Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1871-10-17

ment of values was made at period of great
/ depression, when our State had suffered large
4 ly from drought in the Summer and floods in
the Autumn, and when our people had not re-
covered from the devastations of the war
But now the State of Virginia is evidently on
rising ground. Great works of internal i'm
provement are rapidly progressing to com pie
i tion. New factories are springing into exis-
EteDce-our mines are being ez plored- Our water
| power utilized and new avocations are being
opened to the industry of our people. All
these causes will concur to increase the wealth
of the State and augment the capacity OF her
| people to pay taxes.
i The completion of our Railroads will cause
an influx OF wealth and population into our
State unparalleled in her past history. Fur
naces and foundries, and manufactures OF all
kinds will be established which will give a new
| impulse to the productive power, and tax-pay-
ing capacity OF our people | doubt not that
within i've years after the com pletion of the
Chesapeake & Ohio r r., iron-works Of all
descriptions, and thriving towns and villages
viii spring up along It's entire length and tide
of commerce aud wealth will be throwa into
Richmond which will double the value Of her
real estate. AT the present rate Of taxation,
every million of dollars added to the wealth of
the State adds FIVE thousand dollars 10 lis rev
enue Ihe increase OF revenue from this
source alone will supply an ample sinking fund
tor the gradual reduction of our debt, a
Why is it that there should be such an out
cry about taxes now? In former years, if
recollect Alright, they were 40 cents upon $l0O
instead of fifty. And | think hazard little IN
saying that the taxes in Virginia arc less than
10 majority OF the other States of the Union.
fear that the oiamor which is raised on this
subject Is raised by ofice-seekers to delude the
people Similar complaints were made prior
TO the last election, but Legislators took special
care not to reduce their own per diem. w Elenv
ever | hear these loud professions of attach
ment to the people, ! think of B. Watkins
Leigh graphic description of the "peoplo
man"--that IS, the man for the peoples
money.
Some men talk glibly Of reputation or of
sponging out the public debt as they would
peneil-marks from slate Have these men
reflected on the tendency and pgaotioabillty Of
what they suggest will not say propose p
Have they considered it 10 its norai aspects :?
Have they viewed II In It's effects on the honor
aud business and prosperity of the State p
Have they thought OF ITS remoter tendencies
70 agrarianism and anarchy? Have they re-
hecied on its political consequences? Has it
ever entered into their minds TO conceive that
it involves a direct and palpable violation OF
that clause OF the Constitution of the IT, S
(which all our Legislators are bound to swear
to support) which declares that no State shall
pass any law impairing the obligation Of con-
tracts Elnally, does not every man OF com
mon Intelligence know that reputation is sim
ply Impossible and that all this talk al wipng
out the public debt is quite as delusi9e and alb
eurd as the nonsense which we heard in 1860
of '.peaceahle secession" and fighting In tie
Union
Suppose Reputation were practicable, is
there man, worthy Of the name OF VirgInian
who, for the sake Of few paltry dollars, would
be willing to see an indelbie stain of dishoG0r
fixed or her hitherto spotleas name? 1t the
deed OF lnlquly were perpetrated how could
any Vrglnlan hold up his head IN the presence
Of the citizens of another Safe. Yankee Gu
pldity has heretofore been by-word Of re-
proach among the chiyalrous people Of the
south, but how would it compare with the just
charge of Virginia dishonesty? No Yankee
State has yet sunk so low in the scale of moral
ity as even to suggest The ide4 Of reputation.
And shall we, the sons of Virginia, SO far for
get our duty to ourselves aud our State, as 10
make her name the synonym Of dshonor?
How could any Virginia merchant or maui
facturer ask credit from citizens Of another
State? Throughout the civilized world We
would be regarded as moral epers. Our ner-
chants and business men would be secured
from the exchanges and market places OF the
world Immigration would tuTu away from
our territory as from pollution. Capital now
seeking employment Ia our borders, would b.
speedily withdrawn aud invested in other
States where better guarantees were offered for
the security of property. Republication net en-
" Involves dishonor, bu it strikes at the very
foundations of all credit and confiience be
tween man and man. L requires no silt Of
prophecy to forelel!, that the nen who would
be willing to repudiae public debt, would he
equally ready to repudiate his private oblfga-
tl0ns. The first step towards it, would be the
signal for every creditor to hasten to collect his
debt, before time vas given to perfect the al III
mate plan Of sponging out all private debts.
Men who had money would be slow to let it
out when the only security was the honor of
The borrower. And who would trust yepu-
diator?
The effect would be to destroy all confdenc3
b tween man and nan. Business of all kinds
would be stopped. Improvements OF every
de cTlp5ion would cease, and all the relations
of society would be disorganized.
1t Legislators set the example of repud alton,
jurIes and courts will soon follow in their ioot-
steps, and private debts can no longer be en-
forced. Beyond this, there is but one step,
and that is agrarlauism or the division of the
, lands among the people, giving TO each, per
haps, out OF the abundance of the others, for
take heed before it is too late
There is yet another idea to which [ beg
leave to call your attention You have beao
nominated as be standard bearer, in your else
ZION district of the great Conservative party
; of Virginia. The very name implies that it is
a party organized to conserve the great
principles OF morality and constitutional liter-
ty. So understanding It's objects aud policy, he
masses of the better people Of Va. have raj
lied to It's support But if men protesting to
be CONSERVATIVE seek to commit the party to
a policy essentially destructive" how long
will it command the support Of the wise and
the good? [ venture to say, that whenever
that parry emblazons the word Reputation
on its banner, it will receive, as it would DC
serve, ignominions defeat at'he hands OF the
people of Virginia
[ will close this long letter with few re-
marks on ehe impracticablllty Of reputation.
We borrowed this money to build Railroads
and canals and tur0pikes. We SILL own these
works and have them in daily use mlnisterlng
to our convenience, and affording US a speedy
and convenient outlet to market. The repudi-
at0rs now propose to hold on TO these works,
which are enabling us to restore cur broken
| fortunes, but are unwilling to pay for them. -
In what does this differ from the case OF man
who buys his neighbor's farm on credit, gets
INTO possession, and then refuses to pay Tor il
A large portion of this money Was borrowed
in England her portions we're borrowed In
New York and other Northern States and
Others from widows or orphans in own
State. whose trustees and guardians, coffiding