The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-01-09

Aoliiuay mcSSaSe. dS coming from tic lOr-
eign bondholders, will have to be modified.
1t would be worse than folly-it would be
crime-to enter into any arrangement be-
yond the capacity Of the people to meet. 1t
would be fatal TO all concerned-both the
State and her creditors-and inspire feel
ing of desperation with the people that
would stop at no extreme.
Wehope the Legislature will adopt. sub.
stan:ially, the. Senate resolution. and that
il conference is held, the plain, unyar-
nished truth will be told, with no conceal
ments, no reservations, or the indulgence
Of any temporizing policy. The people are
tired OF the incessant discussion and fooling
with the matter. They want it settled and
settled honorably and equitably, on cond-
tions consistent with the ir own existence as
a political body, and preserving the auton-
omy and dignity of State. They cannot
accomplish impossbilities, nor should they
be asked to attempt to do so. With the as
surance OF . final disposition of the ques-
ton, they will endure much, but they should
not be overtasked nor crushed beneath the
weight OF the conditions imposed. Their
large private indebtedne IS is no less an i'm
portant fact to be considered, and when this
is taken into consideration with the search
ing and oppressive system, or rather want
Of system, by which assessments are made,
the capacity OF the State may be approx
mately measured ard an adjustment reached
which will enable the people to meet
promptly the obligations assumed, and work
advantage to all the parties interested.
A sign Of business prosperity we should
like to see more prominently exhibited in
this community is that OF prompt payment
| OF bills-a departure from the old credit
| system that has proven more or less disas-
irons to all who have tried it. Much Of the
| oppression which now rests so heavily upon
the people Of Virginia, and has brought the
old State to the verge OF bankruptcy, is d.
Eectly traceable to failure to meet matured
obligations among individuals of the Com
| monwealth, and the assumption by others
OF obligations which they had no reasonable
hope Of discharging at the time they were
incurred. No business, however prosperous
it may be, can afford to carry year after
year thousands of dollars worth of accounts,
and it should be an invariable rule with bu-
/ siness men to close up their books at least
once year. The debit and credit pages
should be made to balance, if in order to
accomplish it, notes at long time are given.
| It is far better to have the balance in this
shape than on open account.
Not only is it to the interest of the cred
itor to rieidly observe this rule, but the
debtor is also benefited. In many cases
his inability to pay debt is imaginary and
could be overcome with just little effort,
and the privation, perhaps, Of some indul-
gence which it would be far better for
him to 90 without, even if he could afford
It. II he is really unable to discharge the
obligation, then the best thing he can do is
| to put it in such shape that he cannot for
get it until it no longer rests against him.
Whenever you can, pay the cash and take
up the receipt, and if you are not able to
meet your obligations in this way. take up
the receipt and give note for it, and then
turn your efforts to providing means to meet
| the note.
| If our business men generally would re-
solve to close up all old accounts this year,
and then carry out the resolution in its full
force, the effect on this comm unity would
be very perceptibly felt. The money enc
pays out would soon return, and in its round
would perhaps, square dozen set of books.
| The old credit system is thing Of the
past in the trade centres of the country, and
the sooner we, too, abolish it, the swifter
and more certain will be our advance TO
ubstantial prosperity.
There has been daily increase in popu-
lar distress ia Great Britain, during the past