Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1881-02-01

borrow money at per cent. is it unrea
sonable to presume that Virginia, for
similar object, could borrow $40, 600 90
on long bonds bearing 4 per cent. !? /
she cannot it is because BY our vacillat
ing policy we have impaired our credi
by dragging our State finances into tn
arena OF Federal politics. But I do no
believe that the world has yet lost faitl
in the honor and integrity of Virginia
1t appreciates the difficulties by Whicl
we have been surrounded, caused by tn,
devastation of the war and the uncer-
talnties incident to our transition from
the condition of military district into
that Of a free and equal member of the
bright galaxy of States. 1t is apparent
to all men that Virginia is now STANDING
on firm ground. and that she is about
entering on new career of unprece
dented prosperity. Pennsylvania, Ma
ryland, Illinois, and other States have
in other days, and from causes of less
magnitude, been compelled to make de-
fault and seek indulgence from theil
creditors; but all that has passed away
and their credit is now firmly reestab
lished. So it will be with Virginia
she has only TO show her purpose to full
I'll her obligations with honesty and f.
deity, and helping hand will soon be
extended to her. The present disorgan-
lied condition of her finances is an oh
stacle to the advance of the general well
fare of the country, as well as him
drance to her own growth and prosperi-
| ty. The people of other States will.
therefore, have an interest in aiding her
in the restoration of her credit.
But to accomplish the great purpose
which we have in view it is indispen-
sable that we shall be united people
that we shall lift the debt question out
of the arena of politics, with which it
has no legitimate connection, and treat
it as business matter, which vitally af-
fects the interests and welfare of all men
of all parties.
Can this be done? Why not: Is the
spirit of patriotism dead in our State
Do the majority of our people believe
that the interests of the Commonwealth
should be held subordinate to contest of
parties? I cannot think so.
How is this union of the people of
Virginia with reference to this issue to
be accomplished? The mode which has
suggested itself to mind is this: Let
the leading representative men of the
Republican and Conservative parties
meet together in Richmond at an early
day and confer, and agree to hold a Joint
convention of the two parties to take
this specific question into consideration
as one which belongs to neither party,
but affects equally the whole people. 1
cannot permit myselfto doubt that men
like w. G. Wickham, Franklin Stearns,
Judge Rives, Judge Hughes, Mr.. Jor-
genson. DR.. G.. X. Gilmer, and other
Republicans of that class, who really
have the best interests of the State at
heart, would cheerfully unite with gem
tlemen of similar class belonging to
the Conservative party to call a joint
convention OF the two parties to consid.
er and dispose of this question finally
Both parties could then unite in per
fecting plan upon some such basis as
I have proposed, and mutually pledge
themselves to support no man for the
General Assembly or any other high Of
flee under the State government who
would not bind himself to carry it into
effect The concurrence of both parties,
and their joint pledge of united action
on this question, would at once inspire
confidence and reestablish the credit of
her to retire her twenty millions of
"consol" bonds.
If it be asked, What security should
be offered for the punctual payment of
the interest and ultimate redemption of
the principal? I answer, I would offer
the pledge of the faith of the State, CIV
en- by the representatives of both the
great parties which compose the State;
and if more substantial guarantee were
required I would add either the receiva-
bility of the coupons in taxes or do as
the United States has often done, and
as every great nation of Europe has
from time to time been obliged to do,
pledge some sufficient branch of our
State revenue-the land-tax. for exam
pleas collateral security. I well re-
member that in 1S41 the Treasury of the
United States was empty, and her cred
it was then so low that she was obliged
to pledge the revenues derived from the
sale of the public lands as security for a
loan of five millions of dollars! Such
pledges are not new in our history, and
they have been common in England,
France, and other countries in Europe.
With such pledges, who can doubt
that the twenty millions could readily
be raised, and all our "consol" bonds be
retired and equality be restored to all
our bonds, and full justice be done to all
our creditors?
If it be asked, Would not this be
burthensome to our people? answer
unhesitatingly that it would not add
dollar to our present aggregate of tax
alton. There are now about 81 200, 900
per annum of tax-receivable coupons
always at the Treasury door ready to
intercept the revenue as it flows from
the pockets of the people. By the
scheme which propose these coupons
would be stricken out of existence, and
in lieu of them 81 100000 of money
would flow into the Treasury to pay the
interest on the whole. instead of two
thirds, of our Indebtedness. Thus,
without dollars increase of taxation,
we would be able to reestablish our Gre
dit, do full ljustice to all our creditors. and
escape the odium and danger which
must follow anything that would even
SAVIOR of reputation.
In conclusion, I deem it proper to add
that am not interested, either directly
or indirectly, to the extent of one dollar
in State bonds of any class or descrip-
ton, and so far as know there is no
member of my family who has any such
interest. Nor am / controlled in what
1 have written by any considerations or
a partisan nature, for having passed the
allotted span of human life feel that l
now stand far above and beyond the
| influence of all motives of that charac-
| ter.
Very respectfully yours, &C.,
ALEXANDER II. Fl. STUART.
That Brown Dress.
II think it's about time I had new
DRESS" said Mrs. Torrey to her husband
one day, when he was counting over
the money he had just brought from
town, where he had sold load of