Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1877-10-16

upon the unwise interference with it,
nevertheless its principles and whatever
of the substances
HAS NOT BEEN LOST
still remain, and may be successfully |
acted upon. With the prompt restora- |
ton and VIGOROUS and faithful execution
Of it I can answer in the affirmative
most emphatically the question, Can we
meet our liabilities and protect the hon. |
or and the credit of the State? Yes, |
and without any increase whatever in
the rate of taxation.
Let the non-consol or peeler debt be |
converted into consol debt, thus placing
all our creditors upon the same equal
basis. Let whatever of assets we pos !
sess be at once applied to the liquidation
of the principal of the debt. Let there
be an equal and constitutional assess
ment of property and the reduction of
State expenses to the lowest degree con-
sistent with efficient administration,
and the question now agitating the pub
lie mind will be solved and settled. All
these are right. They are just and prac.
ticable. And surely the great object to
be accomplished justifies prompt and
thorough trial. We still have some
VALUABLE RAILROAD STOCKS
and bonds and real estate, which should
be sold and applied to the payment of
the principal of the debt. Let the
bonds in the sinking fund be cancelled,
and let the literary fund be left in abey-
ance few years until we become strong
er. I am an earnest advocate of univer-
sal education but about the first educa-
ton would instil into the child's mind
would be that honesty is the best poll
icy"
This action as to these two funds and
the application of these assets would
largely reduce the amount of the debt
1t is the opinion of the Second Audi
tor, from his long experience and care
full examination of the subject, that at
least 100000 of the debt has been
LOST OR DESTROYED,
and consequently will never be present
ed for payment. Other competent
judges are of opinion that this loss
amounts to fully $1,OOO,O0O. If this
be SO. with the action as to the as
sets, which I have Just mentioned, it
would be found that the principal OF
the debt would not amount to over
$2S,OOO,OOO, the annual interest upon
which would be 81, $50, 900. To this in
terest add the State and school expenses
SAY $500, 900 for the former and $780,
600 for the latter, which is amply suffi-
cient in our present condition--and we
have total of So, $50, 900 which it would
be necessary to annually provide for
To this sum add whatever legislative
expenses may be incurred, and you
will have the sum total of our necessary
annual expenditures. AS to what the
legislative expenses shall be rests with
Aside from these legislative expenses
as have shown, it will require annual.
ly $2,5SO,O00 to pay the full interest up.
on the whole principal of our public
State government. Now, the Auditor
estimates the revenues of the State fol
the current year at s.. 100000 in round
numbers. If these estimates be realized,
it will be seen that we can pay full in
terest on our debt, together with the
SCHOOL AND STATE EXPENSES,
and have S12O, 900 left for legislative ex.
penses fully twice as much as ought to
be used. But, it is more than probable
that our revenue for this fiscal year will
exceed the Auditors estimates. In max.
ing those estimates he did not take into
account the increased receipts from the
tax on railroads under late law, nor thu
results of the experiment now being
made under the new liquor law, know
as the ''Moffett punch BILL"
If the confident authorization of tb,
friends of these measures are but hal
realized our revenue for this year will
exceed So, 900, 900, or, if we had no legis.
Iative session, over 1920, 900 more than
would be required to pay the interest on
the principal of the debt and State and
school expenses.
What does readjustment mean? Dc
its advocates agree upon the sense in
which they use it? It seems to me thai
1t possesses but one meaning. Now, /
have endeavored in the discussion O.
this debt question tonight to do so calm.
ly and earnestly, but without heat or
passion, using no harsh language and
treating those with whom I differ with
the same respectful Difference that shall
expect of them. But
L USE LANGUAGE TO CONVEY IDEAS.
not to conceal them, as Talleyrand is
said to have defined its use. According
to my plain language readjustment. as
now SO often heard with reference to oul
public debt, means simply reputation
and nothing else. 1t means to scale
down the principal or interest of the
debt, or both, one-forth, one half or out
of existence altogether.
The readjusters, so called, appear to
be divided into classes s'voIuntarv''
and "forcible." The former proposes to
ask the creditors for a readiustmept
while the latter proposes to compel them
to it. The one would make of the State
abeggar, the other would exhibit her
before the world as robber. To ask a
man to throw off or to give you part
of the debt you honestly owe him is to
beg of him
PART OF HIS SUBSTANCE;
to force him to do so is to rob him of it.
There is no escaping it-this is what it
means, no matter in what melliffuous
phrase it may be garnished.
Well, gentlemen, readjusters, how 10
you propose to accomplish the high pur-
poses of your noble resolve, and what
are your prospects of success? Let lis
look at the situation. According to a
statement which l have from the Second
Auditor, the condition of the debt on the
1st of July last was as follows:
Total consol debt,,.... 500 2a7 O15 So
Total non-con sol debt ...... Ella Ito Is
Unpaid interest on consol debt re-
/. presented by taX-receivable cou-
pOnS l46 429 90
Unpaid interest on non-consol
= debt. 3,19s, $50 Il
n Now, the holder of the consOl debt