The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-01-10
The Baltimore American and the Virginia
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afSumcn. 10 encompass Them. we can, tilefc-
fore, very readily understand why it was car
ried away by the automatic pla.itudes of Gov.
Holidays inaugural address. The sentences
of that production were carefully studied
and prepared for popular effect, and without
familiarity with all the facts connecGed with
the question it discussed, it might impress
the reader with the belief that there was
something in it which the people of the State
were not in sympathy with. The moral
maXms ennunciated are not new, and
therefore not astounding. When measured:
no viewer, by the action OF the faction which
seemed to appropriate them as especially
fitting lis case, they become anomalous. Ii
the american has acquainted itself with the
debt question in Virginia, it is aware that
the practical operation OF existing legisla-
ton has been substantial reputation. There
has been Il persistent default in interest for
seven years past, until it now aggregates
about s5,500,00G. Coy. Holiday himself
is on the record as opposed to any increase
of the rate of taxation. He not only so de-
clared in letter written before his nomica-
ton, but he accepted the nomination OF
his party and the platform accompanying
it, which declared that the debt must be
'adiusted'' so rs to bring the expenses of
government, including the interest on the
public debt, within the capacity OF the rev.
enues derived from the present rate OF taxa
ton to pay. and do equal justice to all the
credi tors. He was elected, without fotmal
opposition, upon this declaration. His party
and himself are pledged to this policy. The
Legislature was chosen with reference to it.
What, then, becomes OF the Understanding
words which seem to have so c.lptvated the
1me,icdn !? No half-1ozen members Of the
Legislature will propose To increase the rate
of taxation. Governor Holiday cannot
recommend it without stultifying himself.
To continue Il policy which effects de-
fault of over 100000 annually, is to force
Reputation. There can be no material cur
tailment of expenses without IL change of
the Constitution, and this cannot be effected
under two years What, then, is to be done?
There is no way out of the complication,
except to reduce the rite OF interest. and
thus place 1t in the power of the State to
meet her obligations with the present reve.
nues. And who would suffer by this? The
bondhoders-thnsew who hold taX.receivable
coupons. the only class Of creditors who are
getting any interest at aIl-are not rccev-
ing, in fact, more than four p." cent. The
discount Oh the coupons and expense OF col
Letting them, is very little short of two per
cent. The State. however, does not get the
advantage of this two per cent. With it,
and what retrenciment might be made, and
the operation Of the Whisky Register, it is
believed that at least four per cent could
be paid to all the Notwithstanding no dig
elimination between them, rs is done now.
This would at once enhance the value CT the
securities and where they are quoted at 50
cents on the dollars, they would speedily
rise to par The coupon creditor would be
getting as much as he receives now of inter-
est-the Ieeler holder would be getting four
per cent. where he is getting nothing, and
the properly OF the creditor would be doubled
in its market value. The agitation of the
question would cease. The people would
be satisfied. The creditor would be bene-
fitted The State would occupy the posi-
ton of meeting her obligations. and all ap-
prehension for the future, both As to the
creditor and the State, be removed
This is the policy of the ..readiusters, which
the 4merican. and other papers out Of the
State-Which have been carried away by the
charge of .'repudation.' preferred by the
Funding bill advocates against the People
of the State, whose sole object has been,
and is. to prevent reputation by changing
the policy that foots up each year a de-
faGlt OF s9,00,000-arc pleased to style "re-
pudiation.
The truth is, the charge of reputation
was gotten up as a campaign scare-crow by
the caucus politicians to brighten the people
into their support, knowing it was hot true.
They knew full well that the people of Vir-
ginia who ranged under the policy OF
readiustmeut, we're the only ones really
concerned about the much Wanted ''honor'
OF the State. They dreaded reputation, and
to reputation they knew they must drift,
if the interest continued to default 100000
each year. These caucus masters had been
in charge Of the Legislature for seven years,
and the result of their concern for the
'shonor' OF the Commonwealth is s.. 800,
600 defaulted interest They have kept
their supremacy by the cry Of ''negro,"
"carpet-bagger, and .'scalawag, just rs
they wanted to retain it by the epithet of
''repudiation.' The Republicans, however,
deprived them of this cheap demagogueism,
by retiring from tile contest, and the chron-
ic denunciation of that party found no ex-
cuse. In this die NINA they procl aimed
that all who would not DO W to the caucus,
were ''repulliationists," and so vociferous
were they in this, that the Anee1ican. and
other respectable journals out of Virginia
were impressed with the belief that there
was really reputation party in Virginia,
and that reimbursement meant reputation,
and that the caucus manipulators are the
guardians of the States credit and honor
If Coy. Holiday is not in favor OF such Il
reimbursement as we have mentioned, what
support does he expect from the Legisla-
ture? Both factions of that body are striving
to get the lead in Il plan OF REIMBURSEMENT.
The Funders propose reduction Of inter-
est to four per cert. and the readjusters to
three per cent. That is all the difference
If Coy. Holiday can endorse neither propo-
sition. he will find that he will not have
corporal's guard to sustain him. If, how
ever, he is true TO his pledges, he must
square himself on ;bc platform of his party.
and that is all that will be required OF him.
The public debt is practical question and
cannot be settled upon ideal notions. The
people of the South and the nation have had
a sad experience in the effort to reduce to
practice speculative. impracticable theories.
Common sense and common business prin-
ciples must govern in the adjustment, and
until these prevail, and the chronic dema-
gogues are driven from the direction of leg
islation there never will be settlement of