The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1886-07-01
Ninth District.
The Virginia State Debt.

The Washington correspondent of the
Alexandria Gazette, under date of June
Goth, has the following notice of Col. II.
G. Parsons remarks before a sub-commit-
tee of the House Judiciary Committee, of
which Hon. j. r. Tucker is chairman. 1t
was an argument i'll favor of the bill re-
Gently introduced in Congress by Hon. j.
D. Brady, of Virginia, looking to final
and complete settlement of the Virginia
State debt and the assumption on the part of
the National Government Of responsibility
growing out of the manner of the division
of the State and Il q impairment of the
security Of the States creditors. We
give the report of the Gazette us we find it
in that paper
Col. H. G. Parsons, u the Natural Bridge of
Virginia, who is Ii gely interested in the de-
velOpment of the mining and manufacturing
interests of Virginia, made an able and inter-
esting argument before a sub committee OF the
| House judiciary committee this morning in
| favor of the appointment ola congressional conf
mittee to inquire into the relation, If any,
| that exists between the federal Government
| end Virginia respecting the public debt of the
| latter. Mr.. Parsons argument rested chiefly
upon the following points: That the Govern
| the debt Was due to foreign and Union credi-
| tors that the division OF the State destroyed
one-third of the taxable valuation of the State;
| that when the State was divided it was with the
\ provision that West Virginia should assume
| its share of the debt; that this provision can
| not be availed of because there is no court to
hear and no power to enforce. and 1t can pc re-
pealed by West Virginia that the debt was
| contracted for works of internal Improvement,
which are now valueless to the creditors that
| Virginia has paid On works of internal i'm
provement and interest," seventy mliilons OF
| interest ON her debt fifteen milllons In con-
| clusion Col Parsons said if Congress should re-
| ject this appeal for right, it would be proper
| for Virginia to appeal to the whole financial
| world and ask division of condemnation. The
| Colonel,s argument will be printed by order of
| the committee Mr.. Taylor was much i'm
| pressed with the argument, and from what he
| said it was implied that he thinks the Govern
ment is at least responsible for portion OF the
debit Mr. Tucker told the Gazette'S correspon-
dent there was more in Col. Parsons argument
| than he had supposed there would be IN 1t, SO
much that he intended to consult with the
| other democrats in the delegation as to the adj
visibility of pushing the Colonel's request for
committee OF inquiry at this session. COL
| Parsons, with whom the Gdzette's correspondent
| also talked after the committee adjourned, said
J the amount OF the bonds issued by Virginia I'M
der the act OF 1871 was larger, owing to the war
| and subsequent accumulated interest," even
with the one third off for West Virginia, than
! the whole debt of 1861. He also said that the
| claim of West Virginia that she owed none of
| the debt because none of the money was spent
within her limits, was groundleSS, and that III
one case alone, that of the G. & O. Il. H.. fifteen
| millions had been spent for that State, and
| the whole expenditure for the James River and
| Kanawha Canal was for the benefit of West
| Virginia. He also said that a republican mem
Der of the Congressional committee that
framed the bill for the division of Virginia has
told him that the Government having injured
the security upon which HE bonds of Virginia
were issued is bound to rep't1r the injury.