Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1879-10-15
CrLpErER. Sept. 20. 1879.


participate in a discussion of the Public
Debt question at StauntOn on next Mon
day. has been received. l ask YOU and
those whom you represent to accept my
cordial thanks !or the compliment which
[ recognize in your invitation and the
kind terms in which it is conveyed. But
l am positively prohibited by my ply
sician from engaging IN protracted pub
lie debate.
la5ored throughout the term Of the
last General Assembly 10 secure such
nermanent adjustment of the subjects Of
fine publc debt and taxation as seemed
70 me TO be Just and equitable. So
strong was my wish to arrest agitation
on these subjects that l supported meas
ures yielding perhaps more than ought
to have been granted to the public cred
itors. Measures for the settlement OF
both these irritating subjects were pass
cd at the regular session Of the General
Assembly. The bill relating to the sub
iect Of taxation (the Barbour BID was
vetoed by the Governor. 1t failed by
tbrec votes to secure the number neces'
sarc to pass it over the Governors veto'
The bill relating to the final settlement
Of the bonded debt of the State (the
Bocock. Fowler BilDpassed both houses
received the GoYernor's approval and
became a law. But this was no: carried
into successful execution. 1t offered
new bonds Cor the principal OF the out
standing bonds running for fifty years,
and bearing interest at the rate OF three
ucr cent. for eighteen years and four per
cent. for thirty two years, but without
tax receivable coupons. As measure
making extreme concessions, Tor the
sake of peace and final adjustment, l
voted reluctantly for it, as stated at
the time Of its passage. 1t gave The
creditors Of the State more than L
thought they were entitled to claim' and
imposed a debt larger than the State
Justly owes. But as term OF Fifty
wears was allowed for the payment OF
the capital debt and term of eighteen
wears was allowed for the three per cent.
rate. and as the removal Of the tax-re-
oeiyable coupon would enable the State
TO meet casual deficits, by the issue OF
tax.receivable treasury notes which
would supply good home currency, L
Welded my objections and voted Tor the
hill. 1t is much to be lamented that the
public creditors were advised not to ac-
cent that liberal offer. But flushed with
the GREAT success in passing the Fund
inc Law of lS71-and with their success
in keeping it in operation for seven
wears. they awaited opportunity Tor a
more cainful settlement. Brokers and
operators had procured the passage OF
the Funding Bill oflS7l. In new and
more Guarded form of action q similar
class succeeded in nullifying the action
Of the General Assembly at its regular
session in 1873, and in obtaining at the
extra session OF l87S-'79 the passage Of
the Brokers' Bill.
The passage of the Brokers' Bill Of
1870 is. under all the circumstances,
more to be lamented and censured than
the Funding Bill Of March, 1871, The
LEGISLATURE of 1871 may have been mis-
led bv the Executive Reports. Thls
could not be the case in 1879. The iac'
that our revenues at the present rate o.
taxation will not meet the requirements
of the Brokers' Bill had been demon
strated by bitter experience under the
Funding Bill of 1871. This at least
seems clear to me after the most careful
and unprejudiced study of the Official
records of which am capable. No one
will be more gratifed than l will be i
actual experience shall prove otherwise
The Brokers seemed to anticipate thi;
,nsufficiency Of our revenus to meet the
requirements of their plans. In the
carefully and artfully prepared scheme
which they brought before the Iegisla
ture, they provided for it. The provis
ion for a sale Of tax-receivable STATE
certificates of Indebtedness, at an enor
nous discount (25 per cent? 10 pay
each annual deficit, shows that a yer.
strcng apprehension OF such deficits wa
in their minds. The bill which the.
= succeeded IN passing is based upon
principle of reputation of the sacre'
:, obligation of representatives TO consult
!. uents. 1t may result in total annlhl
l. lation of the unjust obligations whic
!, this regulating bill has authorized to b
e created. The debt justly due will, mol
a withstandlng, be fully and honorabl
discharged by the people OF Virginia
Even this gross outrage will not pre-
y woke our great and good people to con
NIT wrong.
It I do not recall a State in the worl
that has done so much under such tria
and provocations as Virginia has dor
for the payment of her debt, yet eveI
effort seems but to invite new atteml
T. at extortion. Virginia has certain
done more than Great Britain or u
s, United States attempted lin similar CT
cumstances) in their early financial trla