Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1881-08-16

naces in Allegheny county in 1881 tn,
product would be about 81, 1000 tons
equal to the whole product Of Virpfni.
Tor the census year of 1880. A tract O
land worth a 900 in that county has or
1t to-day furnace erected in 1881 worth
half million Of dollars. Are we get.
ting poorer
The persistent effort to reduce the a..
sessed value of realty in Virginia in
the last assessment was to induce the
belief of inability to pay Virginia's debt
as means of leading her people to re-
pudiate it. The Conservative-Demo-
cratic party fepudiated all such devices
to bring the people to the precipice OF
repudiation. We condemn and de-
nouhce 1t.
The present rate of tax will carry on
the Government and public schools and
pay interest on the public debt If re-
funded at reasonable rate Of interest.
az the Conservative Democracy have
tried to do and will do.
/ Look at the United States.
In 1873 the Secretary of the Treasury
proposed to refund their debt at Al per
cent. The Democrats on the Conn
mittee of Ways and Means insisted on
|4fper cent. They prevailed, and now
per cent. United States bonds are quoted
at 116.
In 1s7e-'so the Secretary of the Treas
ury proposed to refund the residue,
$7OO, ,OOO, 600, at per cent. The Demo-
Gratis on the committee said No; we
must have q 81 per cent. bond. The
Secretary said it could not be neao-
tiated.
In 1880 '81 the Democrats reduced the
rate to per cent, and President HAYES
vetoed it; and now Secretary Window
is refunding at 81 per cent, when
eighteen months ago the Administra
ton said they could not negotiate less
than per cent. at par.
Next winter we believe we will re-
fund at per cent.
Thus the annual charge of interest on
paper of the United States, which in
1875 was over one hundred millions. |
will by Democratic policy be less than
sixty milliOns-a saving of over forty |
millions a year by the Democratic |
party!
If Virginia will satisfy the financial |
world, which is now full of money. that |
she is willing and able to pay her debt,
she can settle her debt on per cent.
basis as well as the United States; and |
this party is pledged to use every proper
means with consent of creditors) to do
80.
But how can we doit? All the bonds
of 187O-'71 are payable in 1880 at the
option of Virginia. Let Virginia, with
her credit redeemed from the damage
done it by the party of reputation, go
into the market and negotiate loan at
per cent. and pay her 6 per cent. bonds
unpaid under act of 1870-'71, and all our
debt except 'peelers and few sterlings
will be at 3 per cent.
Then what?
With our present revenues, at present
rate of taxation, we will carry on gov
ernment, support our public schools,
pay interest on the debt, and have sur
plus in our treasury?
What then !? 1t is Democratic policy
to have no surplus to be stolen or wasted.
We will then reduce taxes The main
tenance of the public credit will be true
It is the parent of low In
terest. Bad credit in man or State is
the parent of usurious rates of interest
Mr.. Tucker then turned to the public
schools.
: The Conservative Democracy recog-
nized the full settlement of the policy Of
our school system by the Constitution
of Virginia. We obey the Constitution
and laws. We bow to them and pledge
ourselves to sustain these schools for
black and white children.