The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1884-09-11
No "a.


cent. interest, for an amount re,ucod ~,
sealing the principal to sixty per cent a' -"
adding back-due interest is this n seba,,a
OIL settlement for statesmen to make lI,.,Sfs
10 put an end to? Ought it not rather to
oe promoted most earnestly and gladly
EAcepe on the hypothesis that the an
uHoiitles OF the State mean an allsolutA
reputation of the tax-receiyable connone
the lHnding of every such coupon in n fifty
year . per cent. bond releases the Treas-
| uiy from q cash charge upon it TO that
amount. With the cash thus released In
tile use OF the Sinking Fund its officers
may go INTO The market and buy in the
very pond Just issued at 80 to 60 cents in
the dollar. 1t seems to me that neither
statesman nor financier would find any
Thing frightful in such an operation.
IL is strangely claimed that the STATE
would lose by such funding. and the
pubic were congratulated on the clreum
stance that the Legislature had met in Tho
nick OF time to save the loss which #
would entail. | cannot detect whencetbe
loss arises IN this case, except on the theory
that the taX-receiyable coupons are to be
repudiated altogether
Ihe creditor, by the method of fund
ing now pursued, IS shaved seventy-three
cents in the dollar on these commons. If
they are offered detached from the bonds
they are rejected out and out. This latter
the court forbids in the cases which have
been brought before it.
Here are taX-receivabie coupons aceru-
ing aI The rate of a million of dollars 4
year. There IS no provision for them ex
cept that made by the Riddlebereer act.
70 nave repealed that provision is prac-
ideally torepudiate this large and regularly
accrulng debt. Are we at last embarked
upon career OF reputation 1t would
seem so.
There is no legal validity in any of the
objections which have been reviewed 10
constituting clauses (a) and (b) of section
I'VE oil the Riddleberger act according to
tnelf express terms; and no recent action
OIL The Legislature can affect the rights of
the creditors who are parties to any of the
petitions now before the court. Orders
must go III conformity with the PRAYERS of
petitioners.
nave now said what | have felt i'm
Pelled TO say on this important subject.
l nave mad no opportunity. of advising
VIII my associates on this bench. | de-
plore The action Of the Legislature which
has bypost facto constructions repealed the
clause OF the Riddleberger act requiring
Ghe Iuhdlng OF the taX-receivable coupons.
II llaNeS what nave shown to be its lead
ing provisions dead letter upon the stat
iute-book. 1t will imperil the funding of
The principal of the consol and ten-f0rty
Donds. IL must throw upon the market
Wl0houJ any provision for their payment.
except as they may be verified in the
courts and used in the payment of taxes,
q large and continually accommodating mass
OF taX-recelyable coupons. This, | re-
peat, is reputation.
we live under constitutions and laws.
w i've IN an age of advanced civilization.
distinguished by the infinite multitude of
us contracts and negotiations and by the
employment Of credit and trust
between man and man, citizen and State
Is IL TOT soYereigns to set tile example OF
eellahce 10 laws and constitutions, to the
fundamental maXims on which civiliza-
tlon and commerce are based even so the
rqdamentory principles of meum and taaun,
Whlch are respected by savages amongst
each other?
liquidation is a principal plank in the
PLATFORM OF Nihilism. This Common
wealth. IS toocOnSpicu0us member of the
Y mon, IN the geographical position which
she occupies, in the great part she has
performed in the history of the country.
ana IN the destiny which her resources are
preparing for her, to repudiate. Noblesse
oot'9e. New, obscure, unknown States
may employ this method Of paying debts,
".iu ucAAFe 1lpunlty from JheIf very H.
significance. But civilization cannot al
ford to tolerate in such State as Virginia
delberate breaches Of faith and obligation.
government cannot consent to overlook
of the Constitution and laws by
a great State. Reputation cannot sue
coed In the present era us the policy of Il
leading State of this Union.
hand over this subject to the public
conscience of Virginia and the patriotic
of upright and honorable
citizens.