The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1880-12-16
The Debt Question.


tions growing out of the various laws which |
have been enacted in reference to it, each |
enactment creating a different class Of
creditors, and all of them justly entitled
to honorable and equitable consideration,
Is becoming more and more apparent every
day. In fact, the people of Virginia can
not afford to longer daily and dispute over
this vital matter. Since 1871 they have lost
more in the depreciation Of values, in the
absence of enterprise, in the advoidance OF
capital and the general distrust created in
the good faith of the State, than the whole
debt as it existed when the Funding bill of
that year was adopted, amounted to. There
must be settlement of it-not some tenn
PORTING legislative specific, framed in the
interest Of ambitious factions seeking polit-
zeal power, and designed to pander to the
prevalent disposition to evade the payment
of honest debts, but settlement that will
directly appeal to the inherent sense of JUS
tice of the people, and command the ap-
proval of the business world. Neither in
dividuals. States nor nations, can, with i'm
punity, shirk the responsibility which at
taches to an honest debt, nor expect to es-
cape the condemnation of mankind, in an
attempt to disregard, by whatever specious
process Of reasoning or legislative device
the ingenuity of demagogues and place
hunters may construct, the obligations of
public faith. 1t has been very common for
lnflammauory demagogues. discussing, taot
how TO pay the debt, but how not to pay ii.
10 point TO the shameless and disgraceful
Reputation consulnmated in Georgia, Ala
bama. North and South Carolina. Missis-
sippi and Louisiana. The scorn and de-
testation which all honest men must feel in
contemplating the deliberate robbery of the
creditors committed by the Legislatures of
these States, respectively, should have the
effect to drive Virginia as far from that
line of policy as il is for formal action ON
the subject to take her. and thus present an
honorable contrast with, as we'll as
burning protest againsts the moral turpi-
tude and political debauchery which have
signalized Southern legislation in respect
to public faith and State obligations. We
political advantage, however sweeping and
radical in It's results, can compensate any
party or faction, for trifiing with the ques-
ton of the public debt and not approach
ing its consideration with an honest pur-
pose to do what is right-right to the credi-
tors and right TO the State. 1t will be a
difficult matter. We know. to adjust the va
rious classes of bonds to apequal basis OF
justice to all creditors alike. That this will
have TO be done to invest any settlement
with that element of equity which should
characterize it, does not leave room for dis
eussion. The original debt was of uniform
dignity, and the inequalities and prefer
ences which have been created have been
the result OF the action Of the State through
its legislature, the creditors only cooper
ating under the pressure of arbitrary enact
ments. The failure of portion of the
creditors, from whatever cause, to surren-
der stipulated part Of their claims, should
not initiate against their equal rights, nor
would it justify any scheme that did not
include them in it's provisions, and recog
nize them as entitled to the same consider
alton which is or may be conceded to 9th
ers, who are more fortunate in the compo-
sition of the evidences of debt they hold
Equal and exact justice, based upon grounds
of equity to the creditors and the State,
should be melted out to all Of the creditors
alike. This would demand u adjustment,
not SO much of the money vain of the OBJ
Of fl,< n ola Of Jah
so as to place all upon an equal footing, Sim
plifying the formulation. and disposing Of
the unjust discrimination that exists between
original obligations of equal worth and va
2ility, caused by the legislative speci-
lics which have from time TO time been
enacted.
There must be some hon orable adjust
ment Of this whole matter. for, as we have
stated, Virginia cannot afford to allow the
present complications to continue. Her
material life is involved in the speedy and
Just settlement OF the yexed question. The
country is now entering upon an era of I'M
exampled prosperity. Confidence in the
methods of government which will prevail
Cor the next four years, is inspiring conf
.denee III all kinds of industrial enterprises.
The eyerflowing wealth of the East is look
ing for new fields Of employment. and no
where is to be found more inviting attrac-
tions than in Virginia for its profitable in
vestment. The garions railroad schemes
now in rapid process of construction the
Shenandoah Valley and Valley Railroads,
rraversing our beautiful and afiiuent valley
from one extreme OF the State to the other,
aad virtually blowing up the mineral beds
which have 40 long lain dormant the
ming east and west through the rich and
Seeming James River Valley, wedding the
vast iron deposits OF that section with the
coal products of West Virginia-the extern
sion of the Chesapeake and Ohio Railway
to its connection with the great system of
railroads penetrating the Northwest and
Southwest, and reaching out to the Pacific
In the West, and to deep water at New
ports News, in the East-with other rail-
road enterprises of less magnitude, but of
incalculable local Importance, as they relate
to the development of material resources
world the wonderful. If not fabulous wealth
of Virginia. and draw TO her much OF the
surplus capital of the country. Our geo
graphical position is unequalled for its adj
yantages. Our territory is the highway for
the shortest connection between the Allan
sic and Pacific, with the Chesapeake and
Ohio Railroad forming the essential link in
the great iron chain that will bind together
the oceans. The North and South are
brought into close and direct business asso-
citation over Virginia soil, and not section
of the improvements which effect these
sympathetic relations, but what entolds |
some hidden treasure deposited by nature. /
What we want now is the sympathy, the |
confidence of the country in our purpose to |
deal fairly and hOnOrably with our creditors |