Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1879-08-27

jobbers insisted, as they do now, upon
repudiating the literary fund, and fixed
our debt at s29, ,350,S26. This COM
pounded on US a fraction over Q millions
of war and reconstruction interest. all
to bear interest at six per cent. For
eight years the newspapers, the lawyers
and the sycophants of so-called society
argued that this was just settlement.
DEPRESSING for a moment, 1 recollect
when. in 1871, assailed this bill in my
feeble way the tunders Of our county
served nothing but epithets and dcnun-
citation of the harshest kind. From that
time to this, although onr schools were
being destroyed and our debt accumula-
ting, no readjuster was honest in their
esteem, and "forciblc rcadjuster" wa
the synonym OF highway robber."-
Now they are all iorclblc readiusterS
claiming to have saved the State by the
Brokers' bill" and proclaiming all op-
ponents as so many demagogues and
agitators. Now they come with pre-
amble conceaing that "the rate of inter-
est is greater than can be borne Titheut
destroying the industrial interests Of the
State" so yo generation of vipers I!
who hath warned We to flee from the
wrath to come? Bring forth meat fit for
repentance" Aud their meat is the
McCulloch bill, in which the interest IL
reduced to three, four and five per cent,
and all of our expenses are brought
within the revenues Of the State derlv-
ed from the present rate of taxation"
So, under the old funding bill. the sweet
lullaby was, "we got you rid OF one'
third the debt" We were left to find
out for ourselves that the twO-thirds
funded was equivalent to the three
thirds unfunded. When'they deceived
us then, it was their fault. If we per-
NIT them to deceive us asa.n it Will be
our fault.
The Brokers Bill came from New
York ; it was printed there by syndi-
cate of brokers, and the first line OF 1t
was "PRIvATE AND CONFIDENTIAL"
The history of its passage in the Senate
is a burning shame and scarcely less
disgraceful than would have been vote
of absolute reputation. Both the rules
of the body and the constitution OF the
State were set at utter defiance at the
behest of a lobby. Armed with the
nroots. I will challenge contradiction OF
this when l take the question upon the
hustngs.
Accepting the figures of the funders
we ascertain that the first bill added
nine millions of war interest to our
debt. This late bill begins where that
one left off. It retains the war interest
az principal and capitalizes an interest
bearing debt of s33.lO3,5O3, besides
floating debt unprosided for of 81, ,4OS'
o2S. This last compounding is 80 cents
on the dollar Of defaulted interest since
our rehabilitation as State. In the pres
ent condition Of Virginia, l question
the policy of funding any interest; but
how those who are so much more hon.
est by profession can fund war interest
dolla, for dollar and interest since at
fifty cents, is beyond my comprehen-
sion. But this aside, The principal
upon which we. should pay interest is
500. .345, ,S92. This bill puts it at $685.
lO3. SOB. We DO not reach the three
per cent period till 1888, and when we
strike four per cent we will pay slO4,OOO
more interest per anpum than six per
cent on our acknowledged debt, be-
sides releasing 5000 to the bond hol-
der 10 exempting his bonds from taxa
ton for State purposes alone. When
we reach the per cent period we will
pay a fraction over per cent on the
debt we recognize and, finally, we
have the war interest to pay as princl-
nal. which do not believe any rule OF
law or ethics obliges us to do. | heard
Il said that this last need not concern
us as ",ce pould all be dead and IN h
before the time for paying principal ar
rires." hope not. Nor would con-
sent to the unmanly compromise that
fastens upon the already bowed necks
of our children yoke We Indignantly
spnrn. But here again is error ; for
the bill undertakes to bind US TO in~
crease taxes in 1885, to begin the pay
ment of principal.
Here might confidently submit the
question. Is this such a settlement as
we should accept? but other and still
stronger reasons impel an unqualified
negative, Louisiana has reduced her
debt to half and pays two, three and
four per cent; Georgia settled her 80
millions at 10 millions; North Carolina
her % millions at 81 millions, and
South Carolina hers at 25 cents on the
dollar; and so on throughout the South
except Tennessee where by popular
vote a proposition to settle at so cents
on the dollar was last week rejected.
Old Virginia, dismembered, the Poland
of America, the Niobe Of states, adds 60
per cent to her interest bearing debt,
aud mortgages her labor, her business
her property, her revenues, her 'over-
eighty for forty years to pay il. Wheth-
er we have a Joshua and Caleb
among us destined to see the land OF
promise at the expiration OF this SYM
bolic period of bondage let the credulous
progmosticator Of the good times coming
conjecture. Mathematical demonstra-
ton makes the conclusion inevitable
with me that all must go down in n