The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-02-17
The State Debt Question.


To the Editor Of the EaUey Nnyinsam:,
Neither Virginia nor any other state can
afford to refuse to pay her debts any more than
an individual An individual without honor
is nothing. A state is no better. The day of
payment either for the individual or the state
is dark day. 1t is always hard to pay for
things which have passed out of possession.
have been citizen of Virginia, though
cannot claim that honor now, and regret to
see the condition in which Virgnians have al
lowed the old State to fall. Reputation is a
disgrace to any one who has ever been a Vir-
ginian, and failure to pay any part Of the debt
is virtual reputation. A compromise with
the bondholders from the very nature of the
case, is compromise with only part, and
refusal to pay to the full the bonds held by
those who do not participate and acquiesce in
the bargain is reputation. 1may hold bonds
OF the state and all the other bondholders may
agree to take half the par value of their bonds
but | am not bound by their action, and what
ever part of my bonds the state refuses to pay
is reputation. There is much sophistry CON
nected with this business calculated to tickle
the ears of those who wish to be deluded, but
there is only one way to save the honor of the
state and avoid the disgrace of reputation and
that is to pay the debt whatever it costs-and
it is worth all its costs.
May present to your readers my plans
have never seen any similar proposition; but
like all others. have faith in my method II
is wonderfully like the plan adopted by The
United States government, and which has
| given our country record second to none il
the world in this respect. 1t is this:
| Raise a tax at uniform rate, levied on al
| the property of the State, (say large enough t.
produce an amount equal to three per cent. o
the whole state debt) all funds derived from
this source to be kept sacredly for the sole
purpose of extinguishing the principal of thu
debt. Create commission of state officers
| (say the governor, secretary and treasurer
they can discharge the additional duties with
out additional pay) and let this commission
take the money derived from this tax and g.
into the money market of the world and buy
| Virginia bonds at the best possible rates. Ii
thirty years the debt would be extinguished
especially since one hundred dollars will bu,
three hundred and thirty dollars of some form
of Indebtedness This commission should maxi
a report every year, not to the legislature bu
to the people, showing each item OF receipts ant
! every transaction Wnele expenditure was in
Cured, and c>1py of the report should b.
nailed to the door OF every court house in tn
state.
There is nothing else which Virginia can d.
which will SO advance the business interest
and general prosperity OF the state as actor
in some sort which will convince the worl,
that she will pay what she owes. The Sout
is entering upon course of successful pros
perity second only to the experiences of tn
new states Of the great west, and Virginia onl
needs to show common honesty" to plac
herself in the fore front of all the South.
/
RAILROAD CoNNEcTIoNs.-The Cincinnati
Enquirer recently reported the following
! .'SeYeral transfers of stock of the DAYTON an