The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-01-27
Hon A H H. Stuart on the State Debt.

llOQ "a - -. oooe11 " I'll U44O A9UcbGO LAW
Our distinguished townsman, Mr. Stuart,
has written long letter TO the Richmond
Dispatch in which he presents solution of that
difficult probem-the Virginia debt. I'll e
scheme Mr. Stuart offers seems plausible, but
the conditions upon which its success is pred
icated are rather millcnial in this age OF
aggression. Like everything that comes from
lis gifted pen, the letter is able and compIe-
hensivc and its arguments are presented with
perspicuity and force. He reviews the origin
of the debt, the history of the funding bill Of
1871, the proceedings under it and the various
measures that have from time to time been
proposed for relief The Riddleberger bill
Mr. tuart pronnunces IAN open and undis-
public DEBT" "the Barbour and Bocock bills -
he says, ARE less Objectionable in form, but
not much less in their effect; the McCulloch
bill. though by no means free from defects,
was much less Objectionable than either OF
the others, 'but the McCulloch bill is dead and
there is no possibility of its being revived
Mr.. Stuart then calls attention to the fact that
by section of the funding bill of 1871 under
which sec, 100000 consol bonds were issued ii
is provided that these bonds, with interest
bearing coupons, are all required to bear date
July 1, 1871, and that they are to become due
and payable in thirty-four years from that
time but are redeemable att pleasure Of the State
after ten gears, after July /, 1871. In other
r5, Mr. IL,
as generally supposed, thirty-four year bonds
but 1874 bonds, which the State may, if ii
chooses, redeem on the 1st of July, 1881, or at
any time thereafter, without any violation OF
the letter or spirit of her contract"
! Mr. Stuart thinks it is possible for the Stale
to float loan of $40, 100000, new bonds, bear
ing 4 per cent. interest, on long bonds, with
the proceeds of which the consol bonds could
be redeemed. He thinks the holders of the
classes of bonds known as the "peelers," and
the remnant of old unfunded bonds which to-
geiher amount to about ten millions, viii
| gladly accept non-taxabIe bonds of the new
issue in exchange for their old bonds, as they
would be large gamers by the operation, anc
would thereby be made TO Them for the wrong
which they have been compelled to endure.
As to security for the punctunl payment o
the inere-t and ultimate redemption of tho
principal of the proposed new bonds, Mr.
Stuart says he would offer the pledge of the
faith of the State. given by the representative.
of both the great parties which compose The
State, and ii more substantial guarantee Were
required he would add either the receivabilit,
OF the coupons i'll taxes or do as the Unitet
States has often done. and as every great ma
ton of Europe has from time to time beer
obliged to do, pledge some sufficient branch O
the State revenue-the land tax for example
as collateral security.
Il Mr. Stuart then says: "Let the leading rep
resentative men of the republican and conser
vative parties meet together in Richmond at
an early day and confer and agree to hold a
4 JOINT convention of the two parties to take
/ this specific question under consideration AS
one which bel ngs to neither party, but affects
! equally the whole people. l cannot permit
myself to doubt that men like w. G. Wick
ham. Franklin Stearns, Judge Rves, Judge
Hughes, Mr. Jorgensen, DR.. G. K. Gilmer
anu OluCl ItpuUliCdllS vi lIdt CldSS, WHO TC1lN
have the best interests Of the State at heart
would cheerfully unite with gentlemen of q
similar class belonging to the conservative
party to call joint convention of the two
parties to consider and dispose of this question
| finally. Both parties could then unite in per.
tecing plan upon some such basis as have
proposed, and mutually pledge themselves to
support no min for the General Assembly OF
any other high office under the State govern
ment who would not bind himself to carry il
into effect. The concurrence of both parties
and their joint pledge of united action on this
| question, would at once inspire confidence and
re-estabisl the credit of the State to such a
degree as to enable her to retire her twenty
millions of 'consol bonds'"
Mr. S. adds that this plan would not add
one dollar to the present aggregate of tax
alton.
To the scheme, as above preeented, we give
our hearty approval, for we know it is
prompted by sincere desire to benefit the
State and is not the outgrowth of selfshness
or ambition. The author is not bondholder
and, as he himself says, has passed the allotted
span of human life and feels that he now
stands above and beyond the influence of all
selishly ambitious motives. But is this plan
practicable? Like other plans it could readi-
| " be made practical If all men would agree tu
carry il to a successful consummation. 1t is
worthy of serious consideration, for without
an increase of the present tax it proposes to
meet the obligations of the State, and lift heI
| from the unenviable position she has so long
occupied. II does not seem improbable that
| ak
cent. when the national government Can St.
cure all it desires at Ihree-iourths OF that ral,.
neither does il appear ilnrts IN bile that there
should be patriotism enough in the State 10
sacrifice party feally and political predelctio,
Tor the good of our common mother. And yti
| lpnn these conditions it is proven that we can
| ss.ape from the shadow of debt and the pail OF
Fepu'litlion Tie loan could only be "t1tm,el.'
however, when The tHo paliiict org iniz ston>
ior the time, have cEsped hands and given he'll
joint obligation. However much the better
| element in each party might favor this plan. j.
You'd be aim 'st impossible 10 successfully cX-
tt'llle 1t IN conscq lence of the dlstru-t tht
would spring up between them. Such a truce
celve the leariy corporation of either wing.
Each would be suspicious-eap.h would rc-
member the encounters of the past, and each
would he thinking more of the advantage t.,
be gained In party sense than of the benefit
to accrue to the State. The truth is. this state
debt question must he settled by distinctive
party organizltlon-an organization with
definite plans and fixed purpose, and when
1t shall have accomplished that purpose it will
be entitled TO he recognized, not as an organ
lzailon whose mission is fulnlled, but as the
party worthy to oe entrusted with the con-
flnued control of the States affairs. Men who
honestly and sincerely want to see this vexing
problem at rest must band themselves to-
gether by closer ties than those of mere
temporary union. There is to be hard,
earnest and long continued struggle and il
will not do to enter upon the contest with
each soldier of the rank doubling his neigh
boris fidelity. and sclleming how to circumvent
him when the smoke of the pending battle has
cleared away. This State debt question has
been the hobby of ambitious men for so long