The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-03-28

The sum and substance of the argument
II the Funders against the Readjusters-
Inc Politicians against the Peoples that
5he Barbour bill, and in fact all the legisla-
lion proposed by the Readjusters, involves
the violation of contract-the contract
in the Funding bill. When the
nature of that contract is consider ed, and
the circumstances attending its creation,-
tue elements which enter into it-were it to
form the basis of an agreement Between two
citizens, there is not fair minded man in
the State who would not denounce it. 1t
must be remembered, that in estimating for
it, the then Governor placed the taxable re-
sources of the State at over 500, 100000, and
calculated that fifty cents on the 500 worth
of property, real and personal, would pro-
vide sufficient revenues to gay the interest
the contract called for, and support the
government and free schools, and leave
surplus of $1,000 in the Treasury annually.
When the assessment of the property in
the State was made, it was found that the
instead of s7OO,OOO,00O there were but
$751;, 1000, 900, aud that to meet the condi-
tions Of the contract it would require at
least double the rate of taxation. The
bill was voted for with the understand
ing that the estimates were correct, and
that fifty cents on the 500 would meet all
demands. Here was what is called contract
based upon Observation-Disclosures that had
nothing in truth to justify them. Were a
citizen 10 be thus deceived into making a
contract, would he not use his utmost en-
deavors to relieve himself from it?
&. Then the assumed contract was vitiated
| in the manner of its contamination. 1t is
charged, and never successfully denied. that
corrupt agencies were employed to perfect
it. Pretense after pretense of investigation
has been made, but no searching scrutiny
has been secured. The last Legislature ap-
pointed committee for that purpose, but
it produced no fruits, and we doubt whetli
er there was an earnest purpose to probe the
matter at all.
The assumed contract is Of monsrrous pre-.
ten.ons. 1t destroys the very vtals of the
body poltic-it absorbs the life blood OF the
State. To carry it out implies ruin and
bankruptcy to the people, who were never
consulted in its construction, and who were
perfectly ignorant of Its character and, de-
structivc operation.
1t involves the exercise of legislative pow
er never contemplated in government
in conflict with the safeguards which pre-
serve government, and destructive of TIN
autonomy that conserves society and pro
tects from anarchy. None of the ''analo
gies of the fathers'' can be invoked to jus
tify the absorption of the sources of govern
menJal life.
= It is such a contract that is claimed by til
Politicians the People are bound to-a con
tract founded on falsehood, consummate
in fraud, and destructive 20 government an
society in its operation.
1t is estimated that fifteen millions of dol
lars preferred by this contract were pull
: chased by spectators at an average cost G
1 SO cents on the dollar, and that this fiftee
millions of dollars held by the Spectator
D secured the confirmation Of the contract
which bound the people, who had lost fou
hundred and sixty millions OF dollars in val
: ues, upon which the original bonds .wer
based.
: This contract compounds the interest upo
a ten millions of accrued interest, which az
t gregated while all the resources of the pei
| pie, with their blood and lives, were ded
y Gated to the purpose of war. 1t fastens
= per cent. upon what it was ayr ed pr
> cent. should be charged, and taunts tn
' people with the manacles which seal the
IL inevitable doom.