Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1877-10-05
Local..
BEFORE THE PEOPLE.

OPIE, BLAUTH, KOINER, McCUE AND
SKINNER ON THE STUMP-GEN. ECHOLS'
PLAN-sPEAKEa HANGERS VIEW OF
THE INTENT OF THE FUNDING BILL
AN EXPLANATION FROM MR.. KoINER.
&C., &C., sc.
Saturday was announced for speaking
at New Hope by candidat es for the legis-
lature, Including Messrs. Skinner, McCue,
and Koiner, candidates for the Senate, and
Craig, Hanger, Echols, Opie, Lightner and
Blauth, candidates for the House. All the
gentlemen named were present, but In con-
sequence of it being seeding time and the
farmers being busy the audience was
small and at no time exceeded thirty per-
sons, A religious festival being held by
the Thinkers, denomination chiefly con-
sisting of thrifty farmers, near the spot
was also represented as cause OF the
small attendance. The occasion however
was an interesting and instructive one,
nearly all the speakers saying something
they had not said before and it being
first appearance for Messrs. Echols, Opie,
Hanger and Lightner. Mr.. Craig's foot
was on his native heath and where his par
ty is strongest, but he courteously declined
speaking in view of the limited time and
unlimited number Of candidates to consume
it. remarking that his neighbors already
understood his views.
GEN. ECHOLS
was the first speaker. He promised by say
ing that he had been member OF the
State Convention and while he knew moth
ing Of the platform, there adopted with but
one dissenting voice, until it was brought
before the body, yet he felt just as much
bound to. support it as he felt bound to
support the gentlemen nominated. The
chief resolution of that platform was
that while the credit of the State
was to be sustained the legislature
was to make every honorable effort to adj
inst the State debt. This adjustment
therefore became a practical duty and not
a sentiment and it became us to examine
how it could be accomplished in business
like and practical manner. The DEBT was
about $50, 1000, 90 and the annual deficiency
is variously estimated at from s600,O0 to
100000. It was the continued accumula-
ton of this deficiency year after year tina;
gave the people and through them the con-
yention disquiet and caused the plank in
the platform requiring the legislature and
the executive to aid in all honorable and le-
gal means for adjustment. The speaker was
one of those who believed the debt could
he adjusted and if he should be elected
should feel it his duty to approach the
creditor as on matter of business-as one
neighbor would approach another to settle
a transaction. 1t had been done by other
State governments with success and why
10 \ 1,vyN III 70 q
blamed the F undiug Bill, noticing. the fact
that it's result was the creation of two
classes of creditors, one class the receiva-
BILE coupon holders who were secured and
the other the holders of the peelers' who
were unsecured-with an obligation equal
Iy strong to pay either.
ONE WAY.
The State might IN any effort at adjust
ment RELY upon the earnest cooperation OF
the latter class, and as to the coupon hol-
ders he knew that after the commissions,
exchange and SO forth which they had to
paw to sell their coupons. they in the end
did not realize more than four per cent.
though their coupons called for six per
cent. Therefore they would not be in the
way Of an adjustment at four per cent.
Their bonds are down as low as 81.
Hon. J. Davis Craig-I had to pay as
high as 96.
Mr.. Echols- They were quoted in the
stock market at 81.
Mr.. Echols continuing, said that the ex-
listing apprehensiOns that something may
be attempted to break down the legal
rights of the coupon holders may make
them still lower even than this figure. Take
the proposition as business men. fyou hold
Coupons bonds and had this uncertainty
hanging over them, and the State would
offer to give one calling for per cent,
18th an assurance that it would be paid re-
gularly, is it likely that, looking solely to
yaur own in terest, you would refuse? Well,
if those coupon holders accept the PROPOSE
ton of per cent, the amount Of interest
due by Virginia is reduced $500 900 per
annum, nearly the whole amount of the de-
felt. This is a matter that requires ex-
perience in financial matters, and men
willing to make the effort. Such men should
be selected.
RETRENCHMENT.
But this adjustment was not the only
way in which the State could be gotten out
of her present difficulties. In 1877 the ex-
penses Of the government of Virginia wer4
larger than they were in 1860, though West
Virginia had been since taken from her. 1t
was clear to tie most imperfect apprehen-
sion that this thing should not be, and
must be remedied. The biennial sessions,
which have been adopted, will save the
State 100000. Criminal expenses, which
now reach the sum Of SI55, Ose, must be
brought down. The petty larcenoHs cases,
which now furnish lawyers fees and jail
ses' fees, must be settled in more sum
mary way. A little fellow, convicted of
crime, must not be sent to the State prison
with Two or three grown men to guard
tvft Cd ho ofas q
istrate the authority in smaller crimes to
tie the offender up, and give him what the
Eaw allows tappIause). The penitent5agy is
another point where retrenchment should
come in. Alabama cents hers for $4,000,
and Tennessee rents hers for between $40,-
900 and $4,000 clear money. While Virginia
is paying out thousands Of dollars yearly to
keep hers up. The offices ia tie State
should be reduced. Think for yourselves
about it, and there isn't man in this au-
dience that can't think of some office that
could be dispensed with (applause)
A BETTER ASSESSMENT.
There should be better assessment of
haven't any idea Of the irregularity attend
ing it in the Southwest and Underwater
Virginia, where property is now assessed
at one-ffth and O.ae7sixth its value. In
Richmond week ago a prominent gentle
man told the speaker, 80 his agtonishment,
that the whole income TAX paid in the
State was only $4,000, and IN one OF the
large and prosperous cities of Virginia the
income tax paid was only $2OO! The same
gentleman said TO him that in an hour he
could draw a bill, taxing incomes which
would bring into the State treasury $780,
800. If this is SO, said NJ. Echols, it be-
heoves you to find men of experience and the
will to make reforms, which Will inure to
your iseneft, and not to follow .othsg men
who promise to secure your interests, out
really are, nor how they may be served.
THE RAISING or TAXES THIS YEAR NOT
A PRACTICAL QUESTION.