The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-01-16
The Debt Question.

State, or their representatives. to meet
committee Of the Legislature, or represen-
tatives of the State, in Richmond on the
22d inst, to confer in reference to the differ
ence which exists between the act passed
last winter, known as the Becock-Fowler
Bill, and the propositions of the bondhold-
ers as communicated in Gov. Holidays
message. The Re-adjusters held meeting
on the 18th and passed resolution calling
convention Of Re-adjusters to meet in
Richmond on the 18th of February. and in
the meantime to prepare an address setting
forth the objects and purposes OF the Read
iusters.
The terms ofinvitation to the bondholders
are not what we think they ought to be-
The Legislature had made proposition, in
the Bocock-F Fowler Bill, which was not &C.
ceptable to the bondholders. In response,
they made proposition, or propositions,
which are not acceptable to the Legislature.
II sincere desire to settle the debt question
prevails, the effort to bring about confer
ence to reconcile these differences, ought to
have been Invested of any extreme or dog
matte conditions, such as are presented in
the preamble passed by the Legislature and
published elsewhere. There is no diploma
cy or craftsmanship in the defiance contain
ed in the expression of the preamble as to
the impractieability of an increase OF taxa
ton. There is sullen direspect to and
disregard of the rights and opinions Of the
other parties to the controversy, and a dis
dainful boast that ''might is right which
discourages the thought that there exists a
sincere desire to settle the harmful and dis.
creditable complications.
We have never understood re.adiustment
to mean the reputation of any equitable
obligation of the present Virginia. On the
contrary the great mass of the Re-adjusters
have scornfully resented the imputation that
such was their purpose. They simply de.
manded a REIMBURSEMENT of the Funding Bill
arrangement, and the wrong it operated in
capitalizng the debt, at time when the
State was not able to pay more than simple
interest on her equitable proportion OF the
principal. With the justice of this position
conceded on all sides, and the Furders
themselves becoming re-adiusters in accord
with this view, gentlemen OF extreme no.
tions, and aspirations, it may be, are spring.
ing away from their declared policy, and
planting themselves upon grounds of doubt.
full expediency, to say the least.
1t is possible that an arrangement could
be made with the creditors that would moi
imply an increase Of taxation, were they te
be met in a proper spirit, and the real facts
of the condition of the State laid before
them. Theymight even conceive it to be tc
their interest to concede something more
than all parties might conclude was the
equitable obligation Of the Commonwealth
But should they not do so, and the equita-
BILE debt were determined, the interest upon
which would require slight increase Of the
rate of taxation, say five or eight cents or
the 500, would it be wise policy Or honest
dealing to refuse to meet it We cannot
afford to be dishonest, or repudiate thai
which we know and believe to be the just
debt of the State. If this whole vexed ques
ton could be thus settled, agitation cease
and the controversy forever dismissed from
thepublic mind and political contests-witt
the assurance that the interest would be full
ly met, and the sinking fund would gradu
ally assail and diminish the principal
there rational man in the State, WHIT
would not rejoice at such an adjustment
The great source of complaint, and cause o.
dependency with the people, has been tina
! while the taxes have been wrung from thea
and paid to the taX-collectors, the debt wa
increasing each year. They could see more
suit but that of impending ruin and bank
ruptcy. Such policy was enough Il
dishearten and make desperate. But will
the fact of the interest being met promptly
and the principal gradually diminishing, ani
this under an arrangement essentially JUS
in itself, courage would be inspired to Shout
der the slight burden for short time, unit
the frightening future should break in the
full orbed day Of assured prosperity.
We do not think the members fro m thu
Valley who are taking extreme positions art
representing the rejecting, conservative ele
ments of their constituents. The people
want the question settled, and settled hon
orably and justly, and will meet the respon
sibiliIies of such settlement. They want nc
cause to exist for the taunt Of reputation
in the future. If not settled by this Legis-
lature, another will be elected next fall.
which will settle it, and upon terms the PEG
pie will not be ashamed to own nor their de-
scendants after them,
We have favored re.adjustment, and have
done what we could to educate public SEN
timent up to our understanding of what re-
adjustment should be. We have never "a
vored the reputation in any shape or form
of any just obligation either public or pri-
vate, and never expect to. We would prefer
in our individual affairs, as we would as ci.i
zens of the State, to submit to the knife,
though it went to the very quick, rather than
entertain for moment any thought of eyad
ing or repudiating that which we honestly
and Justly owed. We believed that the Fund
ing Bill arrangement should be re-adjusted
because it is just and right that it should be.
We believe tits the duty of the State to meet
the equities of the case, without flinching
or murmur, and these equities would be com.
pretended in per cent.upon $40, 900, 900 or
4 per cent. upon s3o,ooo,oo0. We believe
the State owes and ought to pay this. AS a
matter of justice as we'll as public policy
she ought to do SO, and gentlemen who are
trifling with the question, and making de-
mands which are tantamount to repudia-
ton, will live to regret it. The people are
not dishonest and will suffer no imputatlon
of dishonesty.
The County School Superintendent.
We draw the inference from several SEN
fences in an editorial article on the 'Ceun-
ty School Superintendent" published in
the Waynesboro' Tribune of last week, that