The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1880-01-08
Re-Adjuster's View Of It.

Re-Adjuster's View Of It.
The Richmond Whig Of the Sd, in three
column review Of the debt situation of Vir-
ginia, concludes with the following outlines
OF the basis Of settlement OF the contro-
versy. The article from which it is taken
was evidently maturely considered, and the
statement below may be taken as an author
itative announcement Of the purpose of the
majority OF the Legislature
The work of settlement is more than half
accomplished by the events OF the last thr.
ty days. The Interests of all parties con-
oerned demand that 1t should be brought to
speedy completion. There is no need for
delay, for there are no unknown quantities
to be determined. There is the total of all
the claims-all classes are to be treated
alike; here is the annual revenue. The ex-
penses OF government and the school fund
can be Appropriated almost to accuracy.
The revenue cannot be increased. It is in
sufficient to carry the present disjointed
debt, and the McCulloch scheme has been
disowned by the people as impracticable
and odiOus. From these data 1t will not be
difficult to ascertain what Virginia can with
certainty and regularity pay; and then it
will only remain to formulate the contract.
emitting the Intervention of syndcates and
usurers emitting the unconstitutional and
CALLING feature Of the self.collecting cou-
pons snbjecting to taxation as the Con.
stitution requires, equally with other prop
erty, the bonds held within the State and
making the bonds, principal and interest,
payable In lawful money. The popular rati.
fication which will assuredly give such set
Element, and which the majority of the Gen.
eral Assembly are pledged to seek, will give
to the obligation security which no coupon
or like device could ever bestow, and the
bond-holder would be more than remuner-
sted for any apparent compromise of his
claim by the certain productiveness and per-
manent value thus to be bestowed upon his
property. And, we trust and believe, II any
further obstruction to final composition of
our financial troubles Is to come from any
quarter, the real creditors Of Virginia, the
holders Of her bonds, will not be privy to it;
that they will not repeat the error OF intrust.
ing their affairs to faction which has neith-
er authority to speak for the people of the
Commonwealth, nor power to bind them;
that they will neither encourage nor counts
enance any new attempt to avert a necessi-
ty so painfully apparent or thwart the pop
ular will so emphatically expressed. Their
hopes and safety rest now with the Read
justers and we hazard nothing in saying
for the majority of the General Assembly,
that while they will. as in duty bound, obey
to the letter the instructions conveyed to
them through the ballot-box, they will have
all the regard for the interests of the credi.
tor that the exigencies OF the case and the
nature OF those instructions will allow. II
left free to execute the commissions with
which they stand charged, the State and
the people and the bondholders will
be lifted out OF this slough into which
cowardly and insincere policy have
plunged them, and the day is not far
distant when no voice will be raised
except in surprise that the path Of reason
and of honesty could have been so long neg
lected. To pay what we can, and to pro-
mise no more than we can pay. is the home
ly platform upon which the Re-Adjusters
now stand, and propose to enforce their
victory. And they intend differing in this
from the sensitively honorable gentlemen
who sacrificed Virginia and her creditors to
the greed of MCCULLoCH & Coz, that no
greedy go-between shall fatten either upon
the necessities of the State or the misfortune
OF the bondholder. Every dollar that nee
essity requires to be lost to the creditor will
be saved to the people; and every dollar
paid by the people on account OF the debt
will 90 to the bondholder. We will not un.
dertake so much as the Funders did. The old
maxim says that San ounce of performance
is worth ton of PROMISE" But we speak
for the people, and what we promise will be
fulfilled. The fashion Of our opponents has
been to pledge indefinitely and redeem not
at all-content after the manner of all the
specimens of the genus MICAwBER to can
Gel their protested notes by handing due bill
to Mr.. TRADDLEs. We will change all that;
and, flying the flag of Truth, W i'll have small
fear thus to violate any substantial senti-
ment of Honor.
And If any further harm comes to the
name of Virginia, il the public creditors sui-
fer any other loss than that VIII ich lack OF
means makes imperative, or If the people
are again defrauded Of their will-the fault
will not lie with the Re-Adjusters. Their
duty in the premises will be completely
met, and they are masters OF the situation
to the fall extent Of discharging their oblig-
atoms to the people. II We deprecate OBJ
struction, it is not for fear Of any political
effect that the Executive or other interior.
ence might produce. The man or men who
shall be foolhardy enough again to with.
stand the avalanche of public opinion on
this subject. may achieve their own destruc-
tion-but the avalanche will 60 on. II we
counsel acquiescence, it is not for need Of
help. Having obtained expression and found
executors, it is certain now that the popular
will is to be executed. We speak from an
honest desire to bring this matter to the best
conclusion that the circumstances will yield
for all parties in interest. II We are mis-
construed, the misfortune will be that of
those who are blind in prejudice or conceit.