The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-08-11
The Richmond Convention.

The Richmond Convention.
The Conservative platform, like the re-
cords of the candidates, placed before the
people, is q contradiction in itself Its
platltudes about Equality of
rights" and its rotund verbiage about the
honor of the State and the purpose to shield |
the escutchen of the Commonwealth from
all stain, are not in harmony with the prac-
tees which have distinguished the party |
which makes them. Especially is the reso-
luton about the State debt an exhibition of |
lofty soaring and humiliating descent. In
mindful of the record it has made of eX-
travagant promises and faithless practices
on this subject, the Conservative Democrat
ic party, in the platform it has formulated,
repeats the old, old story, and in nervous
language and we'll rounded sentences, pro-
claims for the recognition of the debt and
the maintenance of public credit" 1t
processes to be inspired by keen sense Of
the Importance Of this sentiment, as it may
affect the welfare Of the State, in its pro-
power. 1t condemns reputation, in every
shape and form, as a blot upon the honor
OF the State, a blow at her permanent pros
perity and mildew upon her fame. 1t
presses these excellent sentiments with
commendable zeal, and gives the assurance
to the country that the great Conservative
Democratic party may be relied upon to
hold aloft and defend from all assailment
the credit and the honor Of Virginia.
This is the high-sounding exordium. But
what is the conclusion? That the State
shall approach her creditors with the plea
OF the bankrupt, or mendicant, and profess
ing poverty that does not exist, implore
for an abatement of their honest and recog-
nized claims, by the reduction of the rate
of interest, with an implied threat of re-
pudiation, if they do not. And the
Conservative Democratic party pledges it.
self as a part of its policy not to increase
the present rate of taxation" notw ithstand-
ing the arbitrary assessments arranged by
the Re-adiusters to reduce the values of the
State rs per cent, and thus conceal the le-
ultimate basis Of taxation. The gentlemen
who framed the platform, were well &C
suainted with the fact that the assessments
Of 1880, were made to justify reputation
of a portion Of the debt, as proposed in the
Riddleberger Bill, and while protesting
against reputation, adopt the means which
have been devised to effect that result
Had the conclusion of the resolution been
consistent with its opening sentences pur-
pose would have been declared to ascertain
the exact debt OF the State, and then
pledged this pretentious party to its full
payment, even if, to do so, would require a
slight increase of the rate of taxation upon
q lower ACKNOWLEDGEMENTS no more
taxes than would have resulted had
the same guage of assessments that was ap-
piled in 1875 been carried into 1880.
The returns Of the assessors show that
the values of the State have increased over
rs per cent, for while the purpose to reduce
the assessments to that amount was fully
carried out ON an average all over the State,
the actual fact remains that values aggre-
gate more than they did in 1S75-thus show
ing that the State is Is per cent. better off
than it was in 1875, and to that degree
more able to meet its honest obligations.
Rut this heightened honor party ignores
this important and patent fact and adopts
the devices of the Re-adjusters to justify
the plea of poverty and rob the creditors OF
their just dues. The difference between
them is that the Re-adjusters, with brazen
effrontery, declare that they do not intend
to pay more than $40, 00O,0 900 at per cent,
because they assume that the State does not
owe more; while this great Conservative
Democratic party acknowledges that the
debt is $50, OO0, 900, that it must not be re-
pudiated, neither shall it be paid, unless
they can induce the creditors to surrender
one-half of their interest claim and accept
less than the Courts have decided they are
entitled to.
OF the two propositions, the Re-adius-
ters' is the most to be commended-if for nc
other reason than its audacity. There is
no whining or mincing about them. They
declare that they do not recognize and dc
not intend to respect the determinations o!
the Courts-that they mean to circumvent
the mandates of the highest judicial tribu.
mails Of the country, by their little tax-cer
tificate provision, and thus compel the cred
itors to accept their terms of re-adjustmen
or submit to a depreciation of the tax-re
ceivable coupons, entailing as great los
as would be entailed by the Reputation
programme they have chalked out.
The Democrat ic- Conservative party would
not, for the world, be guilty of reputation
and neither would it. for the world, be gull
ty of making provision for paying. Wheth
er the revenues shall be sufficient for the
demands upon the State, or not, the pledgt
is given that it is a part of its policy ''mo
to increase the rate of taratiOn," .notwith
standing the assessments upon which the
= rate of taxation is fixed have been unjustly
and with fraudulent intent, lessened % pei
cent. This, boiled down, means repudia.
ton, without the courage or audacity to de.
clare it.
And these gentlemen talk, too, about ap-
preaching the creditors with proposition
to reduce their interest claim one-half and
this too after the creditors were driven from
court to court until they reached the tribu-
nal OF last resort, the Supreme Court of the
United States, in defense of their rights
Fortified as they now are by the DEGREES Of
that final assize, is it reasonable to suppose
that they would listen to any plea Of
poverty, in the face of the known fact that
the assets of the State have been concealed
to defraud them?
There is but one way to meet the case
honestly and fairly. and that is to declare at
the ballot box for its payment as the Courts
have determined it thus establish State
credit; 60 into the markets, like any other
power with ample credit, borrow at the rul-
ing rate OF 81 or per cent, on long bonds,