The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1883-03-29
q Hrokers View.


A letter was received recently by gentle
man in Baltimore from Mr. John L. Williams,
q well-known banker and broker of Richmond.
mond, Va, which not only gives detailed
history Of debt legislation in Virginia but
makes some observations on the present atti-
tude Of the people regarding the decision on
the Coupon Killer bill. Mr.. Williams was
opposed to the Malone readjuster policy, and
this gives his views additional interest. The
letter 10 IS follows: pe.I ss
are.aa % RIeHMoND, March 10, 1888.
My Dear S!r-l think you allow your dis
gust and indignation just-Well,a little more
than little bh-to drive your Judgment.
ginia debt matter have used all the logic
and power in me in behalf of what have re.
garded as AUST settlement of our debt, and I
think lean say what have to say without
the suspicion of Readjuster sympathies. az
The tirst attempted settlement of the Vir-
ginia debt was in 1866 and 1867. It was by a
Legislature OF Our own best people large.
hearted, full and1just, regardless Of consequen-
ces. Immediately it was felt that the burden
was greater than the State could bear. And
many good men believed that to capitalize in
terest and pay interest on interest was against
usage, unwise, and would be unendurable.--
The miserable condition of the State, publicly
and privately, at once made and proved the
settlement OF 1865 and 1867 to be impractical
bic, If not impossible. 1t was certainly not to
the discredt of the State that she fell under the
honorable burden that she had willingly as
sumed for duty's sake.
Then followed the settlement of 1871, the
first issue of consols. That bill was passed by
Legislature, one-half of whom were colored
men, and that had been thoroughly debauched
BY large railroad corporations. Were there
no reasons for fearing that the debt settlement
OF 1871 were paid through, the wretched char
acter of the Legislature would have caused the
bill to be subject to suspicion. Certainly, /
believe that the bill was favored and passed
over the votes of the better class OF Virgin
ians who CHANGED to be in that Legislature
There was intense indignation against il on
its passage, and its enemies at once gathered
for war against 1t to the death. The bill was
shorn and partly revealed Immediately on the
assembling of the, next Legislature, and
party bent upon the repeal Of the tdrpGya1lg
feature Of the coupons was formed. Now,
bear IN mind that there are many who believe
this binding of the State forever by an obliga.
ton that may prove her ruin, is not only un.
constitutional, but inconsistent with the first
principle of corporate or natural being-self.
preservation. Their argument is, that you
can never bind yourself or another to the
sacrifice of life.
Well, at least you understand that the love
OF life and liberty are essential with the Anglo
Saxon-and with the admirers of old Patrick
Henry. II borrower could be servant and
slave to the lender, certainly Virginia, under
the old taxpaying coupon law, would be the
aaVa IN her creditors . Tharo xuoro hove
Of our people with whom the sentiment of
freedom was as strong as the sentiment OF debt
paying. Our agricultural people do not ap-
preclate or feel the Importance of prompt debt
paying as mercantile community do. There
fore the sentiment of liberty prevailed with
our people, and when they were told that they
were bound hand anG foot to the paw
ment OF the debt, the masses determined that
they would first break those shackles befole
they would do anything for settlement, and
they have continued the war until the bonds
have been burst ssunder and the sovereignty
Of the State has been indicated.
The McCulloch bill was failure because
il retained the taxpaying feature. The odious-
ness OF the taxpayi1g obligation was the
secret OF Mahones success. 1t was that that |
1rew to his party enough of respectable ma
Ilye-Dorn VII glnlans to give him success and |
to kill the taxpaying coupons.
believe that now the whole question is
settled. The settlement is all that the ex-
Irene repudiationists wanted. 1t is a great
deal more favorable than men of James Bar
oours type wanted, and as the original
Funders have done their full duty and lost all
IN doing it, they will never have anything to
DO with the debt question again. I can
conceive OF no contingency that will disturb |
The debt of our State as it will stand under |
Lhe Riddleberger bill. think Royals ar
gument is reductio ad absurdum of his own |
case. The machinery by which he proposes |
to accomplish his results is visionary, and his |
result, If accomplished, is utter ruin to the |
State. He places the bondholders in a posi-
lion in which the people of Virginia would be |
whether willingly or unwillngly, |
not Only to resist them BY every method and |
nstrunentality known to law and legislation,
but If need be to take up arms against them,
and by opposing end them. The debt AS set
lied under the Riddleberger bill il the final set
slement of the debt of Virginia. It has The
approval of the whole State, and can be and
will be faithfully respected, kept and paid,
1t is just nonsense and to the credit OF no
man to abuse Unfortunately the people and
State of Virginia. Our principles and char
acter and selfrespect are what have made the
name of Virginia honorable-nay, revered-
n all the past And while those that have
ost while specializing in her obligations, and !
few of her old creditors may be long
lime out Of humor, I believe that even out
of these fearful and humiiiating conditions |
she will live to see her good name honored
But Pandora's box has been shut and sealed.
Ind woe to the Virginian that dares to open
t. Truly yours, JOHN L. WILLIAMS.