Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1875-12-31

claim and take per cent. for years, j,
per cent for five years. and 5 per cent un- |
til maturity-the interest to be paid IN the
equivalent of coin. Afterwards met Gen.
TAYLOR in New York. He was much dis
appointed that was not returned to the
legislature and said if he had not engaged
a passage he would not sail. He did sail
and learn from officers at Richmond that
he has returned with the formal PROPOSE
ton of the foreign creditors. So you see
our condition is not so helpless as some
would imagine. We are getting out OF
debt. Who speaks Of Repudiati IN! Re
pudiation! What is it but an effort not to
paw our honest debts. When a man goes
into the bankrupt court he surrenders all
he has but those who talk of Reputation
in Virginia want the State to hold on to all
and pay nothing. What would think OF
man who bought my farm and was to come
to me afterwards and tell me that he had
met losses and couldn't pay u for it but
wanted to hold on to my farm L should
tell him that had nothing to do with his
losses, but wanted my property. l tell
you we have turned the sharp corner in
the matter of our State finances we have
seen the worst of it and we arr coming out
into the broad sunlight. Political parties
are tampering with the currency and pro-
ducing stringency for political effect
which, when the presidential election is
over will disappear. The honor Of Viz
ginia is the aggregate Of the character Of
her people; what damages her honor, dam
ages that OF every man that owes her allie
glance. Our merchants know when they
90 abroad, that by the effect of damaged
State credit our private credit is impaired.
THE FUNDING BILL.
will detain you but for one other sub
| ject-the Funding Bill. After the war
! Virginia owed $45 900, 900, and her Court
Of Appeals decided that she and West Viz
:, ginia are responsible for every dollar of it,.
The Funding Bill about which so much
| is said by persons knowing so little about
| it. was about to this effect There are two
partners in business, and one of them runs
| off and gets-well, out beyond the Ale
/
ner says TO the creditor of the firm, ''My
partner is off with his third Of the assets.
Here is my note for two thirds, and if ever
we catch him you shall hayc the remaining
one-tlird out of him" That was the
Funding Bill, and it cut down the debt of
Virginia $15.OO0,o00. 1t was q good bar
gain for her, thu ugh not so good for her
creditors. The bill never assumed the
payment by Virginia Of the remaining
third, il West Virginia didn't pay it.
Another feature had been misunderstood -
that of the coupons. They were offsets to
the taxes. If farmer in Augusta owned
county bond, and the interest on it was
due him, it would be very strange, indeed,
if he couldn't pay What he owed tine coun-
ty in the way of taxes in its coupons. And,
by the way, pardon me for Il personal ex-
PLANTATION. 1t has been rumored that !
bonds, for which am responsible as their
guarantor. I did become guarantor for
some for ward Of mine. But that Re
sponsibilty, rs the records of the court
house here will show is paid off, and hs.vt
no longer any more interest in the matter
than other ma have. wrote an article
in the "StaunGon Spectator" advising: The
farmers to buy Virginia bonds, as a wise
investment to pay their taxes, and | acted
on that advice myself, and bought 81 ,1.0
worth of them for that purpose. I have
been charged with being one of those me1
with such means as to be above the ammo y
ance of high taxes. Fellow citizens, pa,
upwards of 800 into the State treasury il
taxes, and I am as much opposed to an in
tcrease of taxes as any man. An increas
Of IS cents in the 500 raises my tax t,
500.
A PERSONAL EXPLANATION AND REsITl,
IsCENCE.
In vieN of the fact that have been re
jected- 'repudiatcd'' (laughter) by my ow
county; been thrown sky high by Z col
vention, and adjudged unworthy Of re
presenting it, it may not be improper for MI
to say here that have been deeply mort
fed at it-not at the refusal of place, br!
at the apparent loss of confidence in mi:
on the part Of the people. [ have bee
held up to the world rs repu'iiated by m
own people, and it will not be- indelicau
hope, for inc to show that if my own nav
not had confidence in me, still have beeI
trusted by the greatest aud best in GU
whole country. Here is letter ,(holdinI
up Il letter. which is marked ''confidanI
tial''-but which need not be regarded s.
now, as the time and circumstances and
necessity for its confidence have passed
[Mr. Stuart here read letter from Hoe
Judah p. Benjamin, Secretary of State o
the Confederate States, dated March 25tf
1874, asking him to come to Richmond
for consultation with the President OF
business of too much Importance to be com
m tilted to paper, and which he, out of al
the men in the Confederacy, had been Sc
lected for need scarcely say | was eet
ly interested Oh the receipt of that lei tel
I spoke Of it to my wife, from when I ! lav
no seer cts. and she said it probably m ear
an appointment to some high position ur
der the government. 1 said l would &C
cept no position unless it were that of
commissioner to negotiate peace. VIhe
reached Richm ond, I went with MI
Benjamin to President Davis. Th
President informed me that Congress hat
authorzeda Seciet Service Fund of $4,000,
600 in gold, and that he and he'Secretar,
OF State had selected me to go on mission
sailing for Nassau and thence to Halifax
and my object was to he to operate OH Tx
borders to create peace sentiment at tht
North The whole sum was to be at m,
absolute disposal, and no vouchers were t.
be required Of the manner in which it, hat