The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-03-06
Gen. Mahone's Speech.

Malone, delivered before the Re-adiusters'
Convention, which met in Richmond on the
25th of February. We DO this, not because
we agree with all the conclusions presented.
but to give to our readers the views of an
eminentVirginian, who has been prominently
connected with the Re-adjusters' movement,
We are not prepared, at this time, to dis
pute the accuracy of the figures advanced
in the remarks. although they differ from
estimates published last week, claiming to
be correct, and adduced as the basis of cal.
cnlation by those who maintain that the
present rate OF taxation will meet all the
demands OF the bondholders' proposition. -
One thing, we think, we may safely assume,
that it the revenues derived from the pres
ent rate of taxation upon the assessed val
ues of the State, will pay three per cent. for
ten years, there will be no difficulty in cal
culating that four per cent. can be paid,
from the same rate, after the expiration Of
ten years. The greatest drawback Virginia
has had to encounter in material deyelop.
ment and in the increase of taxable re-
sources. has been the unsettled condition of
our finances. Capital and enterprise have,
as it isnatural they should, avoided us in con.
sequence ofithe agitation of the important and
sensitive question Of the State debt. Capital is
not prone to jump into conflict and encounter
uncertainties. 1t seeks the association and
protection of settled laws and methods, and
the result is that our natural wealth has re-
NAMED dormant because of the bitter and
continuous agitation of the debt question.
With that determined, we may reasonably
expect fresh vigor to beimparted to all indus
trial pursuits; capital to seek our inviting
fields and genial climate, and gradual pro-
gress to be made in wealth and prosperity.
Not only this, but a rigiG system of re-
trenchment anG economy Introduced into
the management OF all the departments and
interests of the State government, ought to
effect marked reduction in the current ex-
penses, and supplemented by vigilant,
thorough and conscientious listing OF all per-
sonal properly, and a fairassessment of all real
estate. would. we think, give to lis such a
showing that 10 doubt could be entertained
Of the ability of the State to meet every obi
CATION imposed, and present reasonable
surplus at the close of each fiscal year. There
is no good reason why the expenses of the
government should not be reduced to $780,
900 annually, and with the increased reye-
nues derived from sitting assessment of
personal property, we should entertain no
serious fears Of decrease in the value OF
real property, as it would affect the aggre-
gate of revenue in the treasury, as compared
with the obligations to be met. We believe
three per cent. can be paid for the next ten
years, without increasing the rate of taxa
tion,or causing a default; and if this concu-
sion should prove correct, as we think 1t
would, then we are perfectly confident that
four per cent for the succeeding twenty years
could be paid at the present rate of taxation,
Those who may doubt this result, take
gloomy view, indeed, of the future of Vir-
ginia, and are insensible to the logic of the
past fourteen years, which have witnessed
such marvellous recuperation from the sh ock
and wastes of war. To look back to the con-
dition we experienced in 1865, and compare
it with the surroundings now; and then es-
innate the advancement that we are justified
IN expecting from our past experience, in
The ten years TO come, he must indeed be OF
responding mind, who does not contem-
plate the future with confidence, under the
auspices OF the settlement proposed for the
acceptance Of the Legislature.
We feel as much resentment and enmity
to the coupon arrangement of the PROPOSE
ton as does Gen. Malone, and as an oriei-
nal proposition, would 20 as far as he would
IN opposition to 1t. Its acceptance, in the
connection it placed and under the circum-
stances, however. is not an endorsement
OF the principle involved, but only acquies-
cence under protest. compromise implies
mutual concessions. and in consideration OF
the surrender of a stipul ated am cunt OF
tangible property, on the part of the creditors
it's proposed that the people shall yield their
repugnance to the sentiment involved in
the coupon feature. The creditors surrender
give up theoretical notion, as to provision
which is now fastened upon lis and rivit-
ed by the determination of the Supreme
Court OF the State. We gain $26, 600, 600 in
interest in the forty years the bonds have to
run, and the creditors, in return, simply re-
tain security they already have, fortified
by the decision of the Courts, As prac-
tical business arrangement the people have
all to gain. and nothing to lose /; and we
submit, that in the present condition of Vir-
ginia, we have no right to reject such as
sured benefits, because of the sentimental
notion which is connected with their ten
der.
From the spirit which pervades the re-
marks of Gen. Malone, and the manifest
anxiety he feels in a final and conclusive
settlement of the debt question, we do not
believe he would interpose objections to the
proposition of the bondholders, should the
Legislature accept it. While he, himself,
might not vote for it, were he member of
the Legislature, we do not believe, as a citi-
zen of Virginia, solicitious for her welfare,
and sensible Of the great harm that must re-
suit from continued agitation of the ques-
ton, that he would lend his name to fac
tious opposition and an exasperated cam
paign against an adjustment, which approx
imates so nearly to the terms he has sug
gested.
Virginia has been tossed and torn and ago.
nized enough under the conflicts of factions
to excite the sympathy of every loyal son,
and believing that there is not an emotion
of his nature that is not moved by her woes,
nor pulsation of his heart that does rot
vibrate with devotion to her name and fame,
we cannot think that Gen. Malone, who
has in the past so sgnally attested his love
for his State, would allow his name to be
dragged before the public in contest which
would breed nothing but disasters, and add
still further to the burthens of the people.
Extra Session Of Congress.
Congress having adjourned without maxi
ing the necessary appropriations for the |
legislative, executive and judicial expenses
OF the government for the fisca! wear end |