Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1878-09-11
Sauec for the Gaader.

under the condltlens winch MaJ'
Daniels Lynchburg platform imposed
committing himself to an imitation OF
the currency, repeal Of the COT" act O.
1869. the abolition of national banks,
and the payment of the federal debt IN
greenbacks.
We welcome these distinguished
Gentlemen into the fold. Major
Daniels able statistical speech attest
his integrity of purpose and indicates
the value Of his services to any party.
Mr.. Tucker, like the balance OF the Vir-
rinia delegation in congress for several
wears past, comes in with the vast
majority. =. g..
With these two gentlemen we have a
small unsettled account. They both
stand by and sustain the fraudulent
Virginia contract. In the very same
speeches which put them so squareiy IN
the creenback ranks, they threw IN a
few specious sentences to harmonic
their incongruous and irreconcllable
pesitiops. Here is the reason why the
people should have made REIMBURSEMENT
an issue in the congressional canvass
Greenbacks being an issue made
oreepbackers of all the candidates and Ii
readiustment had been pressed with the
same persistency, there would not have
been the ghost Of the funding faction
leftin Virginia.
But Maj, Daniel and Mr. Tucker
These gentlemen declars for gong
back by a series of repeale, to tho
wear 1860, when the col" bill was
passed. How, gentlemen, will you 40
it? VIII you repeal contract? Or de
YOU not seelone N thei, several acts Oh
congress which brought on this de-
preston and bankruptcy in the interest
of the Syndicates: Pardon us for re-
Winding you of something you have for
Gotten. or Cor telling you something
YOU have not known. We commenced
writing or grcenbacks and state banks
in 1872, and can supply your slips OF
money or want of information without
arrogance.
No where in your speeches is the re-
funding act of 1870 referred to, First
we hadthe declaratsry act fer paying
the debt in coin. The rings, as sharp
in their practices with the federal
government as with the States, did not
stop here; they secured the passage OF
bin rerunding the debt in new bonds
navable in CON. After this came the
act demonetizing silver. How will you
Get over that federal funding bill II
funding bills be irrepealable contracts
fla State legislature Of 1870 can bind
its successors for ever, how will you
release the grasp Of the congress OF the
same fatal year by subsequent
enactment?
Surely, if it be put upon the ground
OF fraud the bribed funding bill of Vir'
pinia must 90 overheard first. If it be
on the ground of the injustice which
they operate, the bill that compounded
1G millions Of war and reconstruction
interest upon a people who had lost
more than half their taxable values
must 20 overheard first. fit be on the
ground that sovereignty is impinged, ther
the bill which takes absolute control o.
the States revenues, and .wrests the
constitutional power Of taxation from
the hands of the representatives OF the
residuaries Of all power, must claim at
tention before that bill which simply
saws that the debt shall be paid in coin
and for this purpose alone refunded
Mai. Daniel says, in his Lynchbur(
speech, that the great difference be-
tween the obligations is, that Virginia
got par for her bonds while the holder
4 of United States bonds paid but 40 to 81
on the dollar, and from this he argues
consistency. No responsible readjustel
has vet based tho right Of readjustmen
on such a bottom as this. No matte
what q holder pays for his security ii
orr Judgment he is entitled to Its fac'
demand. The man who can conclude
to readjust the federal debt for such
reason should find no obstacle in th'
way Of readjusting the State debt 10
the many higher considerations upoI
which it is claimed to be right. Blu
we must demur to the whole proposl
ton. Virginia got par for her bonds b
paving subscriptions TO internal impro
ments with them. Thus the citizen
interested in the improvements had t.
stand the loss incident to a sale Of tn
bonds.when they were realized upon
The bonafdo holders or purchasers 9
the bonds never paid par for them. Blu
suppose they did; observe the anology
Virglnia's bonds have been on tn
market for Is years as mere matter TO
speculation. changing hands at 30 toS
cents TIL 1871, and from IS to 60 cent
since. And they have changed. The
have all passed from the orisin'
holders into the safes of the Syndicates
Where ore Is found in the State now,
is either a peclsr that is utterly NJ
pudiated Or a consol bought by som
one as a speculation in paying his taxes
E. cOnrerso, TIE United States bond
for 10 years have been above par an
taken as investments. One thousan
millions Of them have come back from
Europe within this period, at and abov
par. Hence in readjusting the U
States debt, we readjust the major par
e b01Io~s for Ia,