Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1880-03-10

| L TIC Dlll ctllltlcu ~ Dlll 10 TeeSIaD
lsh the Public Credit" is before me.
This is a most captivating title, an(
ought to arouse in the breast of every
citizen Of Virginia the profundest inter.
est. The subject is Ofas vast impOr
lance as any that has engaged their at
tention since colonial times, not only
on account Of the magnitude of The
of the material Interests involv
ed, but also because 1t is freighted will
moral issues which no State can be OBJ
livious of and survive.
1t is not amiss for us to remember
that neither States nor individuals car
give their own definition of terms an(
expect them to be accepted by thC
world, and applied as themselves may
desire or dictate. Neither can they by
their own will decree that their acts are
right by reason Of their mere sovereign.
ty or power, and claim recognition from,
others by simple declaration Of theil
virtue. The exercise Of might does not
make, nor
THE PROCLAMATION OF HONESTY
establish that confidence which springs
from both profession and experience,
and is the foundation of all credit.
No State can desplse or neglect this
GREAT principle. For it is this which
above everything else gives 1t position
among the peoples Of the earth, and
throws around its own citizens that
character and protection which make
them fair competitors for the prizes al
ter which civilized men over the world
are now contending. In this race science
and art have brought the inhabitants
| of Cbnstendom in close rivalry, and the
shadow of dlseredlt thrown over State
by its own acts, casts a blight upon
the efforts Of its citizens, and fatally re-
tards their growth and prosperity
More than this the citizens them
selves are ever inspired by the genius Of
the State under whose @sis they live.
One rule governs both. II IS desper-
ate blunder 10 suppose that State
though it may have or assume the
power. has any more the right to
violate of fundamental rules which cons
troll human conduct; and when 1t does,
II holds out an example TO its people,
which when carried TO its legitimate re-
suits, will pull down the pillars OF the
government itself.
| am sure no one Will deny these
truths. Have they any application TO
the condition of affairs in Virginia ? Is
her public credit lost, and how does
this bill purpose TO re.establish it?
For many years our Commonwealth
enjoyed
| THE RICH BOUNTlES
Of her climate and soil, satisfied that
her people should live in inherited com
tort and refinement, and that her sons
sbould be the leaders OF political thought
nnon the continent. The time came when
activities operating upon other sections
of the county impelled her to arouse
herself. lest with her great resources
she should be left behind in the march
of material development. She inaugur-
ated a system Of internal Improvements
and for the purpose Of eAecting them
went into the market and bOTOws large
sums of money. Of which she expended
more than ga, 900, 900 in Their con struc-
ton within her present borders. For
these sums of money so borrowed she
executed her bonds, and as the basis OF
credit as far back as 1888, pledged 1.-THE
faith of the State to provide sufficient
funds, and for that purpose to levy adj
equate taxes"
This was the origin Of the debt-the
consideration ofwhich survives to this
day in our midst, increasing many fold
the values Of the property; indeed,
without which great portions OF Virgin
IA would be q waste. 1t Will not DC de-
med that ITS origin was most iaudable
and wise and worthy Of the faith the no.
BILE Commonwealth had pledged. She
had no trouble in getting the money,
for the part she had always played IN
peace and in war gave her name
THE VERY SYNONYM OF HONOR.
and that attached to her citizens wher-
ever they might travel.
She fulfilled her promises, and prompt
" paid the interest as it fell due till the
war came, and with it, lis attendant de.
yastations and woes. Whilst 1t las ted
she was cut off from number Of her
creditors who were scattered in this
country and Europe, and the interest
failed to be met. A portion Of her ter
territory was severed and new State |
formed out of it. But no sooner was
peace proclaimed than a General As
sembly, composed Of her citizens men
of the Tegeme-unanimously reaflirmed |
the obligation. This was repeated in
one from another rot less than four
times. For several years she was IN
der military rule, but when permitted
to vote she adopted, by an immense
majority. 90, 5oj for, TO 9.l36 against
about "a to Ia Constitution which
fully admitted the sanctity Of the debt,
and IN many clauses provided for its
The earliest General Assem-
Div under that Constitution made provis-
ion for it, and passed a Funding bill
which likewise recognized it IN its en-.
trety. This bill, as to one of its feat
ures. was repealed at the next session.
but without disputing in any way the
amount of the debt. So events Iided
on, with frequent repetition of these
views TIL the fall of 1877, a General
was elected solely upon that
issue. They went diligently to work,
and during the first session settled over
again, after long, able, and heated dis
,usslOns, those mooted questions-the {
war and reconstruction interest and the
1uantam Of the debt-and at its second
session passed, by large majority, a
ill, which was based upon
THE CONSENT OF THE CREDITORS,
md was regarded by the outside world c
Is honorable and fair. q
No bill Of force ever became a law. II
nd the act of the last Legislature I
,rought the debt within the present rate {
# taxation. In the annual message sent 7
few weeks ago to your honorable =,
ody, show how the Jaw was working /
dmirably, and but for the impedi. n
lents thrown in its way, would have /
cen complete success, and with the f
resent revenues would IN a short time
ave discharged the annual expenses of Iii
government. and Of the public free >,
choOls. the interest on the State debt
,pdod In tho poW hopIe orJ 1oH