Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1879-03-05

tlclpating IN the Dement'S oil the pro-
posed law, This attempt to eliminate
an Obligation, as sacred as any other
portion of the deb, is to rob the pub
llc free schools of an annual revenue
of over $4,000.
To effect any settlement, it is ad-
mitted by the proposition under con
sideration that the legislative power
must be exercised That measures OF
force are essential to its SUCCESS.
If the legislative power is to be
thus employed to induce A readjust-
ment of the debt upon my terms,
wherefore the propriety to exercize
that power in favor of any agency
whatever? Why compel the bond
holder, to approach the State through
any Intermediary? at such cost as he
may impose.
If the legislature power is to be
employed, as in the proposed bill indi'
Gated, why is the execution OF the
programme committee to others than
the duly constituted officials Of the
State?
Sir, in what | have said | have had
but one object, and that was to ex-
press one idea-an idea neither new
nor peculiar to myself-to-wit: that
the people of Virginia pay as high a
rate of taxation as they can, or rs any
rate, as they will pay. If gentlemeo
object to my statement, that they
pay as much as they can, | will re.
strict the term to the expression twill. 70
For the purposd of this argument, 1t
is immateraI whether | say can or
will. Few contest the proposition that
they pay as high rate rs they will
consen, to bear. If this be true, l
follow it by the statement that now,as
ever, | am willing and anxious to
procure final settlement of the debt
at rate of interest which will absorb
the revenue of the State, after deduct
ing the costs of administering the Gov
erumant frugally, and the due mamie"
nance of the public free schools, as
provided by the Constitution. To do
more, is impossible; TO do less would
be dishonest
Impoverished and disheartened IS
are our people; Onerous and oPpresS-
sive as is the present rate OF taxation;
opposed as have been, and still am
to any increase thereof; and certain as
am that such increase, to some ex-
tent, mast be necessary after ISIS O,ye'
to secure the great object of settle
mcnt of this question, and to avoid
that direst of all calamllies TO the
State, a reputation of Its obligations;
unless some settlement can be arrived
at, upon terms at least possible, though
difficult of endurance, | would earn.
eslly advise this people to accept a
permanent settlement ats per cent,
believing that they would, if called
upon, see that the quiet rcpose gained
thereby would counterbalance the
lhard.hipt IF an increase which, they
are so little able to bear would
use my best endeavors to secure q
vote of the people sanctionng set
element at per cent. for - years on
the basis Of S32,977,O6O,O2. - And
this settlement being ratified, | would
enforce it by the Legislature ana
courts, whose powers | believe to be
fully adequate thereto. would do so
because believe it tc be right Be
cause | believe it is the oply way to
avoid consequences we would regret
deeply. Because | believe Ii is to the
best interest OF the bondholler and
the tax payer. And because believe
it is a duty We owe to the Commons
wealth of Virginia
Mr.. Chairmlo. | may be pardoned'
in conclusion, for saying word as to
the ungenerous and unjust assaults
which have long and continuously
been directed against all who have
entertained opinions in common with
me upon the great question OF the
Public Debt. Our views have been
misrepresented, our motives asSa'led,
ourselves illuminated A. for my
self, | am willing to leave my vIndi'
cation to time. Sooner or later, but
with certainty, it will come. The In'
exorable logic of events will demons
strate the truth. Let those who
have arrogantly presumed to questlon
the intelligence, the PATRIOTISM and
the character Of the great mass OF the
people of Virginia who differ with
them. continue so to do. The march
of public opinion is not slow upon n"
portant political questions. Eight
years ago the opponents of the Funds
Iing Bill, were denounced as dishonest
and repudiationists. Now that bill Is
held in almost universal adherence.
Little more than ayear ago, Forciblc
Readiu,tmeut, upon the basis OF the
Ipresent rate Of taxation, was denounc-
ed in still more unmeasured terms
Now all parties -BoadholderS, Fund
ers AID Re Adjusters-agree that the
present rate of taxation is as heavy as
the people can bear, and that force (by
Ilegislation) is necessary to consumate
any rcadiustment What shadowy
line shall finally distinguish the NOR
atty of the debt>payers and that OF
the Readjusters? | have earnestly, and
with intense conviction, sought set
dement, which shall be practicable and
which will prevent the stigma OF rePu-
diation from attaching TO the far
name of Virginia i the oondlct OF
our public affairs as guided by wis
dom, and not by defamation, ! be.
lieve an adjustment will be attained
which will be honorable and just; but
whatever that result may be. | shall
continue to advocate earnestly the con-
yictons which | have HONESTLY enter
tanned.
The magnitude of this theme Gle.
Yates it above the plane OF personal