pay 100000 under the compromise
bill. Re-adiusters were great men, could
do almost anything except re-adjust the
public debt. When he heard the continued
cry of coupon coupon it reminded him
of clock that he once saw. Everytime the
clock struck bird came out and counted
the strokes up to twelve and then it had to
take back seat and say one. So he thought
the Re-adjusters at Mozart Hall in Rich
mond had counted twelve and would now
have to take back seat.
The Re-adiusters tell you that there is
great work to be done and they have got to
do it, but what have they done What did you
see last fall? Why, in every Congressional
District liz the State there was one OF these
gentlemen running for Congress, where the
debt question would never be heard of. The
chief end of the leaders of the Re adjusters
is to 60 to Congress- hobby to ride into
office. Did they offer anything last winter?
Nothing but the Barbour Bill, which gives
the creditors more than their own measure.
Objection had been made to the employ
ment of a syndicate; but all governments
had found the Intervention of such agents
necessary. States can hunt up their cred
itors like individuals.
The truth was the people were anxious to
settle the debt. The leaders of the Read
| justers did not desire to settle it. In fact
some Of them would be the most miserable
| men in the State, if this question should be
removed from the arena of politics. There
will soon be Senator to be elected and they
want to keep the question open. They re-
minded him of one of Gen. Early's chap
lains during the war. The General was
riding to the front where heavy firing an
nounced fight, and met preacher retreat
ing to the rear. In answer to the inquiry
OF the General why he was making this re-
trogade movement, the pious man said,
''They are firing in front, and feared I
might be killed." To which the General
responded, "You are id strange man
you have been wishing to 60 to Heaven and
praying to 60 for thirty years, and now
when you have chance to 20 there in five
minutes, you run away from it,
sion. It is said that the holders of the old
coupon bonds will clip off their coupons
| falling due after the 1st of January, 1879,
and as all the new bonds are to bear date
from January LIST, 1879, they will get double
interest. This is not true, the coupons in
the new bonds are cut off as high up as on
the old funded bonds.
What are you then to do with the debt
Re-adiust it? Yes and the question should
not be how much we can get rid of, but how
| much can we pay. When the payment of
the debt was brought within our present re-
sources, we were justified in re-adjusting it
upon such basis. How should we re-adjust
it? Forcibly? No, because it was r OF right.
Your own Senator said that the fundamen-
tai principle of government must be found
ed upon the decalogue, upon justice, and
| unless it is it would go to rack.
He told his hearers not to imagine the bat
tie over. The Re adjusters would 60 before
| the people next fall and endeayor to create