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

Of the bondholders, with the modification
proposed by Senator Fulkerson and sup
ported by Senator Paul. Both the Rocking
ingham Resolutions and Col. Fulkerson's
modification are the propositions OF extreme
Re-adiusters, yet they differ in essential
principle, as the first declares that no settle
ment OF the State debt will be accepted or
considered which recognizes taXreceiYable
coupons, while the Fulkerson amendment
accepts the principle Of the coupon, but
limits its application. The inconsistency of
these positions is very apparent, nor can it
be explained away by the claim that the
Fulkerson amendment is proposition
Of compromise, for the principle is just the
same in one connection as the other. There
is bat one solution to this anomaly, and
that is the Fulkerson amendment to the
modified proposition of the bondholders was
the mere pretense Off desire to settle the debt
controversy, and that the real purpose is to
continue the agitation upon the basis of the
Rockingham Resolutions, after the accep-
lance Of the bondholders' proposition by
the Legislature. In other words, the lead
ing gentlemen whoare cooperating in the
movement foreshadowed in the Rockingham
Resolutions, do not want settlement by
this Legislature. This conc fusion is justi.
fed in the fact that the bondholders concede
substantially what was demanded by the
e-adiusters originally, so far as to accom-
modate the interest charge to the revenues
of the State. While abstractly, we are op.
posed to the principle Of the tax coupon,
yet with an earnest desire to save the peo-
pie from the injury that must follow a con-
tinuation of this debt contro versy, and in
the recognition of the fact that the Supreme
Court of the State has given its sanction to
the coupon arrangement, we believe it to be
public policy and wise craftsmanship to ac-
cept the proposition now pending before the
Legislature and cease the agitation.
When the bondholders have so adjusted
their proposition as to place the demands
it creates within the capacity of the reve-
nues derived from the present rate of taxa
ton to meet, they have conceded practically
what the Re- adjusters contended for, and it
leaves but sentimental excuse for further
controversy. 1t should not be forgotten that
the coupon is part of the present arrange
ment, dignified and sustained by the deter
mination Of the highest State judicial tribu-
nal. The bondholders have, therefore, high
grounds upon which to predicate their right
to this security, and it is not strange, in sur
rendering the practical, tangible inter-
est invoived-the money part-that they
should adhere to the security which the
Courts have fortified by their decision. We
think, too, in view of the real benefits
conceded to the State-the practical surren-
der made of one-half Of the accruing in
terest for ten years-one-third for twenty
years and one-ffth for ten years-an aggre-
gate of twenty-four millions of dollars
the people can well afford to rconcede the
sentimental feature as presented in the
coupon.
But there is much palmer way to state
the case, and it is in that way it shall be
stated, so far as this paper is concerned 4:
We oace the debt, as modified in the PROPOSE
ton of the bondholders now under consid-
Grafton, and ought TO pay 1t. There is no
honorable way to get out of it, and to plead
avoidance now, under all the circumstances,
because the coupon enters into the arrange
ment, would, and not unreasonably, be
construed as an excuse for purpose to re-
pudiate an honest obligation.
While the attendance at the Court House
in Harrisonburg on Monday last was large,
as we are informed, when these resolutions
were adopted, we do not believe the people
of Rockingham, or any other Valley county,
would think Of rejecting the liberal terms
OF settlement offered by the bondholders.-
When it can be made plain to them that we
owe the debt as it would aggregate under
the bondholders proposition, and that it can
be paid out Of the revenues derived from the
present rate OF taxation, we are we'll con-
WINGED that they will allow no mere senti-
mental excuse to interpose between them
and their duty. We not only believe the in
terest can be paid, as provided in this new
arrangement, and all the legal and consti>
tutional demands upon the State met, but
we think it is entirely possible. with strict
economy and thorough system ofretrench-
ment in all the departments and interests
of the government, a surplus of no incon-
siderable amount would be found in the
Treasury at the close of each fiscal year.
Whether this would be so or not, we are
satisfied that the people of the Valley will
stand by any equitable and just settlement,
such as is proposed by the bondholders,
and that they will vindicate their integrity
and honest intentions by repudiating any
that has no higher merit in it
than perpetuation of the agitation of the
debt question and disturbance of all the
interests OF business and commu nifty, with
nothing but harm to flow from it.
The call of the Re -adjusters' Convention
10 which the Harrisonburg meeting assem-
bled to appoint delegates, pending the i'm
portant negotiations which have resulted in
The bondholders proposition, implied pre-
purpose to accept nothing that
night come from such negotiations, and that
| further agitation of the debt question was
he prime consideration in the organization
proposed to be effected on the 25th, regard
ess Of any concession which might be made
or terms agreed upon in the conference.
We are driven to this conclusion in view
# the liberal terms offered. substantially
all that the Re-adjusters had at
rst contended for, except the surrender ,of
be coupon,and the fact that Mr.. Fulkerson's
mendment admits that the opposition to
aat is not insuperable, inasmuch as his own
roposition contemplates its recognition as
, certain portion of the taxes, thus sur
enderiDg the principle involved, the only
Aid grounds this side of a purpose to repu-
late an honest obligation, upon which
lrther agitation can be predicated.
We ask the people to pause and reflect 7.
efore they commit themselves to such an
defensible and suicidal policy. The inter-
It's involved are too vast and important
be thus trifled with, and the responsible
y too serious to be assumed under the
fluence of infiammatery appeals from the
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