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


taxes. They have authority to borro"
money Of the banks, at 6 per cent IN
terest, to pay interest on the debt. and
failing in this, to issue certificates ol
dollars 10 be sold at - cents and re-
ceiycd back as dollars. On every dol
lar so sold aud received there is
loss of 33I per cent, which the tax
payer must ultimately make up; ane
the profits on the certificate will 90 into
the pockets of little jobbers and specu'
lators and banks who will buy them
while tho mechanic is IN his shop and
the farmer at his plOw, to sell to them
when the tax time comes. Here and
there will be a man who Will look tc
to this matter and save 33l per cent,
but the mass of tax payers will never
hear of them except from speculator;
who will watch and monopolize The
traffic. Lei us in this connection ac'
&C pit the prcpostcrous proposition that
the school bill referred to will stand
1t covers only three.fourths ofthe school
fund. The teacher ia to get nothing fol
this but scrip,-not payable in money
but receivable for taxes, which must be
sold in competition with the certitica-
tes and coupons. Who can look al
this matter without seeing in it the totaI
annlbiI alton of our school sy stem.
One feature ofthis bill deserves spe
cial notice. 1t is a lamentable fact that
no interest has been paid on what is
plalntively called the Orphan bonds"
since the war. After funding war in
terest dollar for dollar. this small, but
lust. debt is funded at so cents on the
dollar. Those who have gotten nothing
all these years are now torci6ly settled
with at half. whilo those who held con-
soils. and have been getting interest
avery year. have war interest funded
dollar for dollar. But this is not all.
The law gives the courts exclusive Ju'
risdiction of fiduciary funds. This bill
diyests that jurisdiction and authorizes
their investment in these new bonds.
So that the orphans Of our state are to
become the wards of broke rs, and their
intermediate guardians may settle with
them, by little bond chicanery, at
three per cent. while their small inher-
ltance is used at six to ten per cent
the excess pocketed by the guardian.
Again; peeler bond can only be
funded when presented along with
double the amount in consol bonds
The holder of s2500 Of peelers must sell
$4,000 of his bonds to get $1,000 of con-
soils. and then tund into $500 bond.
Reverse the case: the holder OF s25OO
of consols can take $500 of bis bonds
and buy $1,000 of peclers, and fund into
bond Of $4,000. This is forcible re-
adjustment of the most degrading char
acter. 1t is the hand of power on the
throat of the peeler holder with de-
mand for his money or his life. For
whose benefit fsrsooth? The jobbers,
the spectators and syndicates. 1t this
species of fsrcible readjustment be hon
orable IN the estimation OF the whited
sepulchres of finance, how much more
honorable would it be to exercise that
force which may be necessary TO settle
our debt according to the law and the
equities and the changed circumstances
Of the debtor The force oflaw and its
sovereign execution is the only force
which torcible readjusters would rssert
to. The force which this bill employs
ia the force of the highwayman. The
on. would resort TO it for the psbllc
good. the other for private gain. y,
honesty how many crimes are commit
ted in thy name!
Last but least, accepting the estimates
ofa funding auditor, we ustincrease the
rate of taxation to SO, Ga and 733 cents.
respectively, within a few years. On
these Objectionable features and Others
I will amplify during the canvass.
Are we ready and willing for an in
crease OF taxes? For myself l prefer
to get little nearer to the times OF %
wears ago when 10 cents on the 800.
was all that was demanded.
Having exceeded all reasonable
bounds, l cannot now notice the figures
and arguments advanced in support OF
the brokers' bill. Some OF those who
present them do so at second hand,
themselves believing in their correct
ness. Ny observation is that the whole
dish is first served by one or two met
ropolitan organs that will grind out any
tune that is paid for, and upon these
too many over-credulous men are con-
tent to rest without investigation. l
have seen a statement that the Barbour
bill proposed to pay more than this. 1t
is passing strange that Gov. Holiday
vetoed and all the lunders denounced
that bill as measure Of repudiatlou.-
However, it is too absurd to discuss
Were it not that 100000 is appropriated
with approval to those two big free
schools-tho University and Institute -
we might infer that bill was only dis
approved because It protected icih mon
ey those smaller educational institutions
which the message called mere "hru-
nes" to be dispensed with at the beck
Of a syndicate.
One argument, FIT may be so called,
demands a passing notice. It's as ex-
presslve as brief. "DOat 0gitate P !!
Herein lies the danger. To prevent
agitation the bill was headed 'private
and confidential" For the same rea-
son, after it had been defeated at the