The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-12-12
The Proposed Adjustment.

the debt issue in this State and SANDER the
great majority OF the people, is the result
OF the Misrepresentation of faction which
has assumed the guardianship of the honor
OF the Commonwealth. When baffled in ar
gument the Funding Bill extremists have
resorted to epithets, and by denouncing as
''repudiators" those who were truly and hon.
estly trying to save State credit and prevent
reputation, the impression has been Gre
ated abroad that there is really party
which favors ''repudiation' in the State.
So conservative and fair journal as the
Baltimore Sun has been led into this mis-
take. In its issue of the 18th, after referring
to the message of Governor Holiday, and
commencing its spirit, and the evident de-
sire on the part of the Legislature to meet
the issue and dispose of it, says: 'This
change in the spirit Of the Legislature is
manifestly in response to the change which
is evident In the sentiment Of the people OF
the State. The regulators and forcible re-
adiusters have been so forcibly repudiated by
the common sense and native honesty of the
people that they are nearly silenced, and a
very general expression Of opinion is heard
in favor OF accepting something like the
propositions which the representatives Of
the bondholders have consented to make
The term 'repudiators" does injustice to
those who have been seeking and demand
Ing REIMBURSEMENT OF the debt. The read
iustment movement originated with the Far
mers Of Augusta county, land it was only a pro.
test against the injustice and wrong inflicted
upon the people by the Funding Bill settle
ment, or pretended settlement, and pre-
sentation Of the equities Of the proposition
to re-adjust that settlement in accordance
with justice and right. They saw that the
administration of the Government under
that legislation was rapidly working repu-
diation-that the deception practiced upon
the people in its enactment by which it was
assumed that so cents on the 500 Of rea!
and personal property, in connection with
the other sources of revenues, would be suf-
f1cient to meet all demands upon the State,
and through the sinking fund, gradually di-
minlsh and finally wipe out the debt, was
increasing the public burdens at fearful
rate. They fonnd that each year there was
default in the payment OF the interest on
| the public debt and to the public schools Of
| from 800, 900 to 100000. 1t was to arrest
this ruinons policy that the Farmers Of Au-
gusta determined to act. At that time they
we're denounced as ''repudiators,' while
there had como from them ITO proposition
except to re.adiust the conditions and impo.
| sitiohs Of the Funding Bill. The issue was
| distinctly drawn, with the Re.adiusters on
one side, demanding an equitable rear
rangement of the States obligations, and
the Funders on the other side, insisting that
! the taxes should be increased to meet the
requirements Of that unjust and oppressive
settlement. That was the relation of the
| two factions to this issue when it was first
precipitated.
| What do we fiud now The entire State, with
| here and there amercenary exception, receg-
| uizing the justice of the position laid down
| by the Augusta Farmers, and demanding a
settlement in accordance, substantially with
| the views they expressed. The Conserva-
tive Convention which nominated Governor
Holiday, and whose platform the Governor
endorsed, declared that the debt must be re-
adjusted so as to bring the obligations OF
the State within the capacity of the reyc-
nues derived from the present rate Of taxa
| ton to meet-that the present rate of taxa
ton was as high as the peopl could bear
The Augusta Farmers had not gone that far,
towards reputation, and themselves as re-
pudiationists. Those who were defending
the Funding Bill twelve months ago, and
arranging estimates to demonstrate the capac ;
ity of the people to meet its requirements,
are now in accord with the sentiment and
policy declared by the Farmers of Augusta,
and are supporting the very line Of thought
they formulated and proclaimed. The 'scom-
mon sense and native honesty Of the PEG.
pie and their earnest purpose to arrest the
cisgraceful exhibit which was directly
pointing to Reputation, have been fully re-
cognized by all the public men liz Virginia,
aud every member of Congress elected was
compelled substantially to place himself in
accord with the ideas presented through
these columns two years ago, rejecting, as
they did, the only safe policy for creditor
and debtor to adopt. The position of Gov
ernor Holiday, as presented in his message,
and the concessions Of the bondholders, as
formulated in their propositions, are but the
recognition Of the equity and wisdom of the
plain. practical, matter.of- fact Farmers O..
Augusta. who had the courage to lead off in
will save tho State from reputation and dis
grace. That there have been some extreme
views expressed upon the subject and ex-
treme men assumed prominence in its dis
cussion, we are aware. But they do not,
nor have they heretofore, reflected the hon
est sentiment Of those who inaugurated the
movement and first proposed to re.adjust
the Funding Bill arrangement in conformity
with what the State really owes, and what
she ought to pay. The substantial appro-
val by the Sun OF the position Of Gov.
Holiday, is an endorsement of those who
were at first called "repudIators.' but whose
real object was and is to prevent ''repudia.
ton" and dishonor.
We believe four per cent. bond ought to
DO accepted by the people, and honestly and
squarely met. 1t would represent the $20,.
600, 900 at six per cent. interest, which has
been recognized by the State and her cred
ltors as the proportion Of the debt of the
old State that the new Virginia ought to
pay. OF this We do not, Nor do the people,
want to rcpudiatc silver. If it requires a
sacrifice and hardship for few years to
meet its demands, tue sacrifice and hard
ship ought 10 be endured. We cannot put.
up an honest plea against it, and ought not
to desire an evasion Of its demands. The 4
per cent. bond is tantamount to 6 per cent.
on the 10000, 900 of principal, and nom
interest bearing certificate for the sl0,000,-
600 Of accrued interest, or per cent. on the