The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-09-27

Wythevilie did him great injustice, anu the
spirit OF it was entirely misconceived. We
have not the space today to say more, than
that the impression made by the reporter
was not justified by the facts of the case,
and the conclusions we had drawn, from
What we knew OF him, are correct.
REIMBURSEMENT the Democratic Policy.
The position which was assumed by the
Farmers of Augusta in the meeting on the
10Th of May, and which has been discussed
and maintained through the columns of the
VIRGINIAN, is now recognized as that of
the great mass of the Conservative party and
the representative men of the party on the
State ticket-Col. Holiday and Gen. Field.
Col. Holiday has distinctly declared against
any increase of taxation, and the Winchester
Times, presumably speaking the sentiments
Of Col. Holiday, announces that it is idle to
think of any increase of the rate of taxation
on real and personal property. Capt. Barton,
one of the Conservative nominees for the
Legislature in Frederick county where Col.
Holiday resides-is emphatic in his endorse
ment of the views we have presented through
these columns, and resorts to the same line
OF argument we have employed to reach a
solution of the complications arising from
| the State debt. He says:
"The State Debt should be speedily settled by
| fair and just negotiation between the parties,
| Just as neighbor deals with neighbor. Anything
less than this would be folly; anything more
p,rII djChn hn fnn 6nd dahf hoe
terest at the rate of per cent? and yet the cred
itors get but little more than per cent? for the
discount and cost OF exchange, SO that both the
State and the creditor lose, while only the broker
and paper-shaver gain. favor a fair readjuStment
| per cent. in gold in Liverpool and New York and
| would fund the Peeer debt upon the same
basis, emitting therefrom an amount equivalent
| to the interest during the war, and while the
State was under military occupation. 1t is to the
| interest of the creditors to make this arrange
ment, and we have assurances from the repreSen-
tatives of the largest bondholders that some such
| scheme will be acceptable to them. 1t would save
the State at least $685. 41002 per annum and would
take the question OF the State debt out OF politics
| forever. 1 FAVOR NO INCREASE OF TAXATION, be-
cause it would be too burdensome to epeopLe, and
| because such increase is not needed. We can
by decrease OF expenditures at least $2000 0e
| per annum, and the revenue to be derived from
sources which have heretofore brought in moth
ing will make up any possible deficit in our pres
| ent income.
| This is sound position, and is all that the
friends of readjustment contend for. There
has never been any idea of torcible readiust
ment in any other sense than such compul-
sion as would necessarily follow change in
the present method OF managing the State
finances-bringing the expenditures of the
State within the revenues derived from the
present rate of taxation. This is the position
of the Richmond platform, this is Col. Hol
liday's position, it is Capt. Barton's position
it is Gen. Echols' position, it is George Sea
wright's position, and it is the position de
clared by the Farmers of Augusta in thu
meeting held in May last, and which is de-
nounced as reputation by the Stauntol
indicator and those whose lead it follow
and whose views it represents.
Gen. Field, the candidate for Attorne!
General, whom the Richmond State en-
dorsed, in recent speech-September 17tl
delivered to the people OF Culpeper county
his home, is equally plain and decided upol
this question. We quote from synopsis o.
that speech published in the Wing of tn,
21st:
Much has also been said about her obligations
He recognized the fact that her obligations wer
| large and onerous, and that there embarrass
| ments surrounding which call for the wlses
counsel OF her best statesmen. There is first tn
highest obligation to preserve her political OF
ganism-to maintain her State government an
its due administration. To do this money woul
be required, and taxation to some extent mus
necessarily be resorted to. Then, there is tn
| high obligation to maintain her constitutions
81 Thef
there is likewise high obligation upon her t
take care of her institutions TO, the deaf, dumt
blind, and insane. This would also require mo
| ney. Then, there is still another high obligatio
upon her, and that is TO recognize and discharge
as well as she could, her obligations to her cred
itors. This would also require money. And upo
this subject he regretted that there was or eve
had been any discrimination between her cred
| itors. They ought all to stand upon the sam
footing. The legal and the moral obligation G
the State to the holders Of the Peeler bonds was
| bonds.
He would blot out this discrimination, If tn
| honor of the State implicated in anything
| was in this discrimination.
upon which the coupon bond was printed alon
involved the honor of the State. In conscienc
and in equity he thought the peeler bonds, with
out the self-executing coupons, called more loud
upon her honor. But he was for paying all classe
alike, and to the uttermost capacity Of the STATE
But bondholders should not be placed above tn
political existence of the State. nor be allowed
| interrupt the administration of the State govern
ment. The system OF public education and tn
asylums for the unfortunate should not be sus
|
He said that he was compelled to recognize tn
fact, and candor required him to confess it, tina
the State could the interest upon the principe
iects OF taxation to be developed no new source
Of revenue to be opened up. The Ingenuity 9
| our lawmakers has been taxed to the utternoSt
and the field seems to be fully CLEANED.
| higher rate of tdratione is Impossible. The in
terest of the State and her creditors alike requr
| mutual concessions. and reasonable adiuStmen
OF this vexed question.
Here we have two gentlemen, one Of then
living in the same town with Col. Holiday
his intimate personal and political friend
and the nominee of the party to which bot
belong, for the Legislature, and the othe
the candidate for the position of Attorne
General on the ticket with Col. Holiday
declaring that there can be no increase o
taxation, and that there must be a readjust
n1ent.
What more have the Farmers OF August
asked for? 1t is the position of the Cohser
vative party as announced in the Ricllmon
platform; it is the position of Col. Hollida
as proclaimed in his letter written and pub
lished before his nomination, and it is til
position of honor and equal justice whicl
the people require every candidate for tn
Legislature to square up to, or remain a
home. 1t is the position that Gen. Echol
holds and which he is bound to hold, if h
stands square upon the platform adopted b.
his party, and endorsed by the candidate
for Governor and Attorney General.
Not only this, but Gen. Malone, in re
cent letter to Maj. E. L. Brockett, ofa Alex
andria, is explicit in his endorsement sub
stantially of the same position. He says il
that letter:
"Of all the Alexandria delegation, you alon
stood my friend. Your colleagues could not stan
justing the State debt, when fairly construed
was, in fact, to avoid the certainty OF repudatio
under the do-nothing policy" which had pre-
vailed for years, by bringing the rate of interes
within the capacity of the net revenues of tn
State ,otthout of the present rate of td1o
ton, and to give to each class of her creditors
equitable participation IN that net revenue This
in brief, was my plan OF adjustment, aud in dt
gree does it impinge on that principal sum whic
should be determined on as the amount which tn
State ought justly, and will undertake, to pay.
undertook to deal with the rate of interest, an
was traduced as rcpudiator by people i'll you
as Pariah under no circumstances to be vote
for.'
The views of all these gentlemen are il
strict harmony with those advanced through