The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-02-03

pOts-the more ravenous now because Of their
failure in November last in the national con-
test-and will resort to any means to win the
prize they so much covet IN State affairs
The Republicans cannot afford TO be indiffer-
ent to the attitude of each Of their opponents,
and while not modifying anything that should
properly be asserted in the Republican pro-
gramme, they can exercise discretion as to the
time when such declaration should be made.
We hope the committee will be governed
and controlled in its deliberation by becom-
ing sense OF the importance of its action and the
effect it is to have upon ;he progress and re-
suit of the campaign.
"Funder' and Bourbon"
The Richmond Wing. in Its zeal for Its
style of REIMBURSEMENT, makes it a business
to designate as ''Funder'' any one who
will not subscribe to its ethics-'a Grip
Sack Bourbon Funder." It does not toler-
ate any difference of opinion upon ques-
ton susceptible OF conflicting views hon.
estly entertained, nor treat with ordinary
courtesy those who cannot reconcile to
their sense Of justice the policy 1t enforces
as it affects the States creditors, land the
States interests. SO long as re-adjust-
ment meant the ascertainmenr OF the equt-
table portion Of the debt which the present
Virginia ought to assume and provide for
it's payment, we favored Re-adjustment,-
The VIRGINIAN was the fret paper In the
State to enter upon an earnest discussion
of the terms OF fair adjustment OF the
conditions and terms Of the Funding Bill OF
1871 and to present the principal and inter-
est In such shape as to escape the odium
Of reputation yet deal fairly with the cred
itors. When the justice Of the arguments
and facts thus adduced was recognized In
the election Of a Legislature in sympathy
with the views expressed, and bill was
framed formulating the debt upon basis
of re adjustment demanded by the people at
the ballot-box, although not agreeing with
all of lite details, we favored the acceptance
of 1t as means of finally disposing Of the
question and giving the State q rest from
its agitation. We not only favored the ac-
ceptance of the bill but making provision
for the payment of the obligations 1t i'm
posed, 80 that the creditors might have the
assurance that the faith implied in the
demand for fair arrangement of the debt
was to be kept. The Re-adjusters were
fully committed to this basis Of adjustment,
after 1t had been discussed and Its condf
tions explained. We regarded this as MOTH
ing more than right to the people, and no
less than right to the creditors. A depart
ure from this basis, as we understood 1t, did
not partake of the spirit and intent which
melted the agitation, nor OF the purpose OF
those who were actively associated with it.
Instead of an equitable re-adjustment the
new movement was a long step In the direc-
ton OF partial reputation of what was
at first deemed just and right, and which
the people had decided they we're willing to
assume and pay. We still maintain that the
debt Of $40, OO0, 900 at per cent. interest,
with non-interest bearing certificate OF In
debtedness for the accumulated interest, Is
what Virginia owes. Butts We have had oc-
casion to state before, the creditors are will
ing to do better than this, If we are to &C
cept the announcement made In the Legis-
lature at the close of the last session when
the Ross Hamilton Bill was under consider
alton. That bill provided for per cent.
upon capitalized debt Of about 81, 100000,
represented by tax-p paying coupon bonds,
with the revenues dedicated to the Pubic
Schools by the Constitution to be exempt
from the operation Of the coupons, The
coupon is no favorite with US. But 1t was
an essential feature of the contract Of 1871,
and as those who claimed to represent the
creditors agreed to reduce the interest
charge, it was not unreasonable to recog-
nize the justice of che demand that the Sc
curity should not be weakened.
These propositions recognized the rights
Of the creditor-that his rights were forti-
fed by the decision OF the Courts,
and that there could be no re-adjustment
without his consent. There ia no threat
of repudiation-no arbitrary assertion
Of purpose to cut the debt down to
certain amount whether the creditor lie
willing or not, but proposition which
would enure to the benefit OF both the
State and the creditor, should the creditor
see proper to accept. And because these
equities are recognized, it is the habit Of the
Wing to denounce every one SO doing as
Funder-a Grip-Sack Bourbon Funder-and
an enemy Of the people-determlned to place
upon the property Of the state burden 1t
cannot bear. 1t would be far better for the
Commonwealth to assume the burden OF
the debt and meet its demands promptly,
without resort to deprecated values as a
plea of inability, than to assume the bur-
den of even partial reputation. Dimin-
ished taxes, under the latter course would
be no relief, but would carry with 1t a
weight that would increase with the years
and grow in oppression as long as time
lasts.
The Washington Republican, with like IL
cense In the use Of terms, arrives at the con-
clusion that all the Republicans in Virginia
who are not willing to surrender their own
organization and party identity ard follow
Gen. Malone in his modern method of ar
ranging the debt and his raid upon the
rights Of the creditors, are ''Bourbons." We
have very little sympathy with the class of
politicians who may be properly designated
Bourbons, but in escaping from Boul bon
domination we have no idea OF rushing
recklessly into Jacobinism OF Red Republ.
canism or becoming a disciple of the Robes
pierre school OF morals. One excess may,
and often does. lead to another, but 1t does |
not Justify it. We prefer medium ground,
where all necessary reforms and reliefs may
be effected, the rights OF persons and prop
erty protected and government become
the instrument of conservative, healthy in
iuences, working for the common good
We recognize and court the restraints of |
law, the guards Of we'll ordered society, and |
the subordnation of the passions and |
prejudices to reason and justice. The Re
publican seems to look at the political |
movements in Virginia as they may posi-