Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1879-10-01

ment as meaning pePHu'dftOH Du1 W
force REIMBURSEMENT on more unfavora'
BILE conditions TO the creditors than
could be realized under the McCulloch
bill, if it is practical scheme, (and we
have every reason 10 believe that 1t is)
would practically work reputation as
far a. the amount is scaled from the
present amount funded. Funding under
any bill is only excusable IN equity,
whose jealous rules require all the
equityEthat can be done, and this can
only be done by giving a fair trial to
the best scheme under all the circum-
stances.
That is the result Of Tins interference
with the funding act? Under the fund
ing bill that provides for the payment
of interest on two-thTds of the princi-
pal and on half Of the interest, past
dues on what are called the peeler
bonds, at the rate Of three per cent. for
ten years, four per cent. for thirty years,
and five per cent. for ten years. the
old bonds are beng converted INTO
new ones without expense TO the State.
And let it be borne in mind, too, that
the State has been absolutely released
under this act, by the creditors, from all
obligation 10 pay the other third OF tie
principal. What do the readjustcrs
propose? Certainly not TO grant the
creditors better terms, as tie creditors
will, as well, refuse worse. Thus must
the payment of the debt be stopped
subject 10 an increase of $4,000 per
annum, and the present liberal terms
be lost TO the State, whilst the creditors
resort to The courts-compel the State
to receive over a million dollars OF
coupons in payment Of taxes, cripple the
public school system, and collect $780,
900 more interest on about two thirds
Of the debt than will have to be paid
on the whole debt for Zen years to come.
Thus will be lost 1000, 900 which the
present bill saved to the State, and
$500, 900 Of interest each year Tor ten
years, and sGOO,OOO year for thirty
years.
As a primary question funding is no
longer TO be considered, since both the
creditors and the State have formed new
terms, thereby creating new obliga
ton. The question now presents itself
as simple propositiOn-shall the State
hold faith with it. creditors, or shall it
attempt force other and severer terms ?
In morals the question seems mon>
strous-in law an anomaly. Arc there
Interior objects for thus attempting to
undo the works Of tie last Legislature ?
Why do we hear with ominous import
from the hastings that speculative idea
Of Mr.. Jefferson, that one generation
can not bind another. Why give ex-
preston at all to this idea ifil is not to
be the ruling principle Of the party,
which has already incurred the title OF
"repudiators. This idea may have
been generalized by Mr.. Jefferson
whilst exposed to the speculations of
the unsound theories CT Fr0nch ideal
ism, but were couyteously rebuked by
Mr.. Madison, Ito whom these specu-
latlons were adGressed) who, after a
careful and thoughtful review OF the
subject said: "There seems, then, to
be some foundation in the nature Of
things-in the relation in which one
generation bears to anOther-for the
descent of Obligations from one TO anoth-
er. Equity may require 1t. Mutual
good may be promoted by it," Where
would be the limit of the evil from this
monstrous doctrine? The whole social
fabric would be rent-and truth and
honesty become mOckery in high
sounding phrase.
Considerable interest is felt by Fr-
ginians here IN the approaching cleo
tons, and, believe without an excep-
ton so far as l have been able to learn,
they favor the McCulloch scheme for
settling the debt question. have heard
some express regret that Judge Allen
has found it lnconvenlent to return to
the Legislature from Shenandoah. His
able leadership in the House, and con-
sistent course during the present polit-
ical cOmpaign on the debt question has
been highly commended. His name is
already being used i'll connection with
your next Congressional canvass, and
is commended generally as an able
certain and safe leader. Asto the cam
didates in the field there is no personal
objection expressed-all being able and
worthy gentlemen, hut the prayer Of
Virginians 90 out for the main issue, and
implore settlement Of the debt qncs-
ton, in order to insure hope and pros
perity for the future ofthe old common
wealth. Even though they may for
time be wandering of after strange
gods, yet their affections return to the
blessed old mother in her tribulahon.
TAU.
Six Columbia pa furnaces that have
been cold since '73 arc being blown in.