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

" agitatingknd dividing the people
Virginia and glided quietly along
. llported by all the discordant ele'
l|nts. rl
. but with no\desire on my part te
Ike canvass it was my fortune, ol
Nsfortune, perhaps to be called upon
II the citizenaof Wythe and Other
shnties, to aidrfs thenlson the question
. 1.-THE public deb and in obedience te
time -honored cstom of Virginia, and
.lieving that th\people had the right
hear the viewsyf their candidates fol
lice on all publi( questions. / yielded
those calls and frankly and freely
Ave my views viii candOr and with.
ht cOncealment. e.
The views whih I entertain and
khich have expr$ed have been chal.
kpged in some quaers as not in accor.
lance with the vieVpf the Conserva-
I've party as pror o1ted in the platform
ldopted at Richmond
| That men may hOAstly differ as tC
he meaning and conAuction to be Civ
In to that instrumentk to be expected,
Ind until some authorhd tribunal gives
In off sial interpretati& to the disputed
eIauses we all have al equal right tc
bNr own version.
TIE CONSERVATIVE PLATFORM.
So far from spurnis the platform
from beneath my feet, has been said
i'm every speech made blme, l have In
express language declare my adherence
to it.
If the platform mean "repudsGtaon
before increased td1ati01' then L have
misinterpreted it. If hat platform
means Reputation in al contingency
-proximate or remote, any means,
irect or indirect-then have misun'
derstood it. If it mean forcible read
tustment, by approachig the creditors
with offers of comprome me In one hand
Ind with the alternati1of reputation
In the other. in case thf refuse to ac-
kede to our demands, TIN [ am not in
|Wmpathy with that ftiment, either
ID morals or in policy
But if it means tlat we scorn to re-
sudiate the past obIgab bns of the State
" any means, difct r indirect; if it
Heans that we "aH rdolved to preserve
hyiolate the publ tith and credit
Inder all circumsthcba and for all time
! + h means that weArltO ''use all Just
Ind honorable measbf bringing about
IN adjustment Of debbligations of the
Commonwealth, with will bring the
uavuent of interedHpon our entire IN
de6sedness within E resources Of the
STATE. derived fromhe present rate OF
taxation. and do edl justice to our Gre
ditors - then ] am liy in accord with
it in every particuF
These issues aT lear, simple, and
welldeined. and q oe side or the other
we must all be f9nq'
!. But we are tol t}a nobody favors
repudiation-anH ga glad to believe
tShere are fef ssfead WHO Eaally do
~ sna I know mhy good and true
@i5anxlyho disseJ firm my views, who
3;Sroriid s.scorn rbudiate the past OBJ
IieafSons of thdta&." Yet I fear they
are ;nnocentIyhd unintentionally fol-
loving q ma Il nich leads to the same
destination will the repudiator. I ask
them tn nausa K; consider well the re
suit of their nny before they go fur
ther. for fear tn may be following a
syren asgifted th the voice Of the char
mer indeed. al with face and breasts
of maiden bedv. but declining into
foul and scaJyarpent armed with dead
ly sting"-tht ting of reputation.
But, fellowtizens, to come to more
practical anbusiness like questions
touching the lblic debt of Virginia-s
subject upon hich I cannot hope tc
say anythingew to the people of this
city.
WHAT HE STATE OWES.
The first qdtion which we desire tc
determine VIII we come to meet Oul
diff titles face to face, is how
much do we de. The State debt to-
day is
Co sol bo 1es I'd 237, oil;
e,ler bonds....l ..l..................... 9252, BIZ
Arrears OF 1nCe! 5,5lU,OU
Arrears to other erf1ds...........-........ 1000
Making total s3s ,199, 81;
the late owes, exclusive Of
and litIary funds.
This debt wa contracted prior to the
war, and not oil dollar has been added
to our debt sin# $50 except by accumu.
latiOn of interest. In fact our State debt
is not as large today as it was before
the war. At the eginning of the wal
Virginia owed ofA
percent. regptered hnds SCI ,ss5, 81
percent. registered bhds 60, ,00(
percent. qbupon bonS IL, Jos, ,OO(
percent. ferling bon\. \................ 1865,0O(
Making total of........., 81 99l, ,57s
Thus, While our sistt Southern States
since thd war have haAtheir debts dou-
bled and quadrupled, aid in some cases
as in Georgia. increasedffty fold, Vir-
ginia bAs escaped withdt an increase
HOW THE DEBT wAl CREATED.
The debt of Virginia, 10, was created
by Yer own people, actinlthrough their
chosen representatives AID with theil
fuA knowledge and appr9ai.
At was created upon the blemn pledge
f Virginin's sacred honr-not only
implied, but expressed il words. Ir
1888 when the State was j1t beginning
Ter works of internal improvements
Ind seeking to borrow moRy, her Leg
stature solemnly enacted ami placed up
IN her statute book a law which will b,
ound in code of 1S49, chapAr 6799. In
his act. after pledging the irtome of tn,
works of internal improvement for he
borrowed money, she says "And i
uch stock and income shall be mad
luate to the pyment of,the inerest anat
inal redemption of the prieipal, th'
General Assembly pledges th faith o
ae State to provide sufficientunds ant
or that purpose to lety ddequfte tares.
This law remained on tie statut
,ooks of Virginia until 1860, hpd unit
he State had borrowed all tie none,
he now owes. The money lhus Dor
owed on the faith of the Stat& was ev-
'ry dollar honestly expended by tn
'egular constituted authoriti$ of tn
State in building up her internal i'm
by the aid of which sh
las developed her resources and adde'
Millions to the taxable valut of tn
of her citizens. She exl ended
IN the James River and Kanawha
canal Sll,VOO,UVV
IN turnplkes and navigation COM ooo ooo
tVUU,UUV
IN railroads, about................... 100000
taking total ssslsOoo, 900 {
pent by the State in her internal i'm
amount equal to th
Whole debt owed by her at the begin
ling of the war.
OF this sum not more than fiye or 81.
Millions was expended beyond the linn
ts OF the present State of Virginia i
What is now West Virginia, and will
he exception of the turnpikes and
ew miles Of the railroad from Harper
Ferry to Winchester, we have all tn
improvements within our present boz
lers which were completed before th
var.