Bill, I found what you posted as very, very interesting and informative. My mother was Frances Railey, born in Margarettsville, N.C. in 1918. Her parents were Elma Peele Railey and Frank Ray Railey. Frank's Parents were Richard Edward Railey and Alma Lee Vick Railey, probably born between 1860 and 1870. Richard had 2 brothers, John and Frank Railey. These Raileys probably lived in the Courtland or Franklin areas of Va. Frank and Elma lived in the Rich Square area of N.C. Frank Railey lived from about 1890-1927. I,too, was told the story my whole life of how we were related to Sir Walter. My grandmother's family(Peele) was Quaker. I do not know if Frank Railey's family was Qauker or not. But the Quaker version was that Sir Walter had totally disgraced the family and so he was written out of the family Bible and the name was changed to protect the family's reputation.
What you wrote about John Railey was very interesting. If anyone knows anything about the family names I posted (Richard Edward and Frank Railey), please post me the info. Thanks for your help.