The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-02-06
Mr.. Rounds Letter.

We publish, In this issue OF the VIRGIN
Ian, letter from Geo. C. Round, ESQ.,, of
Manassas, in reference to the duty of the
Republicans Of Virginia on the State Debt
Question. We have never considered this
issue in any partizan light. We have aimed
to do our duty, in its discussion, to the peo.
pie of Virginia, and to the State, apart from
all feeling growing out Of or incident to
party. From 1872 to 1876 we dissected the
whole subject, und urged upon the Legis,a-
ture the duty Of making provision for the
prompt payment Of the interest, and pre-
serve State credit by preventing the annual
default OF such payment and the augmen-
tation OF the debt. We did this, not because
we thought there was justice and right in
the arrangement OF the Funding Bill, but
because of reverence and respect for ju-
dicial determinations. We were met
then by the epithets and clamor which
would be very apt to confront Mr.. Rounds
proposition-that it was s'Radical trick, -
designed to subserve the purposes of the
sscalawag, carpet-bagger and negro" So
long as party coloring could be given to it,
and excuse for appeals to partizan passions
offered, there was no approach to a solution
OF the debt problem. The credit of the State
went down to lower depths and the peoples
burdens continued to increase. until the ag-
gregate of the obligations assumed such
proportions as demanded the best efforts of
every Virginian to arrest the downward
plunge and rescue the Commonwealth from
threatened ruin and bankrup tcy.
In 1877 we took the position that the Re-
publican party, as such, should step aside,
and remove all provocation for the vituper-
alive TRADE that was poured out against it
in every contest Heretofore, and by which
the passions Of the people We're infamed
and the true interests of the State disre-
garded. We desired to see the people brought
face to face with their actual Condition and
to understand the fearful dangers that the
ruling party had persistently ignored, and
which hung over the Commonwealth like an
imp ending doom. AS Virginian, we en-
tered upon as clear an exposition of the diff
iculties which hedged about the State as we
were capable Of, and approached the discus
sion of the debt question in its equitable re-
lations, seeking to expose the monstrous
wrongs the Courts had sanctioned, and ar
irving at what We believed to be just and
| righteous conclusions, as 1t affected both the
debtor and the creditor. We were not only
denounced for this as ''repudiator,'' but
singled out for official vengeance, and all the
enginery Of partizan hate employed. to ar
rest the influence the presentations we made
were having upon the people. We per
sisted and the people sustained us-the
cause we had espoused, at first, almost sing
ly and alone, triumphed, and now all par
ties, fundsrs, debt-payers and bond-hold-
ers, have come square down to the demands
formulated and published by the Re-adjust-
ers of Augusta county. The aim was to ar
rive at the equitable debt Of Virginia, out
side of the provisions and stipulations of the
| Funding Bill, and in view of the robbery
of one third OF the territory of the State
to repudiate nothing that was just. and to
submit to nothing that was unjust. We be-.
lieved, when addressing this phase of the
discussion, and believe now, that Virginia
owes two-thirds Of the original debt-$2O,-
DOC, 900, and two-thirds of the accumulated
interest, $40, 0O0,0 900. We have argued that
it was proper for her to recognize this $780,
00O, 900 of principal, bearing six per cent in
terest, and the $lO,ooo,O0o of accumulated
interest, represented by non int rest bear
ing certifcate-or $50, oe0,0o bearing four
per cent. interest. We believe this is her
equitable debt, and are not willing to de-
mand any abatement of it, because to do so
would have the color of reputation. If,
however, the creditors OF the State, should
deem it wise to offer to reduce this obliga-
ton, we should favor accepting such propo-
sition. We think it would be craftsmanship
and public policy for them to do SO, for it
would insure che prompt payment of the in
terest, the enhancement Of the values of the
securities, and remove all doubts and APP
prehensi0ns for the future. If, however,
they should not make this offsr, we shall
advocate such arrangement as would be tan
tamount to four per cent. interest-whether
| by extending the bonds, upon scale of in
terest, or in such other manner as may be
deemed best. We believe it would be better
for the State that the people by one courage
GUS, supreme effort should grapple with and
meet such an obligation, than to seek to
evade it, and have imputed to them a dis
honest motive-one which they could not de-
fend iii the forum of their own consciences.
This was the original position of the Re-
adjusters, as we understood it. They indig-
nantly resented the charge that they meant
or would tolerate anything that had the SEM
blance Of reputation. They contended for
the equities of the case, and proclaimed eve
rywhere and at all times, that they were will
ing to pay what it was right and proper the
present Virginia should pay.
We do not propose to be driven or coaxed
rom this position, especially when the cred
itors themselves, and the par excellence
''honor" men, have come in and recognized
its Justice and equity.
We have deemed this statement proper to
show the relations of the vIRGINIAN to this
debt controversy. a,
AS to.the points presented by Mr.. Round,
we have but brief comment.
The address.of the 1897 has fallen flat. 1t
has had no popular response, and especially
will have none, when the bondholders them
selves have given in their adhesion to the
arguments and views Of the original Re
adjusters. It would be idiocy for any set of
men to attempt to organize party to pay
more than the creditors say we ought to
pay. The Funding Bill has been substan-
TALLY repudiated by the benefciaries under
its provisions, and for any body of gentle
men, whether they be Republicans or Dem
ocrats, or both, to 60 before the people in
advocacy Of and adherence to the Funding
Bill stipulations, would be the baldest folly. |
To our mind. therefore, there is no neces-
sity for the Convention OF the 18th of Feb
ruary. We are opposed to any agitation
that has not an object to attain which we can
approve, and we cannot give our consent to
any proposition that may be justly charged