The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-09-29

rate of interest for forty years from 1879 Of a
per cent is contract and that the peeler debt
of SO 900, 900 bears 6per cent. interest. How
does he or his party expect to get this down
the simple declaration in the Democratic
platform that it is the policy Of his party to
repudiate One-half of theinterest charge will
bring about that result? Is not the honor
Of the state just as much assailed in his
proposition as it is in that of the Re-adjus-
tiers? And are not contracts just as in
violable for Funders as Re-adjusters?
The fact is Mr. Goodies whole argument
on this point, was calculated to deceive the
people, if not so designed, and its exposure
becomes necessary. His party, according
to his own assumption, assumes that one
half OF the interest charge on $23, ZOO, 900
and one-third on $s.O00, 900, is to be repu-
dated. There is no other way to get at the
result he assumed in his nights speech at
Harrisonburg. The platform of his party
assumes this as well. We may therefore
conclude that it is the purpose of this fac
ton to repudiate nearly one half of the en-
tire int rest charge if it gets in power and
can do so.
That Mr.. Goodies arguments are mislead-
ing and deceptive we may infer from the
fact that each OF the candidates for the
Legislature, on the Democratic ticket, ac-
cepted Mr.. Goodies exhibit as correct, en-
couraging and indeed exceedingly crafty
ing, when in fact it was pyramid Of fan
cies. to be converted into realty only by
the most transparent and absolute repudi-
alton.
And Mr.. Goodies argument of this ques-
ton is substantially that advanced by all
the speakers OF his party. They assume
that because the Democratic party, in its
platform, asserts that the State can pay 3
per cent interest OH $32, 900 900, that that is
the amount of the interest charge against
the State. They argue from this utterly
false assumption and endeavor to deceive
the people into its truth. How will they
get the 3 per cent. unless they repudiate,
ndhow can they repudiate in the face OF
the decisions of the courts as to all of the
coupon bonds
Ii this is the kind of honor the people
are to be taught. we say with Capt. Blair,
that it will not buy breakfast and it will
not buy gown. 1t will buy, and quickly,
ineffaceable disgrace. and make Virginia a
by word and shame the world over. The
people are being trifled with and deceived
by the politicians. The attempt is made to
make them believe they can pay cents with
3 cents, and that they can raise revenues
without taxation. They cannot do it
and the sooner they understand that they
must either submit to a taX-bll that will
supply the revenues to meet the honest OBJ
legations of the State, or repudiate some
part of their honest obligations, the better
There is no use Of mincing matters on this
subject. 1t is pay or rupudate. To pay
will require more revenues than we now re-
ceive. To repudate will cost more than
the increased taxes would impose by an
hundred fold. AS between the two factions
OF the Democratic party, and taking them
from their respective standpOints, there is
very little difference, but what there is
is in favor of the Re-adjusters. They pro-
pose to wipe out all Funding bills and con-
tracts under them, aud get DOM to the
original OF the matter. The other side
proposes to recognize all Funding bills and
contracts. but refuse to pay what they de-
mand-to sneak out of what they proclaim
to the world is just and right And this is
the kind of honor the country is invited to
contemplate, as furnished by Virginia pol
| lticians. 1t is heartless. unmitigatcd de-
ception at home and abroad, and should be
rebuked in the severest manner it is possi-
BILE to reach it. The people are not all fools
and knaves, and will be very apt to let the
fact be known.
Ii the Funders can by a simple platform
declaration repudiate the recognized legal
Interest upon contract obligation. why is it
not in the power OF the Re-adjusters to re-
pudate part of tile capitalized debt and
one-half OF the interest on what they re-
cognize? If the contracts are not to be
considered as invioable. and if provision
is not to be made to meet them-if simply
a dollars and cents consideration for the
people, without reference to the rights of
the creditors, is to be the guage of action.
where is the difference morally in the two
propositions?
| But we believe this whole mltter is be-
yond the reach of either of these contending
factions, and do not think either of them
will have the power to change the character
OF the debt, in the way they propose. Ger
tainly Mr.. Goode does not enlighten us as
to the manner of changing it, and we are
sure his mere assertion will not reduce the
interest charge from 81, 100000 to $3.50, 900,
nor make cents pay 6. And yet such spe-
cious presentation as Mr., Goode made is
called an liable speech.' He is heralded
as carrying CONSERVATION to Re-adjusters
and winning them over to the Funder side,
and this by his ''masterly argument" on
the debt question: We have given speci-
men of his arguments and facts. and leave it
to the enlightened reader to determine
whether or not such bald deception ought
not to be exposed at the time of it's utter
ance, and the maker of it rebuked in a
manner that would prove lesson to him.
The Senate.