The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-08-21
Total appropriation to interest
SUMMARY:
Appropriation by the Barbour
bill
Appropriation by Settlement
Excess of appropriation under


the Barbour bill sa7s, 81
And while the Barbour bill appropriated to the
payment Of interest on the public debt $272 93087
more than the present settlement does, it yet
left unprovded for yearly balance OF interest of
$518,72 l.3s to go on accumuiatng year after year.
adding that much burden. to the people, to be
either eventually met by increased taxation, or
to be wiped out by reputation at least to the ex
tent that reputation is possible.
The statements have given may be verified by
reference to the First Auditor report, p. 4, do.
Doc. Xxx p. H. second do, p. I, and to the speech
Of Representatives, pages and 6. delivered Mar
10. 1879. Judge AHen gives the figures in round
numbers, have calculated them EXACTLY, taking
the statement OF the net amount of tax real and
personal property and capitatfon tax from Doc.
Xxx p. II, and the other sources OF revenue from
the report ofthe subcommittee on Finance, SEES
sion lS78-79.
TO the latter part OF your second question 1
answer that the Barbour bill did discriminate in
favor of the coupon bondholders against the peel
er bondholderS, while the present settlement
makes ample provision for both. The Barbour
bill provided that only the 10 cents Of The s
set apart for the schools and the rs cents thereof
($669, 95S.95) set apart for Government expenses.
should be paid in U. s. Currency; all the rest of
the revenue is left to be paid in coupons.
The interest on the coupon bonds amounted to
and as the whole LOT IN s
all OF it except $ll 70l. Al would have gone to the
coupon hondhofders; or if you should add to this
Barbour bill aud which that bill did notso appro-
priate there would be left only $8670l.4l to be
paid on $5ao4s2.1s OF Peeler and other interest.
rs can in this space, and believe as accurately
as the data at my command will permit, 1 desire
briefly to summarize the reasons why we should
not undo the present satisfactory settlement OF
the debt question, to follow such an ignis tatuus
as the Barbour bill presents
l. Tho Barbour bill not being founded on the
consent of the other contracting parties, was
constitutional and couldnot have been maintain
ed. had it assumed the form of a law.
The present settlement stands only on the con-
sent Of the creditorg, and is therefore constitu-
tional and valid
priatiop for esupport Of the public and
its vain pretense Of so doing was giving stone
sssaa their ample
port beyonda peradNentqre,
5. The Harbour bill retained the debt and ar
settlement reduces it to $3l,740,78272
L. Under the Barbour bill the annual interest
was Il 7as, sssIa. The present settlement reduces
S. The Harbour bill appropriated $l,a25l 1855 to
the payment OF the Inherent on the public debt.
and yet left $5l8 OF interest unprovided for
The present bill appropriates only $95s223.48
for the payment of interest," and yet by its reduc-
% ro
6. Under the Barbour bill the amount OF cou-
pons which We're receivable in payment OF taxes
Huder the present settlement the whole amount
of COUPONS Receivable in payment oF taxes IS ss5s
ssa.4 "a
to the last Legislature from this section OF the
country are entitled to any weight "a persuading
Of the propriety Of standing blythe settlement,it
is somewhat remarkable that out of nine Senators
and Representatives for the counties OF Freder-
lex, Clarke, Warren, Shenandoah and Page, eight
voted for and are now sustaining the measure,
while only one voted against and opposes it,
II there be any sound and patriotic reason
why we should repeal e law that guarantees all
shesevast advantages to the people of the State;
and after all t11ee xeitemept; expense and trouble
that would attend such an undertaking be re-
manded from s per cent. back to q Q per cent.
debt; from sufficient revenue toan insolvent