Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1877-10-10

basest sort. Either we must readiust
without the consent of the creditors, or
we must increase taxation. Our deficit
is now over a million a year, with six
millions of accumulated interest since
the last funding. Neither to readjust
nor increase taxation is ultimate re-
pudiation, bankruptcy and disgrace
Here is the place for Mr.. Waddell 10
spread himself, and the field for a display
ofhis theological attachments. Let him
turn to the New Dispensation and find
the texts:
but what think ye? 4 certain man
had two sons and he came to the first
and said, Son go work to-day in my
vineyard.
''He answered and said, | will not
but atterward he repented and went.
'And he came to the second and
said likewise. -hnd he answered and
sad go sir and wont nnt----
whether Of them twain did the Will
ofh:s father? They say unto Him the
first i VerilyI say unto you
the publieans and harlots shall go into
the kingdom before you"
What an applicable sermon might be
preached from this text to those gentle
men who declare so vociferously against
an increase Of taxation yet would
preserve the untarnlshed honor Of the
Commonwealth by paying the last
farthing under the funding compact.
L know nowhere to find the counter
part of such folly except in Confederate
congressional legislation, where our
statesmen stood valiantly combating
the enlistment Of negroes and making
the money legal tender, while the
enemy enticed the negro by dazzling
proclamations and greenbacks to go
over and shoot down our soldiers, and
made their money legal tender, while
ours legislate1 thirty dollars a bushel
for wheat, paid soldiers eleven dollars
month and then readiusted by giving
out new issue for old and drowned the
surplus in the canal. We are very
much in the hands of the same class Of
constitutional statesmen, so tenacious Of
principle and Virginia's honor, that,
rather than increase taxation or re-
adjust, they would 'die in the last
ditch" of humiliating insolvency.
Some Of these gentlemen reduce cur
deficit in their calculations by a very
ingenious method. They always put
the interest on the ten millions Of IN
funded, Or peeler, debt at 4 per cent.
I have noticed. too, that the Auditor
always puts 1t in this way. There
is no per cent. debt. Except very
small Sterling debt, it is all s per cent,
and the only reason for reporting
this at per cent. is because the legis-
and could control tl7igs, list 6ttu AMOUNT,
tax-receivable portion. The money was
all borrowed at six per cent, the bonds
issued at six per cent, and this way Of
treating the deficit is simplya dodge.
1t is astonishing to note how many
honest men deceive those who listen to,
and read after, them by this little piece
of financial legerdemain.
Major Holmes Conrad in his WinGheS
ter speech, last Monday, made very
plausible showing from the same false
premises. Turning to page 4 Of the
/ Auditors report he took. the so-called
deficit of $685. 600 without further eX-
animation and proceeded 20 state the
case. He had Just as well taken any
other given number. To this 100000 is
to be added $1S5, 046.2 l-the ? per cent.
not estimated on the bonds not CONVEX
tible into consols-and 500. 1913 left
out in the same way in the report Of in-
terest on sinking fund. This Auditors
report basesi its calculations upon what
was paid the public schools last year III
stead of candldly stating what is due
the schools. This little official trick
compels us to add about $4,000. Mr..
Conrad will examine in vain to find
where the Auditor takes any account of
commissions to county treasurers, either
in report Of cost Of collecting revenues
| or expenses of government. This gives
us some 1000 more. Put all tins
together and the deficit is about one
million and fifty thousand each year.
Mai. c. will agree to this when he re-
fleets that since II We have accumula-
ted over SIS, 900, 900 Of unpaid interest,
Notwithstanding we had 81, 800, 900 then
living in the treasury to commence with.
| Adding what we had on hand to what
we are in arrears, and our real deficit
since the funding bill is nearly $1,000
600. Now if it be right to pay interest
on war interest and on reconstruction
interest, it is assuredly right to pay 1t on
interest accrued since we took charge Of
our own affairs. l would like, there
fore. if Messrs Conrad, Barton, Stuart,
Waddcll, Hanger, and others Of their
way of cyphering, would rise and eX-
plain what is to be done with this accru-
ed interest. They will not contend that
we can pay 1t. Must we fund it and add
upwards of $1,000 more interest upon
i interest to our annual default Logically
we must. Gentleman who hold that the
honor of Virginia depends upon the pay
ment of interest, cannot consent to the
tarnishment Of our proud eschutcheon
by withholding interest that has accrued
under the = irrepealdble, sacred funding
contract" 1t is not necessary for me
to say that my references to all these
gentlemen are with the utmost intended
courtesy and only made because they
have been prominent in writing and
speaking to the people of the Valley.
Mr.. Auditor Taylor is an efficient
officer but he is expecting too much
indulgence just now. Last fall the
Conservatives Of Virginia had toeXplain
the school fund dedication, and it is
well remembered how that was done.
How, then, this deceptious succeeding
report? Instead of saying how much
: we are due he tells how much we paid
by way of enlightenlng the people on
their fiscal affairs. Taking this in con-
nection with the other illusory state
ment referred to, it looks to one at this
distance from the capitol as if Mr..
? Auditors first, and second, were con-
cealing the real situation and abusing