The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1882-06-22
( TWO DOLLARS PER ANNUM.
NO.

+ the debt in new bonds bearing per cent. in
a terest, and tor her share of the interest SO de
I termined as of July l, 1868, augmented by tn
> balance of interest on her share of the debt
e accrued meanwhile and remaining unpaid a
e OF That date,all of which will more fully ant
$ clearly appear by an inspection of the follow
ing account, the same constituting the basis
7 OF her proposed settlement And say her.
that it remains to the temerity of all selfstyle.
9 debt-payers in Virginia to assail in any par
tlcular either the statements or the methods Of
the account here submitted, and challenge
gentlemen who represent here that politica
faction In Virginia to the proof OF any irreg
ularities in that respect; / defy them to show
[ wherein Il fails on the part Of our own State
OF Virginia 10 assume every dollar of her equi
) table share of the Indebtedness of the old
State; wherein it fails to account for every
Fdollar of accrued and unpaid interest on her
part tor her share of the debt of the old
State. t,,,.s go. e
i 1.-THE tabular statement which appears in
Mr.. Paul's speech is the same in substance as
the debt formulated in the Riddleberger bill
Il which we have heretofore published -EDs.
i VIRGINIANl n.il l..t.sls { IL, ha
Referring to the principle heretofore an
nounced as governing the division of public
! obligations when the territory on which the
same were founded had been divided it may
not be inappropriate to give the language of
eminent authorities upon this subject. Our
own United States Supreme Court, IL Otto,
6'7, says, (referring to the Virginia debt y
But as the whole State had created the indebted
ness for which the bonds issued, and partici-
palea IN the benefits obtained by tho money raised,
IL was put Just that portion or the Indebtedness
| should be assumed by that part which was taken
from her old Virginia) and made new State, West
Virgtnia). = -
And it says: t,st ..t t.t., 4
Writers on public law speak Of the principle as
well established that When State is divided into
two or more States, in the adjustment of liabilities
between each other the debts of the parent State
should Do fatably apportioned among them.
A $50, that Halleck, speaking of a State di-
VIded INTO two or more districts and indie
pendent soyereignties, says:
| In that case the obligations which have accrued
to the whole before the division are rata
bly, binding upon the different parts
And thus supreme Judicial tribunal of our
country Tor itself declares that:
This principle CHE public obligations are to be
rataby divided according to the division of terri
tory is es abltshed by the concurrent opinions of
text writer's the decisions of courts, and the prac
tice of nations
And, moreover the Supreme Court says:
If nation be divided into various distinct soct-
cites the obligations which had accrued to the
whole before the division are ratably bind
ing upon the different parts.
1t is true that there have been repeated eff
forts at set Element on the part OF the self
styled debt-payers of Virginia of this grave
and vital question of concern no less to her
and her bona fae creditors, but in no instance
haye they been governed by any consideration
or pursuit Of this question which could pos
sibly lead TO correct ascertainment of the
debt and definite assertion of Virginia's
equitable share thereof. Nor does there APP
pear in any of the measures which have been
thus and by this party undertaken purpose
to do more than issue new promises for past
undetermined obligations without regard to
their amount, without regard to the capabi-
ties of the State. All of these measures have
been inspired and promoted by and in the in.
terest of brokers. The measure of legislative
sanction they procured by means and methods
sufficient to vitiate whatever form of contract
followed. And nothing is so well understood
in the history OF our State as the circumstances
attending the legislation in this respect.
Now is there any man on. this floor any
Representative here, who would demand that
his own State should do more? What is the
reputation about which these gentleman
complain? Where is it Let me tell you
1t lies in this: After the war, Legislature,
acting without any authority, under the Con
s5tSS5tqR5 atppad Ehf dr subsequently which
recognized Virginia not as State, but as
a military district, No. 1 } undertook to deal
with this question, and gather up all the in
terest accruing during the war, and compound
it, and so it went on till 1871.
Then came set of brokers and lobbyists,
anG lobbied through the Legislature, with
bribery. and corruption, as is known to
every Intelligent man in Virginia. an
other bill, accompanying the interest ON
that which had been once compounded
and which had accrued during the pc
Rod of reconstruction. Now, we say
that this is q cruel burden which ought
not to be placed on our people, in view of our
losses, and in view of the fact that he who
takes public obligation takes it based upon
the presumed continued ability of State to
pay. We say that when we have paid our
two-thirds of the debt and simple interest
thereon we have done our full duty.
Suppose there should be a war in which the
United States should be engaged for five years,
and suppose the General Government was not
able 20 pay interest on It's bonds for those five
years; would any gentleman upon this floor
say hat when those five years were passed and
the United States had been devastated as Vir-
ginia was-as this country never can bet
would be right for you to compound the ac-
crued interest on your United States bonds
and make your people pay interest on that
new principal? l would like to see how many
of you would come back here after you gave
such vote as that.
SnnnoSe after five voo.S moro uo,, ,yoro ,ot
able to INV the ;nterest w MID Won SOW that
II Voc riaht Tow tha Co,nross, - nc fIr;t"s
Sto,as tn lob m tha nd -. :.
on tha ;,tarast to1aod oo,,,rsn,,,dsd "a. -
the nr;nc;nal and isSno new bonds for -
That ia Viii Viroinio oon,nIo;ns Of That 10
nova tbor th,. 11n;tad Stotas haa a, u aana
: V,rginia ia bera now witb a h;11 hove of
fered asking tho IIoited States Govarnment
merely to nav ber simnle ;ntareSt IN q daht tnot
she contracted in 1S19 FIR money which She
loanod to Won tn,bai,, 10 60, ~; t,a No. s. az
1919 Yon would not nav nc anv interest ON
il. General Jackson in 1890 vetoed a hin
which gsva nc that monev VIII ;nterest S;nna
that time Won have changeT uonr 1,a;cv 90 ~
navinn dabtS Von nor NO. s,,,e,o ,,ta aa
and nothin@ more Where ~ p poy I hnrrow none"
And if we brine in . little claim here from the
south AGAINST Won for taI<in@ some old iadu'S
horse in 1859 wortb on1u e1i5o von do nnt nav
her anv interest Won nav only the hundred
dollars Virginia does better Precedents
here abundantv snstain ms The action Of the
fathers in virginia and Of the Republic comes
to our sunnort The fathers in VIRGINIA in
17S1 scaled the nnhEc debt down p tbono.
and dollars for one Mr.. jefferson in his
celebrated letter from Paris to M Madison
took the ground that one generation had no
right to bind another with public debt: