Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1879-03-05

WE publish below an extract from
the speech of Mr.. d. S. IIenkel, one OF
the delegates from this county, on the
public tquestion.
Mr.. HENKEL SAID: With guarantees
of this House that the bill providing
funds for the public schools VIII DC
passed. it affords me pleasure to sup
port the proposition made to the
General Assembly by the creditors OF
the State. The question for consider
alton is, Shall we accept the proposition
made us or not? Is it wise, therefore,
that VIC accept the provisions oil ms
bill? | shall accept it, not as an original
proposition, but as the best that can be
done under the circumstances; would
not vote for a taX-recelyable coupon
but for the fact that it is now upon US.
| prefer the new to the old arrangement.
1t brings the interest Of our debt within
the compass of the present revenues.
1t is all that the platform of the Con-
scrvative party demanded. 1t Is salu
that the tax-receivable coupon IS con-
trary to the principles Of the state
sovereignty. The Supreme Court Of
tie United States has decided that
States cease to act in their sovereign
Capacity when they borrow money aud
contract TO pay interest. They are on
a level with private individuals. These
gentlemen who oppose the coupon have
showed US no remedy against 1t. Easy
t. make war upon it, to assert rights,
but to secure remedies is the difficulty.
The Barbour bill offered no remedy.
Ii proposed to pay more than the
bondholdcrs now ask. 1t proposed to
feed the consol 6 per cents, and ignored
the peelers. 1t did not provide Tor
arrearages TO the schools, colleges, or
asyiums. 1t utterly precludcd the
possibility, as it dedicated practically
all the funds moi required to run the
government and the schools TO the
payment of interest on the public debt.
[ voted for it, as it was the only scheme
presented for geadjustment. | will vote
for this present bill as better pro-
position. 1t will not only enable Us to
pay interest on our entire debt, but re-
deem cur obligations to the schools
and charitable institutions. Why re-
iect il? Can anything better be offered !:
When evils are presented it is the part
of wisdom TO take the least. Who Will
no. agree that an arrangement Of the
debt by which We can pay the entire
interest is Infinitely better than the
present, by which we fail TO pay the
interest on two thirds Of the debt.
This bill comedies all that readjust-
ment has ever demanded. Take out
the war and reconstruction interest, if
YOU will. as a basis of settlement, and
We find this demand fully met in the
provisions of the bill. Forcible re-
adiusters, amicable or peaccable re
adiustcrs, may all meet on common
ground on this proposed settlement. -
Securing, as it does, settlement OF lie
debt, bringing it within the revenues Of
the State, and thus giving to the public
free schools the funds dedicated to them
II the Constitution, shall vote Tor the
proposition. | am utterly unwilling to
continue this political excitement
longer. l want a settlement tie
people want a settlement. The coupon
may be Objectionable, but in the new
arrangement it will be infinitely less
Objectionable, as it will be fully met,
aud without embarrassment TO any Ci
our institutions. Shall we refuse this
settlement Who is here willing to as
sumo The responsibility of rejecting ii:
As an original proposition, | would re-
icct il Oh account Of the tax receivable
coupon. we are not able to control
circums tances. We have TO meet them
as they are. am ready to meet the
responsibility. 1t Is such settlement
as | would be willing TO make for my
self. Being business proposition, and
with al! the lights before me, l shall
support the bill.