The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1873-12-04
PAY Or REPUDIATH..

PAY Or REPUDIATE.
In the popular excitement consequent up.
en- the Cuban difficulties aud the money pan.
ic, We had almost forgotten We have had an
election 10 Virginia 1t is fact, however:
that should not be overlooked, for the result
implies responsibilities and obligations that i.
will not be pleasant or easy to meet. The
party that assumes to manage Virginia's a.
fairs at present, axes up hsrculean task
Our finances are in a dep'orable condition,
aud to our mind there is no possible method
Of adjusting them and meeting the inevitable
contingencies presented, than to tax the pso-
pie to pay the interest in full, and provide a
sinking fund. In fact, We cannot see how a
heavy increase Of taxation eau be prevented,
for tho coupons created BY the funding bill.
and made payable for taxes, are filling the
treasury, and the result will be tina the lar
ger portion Of the take, will be paid in cou-
pons, leaving the current expenses Ct
government and the interest on the public
debt to be provided for During the pro-
gress Of the recent campaign, We made ire
qucat illusions to this subject, and cited the
fact that the people we're being blinded as to
the true condition of things. The last leg
islature. in order to present fair surface
showing. decliaed to increase the rate Of tax
alton, although TIE interest on the public
debt was not provided for by the existing tax
bill. The unpaid interest, and for which no
provision was maze amounted to at least ST.
100000. While being deludsd with the
nominal tax of so cents ON the 500, the
principal Of the debt wss growing At this
enormous rate. It would have been honest,
just and fair, to have met the emergency
like men, and levied tax to meet this in
terest, aud plainly told the people that it was
either that or Republication.
The case is plain one to our mind
There cannot be further evasion of it. The
difficulties will have to DO faced. The taxes
will have to DO more than doubled 10 order
to meet the debt interest, pay current e.
penses, and sustain tho School system. The
Conservative PARTY have serious duty be-
fore them. The falacious notion that any
settlement with West Virginia will be effect.
ed to relieve Virginia Of tho obligations
standing against her, might as we'll be dis
missed. It is the cxpedicnt Of the dema
gague, and IS only thrown into the face 81
the people to blind them to their true con-
ditiop. Those who have had the control Of
the State since the war, and will have it for
several years to come, will have to grapple
With the facts as they exist. 1t is pay or re-
pudiote. The people may as we'll make up
their minds to meet the tax gatherers mex,
year with twice the amount Of taxes that
we're presented this year, or to make no pro-
vision at all for tho interest 90 the public
debt aud the successful operation Of the pub.
lie schools. The funding bill coupons ara
rolling into the treasury every day, in the
place Of currency. When there they have
to be cancelled, cannot be re issued. aud o,
course arc tantamount to an empty treasury
Tho current expenses Of government will
have to be met, and will require nearly, il
not quite all the currency that will be paid
into the treasury. The interest on the pub
lie debt will have to be provided for, and
where is the money to come from? That il
the question, and to it's answer We invite tn.
attention Of the Legislature Of Virginia.
We congratulate the Republican party Of
Virginia on its escape from the embarras..
| ments the financial condition Of the State
necessarily imposes. While it ia the duty
of all good citizens to do all in their pove,
to relieve the State from the environment,
which surround her, it is but proper that the
party which has been maioly Instruments
in augmenting the endorsements which
surround US. should be assigned tina task .no
the responsibility of disposing Of them. +
Is better for the future Of the Republican
party TINT defeat overlook it in the last Gan,
paign Had Hughes been chosen Governor
the party that elected him could not have es
capped from the responsibility Of failure te
mset tho cxigency that now praises upon III.
State, and whose solution is as certain e
crush the Conservative party as effect follow,
cause. It is gay or repudiafe, and certain
destruction in either case
"Gracious mc!" exclaimed lady in 4
witnes box, ''how should know apytbipo
sko1f anvtNinn 1o..st Arnx .,suaAs.- 4 ~