The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-02-20
The Debt Issue.

The Debt Issue.
To-day, the House of Delegates fairly en-
tiers upon the consideration of the Debt Set.
Element, and will continue it's discussion
until conclusion is reached, either in the
adoption or rejection of the proposition Of
the creditors. The original proposition has
been materially modified, as stated last
week, in that the time for the payment Of
three per cent. interest is extended from
five to ten years, and that for the payment
of four per cent. interest changed from
twenty-five to twenty years, with five per
cent. interest for the ten succeeding years.
While we have no doubt the question will
elicit elaborate discussion, as there are men
ofstrong convictions and laborious research,
who are not satisfied with the terms pro-
posed, and will contend for still further
modification Of the conditions named yet
we think the time for action and not discus
sion is at hand. There is no phase of the
debt question which has not been fully in
vestigated. argued and presented. 1t has
been considered from every point, and it is
not expected that anything new or instructive
will be adduced in the speeches that may be
made. We would prefer, therefore, to see
direct, square issue made upon the merits
of the proposition and recorded vote de-
manded. Il members have any minds of
their own, they ought to be prepared to
meet the question and say yea or nay on
its adoption. To do so would be to reflect
popular sentiment, We are sure. The peo-
pie are tired of its discussion. They want
it disposed of, SO far as the Legislature can
do SO, finally and forever, and are willing,
yea, anxious to accept the terms embraced
in theiproposition under consideration.
Had such an adjustment been proposed
two years ago, there would have been no
Re-adjusters' party. 1t would have met all
the demands then deemed essential for the
arrest of default in interest, and the restor-
alton of confidence. It would have been
accepted as magnanimous offer, and the
creditors regarded in the light of benefac-
tors. While the retention of the coupon is
obnoxious, and as an original proposition
should not be acceded to. yet it must be re-
membered that the bondholders propose to
surrender one.half of the interest accruing
to them for ten years under existing laws
and it could hardly be expected that they
would relinquish or weaken their security,
under such modification. 1t is PROPOSE
lion to abate nine millions of interest for
the first ten years; twelve millions for the
succeeding twenty years, and three millions
for the following ten years-aggregating
$4,000, 1000 of abated interest in the Forty
years it is proposed the bonds shall trun, to
which must be added two millions of the
interest already accrued-making $26,000,-
OOOin all. This is what is surrendered by the
proposition of the creditors, and we do not
think it is asking too much when they say
they are not willing TO relinquish the secu-
rity they now have. Let every business
man reason with himself, and determine in
his own mind whether In similar method
OF adjusting private obligation, he would
be willing to weaken the security. The
coupon, as far as the people are concerned
in the settlement, is mere sentiment at
best, and we cannot afford to overlook or re-
ject practical, tangible, substantial bene-
fit, to crafty mere abstract sentiment that
has no practical bearing in the case, if the
State fulfils the obligations the acceptance
of the proposition would impose. 1t would
be too much like the metaphysical refining
that demanded territorial rights and slave
property privileges in 1861, to be followed
by results equally as disastrous, in the lin
tied space their influence would be felt, but
sufficiently expanded TO encompass the ruin
OF the State.
The concession of the creditors is substa IL
TALLY recognition of the arguments and
demands of the original Re -adjusters, and
why they do not claim it as trophy of their
sagacity and the justice of their conclusions
we cannot understand. Certainly the Fun
ders did nothing to bring about the propo-
sition. 1t was the exhaustive presentations
OF the Re-adjusters and their earnest ap-
peals Tor the equity OF the case, which ar
rested the attention and Influenced the action
ofthe creditors. and not the ''honor'' Shrek
ing OF those who would have bankrupted
the State in the enforcement OF the Funding
bill contract as it was imposingly styled.
Every argument this latter class adduced
and every demand they made, was but OBJ
structing a re-adjustment, and now when
the logic Of facts has riveted the truth up
on the creditors mind that the Re-adiusters
were right, some of the latter propose to
abandon the field of victory to the enemy
they have vanquished, and take position
that can be fortified by neither equity or
right, but only expose them to the imputa-
ton of reputation, so industriously cast |
upon them by the Funding Bill advocates.
The VIRGINIAN took an humble. yet ac-
tive part in the contest which has culni-
mated in the proposed settlement The po-
sition it maintained, which was denounced as
population" has been indicated by the
creditors themselves. We contended for SIM
pie justice to the people of Virginia, and
resented the impntation that they proposed
or desired to repudiate anything that was
just and right. What we substantially claimed
would be an equitable settlement, has been
proposed by the creditors, and we do not in
tend now to abandon the fruits of our la
bors to those who scorned such result
as dishonest. and denounced those who
have effected it as "repudiationists.' Had
the Funders had their way there never
would have been settlement. Reputation,
sure and certain, would have been the even
tual consummation, and it was the courage
and tenacity of the Readiusters which pre-
rented such a dire result. Now that Fun +
lers, debt-payers, the 1885," and the credi- :
tors have all come up to the Re-adjusters ,
platform, we are not going to be foolish 1
enough to jump off of it. and leave it in their +
possession. Let the Re-adiusters in the
legislature close in with the proposition, I
ettle the harmful controversy, and rehabil- +
tate the Old Mother of us all, raise high
yer head among the family of Sta ties, and +
lace her upon the highway to an imperial il
estiny. 1t is in their power to do it, and i,
hey will prove false to themselves and the h