The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-08-14

~ on the failure of that expedent to sell certif
1cates OF Indebtedness at price in no case less
than seventyiye cents on the dollar.
1t is plain that the revenue Of the State will be
sufficient for all purposes unless the past-due
coupons are all presented at once. within
short period. The experiences OF the past does
not Justify the belief that they will be presen-
ted. and the communication OF the Auditor dated
august l. 1879, heretofore referred to, shows that
he mas been able during the current year to repay
the money borrowed from the banks the interest
on the new bonds due July l, 49, and to distribute
in addition large sum to the public schools; and
this has been done notwthst inding the fact that
larger amount of coupons have come in than ever
before during the same period. We can safely say,
therefore. that the trouble is past, and that
certificates need ever be sold; for the rate at
which the refundingis being accomplished will
soon stop the flow OF old coupons into the Treas
ury. We have satisfactory information that up
to this date about $l2, 900 of bonds under
the control of the funding associations, Including
upwards of s. 0O0,00O presented for funding be-
fore July l. 1879.
In this statement We have given every doubt
against the Commonwealth-every chance against
the settlement. Pursuing the sane resolves
proceed, in fine, to consider the consequences of
an alleged diminution of the revenues, resulting
from reassessinent of lands. which will be maze
in 1880. and the effect of such reduction on this
adjustment. No one anticipates, or has predicted
a larger reduction of the gross returns from lands
than one-fourth. Concede for argument that
such will be the case. We informed by the
derived from real estate amounted to 81 O75,S7o.60
One-fourth Of which is 1888 64265 OF this one
fifth. or $53763 So, will under the law he lost to
the schools; so that the remaining four-dfths Ito
wit S2i5.074 l2-will represent the amount to be
deducted from the aboye-stated surplus OF 1920
%. But we do not believe that SUCH a reduction
of values is possible.
RESULT OF THE sETTLEIENT.
1t is therefore, plain that if the worst appre-
tensions OF the most despondent are realized, if
the depression OF business should continue if no
further reduction of the expenses OF the Govern
ment be practicable. if the wisdom of the Legis-
lature should fail to provide additional sources
Of public revenue, if no new capital, or thrift, or
Industry should appear in Virginia. if every bond
and its certificate of interest issued by Virginia
"a third of which were issued twenty-five
years ago. should be presented still the Consefv-
ative party has redeemed its pledge, has soivef
the great diff u ty, has brought the debt within
the ability of tue State without new burdens up
the people and has preserved in the settlement
the good faith and credit of virginia.
We claim this wise and beneficial settlement to
be distinctly Conservative measure
Here again we appeal to The record.
The McCulloch bill was Senate bill, and pass
ed that body on the 5th of March. 1879, LS recor
ded vote of 28 ayes TO 8 noes. Senate Journal, D.
453 In the list Of the 20 ayes name appears
Independents; while OF the noes, but were Con
sentative. The bill passed the House of Dele
gates March "a 1879, by recorded vote OF rs ayes
10 so noes. blouse journal, page 5i,.) OF these
rs ayes, - were Conservatives, vii lie the So
noes, but "a were Cons ,rvatIyes Thus of the l29
Conservatives in the Legislature who voted upon
the bill 100 voted for it and only rs voted against
it, showing that more I'll an tree-fourths OF the
conservative members OF the Legislature sustain
ed the bill, while of the 81 Independents and Re
publicans who voted upon the bill 81 opposed
ana only four sustained it. no commentary on
these plain figures is needed TO prove thatit was
the Conservative party, acting through their
chosen delegates, which Introduced, shaped, aid
carried through this great bill of peace As mi ht
be expected in shaping the features of the bill,
there were conflicts of Judgment among these
true and faithful Conservatives; but they exhibit
ted patriotism sufficient to yield their personal
views and compose their differences in order to
accomplish a great public good. For this benef-
cent public service, fellow Conservatives of Vir-
GINA, yout party is assailed your organization
repudiated and your authority defed by a fac
tiou who show claim to your confide nee or
support.
THE MOZART AGITAToRS.
In the midst of the labors of this Legislature,
wnen every patriotic fnen"er WAS earnestly
striving to effest beneficial settlement this fac
lion appeared Under call for caucus of all the
opponents of the McCulloch bill. convention
composed of Independents and Republicans as
semDled at Mozart Hail, in Richmond, on the 25th
OF February, 1879 and proceeded to organize a
new party, Wi tn complete party machinery, out
ers OF this faction, who call tieulselve s r. Jus
ters, without waiting for the result of any
amendments notifications to the bill |
then pending in the Legislature proclaimed the ir |
hostility to it, and avowed their purpose this |
single issue to set up a rival and competing par
uy organization throughout Virginia, pledged to |
resist the McCulloch bill, matter by what i'm |
should be passed. They openly invited into their |
organization recruits from all sources They /
tried to induce Republicans to join them. bat |
they have had only small success in this. They
resi- sted every remOnstrance and appeal to for
bear from sowing discord in the Conserv alive |
ranks, and to yield as loyal and reasonable mi
norlty should always yield, to the expressed
of the party whose name they claim to wear.
Deaf to all SIIch dnfiad the