Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1879-07-15
SPECTATOR AND GENERAL Adv
A Leading Readjusters Views on the Nc.
Cull0ch Bill and the State Debt.

A Leading Readjusters Views ON the Nc
Cull0ch Bill and the State Debt.
Mr.. I. G. Fowler, an original read
Juster, and editor of the Bristol NeaV
has recently published letter writer
by him to Mr.. P. v. Jones. prominen
re-adjuster of Craig county in answer tt
the following questions.
"First. Should we accept the Bro
kers' Bill? If not, how and what re.
lief or better solution is offered BY fur.
Their oppo,itlon to it?
Second Do you believe that an in
crease of taxes will be necessary to carry
out its provisions?
Third. What course would you ad.
wise Readjusters to take in the elections
to take place this fall ?n
The letter is a most sensible one and
We regret that we have not the space to
publish it in full this week but will de
SO next week. In the mean time we
avail ourselves of the substance of 1t as
given by the Richmond State:
Mr.. Fowler, says, as to the first ques-
ton, that the time is past for accepting
or rejecting the cCulloch Bill, for that
it is now not Bill but an Act, and one
under which, before the next Legisla-
ture shall have met
"A portion, and in my opinion large
portion, of the debt will have been fun
ded under,i it. If the bill could be re-.
pealed then it could only be repealed as
to the unfunded portion. The funded
portion would stand in spite of any re-
peal. That much of it would have to
be accepted by US.
"Iseonfess to you in the poverty of
my Inventive faculties I do not know
what relief or better solution is offered
BY further opposition to it, at this
time"
He goes on to say that to repeal the
Bill or Act could do no good. Moreover,
that to repeal it would be to confess that
1t is worse than the original Funding
Bill, which admission would be to allow
that the Readjusters in eight years had
done nothing but harm. IA poor
plea, says Mr.. Fowler, "to go before
the country with"
Second. As to increased taxation, he
thinks the Readjusters are estopped
from its consideration
''For ten years the bill gives rs what
We aeked, If it could increase taxation
during the ten years next to come our
own terms would increase it, and we
would not be allowed to enter complaint
ii we had the face to attempt it. I do
believe this bill will make necessary a
temporary increase Of taxation, hut it |
will not last longer than any increase
our own terms would have necessitated |
inside the ten-year period. In the lap
between the new and old bills there will |
be certain arrearages that may call for q |
temporary increase. The weld between |
the two systems will be likely to leave |
bulge or swell, which we ought to get |
over pretty soon. The four per cent. |
period is little too far ahead of us for !
any safe calculation, but even the four
per cent. period will be no heavier than
the present coupon, interest on the con,
sol debt, which we are actually paying.
The question will then depend on the |
condition of the State at that time. |
With q very moderate degree of reoupe-
ration any Increase then ought to be un-
necessary. The five per cent. period is I
thirty years off,"
Touching the school fund, Mr.. Fow-
Ter declares that the act cannot hurt
IT,
IF only three bonds should be fund
ed under the bill it would increase the
of money available for free |
schools. Take the case of three one
hundred dollar bonds presented at one
time. One two Of them the hondholder
Is now getting by his tax-receivable
coupons six per cent, or twelve dol
lars On the other two we are paying, I
and must pay. AS soon as all three are |
funded under the McCulloch bill all |
three of them draw from US three perl
cent. or nine dollars, leaving three dol
lors to go the support Of free schools.
It is as clear as cloud1ess noon that |
every pair of bonds funded under this
bill saves to:free schools about one fourth
Of the interest we are now actually pay
ing. It is equally as clear that if we re-
peal and 60 back to six per cent. the
schools will remain closed until we can
devise and pass better bill. To repeal
now will keep the schools closed until
the administration of new Governor /
shall be secured, who will favor q re-
peal"
Third. AS to the course the Readius-
ters should pursue in the next Legisla-
ture, Mr.. Fowler says:
"The proper course for Readiusters
to take In the next. fall campaign.seemsl
clear to my mind. Let US
not force any extreme, or factious, or
fruitless issue that will further divide
Dur ranks and deprive US of all particle
patton in the fruits of our labors. It is
perfectly certain that considerable Dor.
lion of our forces will not go for a re-
peal of the bill. To force such an issue
now will tend to drive all such to in
crease the strength and solidify the
ranks of the late flinders. It will sim
ply make . party of them and cause
Them to cohere as such. It will open
upon us the charge that after demand
ing readjustment, we refuse to take q
single step towards 1t, under the plea
that we wish to take a longer one. It
will put US on Gus defence against the
charge that we are after political al.
llgnment, and not after relief to the
people. It will cause our ranks to dis
lntegrate under the square defeat we
thus provoke. 1t will fasten On "a the
odlQm OF bad arrangement at least"