Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1886-02-26

We would suppose that people so jealous
of their good faith, so sedulous to pre-
serve their good name as Virginians have
always been. would not propose q set
Element to their creditors which was not
based upon principles of equity and fair
ness.
Notwithstanding the great diversity of
sentiment that existed among our people
when the agitation upon the State debt
first began, full and free discussion of it
has resulted, as we have seen, in perfect
unanimty among our people of all politi-
cal parties. and there is reason tc hope
that the same arguments which have
brought this about, in spite of the preju-
dices and passions which for a long time
surrounded the consideration of the SUBJ
ject, will prove equally effective when ad-
dressed to an intelligent and honest
creditor,
| 1t may be said that nothing in relation
| to the debt of Virginia has been done in
a corner; that the press published all
that has been said and done in regard to
| it; that in political conventions. upon the
hustlngs, through Executive messages,
and through litigations in the courts. the
creditors have been fully Informed of the
just measure of their rights and the liza
be true as to any syndicate or organic l.
tion which controls or directs the foreign
| bondhO.ders. For 1t Is understood that
| there is now an organization which abso-
| lutely controls, directs and governs the
| interests of their principals or the actual
] owners of the bonds, and it may well be
that the syndicate or agent is thoroughly
informed as to all these matters, while
the principal remains entirely in the dark.
AS, therefore, this settlement has been
finally enacted, there is every reason to
I believe that we can impress others with
the conditions which led to its adoption;
and it is at least due to the traditional
love of fair play of our people that every
effort should be made to acquaint our
creditors with the terms of settlement
offered before concluding they are unwill-
ing to accept it. But it is vain 10 recaplt-
ulate the difficulties of the situation unless
it be with the purpose of suggesting
remedy.
After a most careful consideration of
the situation, with a full sense of the off,
clal obligation, with consciousness of
the difficulties which surround us, with a
knowledge that the peril to the settlement
which we hage decreed is serious, l ear
nestly recommend to the General Assem-
bly, OF Virginia the appointment of a COM
mission whose duties shall be plainly
d. fined, whose powers shall be so carefully
prescribed, guarded and limited that no
misconceptiOn be INDUCED in on the part
OF any one. Snch commission should
MY bt empo Wered to explain the settle
ment of 1881 and 1882 to the creditors aud
point out that which addresses itself to
their interests as we'll as to the interests
of the State. 1t should be clothed with
no other power and have no other duties
fN .nrEnr h.,f rs I, - 10 -
the settlement Virginia has decreeu, to
represent how futile had been their efforts
in the past to resist the determination of
our people,. and that the future held out
to them only the prospect of interminable
litigation, injurious alike to them and to
US; that the achievement OF mere illuSory
trlumphs in the courts are fraught with
no substantial advantages to the liJigants
on either side. 1t would be the duty of
the commission to point out to them the
vast untried and uneXpended power which
resides in united and resolute people,
and caution them against the danger of
arousing public sentiment which might
be forgetful of all sense of Justice, and,
taking counsel only from passion, destroy
the interests which we are now striving
to protect.
It is believed that if those holding the
outstanding Indebtedness of the State
could meet through their committee. face
to face, such a commission here IN Virgin
ia or elsewhere, and hear and see for them
selves. be confronted by the stubborn facts
as they exist at present and be impressed
with the uncertainty which dwells in the
future and arises from the unsettled pro-
blem which constantly exasperates and
harnesses the public mind by fresh decs-
ions of the courts, they would be willing
to fund such outstanding Indebtedness
into the bonds of this settlement Such
action upon their part solves the oblem
and terminates the agitation. Virginia
will act In good faith, will pay her debt
thus ascertained and acquiesced in by
both contracting parties. because her rev.
enues will prove abundant to do so
without increasing the burdens upon her
people.
Confidence and capital will come to her
hand in had; desirable immigration will
follow restored credit, and the Common
wealth will rapidly gain the place in the
sisterhood of States which her climate,
her mineral wealth, and her agricultural
resources entitle her to occupy. Then
indeed will all things be established upon
the best and surest foundation and we
may earnestly hope the peace and happl-
ness, truth and justice, religion and
piety," will also be ''established among US
for all generations"
FITzHUGH LEE.