Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1879-08-19
CONTINUED FROM lsr PACE.

they are working the machinery Of an
Independent party a over Virginia,
are callirg conventions to put their
candidates for the Legislature in the
field. and are seeking TO OH all branch.
es of the State Government With per.
sons nominal and to be elected un
der their party machinery. There can
be no denial 10 the plain nfere, ce
from All these dnings that this fartirn
Is seeking 10 iule or ruiz the Conscr-
vative party. Ii they succeed In their
plans the disruption and downfall Of
our party is inevitable.
HOW TO DEAL WITH TIE AGIrAT0Rs.
No clearer duty could he Imposed Oh
us az committee charged with main-
tainiug the organization and vindica-
ting the principles and policy of our
party than TO invoke Conservatives in
every county and town to brand with
their reprobation these fa,tionists.
and their schemes to erect new par
ty upon the ruins Of Conservatism in
Virginia. The leaders OF this rarity
make but ore pretence for their disor-
ganizing and destructive course. They
profess but one poliey-riz The re.
peal of the deb: settlement Yet most
of their conspicuous leaders approved
legislative measures to settle the debt,
which, II carried out, would have left
heavier burdens on The people than
will be borne under the provisions of
the McCulloch hill. Many of them
supported the Barbour billn as MON.
bers OF the Legislature. This hill pro-
vided for as large tax on property as
VIII be imposed 10y the McCulloch
blll-viz fifty ceuts upon the hun
dred dolla's. Yet 1t obtained no re-
lease to the people from the principal
or interest stipulated in the bonds,
aud left the accumulation of the un.
paid art Of the per cent interest to
swell up in annual deficits Of nearly
million dollars. On the other hand.
by the McCulloch hill. the creditors
TO reduce the rate of interest 10 lin.
II which we have shown will enable
the State to pay Off all the interest ac.
cruing each year. The Barbour bill
required the farmers, because they
owned property, to pay up in cash
thirty-five cents on the hundred dol
lara Of their property, and allowed the
license-taxes Of merchants and profess
sional men, &c, TO he paid in coupons.
There is 10 discrimination among tax
payers in the McCulloch bill.
The "readjusters" cry out against
tue coupon feature Ct the McCulloch
bill. They declalm against what they
style the degradation to Virginia in
flicted by the coupons. The dema.
gogery of this is transparent. Which
Is more consistent with the peace,
prosperity. and honor OF Virginia, to
accept the McCulloch settlement,
whereby the creditors agree to reduce
the annual burden Of interest 10 that
the coupons for interest when paid at
the Treasury will still leave money
enough to meet the expenses of the
government and maintain its schools,
or to listen TO counsellors who reject
such an offer to leave Virginia still
bound with the shackles OF coupons
for largely more than the amount i'm.
posed by the McCulloch bill. leaving
her bound for annual deficits which
swell year by year md disable her
from maintaining her public schools,
and deluding her people with the reck.
oss assertion that she can maintain
her prosperity, peace and fair name,
and get rid Of her debt by defying the
solemn action of the Legislatures aud
courts, by denouncing her creditors,
and by setting up revolutionary
government to repudlatc her solemn
contracts?
These opponents 0f the debt settle
ment make large drafts upon what
they presume to be popular ignorance
In other assaults upon the McCuloch
bill. They inveigh against the ex.
emptlon Of tho bonds from taxation.
The creditors agree to surrender near.
ly million Of dollars year Of annu-
al Interest for ten years. aud nearly
six hundred thousand for the next
twenty years. II Is well known that
only ten millions Of the bonds are held
IN Virginia, under recent decision
Of the Supreme Court of the United
States, and must he taxed nj their
market value. Virginia therefore
practically surrcnders tax amount.
Ing to about twenty-five thousand dol.
lars IN settlement by which the cred.
itors surrender the above large amount
Yet some Of tho chief Of said oppo.
nents who thus seek 10 impose on the
people actually voted for the Bocock-
Fowler bill, which equally exempted
the bonds from taxation.
These agiiaiors for repeal fall TO tell
the people what they eau do for their
benefit In case the settlement Is de-
Htroyed, They fail to tell the people
that II destroyed II will place hack
again on their shoulders the entire
burded Of the old funding bill Of 1871
that the people become bound again
for ten yeam for upwards OF nluo hun.
bred thousand dollars Of
yenrly interest more than they are
bound for under the settlement, and