Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1881-01-25

10 leNy llN suluclenL 10 meet us IT,
quirements, if they honestly meant that
measure as a settlement. Then and 1v
cry day since, if their professions Of
''debt-pay ing" were not empty boasts, |
their first and only duty in this regard |
was TO raise the rate of taxation TO the !
necessary heighth. But this they have |
invariably declined to do. This, indeed, |
they have always voted against-nO mt |
ter their pretentjons for the Observ-
ance Of obligations they would pi oclaim
sacred and inyiOlAble. Sac ed or ut,
it is apparent that we have but $10J.t0O
a year to meet our annual Liability for In
terest. For di fler as they do radically
about many things, both Funders and
ReGdjusters agree that taxes cannot be
increased. All our debt-blls and all our
platforms, coming from either side, pro-
claim the same conclusion ms to this.
We believe SO. GGj. l7G TO be the Just and
equitable measure OF our public debt,
aud per cent. thereon the limit Of our
ability, as we'll as fair rate OF Interest;
we propose to settle at these figures rs a
final disposition of a matter which Is
kept in controversy to the injury of the
State and her creditors and only to the
benefit of brokers and phllanthr0pic syn
dicaDes. As have heretofore said, if
the inviolabiity Of contracts is'to be in
sisted on, and It this Virginia is to be
held to the liability incurred by the Vir-
dnia Of lSG0-Gl then
TIN FIRST DEPARTURE
from these was committed in the Fund
ing bill Of 1871, which repudIatcd one
third Of the deUt by referring II to West
Virginia, and which refused all inieres,
to creditors who declined to accept thar
bill and surrender SO Tor 81. The Me
Culloch bill itself goes still further when
1t positively regulates one-third of the
old debt, repudintcs Que halfOi the whole
arrearage OF interest Oh the 'peelel and
untunded debt, while full interest has
been paid upon the cOnsOl and, Instead
OF Herring TO the original agreement
for 8 pen cent. proposes TO pay only ., 1
and per cent. And in the last session
of the General Assembly the Bourbon
Funder debt Payers surrendered
eyerything---thc irrepeMability OF con-
tracts and the inyiolability OF contracts
when, after having already passed the
BOcock- Fowler bill, aud the MuCull0ch
bill, and the Funding bill. all impuiring
obligation of the contract Of lS60-6l, and
each In derOgalion, violation and repeal
of lis predecessors, they united in voting
for the Ross-llamiltOn substitute, which
offered u uniform interest of 3 per cent.
Thus all parties have recognized the
right and necessity for some departure
from the original terms of n bargain
which has never had the approval OF the
people: which we cannot execute, and 3,
that confessed, then the limits of the de-
parture are only 10 he determined by the
necessity which authorizes and the equi-
Ii, = which demand It. These limits, by
cor, ,ful methods. Hre found and fixed In
IN, Il 'ddleberger Bill, where recognlZ-
incrry, w dollar OF our just indcb,ed-
neSs we undertake rate Of Interest ~
o,ro,, 4 OH revenues and ability wal-
rant. 4. ISL simple sum of figures. and
thr wayla, iny man, though fool, need
not err thcrLn
There ia muei 1ore that might be said,
but / fnbenr 10 ire spass further upon
your indulgence. w are ANXIOUS 10
determine and SETH ne IeDt ana we
shall be happy If the Il Neip ana g'nei-
ous impulses of the Northern people
shall lend them to hid us by their coun-
lennncc any sympathy to u com 'linhla-
lion 20 deyoutly TO be wished. Wcatahot
regulators. We acknowledge every
dollar that we believe we Justly owe,
and we intend to pay 1t and II we as'S
an abatement In the rate OF intcrcst, II
Il our poverty, not our viii, consents. 49,
our ease Is hard, indeed. We ttuuo
pay the debt as claimed against us. NO
one here will amy longer pretend that
we can, lie Is honest WHO eng gce TO
pay 40 more than he has means 10 pay |
with. He Il not honest who PROMISE,
with the knowledge Of Inability To per-
form. Nor can we allow the maize, IN
stand "a Il IA, to run against us, without
exposing ourselves to The shame of me-
tual and
,cOMrrLsoRY REP DiATloS.
The case Of the creditors isnol much
b tier. May Of them ARE rerpl,l mo mo-
intcrcs NJ oil, aud u lurlo proportion of
thvm under debt-paylhE auspices haye
received only two years interest in clpli
years. The bonds OF q great portion of
the debt can only be- sold M an imtnen.c
TO The holders, ard none OF linz
bonds have my slubie yliue or Afford
Ihe holder he Interest vl eli 'lloy III ON.
sc, Meantime state Il creilfn. n',
unhappy. rollL goo. m .r.l,
ny aud b. the mtIeJ ~ a.. Ddj.
ncnt lhri VIZ 10 nor ipspo.d to tbe .D..
hands OF ihe situation, o. hal nr, 4,
Uucd uuly IN the inWc.n or me h K
re- These las'--the brukef are Inc
,nly ones Who make pi0df out off o.
hspiled inanrlpi- ae.e eonlry fan,
partially ylcdmlilAg both Viwnla A,
icr creditors snl'nndiug equal oppl
iily Of speculation whether bond. RI,
y fall ARE hnppy IN citheruicnl aud con-
ittp who may be their virlhns, 40
lnal settlement wouli bs oblppllnnrhl.
o these lphhprs IN ihn nntptliles aud \
VI The e uc aul lndlvliuaN
md 30 scheme Thru viii eTpl anrh
clilcment cm hure Tor ihpif approval
lnd win the adjustment NJ lledph,
u proposed the Rrndiu.irrs comr into
ull control Of the CommonN palih. no.
move