Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1885-05-15
VIRGINIA FINANCES.

fLAoA4NAh TlNAHChD.
The refusal of the Supreme Court Of the
United States to reopen the Virginia coupon
case places this State in an interesting and
truly unfortunate position. Indeed, so crit.
cal is the condition in financial aspect,
that the best and most matured minds of
her public men are being called into requlsi-
ton. Ex-United States Senator r. It. M.
Hunter, and more recently the Treasurer of
the State, has submitted proposition that
the legislature be convened and take into
consideration the necessity of making a
compromise with holders of the bonds.
1t Is apparent that some definite steps
must be taken soon on the part of the State,
for at home and abroad the public are
anxious to know what effect the decision
will have on the finances Of the State of
Virginia, and how it will operate on those
who hold bonds out of the State. 1t is as
serted that the holders of these bonds af.
fected by this decision will dispose of the
past due coupons as soon as possible and on
the best terms they can obtain OF taxpayers,
and the coupons not yet due will be placed
on the market as fast as they mature. If
this mode Of disposition be very generally
adopted 1t will at once be perceived that
many thousands of dollars of the coupons
will pass into the hands of tax collectors,
and from thence into the State Treasury
for the principle which requires the officers
to receive the coupons in payment Of taxes
will compel the State to receive them in
settlement with the tax collectors. 1t will
at once be readily perceived that Virginia
will very soon be in a serious financial en-
barrassed condition. For these coupons are
absolutely worthless to the State in paying
the expenses Of the government and large
deficit must certainly soon appear in the
estimates for the current year.
1t is unfortunate that this decision could
not have been obtained at an early day, be-
lore Virginia had made its debut on the era
Of prosperity, which now marks it as one Of
the most progressive and promising Of the
Southern States. We are inclined 10 the
opinion that it would be well for the Gov
ernor to convene the present legislature, foi
it is known that large majority of lis
members are in deep sympathy with every
movement which has tendency to develop
the material resources of the State, and thai
prompt and vigorous measures would IN
taken in order TO confront and remove thu
difficulties which have 50 UNEXPECTEDLY
arisen.
So far as regards the political situation o
the State, we are among that number whC
believe that the decision will have the effec
of adding to the strength of the Democratic
party in Virginia. The people OF Virgins
have too deep an appreciation of their grow
ing interests as To allow political adven
turers and spoilsmen assume the control o
the State affairs in moment of such critica
interest They have suffered too long AMI
deeply at the hands Of irresponsible men a
not to realize the importance of the emer
gency that has overtaken them. Minor dit
ferences as well as personal issues will Civ
way to the counsels Of wisdom, patriotic yea
and discretion, and before a united part
looking TO The proud and progressive de
velopment of the State and the moral am
political preierment Of its growing man
hood, political pirates will be powerless +
harm IT,