The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1880-12-23
Something More Definite.

'Debt Question: So far as that article
went or proposed to go. our contemporary
agrees with it. viz That 1.-THE debt ques-
ton is pressing upon the people, 'and must
be settled" hese two postulates the Wh'g
seems to think, are not refreshingly origi-
nal, and is evidently inclined to be sarcas-
tic in its general reference to them, and yet
does not dissent. There is plenty of time
yet to discuss other features of this ''vexed
question:" and when, IN our judgment, that
time arrives, we shall endeavor to do So
Whether it will be our good fortune to
agree with the Wing or not, it would be
premature to say. In 1877, when We be-
lieved the principal and rate of interest for
mulated in the McCulloch Bill were about
right, the Wing and Gen. Malone, substan-
TALLY thought with us. This basis Of set
Element did not contemplate then the cou-
pom and non-taxable feature of the bill, as
afterwards enacted; and while we sup
ported that measure as compromise prop
osition between the creditors and the State,
we believed then and believe now that it
would have been policy on the part of the
creditors to have surrendered both Of these
provisions. To the extent of the loss to
the State, by reason of the non taxable pro-
vision, we believe the demands of this bill
were too much. But in the hope of effect
ing a settlement, we supported it. The
trainers aud original supporters Of that
measure, acknowledge now that it Is dead.
We have no tears to shed over the corpse.
But since 1877 new light has flooded in
upon the Wing and now it proposes even
from the compromise enacted by the Leg
islature elected with reference to 20.000,-
600 debt, at per cent. with non-interest
bearing certificates of Indebtedness for the
accumulated interest, or $50, 0OO,O 900 capital
lied debt at per cent.-to eliminate about
s12.000,000 with the rate of interest reduced
to per cent. These are not the exact fig
ures, but they are sufficiently accurate to
convey the meaning intended. The Riddle
berger Bill provides for this elimination
interest during the war and reconstruc-
tions periods-and this bill is the Whig's
platform for 1881. We believe there is still
another bill extant-known as the Ross
Hamilton Bill, STIMULATING for $50. 900, 900 at
8 per cent, with the amount of revenues
designated by the Constitution for the pub
lie schools. exempt from the operations OF
the coupons. The creditors, it was stated.
if we remember right, had agreed to that.
or parties acting for them had agreed to it.
1t was offered as substitute for the Riddle
berger Bill in the last Legislature, but de-
feated, and the Riddleberger Bill adopted.
Ard yet another is the Barbour Bill, the
provisions of which are familiar to our
readers, and this too has friends.
We do not propose, at this time. to dis
cuss the merits of these propostions-the
one carrying with it the approval of the
bondholders, as is alleged, and the others
having no reference to the assent of that
party to the debt. We will simply state
here that a very material consideration for
all parties concerned. is the recent assess
ment of real estate in the State. When q
wealthy and progressive county like Au-
gusta, shows decrease in revenues under
this assessment. Of nearly 1880. in less
than half of the county, as compare with
the assessment of 1875, under which former
calculations as to ability were made, it is
porous portions of the State the decrease
will be in greater proportion. These facts
will enter into the discussion OF the bases
of any settlement that may be proposed. land
should not be lost sight OF by the creditors,
notwithstanding an increase of the rate OF
taxation on a lower assessment would i'm.
pose no additional burthens upon the people
What we want is a settlement carrying will
it the assent of the creditors and having ref
erence to the taxable resources of the State
the ability of the people to pay-so that il
may be final. That such a settlement car
be to the interests of the creditors and the
State that it should be so When the pres
sure becomes little more tangible and the
time more appropriate, we will endeavor tC
relieve the Wing of its doubts as to what We
mean. and what the Republicans of Vir
ginia propose to do. That they will have
say in the matter it is well enough to up.
derstand at this early day, and will use
their power and influence to do what may
be deemed right to the creditors and the
State. hey have no idea of abandoning
their political identity or nominaltsm in the
contest, to become the convenient timber
upon which either faction of the Democ-
racy is to march into power, and then con-
temptuously kicked aside after they have
served the purpose Of those who wish to
use them They mean to maintain their
self-respect; to demand and struggle for
the rights the Constitution gives them.-
There is nothing in their creed or their
aims of which they need be ashamed.
They are prepared to vindicate in the open
day, every proposition they cherish, and
runs may read. If others believe this creed
N,and these aims are just in themselves. they
ought not to object to uniting with them in
Supporting the one and attaining the other.
They do not propose to fight under false
colors, or shirk fair, square contest. If
they are beaten. because those who believe
with them have not the courage of their
convictions. it u i'll not be the fault OF the
Republicans. They at least will show that
they have faith in their cause; that it is
founded in the Constitution and the laws Of
the country, and even in humanity itself.
and that they dare go before the country
with their principles and policy emblazoned
upon their foreheads. if needs be, prepared
to maintain and vindicate them, in defiance
of the unjust and barbarous prosecutions
and prescriptions to which they have been
heretofore subjected. They ask for MOTH
ing but what the Constitution and laws say
b longs to them and which they have not
the courage to contend for. In such strug-
gle we would have the approval of our own
consciences, and could not fail to dra " to
us the moral support and sympathy OF all
fair-mnded, just men, North and South,
and if defeated command infinitely more