Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1878-12-04
Another Addrrss Fr0m Riehmcne.

names the officers of the central society.
1t calls on the people throughout The
State to organize similar societies ano
prepare to elect officers for the State in
future, especially legislature next fall
whowlll increase the taxes to pay the
interest Of the debt rs funded.
With the facts OF the address we pro-
pose to deal first. 1t first deprecates
The practice ofthe press Of the read
justers to misrepresent the amount Of
the debt. and then says the debt is but
500, 1850, S2G.3S, which was spent in
erecting aud creating public improve
ments. They concede that this does
not include sinking and literary finds.
but argue that the State owes these
portions Of the debt 10 herself and con-
sequently docs not owe them at all.
Their exhibit filed is the report Of the
tool Of the flinders from the Second
Auditors office. Then they claim that
90 cents increase on the hundred dol
lars will pay all the interest and estab-
lish q sinking fund to liquidate the
principal. Lastly, that this must be
done to save the honor Of the State and
the famishing credit OF Richmond mer-
chants who can no longer get goods H
New York except for cash.
We have never mistated the debt.
nor do we intend TO do so now. We
challenge ann scrut.nyor discussion OF
figures. To show how baseiy, grossl,
erroneous tits address Is. we will begin
at the beginning.
The debt oftho Whole State at the
close oc the way was $30.jl8,S37, The
accumulated war interest was sG.4S2.-
OBJ. which was added. and made the
principal debt s3GOSO.S0. During The
period Of reconstruction interest ac-
cumdlaied to the amount Of S. G37, 243.-
90 which Icing again added By the fund
ing bill made our principal debt SD
7l6,ll2.23. Two thirds Of this was
taken as tbs debt Of our State and
onc-third assigned 10 West Virginia.
with cur state the self-censtituted
trustee to collect and settle for her.
Here then was $lj,ll9,374.93 war and
tructi0n interest, two thirds Of
which, sl0,079.5iG.G2, is part Of Vir'
ginia's principal debt. Can any one
hold sincerely that this was used III
erecting and completing our improve.
ments:" Deduct this, and Virglnia's
portion Of the debt, when she was re-
stored as 4 state, vas Just 80, 27l 500
6. on the basis OF The Wanted report.
This represents the money borrowed;
this represents the money we are n
honor bound to restore, with Interest
since the Goth day OF January 1871, the
day wien congress declared that we
were again State. and not a military
district. On this we stand with sm
revolutionary sires. II they were dis
honorcd and disgraced, we coyet the
same dishonor and disrace; for if it be
dishonor and disgrace. it IS q dishonor
and disgrace that becomes Aouorabl,
and respectable by the side Of the
neiarieus purchasing Of irresponsible
legislators in 1871 10 fund ths recsn-
struction interest, and thus ROB ano
plumber a poor Wan smillen State and
people.
Next, they say 20 cents increase vii
pay the debt and establish a sinkln-
fund to liqu.date the principal. Con-
ceding, for the sake OF argument, thai
we should pay thus debt as funded. we
hold this 10 be the flimcsiest Of all tht
frauds. Only week ago some ladies
Of Richmond sent out an address repre-
scnung that 10 ceuts would be ample,
Now the gentlemen. some pof whose
wives signed that address, come up to
twenty. In noticing that address, We
extracted from an autograph letter Of
the Auditor Of Public accounts, mot The
Secoud AudIloD saving that, at the
least, 25 cents would be required. with
out taking into the estimate tie deferred
interest OF over 3t0O0,C coo, the arreRr.
ayes TO the school fund. cr the sinking
and literary funds. TAeu, lie might
have added. hat each year our produc-
tons are diminishing until they are now
only thirty miliisns instead Of fifty
millions, and that after 1890 real estate
assessments, conforming to the general
shrnkage in values, will be % per cent
less. Is it the part Of wisdom to MIS-
represent facts. or shut ones O. es to the
inevitable ? The real object Of this
practical deceit IS to get first, 20 cents
more, and then another appeal, another
turn OF the crew for the balance. The
truth is, The Richmond Spectator on
Virgiula's woe cares nothing for any
industry, and his profits realized on toll
and sweat are MEASURED BY lie rate Of
taxation upon the producer, LIS lands
aud tenements and products.
Then, as TO sinking and literary funds:
If there be anything IN the contract o!
loan, the Stale owes the first 10 her
creditors. She promised TO carry a
sinking fund to pay .her debt, and She
has done 50. Why call for 4 repudia-
ton of this and an ines, asc Of taxation
TO start another. If there be so much
honor involved let us not scotch it by
subterluge. Honor is not to be trifed
with. 1t cannot be preserved by par
tial compromises osit. If State honor
require the payment Of this debt, as