The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-09-11
West Yireinia,s Third.

WtSC VuSlAld 1ulTu.
Several weeks ago we stated as our i'm.
preston that the legislation providiGg fol
the settlement OF the State debt, known as
the McCulloch bill, relieved Virginia, in ex.
plicit terms, of the third OF the original
debt assigned to West Virginia in the Fund
ing Bill of 1871. Inquiry has been made b.
ness of this impression, soma of them as
Stunning that it was erroneous. We have seen
it stated, also, in one of our exchanges,
that no such relnqushment is effected ia
the acceptance by the creditors of the condi-
tions of the McCulloch bill. To put these
doubts at rest, we quote the explicit and di
rect language OF the section of the bill itself
Tearing upon the point.
Section Z Of the TACT to provide plan OF
settlement OF the public debit approved
March %, 1879, known as the McCulloch bill
is as follows
1.-The owners of all classes of bonds men,
toned in this act, who shall exchange the ir
securities for the bonds created under this
act. and who shall not have Yet rece lived
certificates representing the remaining one
third of their principal and interest, due and
payable by the State of West Virginia, shall
receive certificates of a like character to those
issued under the act OF March Both, 1871
when they make such exchange; and the
State of Virginia will negotiate or aid the
creditors holding all Of such certificates is
sued under this act, or previous acts, in ne.
gotiating with the State of West Virginia for
an amcable settlement Of the claims of such
creditors against the State of West Virgins
The acceptance OF the said certificates for
West Virginia's One-third, issued under this
act, shall be taken and held as full and alb
sol,tte release of the State of Virginia from,
all liability on account Of The said certit-
cates.'
1t will be observed that there is no doubt
conveyed in the language used. Those &C.
cepting the terms Of the adjustment. release
Virginia Of the one third assigned to West
Virginia. and forever settle that mooted
point. The reduction Of the rate Of interest
from G to 4 per cent, or per cent for 10
years, 4 per cent for 20 years, and per cent
for 10 years, and the surrender of halt
of the already accumulated interest are re-
suits of great magnitude, and should be care
fully considered and weighed. Let each vo.
ter put himself in the place Of the parties
making the concessions, and ask the ques-
ton, ''would do it myself?' A little calm
reflection will present the great gain to the
Commonwealth, and impress the wisdom of
the policy of accepting he adjustment which
effects such desirable ends. 1t is not unreas-
onble, when the concessions are considered,
that the creditor should insist on retaining
his coupon security, and it is not asking too
much that the State should surrender her
hostility to an abstract sentiment, already In
corporated into the law to be modified, in
consideration Of the practical benefits re-
ceived.
The VALLEY VIRGINIAN occupies the
conspicuous and isolated position OF being
the only paper that defends Conkling in
that little difficulty with Sprague.- Rock
bridge Enterprise.
We do not know that the VALLEY VIR-
GILMAN has particularly defended Mr..
Conkaing. It has taken the position in this
as it does generally upon matters about
which the public manifest an interest, to
treat it from considerations of fairness and
justice. We do not think it the mission of
tie press to bIacken and defame personal
character, nor do we believe it to be right
to accept every sensational statement as ev-
idenee sufficient upon which to damn
personal reputation. We have to see the
first particle OF testimony that would be
Omitted either in court OF JUSTICE or the
court of conscience to justify the conclu-
sions that there was e yer any criminal inti-
macy between Senator Conkling and Mrs.
Sprague, or that sustains the harsh ju dgment
of Mr.. Conkling's political enemies. II we
are not mistaken in the man, Senator Conk-
ling's reticence means good deal more than
the public attribute to 1t. Before this SLAM
der is through with, he will be very apt to
be beard from, and when he does deem it
proper 10 sDeek, it will be with directness
aad eoneiusiyeness that wil pnt TO shame
the miserable kennel that iiave bounded at
his heels. Private character and reputation
are too sacred to be whisted down the wind
in the way the cowardly prosecutors OF Sem
atnr Conklng have attempted to destroy
him. afla manly courage should have pro-
tected the saay frog the vile assaults which
have been made upon her, II there be
wrong with them and it is laad.e pIain, we
should be the last to defend it. But until
such is established, we shall not lend the COL
umns Of the VIRGINIAN to taking from the
parties implicated that which we could not
give back, If what we have heretofore said
and what we sag now may be regarded as
defence, we are prouq OF it. We would
rather hundred times err .oH the side of
charity and virtue. than to once okend
In perpetrsting or circulating a SANDER. 4
II the. same judgmeaffvss melted out to the \
at large. WHICH Senator Conk- \
ing's enemies Rave visited upon him, very |
few regulations would be secure. So long
IS we control the columns of newspaper !
hey shall never be prostituted to the defa-
nation OF any .one's character upon mere
suspicion, whether we are personally friend
Y to the accused or not. Indeed. we have |
no especial partiality for Mr.. Cenkliug. but |
lie is entitled to fair and impartial hearing |
md this he shall have, SO far as we can give
t.
The South, journal published in New
York, gives most favorable exhibit of the
ron deposits in the New River country.
The following extract shows the drift of pub
ic attention in tias east; but it will not be
Necessary to .confne the approaches for the
res SO essentialsto Pittsburg 10 the New
river section. Hon. J. w. Hopkins, Pres-
ent OF a bark ia Pittsburg, and also of al
Iarrow Gauge Railroad starting at Pitts
urg, and originally aiming to tap the New
liver country, has recently made personal
lspection Of iron sections in West Virginia
ow directly on the line between Pittsburg
nd the Chesapeake & Ohio Railway, at the
hottest distance, and is convinced that it is
lie policy q his company to press for the re-
ion of country along 4f!nthony's Creek, in