The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1880-12-23
Two Propositions.

to the whole question of the negro's citizen
ship.
Two Propositions.
Our versatile, exuberant and unrestricted
contemporary of the Lynchburg Aduance ar
CUES for board of arbtrators for the set
Element Of the debt question. That journal
suggests that the bondho lders might con
vene and select one or more disinterested
and distinguished men convention oil
the people of Virginia of delegates selected
by primary meetings, might select one or
equal numbers. and these light select an
umpire in case of disagreement. That is
the proposition of our contemporary. II
will be seen that it is proposed to commence
| anew. The Bocock-Fowler Bill. the Bar
bour Bill. the McCulloch Rill. the Ross
Hamilton Bill, the Riddleberger Fill, are to
be thrown overheard, and fresh and I'M
tried theory to be followed-a virtual
confession that the people OF Virginia.
through theirlegislature, are notequal to the
work.
| Then comes Justice in the Richmond
Dispatch, who proposes that the successful
faction in the last contest. November 2,
shall take the Barbour Bill, adopt it and
submit it to the people Ct Virginia as the
proper mode of appropriating the revenue :
that is, first. the support Of the govern
ment, then the public schools, and what
might be left to the payment of interest on
the public debt. This is the basis of read
a refunding bill, as follows:
! 1t should recognize the whole debt of the
State, excluding the one third set apart to
West Virginia.
1t should make fundable under its pro-
visions the present principal of the debt
as r. cognized time and again by the leg
islative department. of the present State
Government.
1t should provide that non-interest bear
| ing certificates should be given for all in
terest in arrears; these certificates to be
redeem able at the pleasure of the State.
and payable pro rata out of any money
in the Treasury not otherwise appro-
|
priated.
1t should provide for coupon bonds, tax
receivable except as to so much of the pub
tic revenue as the Legislature shall declare
is needed for State expenses. and so much
as the Constitution has dedicated to public
school purposes, the bonds and coupons to
be nOn-taxable by counties and corpora
tions, and only by the State at the rate
and in the mode prescribed for taxing
real and personal estate in the State.
| The rate of interest should be not less
than nor more than 4 per cent. payable
semi-annually at the Treasury of the State
in Richmond. Individually, says ''Justice, =
prefer that The rate of interest should be 8
per cent. for the first half of the line the
bonds shall run, and per cent. for the res
idue. This would make an average rate of
interest of 81 per cent.
The bonds should run for thirty or forty
years. redeemable at the pleasure of the
state after fifteen years
The bill to be submitted to the people for
their approval and ratification.
When ratified to become the law OF the
State, with the faith of the people pledged
by the act of ratification to the prompt dis
charge Of all its obligations.
This is the bill of adjustment which ..Jus-
tice" proposes shall follow the Barbour
appropriation Bill. OF course the creditor
is not to be consulted in the matter. n
deed, the reputed author of the Barbour
bill, whose name it bears. declared. sub
remember right, that it was beneath the
| dignity of the Legislature to consult the
creditors that the people of Virginia were
sovereign in this matter and shonll deter
mine how much and in what manner they
would pay the creditor, notwithstanding
Ibis ella IN was fortified by the determine
ton of the highest judicial tribunal If the
State, so far as sl9.000.00O of the debt was
concerned. The Barbour Bill is the same
formulation that Gov. Holiday vetoed. le-
cause, as he claimed. it was unconstituton
had which Gen Echols and all the ''debt
paying" speakers on the occasion of its
discussion, pronounced disreputable and
dishonorable-it is bill which the credi-
tors would not think of accepting. and the
adoption of which would precipitate COM
plications that could only be solved, in all
probability. by the Supreme Court of the
| United States.
These propositions. however, come from
the Funder side. or the regular faction of
the Democratic party--the ''debt- paying
consideration of our readers. and to show
how the NEUTRALITY-SUSPICIOUS. who have
been extravagant in their monthings about
the honor of the State and the sanctity OF
contracts, propose to settle.theEquestion.