The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-04-14
Tennessee Debt.

Tennessee Debt.
We stated last week that the Senate OF
Tennessee had rejected the proposition to
settle the debt of that State dollar for dol
lar, the bonds bearing three per cent. inter-
est, instead of six as now, with tax-receiv-
able coupons. Subsequently the vote of
rejection was reconsidered, the bill passed
and the signature Of the Governor attached,
making it law of the State. From the
opposition manifested to the bill not only
in the Legislature, but with some of the
leading ne Tspapers of the State, we have
no doubt the debt question will constitute
a theme of intense excitement and agta-
ton in Tennessee, and that parties will be
formed in reference to it.
The proposition embraced in the bull is
liberal one fol. the State. The validity Of
the debt is not questioned. TIE only ex-
cuse that is offered for the compromise is
the inability of the State to pay. We have
not before us the assessed taxable values of
that Commonwealth or the rate of taxation
necessary to meet the demands under the
law But the time has come for the South
ern States to show Il disposition to deal
fairly with their public obligations, and to
manifest purpose to meet the legal and
equitable demands which rest upon them.
There SET his to be too much proneness to
pay, and the sooner this is abandoned and a
brave determination reached to establish
and vindicate public honesty the better
Both Tennessee and Virginia possess re-
sources, which, when properly developed
and utilized, will constitute an empire Of
wealth for each. The speediest way to do
this, is to invite and justify public conf
dence and sympathy by square dealing
with public credit, and inaugurate a system
of taxation which will meet the demands
which rest legally upon them, although it
might impose temporary burdens hard to
bear. Each OF the States named is rich in
mineral and agricultural resources, and
while there is evidence of investment in the
more attractive properties, general infu-
sion of capital and enterprise is not mani
fest. This will never occur until distrust
gives way to confidence ;public credit ceases
to be agitated, and the faith of the state is
lifted above the necessities and expedents
of political adventurers.
The condition Of the debt of Virginia
renders any REIMBURSEMENT of it much more
difficult than that of Tennessee. We have
cQvora1 nj IF dahf fuo Of
in their status by the decisions of the courts,
with no honorable way left to escape from
their burdens, with two other descriptions
under the control of the Legislature. The
tax-recevable coupon debt will have to be
paid. Holders of the other portion of the
debt have strong hold upon the sympathy
of the people of the State, and no PROPOSE
ton to reduce these claims below the prin-
cipal and interest recognized in the bill of
1879 would meet with popular approval.
Were the people of the State to address
themselves to The difficulties which sur
round the question in earnest, and by con-
certed action, inspire confidence in a pur-
pose to meet the demands which exist, pub
lie credit would be SO advanced and estab-
lished as to justify the belief that low in
terest loan could be effected sufficient to
meet the bonds now redeemable, and thus
reduce the interest charge so as to bring all
the obligations within the revenues of the
Commonwealth as derived from the pres
ent rate of taxation. The great railroad
enterprises now progressing in various por-
lions OF the State, traversing and develop
ing rich mineral regions and enhancing ag-
ricultural properties the general activity
which is stirring all branches of enterprise,
and the attractions which are drawing the
attention OF capitalists to our wonderful
natural advantages, must soon produce re-
suits and form the basis of public credit,
which would enable the State to effect loan
at low interest to redeem the higher interest
obligations. Other methods have been re-
sorted to which have only resulted in deep
er complications and more exasperated
business spirit could be evoked in the con-
sideration of the whole subject and the peo-
pie brought to look at the matter in calm,
dispassiOnate manner, without having their
passions and resentments aroused by ap-
peals from political agitators, the difficult
ties would soon be bridged over, and the
Commonwealth started upon new career,
full of promise and prosperity.
The Assassination Of the Emperor.