The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-10-02
CuLpEpER. Sept. Goth. 1879.

MAJ r nrrxy
w. - E AoN'
CULPEPER, sept. 2oth, 1879.
Col. W. III. Peyton. Stanton, Va:
DEAR SIR.-Your letter inviting me to
participate in discussion of the Public
Debt question at Staunton on next Monday,
has been received. l ask you and those
whom YOU represent to accept my cordial
thanks for the compliment which l recog-
pize in your invitation and the kind terms
in which it is conveyed. But l am posi-
lively prohibited BY nv physician from en-.
gaginp in protracted public debate,
| Iabored throughout the term of the last
General Assembly to secure such a perma-
nent adjustment of the subjects OF the pub
lie debt and taxation as seemed to me to be
jus; and equitable. So strong was nv wish
to arrest agitation on these subjects, that l
supported measures Welding perhaps more
than ought 70 have been granted to the pub.
lie creditors. Measures for the settlement
Of both these Irritating subjects were passed
at the regular session Of the General Assem-.
hlv. The hill relating TO the subject Of
taxation 1.-THE Barbour BID was vetoed by
the Governor. IL failed by three votes TO Sc
cure the number necessary to mass II over
fine Governors veto, The bill relating to
the final settlement of the bonded debt O;
the state fthe Rocock. bowler Rim nassefl
hoth honses received the Governors annroval
and became law. Bnt this was not carried
into successful execntion. IL offered new
bonds flor the princJnal Of the outstanding
bonds, rnnning for tiftv wears and hearing
Interest at the rate Of three ner cent for
eiohteen wears and four per cent. for thirty
tv.two Years. hut without tax-receivab'e
connons AZ measure making extreme
concessions. for the sake of peace and final
s1instment T voted Reluctantly for il. az
stated at the time of it's nassaye. n gave
the creditors of the State more than
thouoht thew were entitled to claim. and
imnosed a debt larger than the state Justly
Owes. Rut asa term of fiftv wears was al
loved for the navmrnt Of the canital debt
and a term of eighteen wears was allowed
for the three ner cent rate. and as tha re-
moval of the tax.receiyable coupon would
enable the State to meet casual deficits. bv
the ,ssue of tax receivable treasury notes
which would sppply good home currency.
yielded nv objections and voted for the
hill IA ia much to he lamented that the
nublic creditors were advised not to accent
that liberal Offer. But flushed with the
great success in passino the Funding Law of
1S71-and with their success in keeping it in
oneration for seven wears. thew awaited op-
nortunitv for more gainful settlement.
Brokers and operators had procured the pas.
SAGE of the Funding Bill of 1871, In new
and more guarded form of action q similar
class succeeded in nullifyine the action OF
the General Assembly at it's regular session
in 1878. and in obtaining at the extra SEES
sion of 7S.1S79 the passage of the Brokers'
Bill. =,
The passage of the Brokers' bill of 1879
lamented and censured than the Funding
Bill Of March. 1871. The Legislature of 1871
NAV have been misled by the Executive Re-
ports, This could not be the case in 1879. The
fact that our revenues at the present rate of
taxatjon will not meet the requirements OF
the Brokers' billi had been demonstrated by
bitter experience under the Funding Bill oil
1871, This at least seems clear to me after
the most careful and unpreiudiced study OF
the official records. of which l am capable.
No one will be more grstifled than will be,
if actual experience Shall prove otherwise.
The Brokers seemed to anticipate this
insufficiency of our Revenues to meet
the requirements OF their plans, In
the carefully and artfu!ly prepared scheme
which they brought before the Legis-
latnre thew prOvided for it. The provision
~. ID rGo;nahlo ctoto Car+;f
Gates of Indebtedness, at an enormous dis
coon'' lSo PEI oon.l ~ pay eao, a.a.s ~
of such deficits vas in their minds. The bill
which they succeeded IN passing is based up
on principle of reputation Of the sacred
obligation of Representatives to constitu-
ents. It may result in a total humiliation
of the unjust obligations which this repudi.
ating bill has authorized to be created. The
| debt Justly due will, notwithstanding, be
| fully and honorably discharged by the PEG.
pie of Virginia. Even this gross outrage
| will not provoke our great and good people
| to commit a wrong.
/ do not recall State in the world that
| has done so much under such trials and prov.
ocations as Virginia has done for the pay.
| ment OF her debt, yet every effort seems bu
to invite new attempt at extortion. Vir'
pinia has certainly done more thar
| Great Britain or the United States attempted
lin similar circumstances in their early
| financial trials and settlements. The
principal OF the debt proper OF Virginia
was in April, 1871, as stated by the Secont
Auditor, SENATE Doc. 1877 and '7S, No. %
page p as follows:
Old Registered and Coupon debt 800 3O4, 1911
James River and Kanawha Bonds
guaranteea py 1ea.e - is''iooo
ed by State. NEUTRALITY-SUSPICIOUS.. $4,000
-
Iotal principal Oh Ola '''o'0'0ofi
Besides this there we're bonds created by &C
OF March End 1866 for war interest. Tia
sca done by the Pierpoant Government ant
cannot properly be regarded as part OF tn
State debt. Take one third of this debt 70
this whole old State) off IOr West Virgins
and we have as the Principal OF The publ