New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-08-08

are not smaller than they were ten years ago,
or five years ago.
.~--------~-----------
THE BOURBON METHOD OF DEBTP1YING.
The most amusing thing about the late Vir-
ginia Bourbon Convention was the resolution
embOdying the distinctive principle of the
DeDt-Payers," as they delight In calling
themselves. Ii was necessary OF course being
the debt-paying party, the party of public
honor, and all that sort of thing that they
should take high ground upon that particular
question. For, mind you, that is the issue
upon which they base their reason for being
they are not B0urbons-oh, no ; they don't
want to Cypress the negro or deprive him of
his vote; they are in favor of equal and exact
justice to all men, of free elections, a full
vote and an honest count have accepted the
results of the war and all that only they are
determined to maintain the honor of the State
by PAYNE IN full all her honest Obligations
ana VIII not bear the suggestion of anything
IN the nature of reputation or even of COM
promise with creditors. The purpose Of their
organization is to sustain the honor and credit
OF the State and see that neither is furnished
by any tritiing with or putting off of the pub
lie creditor. This being tho distinctive issue
upon which they hold their organization to-
sary that they should make their position in
this regard pronounced and emphatic.
And except for the fact that most of the
Democratic taxpayers of Virginia are DESTROYS
to evade payment of the debt they would have
found 1T an easy matter to have passed q very
high-t0ned and unambiguous resolution on the
subject. But the truth is, that though the
Bourb0ns without exception are solicitous for
the honor and credit of the State and are ready
to talk about it in the largest possible manner
and to the greatest possible length they arc
not particularly anxious to do anything more
than talk about it, They do not desire to tax
themselves or to commit themselves TO any
system of taxation which shall drive off votes
from their candidates. Hence they adopted
resolution on the subject which, If talk were
only money, indicates at least capacity for
paying the public debt in that kind of coin.
They resolved with great solemnity:
1hat tho maintenance of the public OF Virginia ia
te essential means to the promotion of her prosperity;
tha0 we condemn reputation In every shape and form
asa blot upon her honor blow at permanent welfare
and an obstacle to her progress in wealth influence and
power mat We Will maze every effort 60 a settle
ment OF the public debt with the OF her cred
iors which consistent with honor aud dictated by
justice and souDd public policy; that eminenty de-
slabe and proper that the several of tho debt
now existing Should be unified. that equality which
Ia equity may control in the ANIMAL paym OF the in
toiest and the ultimate redemption principals
mat with tho view Of securing such equality wo pledge
our party to use all lawful authority secure settle
ment Of the State debt that there shall be but one
class OF public debit that will use all the lawful and
constitutional means In power a settlement
ron the basis of three per cent bond and that tho
Conservative Democratic party pledges itself s part OF
s policy not 10 increase the taxation
AS resolutions go, this is very pretty one
1t starts Off with the assertion of n proat
pl1nclple concerning the maintenance OF tho
puDilc credit, and the effect of FORMULATION
IN every shape and FORM One would SIM
pose from the Introduction that the party was
about to commit itself to absolute PAYMENT of
the state debt, one hundred cents on the dol
iar But as II this assertion of the principle
were sufficient TO satisfy the sticklcrs Tor tbo
honor and credit of the State the resolution
proceeds Immediately to propose a settlement
OF the public debt-not dollar for dollar
but one " that is consistent with her bonor
ana dictated by justice and sound public mol
Icy and with the consent of her credit
OTIS" " With the consent of her creditors >, ,
ms Is no hundred cents proposition. Credit
ors always consent to that. 1t is simply another
compromise. And this is the proposal of the
Debt-Paycrs" Tic resolution elaborates II
somewhat, diiuting with each succeeding word
the original proposition to maintain the public
credit of the State, end winding ND ut last
with tho pledge mot to increase the present
rate OF taxation" In other words they pro-
pose TO maintain the honor and credit of the State
~ some sort OF new compromise which shall
cost nothing and not increase taxation And these
arc 'ne men wno set themselves up us the cham |
mohs OF the honor and credit Of the State--the
deht-payers par excellence.
These
like the man who said to his creditor that rothor
than have him lose the debt he wonld always
owe it to him. Why wouldn't it have becn
SIMPLER for the Virginia Debt-Payers to have |
resolved That rather than have the public creditor
cheated out of his meney the State should ALWAYS
owe 1t to him That would have maintained
the honor and credit of the State and been a |
condemnation Of reputation.