The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1880-01-15
The Debt Question.

The Debt Question
In discussing the State debt question for
the past four or five years we have been an
mated by desire to have the matter set
tied upon terms of right and justice to the
creditors and the State. But for petty self-
ish ambitions a solution of the complications
would long since have been reached. The
people Of Virginia do not want to repudiate
the debt. They want to ascertain what III
equity they ought to pay, and then make
provision to pay it. But they have been so
mislead and deceived by official fig ures that
they really do not know whether there Is
any honesty In any proposition that Is made.
We supported the McCulloch Bill solely on
the ground that 1t formulated the principal
of the debt and fixed the rate of interest at
what we thought the State ought to pay. So
anxious were we for final disposition OF
the vexed question that We were willing to
accept, as compromise, features which, as
an original proposition, we would never
10y Cu0ViSCGs Al tAO PtoakSoS VA tHO iSs-
islation which resulted in the passage Of the
bill, and its discussion before the people
during the recent canvass, we were lead to
believe that the creditors we're anxious to
fund their securities upon the terms of the
McCulloch settlement. We we're assured
that there was perfect rush of c,nsol and
peeler bonds upon the Treasurer through the
Syndicate, and that but for the delay in the
Treasurer's Office st least $ll, 100000 would
have been funded by the list Of October
We were further assured that at least $751;
600, 900 would be funded by the 1st OF jan
uary, when the law only required S,000,-
600 to be so funded, so anxious were the
creditors to avail themselves OF its provis-
ions. Fortified by these assurances, we urged
the acceptance of the measure by the people,
believing that it was the duty OF the State
ground Of compromise, so far as the prin-
cipal and interest were involved.
What are we now confronted with? In
stead Of the creditors rushing to have their
bonds refunded, we do not believe single
one Of them ever approached the Syndicate
on the subject. The amount funded was Of
the Syndicate own procurement, and but for
the commissioners of the sinking fund as
sisting, to the amount Of $l05, 1880, not
even the $8, 900, 900 would have been reach
ed. The report of the Second Auditor pre-
sents the amount funded under the Act of
March %, 1879, in I0-40s at So, O49 ,449. TO-
But 1t appears from the same report that Of
these bonds, there were purchased by the
Commissioners Of the Sinking Fund $685.
1890, which deducted from the amount
funded would leave only $7,914, 3l5.90-
falling short of the amount requisite to
make the McCulloch Bill operative.
What became Of the 81, 100000 We were
assured last August were in the hands of the
Syndicate and the further assurance that by
the LIST OF January there would be $4,000
600 funded?
This kind of deception will not suit peo-
pie who want to get at the right, and settle
with the creditors upon honorable terms
All the facts go to show that the creditors
| themselves manifested no interest in the
matter, and that it was only the Syndicate
and the Brokers, who were getting COM
mission, that were rushing the funding.
Even the Dispatch, In its issue of the 9th,
gives us to understand that there was no
assurance that the creditors intended to &C.
cept the McCulloch Bill. 1t argues the ques-
ton ia response to correspondent, of the
suficiency of the revenues under the bill to
meet the expenses accruing under it, upon
the hypothesis that the creditors would ac-
cept, and expresses doubt all through its ar
ticle, whether they would have done so,even
had the result of the election been differ
ent.
One bad feature Of the present condition
OF things is, that while the McCulloch Bill
Is dead, the State has been saddled with an
expense OF $l9, 1000 to effect the funding of
| the amount we have named. Another un.
fortunate phase OF the matter is, that we
have another class Of nominal securities, and
| that the various forms OF the debt are so
mixed up that it will require Philadelphia
lawyer to unravel them. The whole matter
ought to be Strengthened out; the entire
debt placed upon common footing, so that
the people may understand 1t and know
what they are doing when they respond to
the tax gatherers. They are tired of iocling
with this matter. They have borne as much
discussion and agitation as they care to
| bear. They have been mislead and deceived,
first by the Funding Bill Of 1871, and now
by the assurances given as to the disposition
OF the creditors towards the McCulloch Bill,
until they have become irritated and impa-
| tient. It will not do to press them too far, and
hence the sooner some solution of the
difficulty is reached the better for all con-
cerned.
We hope to see the Legislature app roach
this important subject with an earnest, hon.
est purpose to settle it. The McCulloch Bill
Is dead, and will never be resurrected. Let
the best minds in the legislative body unite
in sincere endeaYor to get at an adjust
ment, and so shape it as to meet the en- :
dorsement of the people and be accepted by
the creditors. II this is not done, then we
may look for extreme measures. for the
State cannot much longer endure the sus.
pense and injury which grow out Of the
present unsettled and aggravating state of
public sentiment and public affairs.
Maine.
The political complications in Maine con-
tinue to excite great deal Of attention.
On the l2th the Republican members OF the
Senate and House OF Representatives pro-
ceeded quietly to the State House, took pos
session of 1t and organized Legislature,
with quorum, counting in those who had
been elected, bu. refused certificates by Gov.
Garcelon and Council. This was great
surprise TO the Fusionists. The Legislature
thus organized proceeded at once to prepare
to submit the question of its legal organi-
cation to the Supreme Court, and on the
18th did submit it.
Ia the meantime, MIR. Lamson, Fusionist