The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-08-28
Current of Popular Thought.

There wasa large number of county peo-
pie in Staunton, Monday last, Court Day
We conversed freely with many of them,
and most of those with whom we exchanged
views had favored REIMBURSEMENT, several
having favored the Funding Bill of 1871.
With single exception we found all of
them to be supporters of the McCulloch
Bill, considering it a favorable settlement
for the State and just to the creditors, and
every one of them opposed to the action of
the State Central Committee in seeking to
make the debt bill party question. Anoth-
er fact was prominently developed-that the
people are tired of so much contradictory
figuring and calculation. They argue that
they cannot lose anything by substituting
three per cent. for six per cent. bond for
ten years. four per cent. for a six per
cent. bond for twenty years, and a five per
cent. for six per cent. bond for ten years.
They understand that this means reduc-
ton OF one-third of the interest for which
the State is responsible under the Funding
Bill of 1871, running through the forty
years named in the McCulloch Bill. They
understand further that the funding of the
$4,500,000 accrued interest at half of its
face value, as provided in the McCulloch
Bill, is a REIMBURSEMENT by the creditors of
two and quarter millions for which the
State is liable. These are results that it re-
quires no refining mathematic al skill to
reach, and they can see nothing but advan-
tage to the State in their securement. They
know further, that with the provisions of
the bill accepted, there will be no further
unjust discrimination between creditors
that all will fare alike-and believe that these
ends can be accomplished with the present
revenues, leaving an annual surplus, for the
first ten years, of over 100000, to be ap-
piled to the discharge of the accumulating
interest during the process of re-funding'
and any deficiency that may now exist.
They recognize this as a much more favora-
BILE phase of the debt relations than the
present exhibit of default in interest each
year Of from 100000 to $500, 900, and that
it brings the obligations of the State
down to what she ought to, in equity and
right, pay.
This seemed to be the current of popular
thought with most of those with whom we
conyersed on Monday last. All wanted the
chatter and jabber about the debt question
stopped, and the excitement incident there
to, by which they have been diverted from
business activities, brought to a close. The
ind 10 fool inc
Of the business revival which is manifest
ing itself in all departments of trade,
throughout the country, and are ambitious
to have removed all obstacles to Virginia's
sharing in it.
Such was the current of popular feeling
and thought as indicated last Monday, with
those whom we met, and we believe re-
fleet the prevailing sentiment of the stur-
dy, intelligent farmers and business men Of
the Valley.
The fnancia l journals of London report
the injury to the growing crops by the in
clement weather, to be irreparable. Later |
telegraphic statements are to the effect that |
the rains and floods continue, and that the |
condition Of the harvest is growing more
unfayorable each succeeding day. 1t is be- |
yond question that the deficiency in the
wheat yield, both in England and France,
will be greater than it has been for years, land
The demand for importations correspond
ngly increased. There can be no other re-
,ult than that America must furnish the
bulk Of the demand, and as the surplus of
he grain exporting countries, the United
States and Russia, is not as great as the de-
msnd Of the grain importing countries,
breadstnffs must bring good price. Ger
many and Spain are both deficient to a
.reater degree than in other years, and It.
lily Is 'in'the same condition. These are