The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-03-27
AUGUSTUS VOICE.

OLUTIoNs
Pursuant to the notice Published last
week, there was large meeting held IN the
Court House Monday, to give expression 10
the views of the people Of Augusta upon
the subject of the Debt BILL On motion OF
DR.. James J. Stout, Thornton Berry was
called to the Chair, and the representatives
OF the city press requested to act as secreta-
ries. In explaining the object OF the
meeting, the Chairman said that he had been
an original Re-adjuster upon principle, be-
cause he did not believe that Virginia could
pay the whole of the debt, and an attempt
to do so would result in reputation. lie
was satisfied, however, the State could pay
as provided by the compromise bill. II she
cannot pay three per cent. for ten years.
four per cent. for twenty years and five per
cent. for ten years. then, he thought, the
State ought to be placed in the hands OF
Receiver and sold out.
On motion OF John H. Crawford, COM
mittee consisting of two members from each
ward of the city and each district of the
county was appointed to report resolu-
lions. The committee was composed of the
following gentlemen
Middle Rsyer-John H. Crawford, Samuel
Fl. McCue.
South River-C. B. Koiner. Davis S. Bell.
Rioerheads-Wm. F. Smith, A. A. Sproul.
III
Gambil.
Beverly Manor-Jno. N. Opie, 6. T. Pal
mer.
Pastres-John S. Guy, Fl. B. Seig.
STANDARDIZED No. IA. H. H. Stuart,
D. A. Kayser Ward No. 2-Wm. A. Burke,
F. NJ. Young.
Pending the preparation OF the report,
Senators Brooke. Phlegar and Koiner were
invited to address the meeting.
JAMES v. BROOKE,
Mr.. Brooke was first introduced by the
Chairman, and after few preliminary re-
marks said that he came without prepare
ton to talk to the business men of Augusta
county upon business matter, for the debt
question is pre- minently business matter,
addressing itself to that most sensitive
nerve, the pocket. He would not wander
into the field Of poetry or rhetoric, but adj
dress himself to the debt question, and seek
to satisfy his hearers, as he had satisfied his
own constituents and himself, that the cred
itors' proposition should be accepted. What
was the issue now presented =? He wou Id
take up the consideration Of the subject.
The speaker then reviewed the history Of
Virginia. debt down to the period subse-
quent to the passage of the Funding Bill,
and continuing, said The Legislature in
| ls71-72, so far as it could, repealed that law
BY declaring that coupons should not be re-
ceivable for taxes. The question was tested
oy the Court of Appeals and the act de-
clared unconstitutional. He then ground ed
| his arms and bowed to the behests Of the
Supreme Court, as every good citizen should
| do. So the matter continued up to January
| LIST, 1879, when the holders of peeier bonds,
amounting to $40, 900, 900, had never receiv-
| ed Il cent, and the result is that the unpaid
interest amounts to s5,0O0,0O0, for which
provision has to be made. This unpaid in
terest will continue to increase, and unless
something is done with the consent OF the
creditors, utter reputation is staring us in
| the face.
| Was there ever a crisis that demanded
more deliberate, calm counsel than the po-
sition we are now placed in? What is the
remedy He had waited for eight years to
hear those gentlemen who denounced the
debt bill propose some remedy, but they
have done nothing. What are you going
to do? Shall the State have the stain of re-
pudiation resting upon her, or will you
show your creditors your true condition; 60
to them and by an honest effort seek to
place the debt upon such basis as to enable
you to pay it? That is the ultimatum. The
Barbour bill might be offered, but that was
in direct opposition to the decision of the
Court of Appeals. But the Barbour bill
can't pass because there are enough men
| who respect the decisions of the Court of
| Appeals to defeat tit is utterly worthless
| because the coupon features OF it have been
passed upon as unconstitutional, and when
| that is out OF the way you have nothing
| The question is, will you have fair, honor
able and peaceable compromise, or throw
yourself into vortex of confusion ? The
last Legislature endeavored to settle the
debt, and passed the Fowler-Bocock bill
which gave three per cent. for eighteen
| years. and four per cent. for twenty years.
Everybody knew it would fall still-born. and
| it was only passed as an entering wedge to
| further negotiation with the creditors
While they refused the bill they came with
proposition, and it brought the Legisla
ture and the creditors into contact and re-
suited in bill conYening the creditors ;
| not the creditors alone, but also certain bank.
ers and brokers were asked to submit some
plan of adjustment. They came to Rich
| mond and entering into the consideration OF
| this question, arrived at the conclusion that
some concessions ought to be made. They
said we will settle it if you will give us
three per cent for ten years, four per cent.
for fifteen years, and five per cent. for TWEEN
| ty years. 1t was a liberal proposition from
creditors holding six per cent. bonds and a
| first mortgage upon the States property.
| He never met fairer, more liberal and
kind hearted set OF gentlemen. They SEEM
| ed to strain every nerve to make everything
liberal. Under the proposed compromise
we only pay 100000 Of interest, and every
creditor is paid, whereas sl,20O,OO0 is ex-
pended now on two-thirds of the debt.
| The grand objection to the bill was the
coupon feature. Why, the vociferous man
ner in which that word was repeated, was
like Poe's raven, which had only learned one
word, "Nevermore." Coupon Coupon
Would the people submit to it.? Well, what
ever the coupon is, it is upon US now. Will
anybody tell us how we are to get rid o:
81 100000 coupons now? By the compro-
mise we propose to exchange them for $780,
900. They tell us that they will elect other
judges-this is revolutionary. If you wish
to destroy your Commonwealth, just encour
age and instil in your people contempt of
authority, a disregard for the judiciary of
| tbo Ctofo M thot md ho I'm IL r.