Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1879-07-18

Cdilcu tuo UtcuJuStcio parry III tiO itb@o '-AH- .
stature and an opponent Of the bill for setting the
State debt which vas passed by that body:
BRISTOL, VA, June 2s, 1879,
Mr.. Paris Y. Jones:
Dear Sir-Yvui esteemed favor of 18th instant
would have Tech answered sooner but iof uhssVoiu
able absence from my office
Recognizing you It's 4 senuin.. alb e1hcient lesu-
ing is cohsutil with tlosu MIRO ~ years nisSo
tried to aid each t.ier in IN; 80 = a. s.IaI pefuoa
of our State debt M-hia tlii mo. ABILITY OF our
people to pay, v ~ Chez luIly respond 10 your
specific Inquiries, Which az; a, lo!ioMS; uo
III. st. Should we ac cpu The boxers Dii: u hoI
how and what It.. better solution is onefeo ny
further opposition t Ii.
second. Do youb ii We that an increase OF taxes
will be necessary to carry OUT lis 2rotlsionsY
Third WHAT g. rse Would you advise readius
tiers take ia lie e.ecCiOns 70 take place Inns Idll!
Tucse questions strike at the root OF the whole
m.tter-cuver the situation co nplclely. TO answer
them properly w.uid be 10 tell what reaulusssei
should nov 40 From SUCH an attempt 1 nave 50 la
slruk feeling that, unless have something sue.
stan tally better u Uler than the McCuOch Dlii, !
had better remain silent. need not tell you thai
our party is divided. Ii divided Ill the ieglSla
lure last winter. Otherwise, tlis bill would not may.
passed. The same body chat pa seq the 6 D
pa'sed ", te @ 0ii wnas We had EFT de
cided tina. Jugh Juld be left to pay the amounts
required by This uilL need not tel you that SIM
readjusters at home Feeling keenly the magni
Jude uf lhis lent in our ranks, have been embar-
Journalist to indicate as best could the line of duty
and a profound iLdspositi0n to array myself in
seeming ~ ses q my SS saYs
linus far remained silent, hoping that current and
rapidly-approacnlns developments might prevent an
issue Ia our ranks. was deeply SOlicitOuS Tor the
final glory OF movement, and as deeply anxious
for that glory to a.tach to each and every member
Of our party without single exception inave Deea
OF the other wing OF it might place itself In posi-
ton where its fair share in the honor OF
by the J general public We have baIted for eight
years. and have not been, and am not now, will
ing tx hose VINO @ se I ase s that run While
would noS nJ.nly volunteer to inject my opinions
Into The canvass will not shrink .rol Iie duty 10
do So when called on ior them. SO p. oceeu, as vel
as can, to answer your questions Scrt0ttm:
First ldo not tnk we lave NV the op? 93
refuse to fund under it. You will remember en-
Sery the acce
Before Went to the last session told my friends
here would attempt to have submitted to a vote OF
debt settlement. introduced that amendment 10
the BILL but it defeated in the House by 10 to Al.
When the next legislature shall meet in December
next. portion (and in my opinion large porLion)
OF the debt will have been funded uider it. Ii the
Dill could De o cona o yd pe 5poyen
would stand in spite of any repeal. That much OF
it would haze to be accepted" by us.
faculties do not now know what relief OF better
solution is offered by further opposition 10 it, at
lulS Ilnle
We must remember that the EXTREMIST proposition
of party has been to pay three per cent. on the
Whole debt This bill gives us our EXTREMIST de-
mandS for ten years. Or nearly So Aside from the
view that renewal of tie agitation would be for
point ten years ahead of must consider as to
now if We now repeal and 90 back to si1 per cent,
we are going to get away again from six per cent.
There are ways to do it, admit, but they are very
extreme ones and would require grlp 81 popular
could never be excited under the old six percent
settlement and would be still more difficult to ex
Of it is SO neatly impracticable that think we had
as well abandon it. In other words, think this bill
give us all we wished, nor all we ought to have had
With all the industry and power could command
endeavored to prevent its passage in its present
would do SO again. A majority OF the Legislature
have taken on themselves the responsibility OF &C
cepting its bad features. Its good features were Sc
them.
from that position again. could only be justified by
those Of friends who think this bill is worse thai
am not willing to make. Such an assertion proves
much Ii, after battling with the pubic debt fol
worse fix than we found it, We had better quit the
agitation Certainly think this is poor plea to &C
before the country with There are features in th,
bill which would again resist with all my might il
it were now before me, as did when it was before
last winter But will not say to the people tina
BATTLE instead of betterng their situation
promised, has rendered it Infinitely wOrSe.' Sucf
would be confession of our incapacity to manage
it, and our employers, the people, would be apt tt
Second. AS to an increase OF taxation. think We
estopped from considering that question during
the ten year period. For ten years Inc bill gives
what we asked If it could increase taxation during
the ten years next to come our own terms would in
crease it, and we would not be allowed to enter tnt
complaint if we had the face 10 attempt it, do he
iieve the bill will make necessary temporary in
crease Of taxation but VIII no. last longsr thar
inside the teu-year period. In the lap between
the new and old bills there will be certain arreara
ges that may cal for a temporary increase. The
weld between the two systems will be likely to leavt
bulge or swell which we ought to get over prett.
of us for any safe calculation, but even the pei
period will be no heavier than the present coupon
interest on the co1sol debt which we are actually
dition of the State at that time. With very mod.
crate degree OF recuperation, any increase, then
THU ty years Off Most Of us old enough to vott
in this campaign will then be dead and our power
duty to look after the future is in which the
question Of limitation enters. as it does as 10 most
our responsibilities for the past. moreover if thu
credit of The State should then be good and surely
thirty years is enough for thai experiment. we car
then easily borrow money at four per cent. to pay
of the per cent. bonds as the Federal Government
has recently DONE Practically consider the bill
one at three and four per cent. 1t is not to be for
gotten too, that, even If we cannot demonstrate
remote increase under this bill improbable, sucl
must even more so be the case if we should repea
and go back to six For then, even if we should re
pudte the peeler interest tie consol interest on two
much heavier burden than the McCulloch bill does
Tie sponsor for the bill-those who voted for it
have declared and detained that it will not in
crease taxation. If it does, then they to be held
accountable for it.
It is alleged by some of our friends that this bill
destroys the school fund This charge is one which
my calculation does not sustain The bill provides
that no funding can be done under it that does moi
one peeer SO that three bonds are the least mum
Der that can be funded at any one time Ii only
three bonds should be funded under the BILL it would
"a Nf ,n1nu aitD1,1n f.,r f,or
schools Take the case Of three one-hundred dollar
bonds presented at one time. On two OF them the
or dr Te oahst
pee1er bond we pay no interest on, simply because
the holder cannot enforce its collection. But the
$l2 on the other two we are paying and must pay
As soon as all three funded under the McCuloct
bill all three of them draw from three per cent OF
nine dollars, leaving three dollars to go to the sup
port of free schools 1t is as clear as coudess noon
that every pair of bonds funded under this
to free schools about onefourth OF the interest
if we repeal and go back to six per cent the schools
will remain closed until we can devise and pass
closed until the administration of new Governor
shall be secured who will favor repeal. When that
set saa oot ON bill WINS f sure
set its foot any bill repeating the McCulloch bill
The yeto still co1fronts as.
in the next tall campaign seems reasonably clear
my mind. Let us not force any extreme or factious
and deprive us of all participation in the fruits OF
our labors. 1t is perfectly certain that consider
able portion of our forces will go for repeal OF
the bill. To force such an issue now will lend to
drive al such to- increase the strength and sodfy
the ranks OF the late funders. 1t will simply make
q 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 a single step
towards it, under the plea that we wish to take a
longer ene. 1t will put us on our defence against
the charge that we are after political alignment,
and not after relief the people. 1t will cause our
ranks to disintegrate under the square defeat we
thus provoke. 1t will fasten upon US the odium OF
bad management at least.
Imagine not that am per the friend of this bill
simply view it from the standpoint of lS79S and
not from that Of 1889. I am acting on the pre-
it. am now speaking after the passage and under
the absolute execution Of the bill. Last winter I
spoke and acted prior to the passage of it, and while
readjustment had practically not been touched. The
Allen amendment considered legislative outrage,
and if repeaable it ought to be repealed, 1 think
On this, point there is some difference of opinion,
some able lawyers conteuding it can be repealed at
the pleasure of the State now hereafter If this
should be true it may prove comparatively harmless
Hoping you will agree with me in these views, 1
nv invoking n tn foo thstj