Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1886-02-26
FRIDAY MORNING. FEB. 2e, 1885.

FRIDAY MORNING. FEB. 20. 1886.
UNFORTUNATE AND UNTIMELY
SUGGESTIONS.
With contemporaneity which of itself
would attract attention to any movement
of public character, three expressions
on the public debt from prominent Vir-
ginians have appeared. One is message
from GOV. Fitz Lee to the legislature,
another is. a bill written by 1t. Gov. Mas
sey and introduced in the Senate. and the
third Is letter addressed by Hon. John
W. Daniel to Capt. Page McCarty. editor
of the Performer. ALL three agree that
the State will comply with no other set
Element tnan the Riddleberger bill; all
three believe that the creditors will find
that the only settlement they can get; all
three agree that the recent decisions of
the Federal Supreme Courtihave imperiled
the financial condition of Virginia, and
all three agree in the appointment of
commission whose duty 1t shall be to in
form the creditors of the State of the ex-
act amount and character of her ability ts,
pay, and to get their consent to a settae-
ment. The attentive reader will not sali
to discover a paradox Of considerable
magnitude in those propositions. Gov
Lee proposes commission which shall be
''clothed with no power and have no other
duties to perform but to urge the creditors
TO accept the settlement Virginia has de-
ood T.r Mos 10
for the appointment Of three commission
ers with the duties suggested by Gov.
Lee and the additional one of adjusting
with West Virginia her share of the debt
"a good Office for which the holders of
West Virginia certificates shall provide
for the payment of the expenses of the
commissioners. Hon. John W. Daniel
suggests the appointment of commits
sion ''of dignity and ability" to consist of
at least three citizens to be paid at the
rate of SIS 900 per annum, and that the
services of one or two such national men
as A lien e. Thurman fer instance, be re-
que sted to aid the ecnmission.
Unless there b other information pos
sessed by these gentlemen and authorized
by the creditors, to which the public has
not access, we regard the only practical
result of these plans to be the strengthen
ing of the creditorisI backbone and a good
market boom for coupons. Crediting the
authors with the very b3st Intentions as
we all know they were, we must still con-
clude that in this matter they are victims
of financial strabismus which has trans
posed the two parties to the contest. If the
creditors do not know the position of Vlr-
ginia and the history OF her losses now,
after seven years public discussion in
every county of the State and three con-
elusive votes by the people on that SUBJ
ject, they never will know it. II they
still confde in the statement Of their
agert, Mr.. Royal, about the financial
ability Of the State. they will always con-
fide; our authorized Virginia commission
ers to the contrary. The creditors, for the
most part. of old Virginia stand just as
the holders. for the most part, of the
West Virginia certificates do-they have
bought something for almost nothing and
have large margin of time and money,
to expend in monetizing that nothing!
Waiting and spending were a part of 5aeir
calculation when they went into the pur-
chase of old Virginia bonds and coupons,
and New Virginia certificates. This set
Element is a ''strictly business affair.
The creditors OF Virginia intend to make
her pay the last dollar if the Federal laws
can accomplish it The State of Virginia
don't intend to pay dollar more than the
Rddleberger settlement, if any State law
can be devised to that end not in con fict
with the Federal law. There you stand
No sentiment, no setting forth of losses
by the war. no large or small talk to the
creditors is going to alter it. When MIR.
Royal said not long ago that there low
should be conference between the State
and the creditors. it was an acknoW ledg-
ment that at least, speaking for that time.
his clients case was rot invincible. Now
3n Messrs. Lee, Massey and Daniel
talk the same way it has the same effect
on the Virginia side of the question. They
will not probably find Mr.. Royal talking
about conference now, but if they. did it
would be conclusive evidence that we
ought not to compromise.
We hope the Virginia legislature will
not adopt the suggestion of commission.
but we also understand the immense
pressure" of three fat offices, with large
salaries and probable summer trip to
Europe at the expense of the State
Therefore we are not so hopeful of that
body. But in any case the people demand
that they shall not relax their efforts to
exhaust every legal mode to make the
Riddleberger bill effective. While they
trust in the magnanlmity of the creditor
we hope they will also keep their powder
dry-for the fight is far from ended. AS
to LtGov. Massey's proposition regarding
the West Virginia debt, we trust this
legislature will not NEEDLE with it. In
our present condition it would be the
worst of imprudence to add to the COM
plications of the situation, and our law
makers may depend on it that if Virginia
NEEDLES in this matter or lends her name
to it, it will be an interference for which
she will be made to pay dearly.
AS the people of Virginia know and I'M
derstand the present situation of the debt
question, they will not view the appoint
ment of any commission with favor
They are in favor of exhausting every
means of legislation within our reach in
sustaining the RiddIeberger settlement,
and that has not in their opinion been
done. It is true that three very prOmi-
nent men have recommended it; but Vir-
ginia has suffered SO much from her prom
jnent mon in tho mast that ua should