Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1885-05-13
The Debt Settlement.

The Debt Settlement.
The Richmond State of Monday publishes
an able letter headed "Another view of the
debt question:" signed "Another Virgin
ian," from which we publish below an ex-
tract. We published in our last weeks
issue the statement lof VIM. L. Royal to
which reference is made. We have space
only for the following extract
In this connection, it seems to me proper
to refer to the recent letter of Mr.. William
L. Royal published in a number of the
newspapers. Mr.. Royal is gentleman of
character and standing. He is the counsel
of the foreign bondholders, and as such
must be presumed to enjoy their confidence,
and to be familiar with their views and DUR
poses. He is also Virginian and gentle
man of intelligence. 1t cannot be doubted.
therefore, that he was fully aware of the
responsibility he assumed In writing and
publishing That letter. In it he distinctly
announces that he will recommend to the
bondholders by way of compromise a settle
ment Of all the various classes of the bonds
and other evidences of the debt of Virginia
on basis which he states in detail. Ac-
cording to his statement, the present reve-
nue. OF Virginia would be sufficient, not on
~ to pay the cost of the administration of
the government, including the present lib
eral appropriations for the support of pub
lie schools, but also the interest on the
whole public debt, at the rates Indicated
by him, and yet leave an animal surplus of
near $500, 1000.
1t will be observed. also, that in this
statement he does not take into account any
estimated increase of revenue which may
arise from the new assessment now in pro-
gress, although he says that be has learned
from credible sources that the new assess
ment will show an increased value of six
millions of dollars in the real estate of the
city of Richmond, and two millions in Dan
vile.
Assuming that Mr.. Royal will make this
to his clients, and that
they, and the other creditors of the State,
will sanction it, car there be any good rea-
son why Virginia should not accept it I? No
one has reason to complain that the pres
ent rate of State taxation is burthenseme
or excessive. Every good citizen of Vir-
ginia wishes to see her debt settled ON an
honorable, satisfactory and permanent ba
sis. Independently of any sentiment on
the subject, all must recognize the fact that
the uncertainty as to what may be the fu-
ture rate of taxation constitutes one of the
chief drawbacks against the investment of
capital within her limits.
Here, then, fair and reasonable propo-
sition for settlement is suggested by the
leading representative of the creditors.
Let us promptly indicate our readiness to
accept It. Let our press declare, without
delay, that the people Of Virginia are
ready to settle on the terms suggested by
MIR. Royal, or any other, that will not in
volve greater obligations than can be met
by the present rate of taxation. As no
good citizen can reasonably object to this
proposition, it will furnish ground on
which all can stand. 1t will take the debt
question out of the arena of politics. 1t
will deprive demagogues and trading poll
ticians of the means of promoting their
selfish interests, and of working mischief
to the Commonwealth. 1t will enable the
Democratic party of Virginia to go into
the next political contest unem barrassed
by irrelevant side issues. 1t will enable it
to keep steadily in view the paramount
questions which so deeply concern the
whole country. These are:
!. Shall we sustain the President OF our
choice i'll his honest and able administra-
tiOn of the Government of the United
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