The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-08-07
The State Debt.

III conversation, few days ago, with all
gentleman, who has large oppor-
tunities for obtaining correct information,
he stated that there were now in the hands
of the Syndicate for funding, $11 100000 of
the funded bonds, and that he was satisfied,
by the first of January next, there will have
been funded at least SIS, 100000 of the State
debt, under the provisions of the debt bill
passed by the last Legislature. He further
stated, that he had apprehensions, some
months ago, that the legislation of last
winter would prove failure, as he did not
think its success would be assured unless
$12 100000 were funded by the LIST of JAN
ury, but that he had been agreeably sur
prised with the operations under the law up
to this time, and felt assured that at
least $1s,0OO,OOO would be converted into
the new bonds by the LIST of January. He
mentioned, as an encouraging fact, that sa-
gacious capitalists in Virginia were pur-
chasing the bonds at so cents on the dollar
and funding them under the new law,
believing that no better investment could
be made than in Virginia non-taxable securi-
ties bearing what will be equal to six per
cent. interest.
Three per cent. bonds purchased at fifty
cents in the dollar, would be equivalent to
non-taxable six per cent. bond, and de-
Quoting the tax now exacted in the cities,
would make it equal to u OR s per cent.
bond. This gentleman further stated that
he regarded an investment in Virginia Sc
curities as exceedingly promising, as he
was of opinion that it would not be many
years before the bonds would be at par on
the market.
We were very much impressed with the
sagacious views of the gentleman in ques-
ton. His experience as dealer in securi-
ties of all kinds, and the familiarity he
showed not only with State, but national
finances, and the close study he had given
the subject, made it very plain that he had
reachedhis conclusions after careful thought.
He spoke, also, in a very encouraging tone
of the future of the State-the great pro-
gress that had been made in improvement
and material development since the war,and
the possibilities that were before her, if the
people would only direct their attention to
practical business affairs, instead of allow
ing themselves to be led away by design
ing and misguided men.
Not only Virginia, but the entire South.
he contended, was to be greatly benefited
by the resumption OF specie payments, by
the government, and the consequent conf
dence inspired in business enterprises. The
effects were being manifested in the cotton
factories of Georgia and Alabama, the iron
interests Of Virginia, and other manufacture
ing endeavors in various portions OF this
and other Southern States.
The first point to be gained, in the new
order of things promised in the future, is
for the people to determine that there shall
be no more serious agitation OF the debt
question-that if it is again thrust before
them in the fall elections, those who precip-
itate the agitation, shall feel the force OF
popular condemnation. The present law is
just to the State and the crcditors-it re-
quires nothing that should not be recognized
and which cannot be met if an earnest pur-
pose is manifested to do so. 1t will require
an effort, and probably some sacrifice to
comply with the provisions of the bill, but
surely it is better to do this than to keep
the State in constant state of confusion
and turmoil, in fruitless effort to evade
that which we ought to and will eventually
have to pay. The apparent difficulties to be
encountered will, in great measure disap-
pear if we approach them with a courage.
GUS purpose to overcome them, and we be-
lieve it is duty the people owe to them
selves and to posterity to address them
selves to 4 speedy acceptance of the exist
ing legislation on the subject, and the Sc
we're condemnation Of any and all efforts tc
disturb it.