The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-11-01
Clnsa of the Canvass.


before the day Of election. The canvass has
been rather animated, but, so far as we
know, in this county it has been conducted
with the utmost courtesy and propriety, re-
sulting in no personal arrangement or the
engendering of airy unfriendly feeling. This
is as it should be. There was at first, to APP
pearances, wide diversity Of sentiment on
the State debt question, but as the people
began to understand each other, and COM
pare views, it was found that the difference
was not 50 great, and that really the practi-
cal, common sense views proclaimed by the
friends of readJustment were those OF very
large majority of the voters. The move
ment inaugurated in this county on the 10th
particular, and to this cause the harsh criti-
cism of it which followed can be traced. 1t
! ignored the caucus, cut loose from the ring
managers, and asserted the right and pur-
pose of those who participated in it to think
and act for themselves, without waiting for
the orders Of the traditional masters, who
have heretofore demanded and enforced ar
bitrary and relentless obedience to the ring
mandates.
| 1t was an extraordinary departure which
had to be met by extraordinary devices, in
the hope of checking it, and bringing those
who sympathized in the sentiment and pur-
pose declared, under proper discipline. The
first assault made upon it was that it was
| for fho Of ronu.1iattnor tho Eafo
debt This was insulting. The men who
conceived the policy Of readiusting the rcla-
tions OF the debt, so as to equalize the credi-
tors. estop default in interest, and respect
the Constitution, were not in the habit of
evading their obligations. They had lived
in the county all their lives, and bore the
character of honest men. Instead of inspir-
ing feeling of fear and timidity, the charge
aroused their Indignation, and witt! renewed
spirit and energy they determined to show
but really to prevent reputation. The
storm raised all over the county only con-
firmed, instead of allaying, the apprchen-
sions OF the caucus manipulatOrs that their
power and authority were to be challenged
and that they he'd invoked a spirit of man.
hood and individual independence that would
not down at their bidding. Then followed
the cry Of Radical and that the move
ment was but another plase of Radical poll
tics, which should be crushed out in the
bud. This only excited a feeling OF con-
temp, for those who were prominen. in the
declaration of a purpose to have the debl
question settled and taken out of politics,
had never acted with any other party than
the Conservative since its Organization. The
, next eXpedcnt was to allege that the read
justcrs were opposed to the Moffett Punch
Bill, and to still further complicate tic mat
ter, various questions in as many communi-
cations were propounded through the press
upon this point. Inasmuch as the Moffett
Punch is a law, and in full operation, that
does not become practical question. Its
destiny will be regulated by itself, and its
merits, whatever they may be, constitute
the criterion by which it must hereafter be
, judged.
Failing, by these devices, in arresting the
current of popular feeling against the trad
ing politicians, WHO have inflicted the
wrongs the people are now suffering, these
peculiar guardians of Virgiria's honor, have
arrived at the conclusion that readjustment
is very good thing, and that they are MOI
so much opposed to it. as they at first de
: clared. They would not consent to ICON
pulsory" readjustment, it is true, but would
, lot object to an adjustment that would NEE
the concurrence of the creditors. OF course
they know very we'll that no party propose!
a policy of compulsory readjustment in the
sense they use it. All the readjustmen
that has been con tended for will be such 81
u must result from a fair statement of the
revenues Of the State, and the ability of thu
people to pay. No party has proposed Il
repudiate any part of the principal of the
debt, except that which the friends of the
. Funding Bill contend has been repudiated-
the one-third assigned to West Virginia-no
more than they propose to compel, by arbi
trary legislation, an unjust settlement o
the other two-thirds. The bondholder;
themselves will recognize the necessity, an(
: indeed, the advantage of such a readjust
ment as will give to the State, instead
. of spectators, the difference between wha
the bonds call for in the rate of interest ant
what they really get. If an adjustment cal
be effected, which will have the sanction O.
the people, that will secure to the creditors
four per cent. in gold payable semi-annual
ly, they would be receiving as much as the!
now get, and the State would be relieved O.
, the other two per cent. English capitalist
are content with 8 per cent. in their owl
country, and American capitalists with foul
= per cent. in U. S.. bonds. We're rcadjust
ment effected between the creditors and thu
State upon the same basis, and the faith O.
! the people pledged to its observance, as il
has not been to the conditions of the Funding
bill, they would sacredly stand by 1.-THE
bonds would appreciate, and the creditor b.
in better condition than he is now, while
, the State, instead of the spectators, would
!, realize the advantage of it.
/ Il is some such arrangement that read
! justment means-an arrangement that viii
: bring the expenses Of government, includ
: ing interest on the two-thirds of the origina
: debt. within the power of the revenues de
2 rived from the present rate of taxation.
b After having exhausted themselves in de
nouncing the Readjusters as ssRepudiation
| ists," Radicals, - 'sAnti- Punch men, ant
"Punch men"-as suited the locality-tht
''last-ditch" Funders have abandoned thei
} extreme ground Of increased taxation, an(
l" declare their willingness to submit to al
: adjustment, such as we have outlined. Why
did they not do this at first, and not stigma
I tie four-fifths of the people of the State al
''repudiationists," when they knew there
: was no such sentiment in Virginia? They
, have come to their senses most too late how
e ever. They have aroused the pride of the
people, and very few of them will have the
opportunity to do more than acquiesct
in the readjustment after it has been effect
ed through the instrumentality of those who
originally favored it.
, 1t behooyes the friends of a fair and eoui