Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1879-03-12

ward compromise must be admitted to
be wanting.
Emerging from prolonged and des-
perate war, which devastated aud diyid-
cd your territory, which drained your
best and dearest blood, which disorgan.
lied your labor system. confscated hun.
dreds of millions of taxable values upon
which your securities mainly rested,
turned generation of young men upon
the country to acquire trades and pro.
fessions at a period of their lives when
they should have been engaged IN profit
able business pursuits-which left the
State without possession beyond her
proud name and her glorious history
then it was, after you had made every
effort to discharge your obligations, in
an evil hour, the iniquitous Funding
Bill was enacted. Since then agitation
has not ceased, scheme after scheme
has been devised and promulgated, acts
have been passed, propositions aud
compromises offered and rejected. and
now that the stern necessities of the
situation have compelled a tardy and
partial recognition from the opponents
of e-adjustment among US, as well as
from the creditor, or from agencies that
assume to speak in his behalf, the at
tempt is made to deprive you Of real
relief 10y delusive measure, which by
exceptions, exemptions and discrimina-
tions takes back with one hand what It
purports to yield with the other; and
which, without abating any Of the rigors
and indignIties Of the Funding Bill, per-
petuates all Of these, adding others
which have been heretofore avoided, the
requirements Of which would still be
beyond your ability to meet them. even
if shorn of these odious features; and
this all cloaked, yelled and rendered
under a pretence of charity.
Among the most prominent objections
to the Brokers' Bill may be noted:
First. 1t imposes a liability which
cannot be discharged without an increase
of taxation.
Second. 1t increases the interest
bearing principal of the debt.
Third. 1t exempts the bonds from
taxation and correspondingly dimlnishes
the revenues Of the State.
Fourth. 1t compels every holder Of
our securities to fund his bonds through
the agency ofa syndicate ofspeculators,
instead of dealing directly with the State,
without cost Of commission.
Fifth. Itimposes on posterity burdens
greater than our own, without any rea-
sonable eXpection that they will be more
able to bear them than ourselves.
Sixth-It IS an ignominious surrender
Of an attribute Of State sovereignty
which.Re-Adjustels who feel they have
been actuated by principle cannot ac-
quiesce in for any consideration Of
compromise.
Seventh-Ignoring the re.a5sessm ent
Of 1880, it overlooks the great shrinkage
in taxable values which must result
therefrom. 1t offers such inducements
10 bonded investments as TO divert
capital from agriculture, mechanics and
labor, thus discouraging our last hope
ofrestoring prosperity-and by absorb
ing every dollar of revenue, renders i'm
possible a correction Of our deceptive
mortgage system of taxation, under
which lands pay taxes twice or thrice as
great as their nominal assessment.
Eighth-It destroys, beyond question,
the public free schools. and stubbornly
refuses to recognize the necessity to our
State of fitting for their exercise those
whom the Federal Government inyes-
ted with all the rights, privileges and
immunites of citizenship.
Ninth. 1t tacitly renders Virginia
liable for any portion of what is known
as "West Virginia certificates" which
on settlement with West Ylrglnia, may
be found moi due by West Virginia;
when on all hands it is admitted that
Virginia goes quit Of One-third OF the
debt in any contingency.
Tenth. 1t must and will fail as a meas
ure ofsettlement, and will. therefore, only
complicate our difficulties, add to our
embarrassments hinder and delay final
and satisfactory solution of our financial
troubles.
In view ofall theee facts-beleaguered
by a clamorous host without and beset
by a combination within-you, the good
people Of Virginia, have seen fit,
through your primary assemblages, TO
delegate us to general Convention for
the purpose of taking such action and
making such declarations as the exist
inc posture Of your affairs demand; and
being now duly convened and organized,
having deliberated as to what seems
best for the common welfare, not for
Cottins what is due to Others nor what
is due to you, we, IN your behalf de-
clare:
l. That Virginia fully recognizes her
Just liability for her fair proportion of
{ the public debt contracted before her
territory was divided into two separate.
distinct and Independent States.
.. That Virginia can never recognize
any liability whatever for that portion
Of the public debt Of undivided Virginia
which Should attach 10 West Virginia
3. That in any settlement of Virginia
with her creditors the annual interest
of the recognized Indebtedness must be