The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-10-23
Accent the Settlement.


posed to repudiate the debt OF Virginia. 1t
has never been assumed by any party or or
ganization that we should not pay all that it
is in our power to pay and that we should
not recognize the equitable portion Of the
obligation contracted before the State was
divided. 1t has been time and again adj
mitted that the present Virginia ought to
be held for two thirds Of the original debt
and accrued interest, and that the interest
upon this should be guaged by the demon
strated ability of the people to meet it, The
McCulloeh Bill comprehends both these
propositions, and comes before the people
appealing to their sense OF right and jus
tice to do what they have frequently said
was their purpose to do. Those who oppose
the settlement, cannot say that it does not
present the amount as the great body of re-.
a6justers had demanded that it should be
presented, nor can they say that the oblga-
tons accruing under it cannot be met by the
revenue it provides. They lug in the deficits
created by past legislation as though the
present bill should be held responsible for
the enactment it is intended to supplant,
and attack the coupon feature, ignoring the
fact that it practically amounts to no disad-
vantage and can operate no mischief. The
fair and the honest way to face the question
and to deal with it, is to ascertain whether
the amount of revenue now collected, and
which has been collected for the past eight
years, will be sufficient to meet the obliga-
lions the bill imposes, and leave no deficit
at the end of the fiscal year. No fair minded
man will contend that the debt recognized
in it was not contracted by competent au-
thority and is not honestly due from u.s..
No informed man will say that the revenues
provided by it will not be ample for the dis
charge of the obligations it imposes. What,
then, do the opponents of the Bill propose
to do? What can they do, to change the
substantial facts the bill rests upon, that
will not take the coloring OF reputation !?
II the amount the bill formulates be just,
and this cannot, in fairness be denied,
and il the revenues are sufficient to
meet its demands, demonstrating the
ability to pay, what resort can be APP
pealed to that does not mean reputation ?
The creditors have yielded to our represen-
tations until the interest charge is guaged
by our kno,on ability to pay. What kind Of
plea can be presented for further conces-
sions? What kind Of plea could we present
that would not require the surrender, with
out an equivalent, Of values which belong to
the relitor, and which we have the reve-
nues to honestly pay? Would it be right
and manly to ask for this concession under
such circumstances ? Would any opponent
of the McCulloch Bill consider similar
proposition in his private transactions and
business relations? Not one Of them.
The debt ascertained by the McCul oc b
bill is honest, and no one will publicly say
that we should not pay an hon est debt if we
are able 70 do so. The ability has been
proven, and that ought to settle the contro.-
versy and silence all opposition. The peo-
pie Of Virginia cannot afford to do otherwise
than to stand by settlement that is honest
and that they are able to meet. The past is
ladened with too many honorable and sacred
memories, and the future too full OF rich
promises, to place themselves in such an
| attitude and bring upon themselves such a
reproach.
| The tax-receivable coupons, reduced
| under this bill from six to three per cent.
for ten years, is not an argument or fact
worthy of consideration against it, for it
amounts practically to nothing. The nom
taxable feature of the bonds funded under
| the bill, conceded because of the abatement
of one-third Of the interest charge, and to
give them better standing in the market,
does not operate injustice under the circum-
stances. The Allen amendment had been
substantially endorsed by every readjuster
tions fail, will never be invoked to meet the
contingency it, by possibility, contemplates.
These objections are more sentimental than
practical. The central, practical facts to
be considered are Does the McCulloch Bill
| fix the amount Of the debt at what the State
OF Virginia ought to pay, and does it adjust
the interest so as to enable the State to meet
1t with the revenues derived from the pres
ent rate of taxation, or the EnoUn ability OF
the State to pay? We will not Reproduce
official figures to sfflrm these pro positions.
We have done so before, until every reader
Of the VIRGINIAN is familiar with them.
The debt as presented in the settlement is
just, and the ability to pay it has been DEM
onstrated by actual experience and test.
This ought to close controversy and silence
opposition. Let the people Of Virginia stand
square to this settlement because it is right
to do so, and for the reason that they are
able to do so. 1t will restore peace to the
State, inspire confidence in business, COM
mand respect abroad, invite to our borders
the agencies which will develop our won
derful resources, create new taxable values,
and place US abreast Of the advancing tide
OF enterprise which is stimu lating all indus
tries and moving into activity. all material
forces.
We do not know whether our readers re-
member as far back as rs in con nection
| with the remarks of the Richmond Dis