The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-10-20
Before the Manhattan Club.

Hon. A. M. heLey. Cnairman OF the Con-
servative Democratic Executive Committee
OF Virginia, addressed last week the Man.
haitian Club OF New York city, on the POI
litical situation in this State. This. doubt
less, was to Offset the speech delivered
by Gen Malone before the Union League
Club of New York few weeks before. Mr..
Kelley assumed. in his remarks, that he
represented the debt-paying party of vir-
ginia, and that all they wanted was the
poor privilege of paying the debt OF vir-
ginia. He claimed also, that he spoke for
the intelligence, the moral worth and the
wealth of the Commonwealth, and eyi.
IDENTIFY sought to create the impression that
If the party he represents succeeds this
fall. the debt question would be settled.
The party Mr.. Kelley spoke for has been
in power in Virginia ever since the debt
question was before the people and even
before. In 1866 the first Legislature that
met after the close of hostilities assumed
the entire debt of Virginia. making no al
lowance for the division of the State. and
the formation of new State out OF one
fourth OF the population and one-third of
the territory of the original State. That
debt. principal and interest, amounted to
about s36, 900. 900. and to meet the interest
on this and support the State government
tax levy Of IA cents on the 800 of prop
erty on taxable basis of about $500. O0O. 900
of values, was made. This would not
have produced more revenue than was ne
cessary to run the machinery of govern
ment. The subject was tackled again in
1867, but not until 1871 was the fact recog-
nized that West Virginia had been carved
out of Virginia, and that to her should be
ponding to the territory and population
severed from the old State. In 1871 the
Funding Bill was passed. in which one
third of the principal and one-third of the
accumulated interest were assigned to
West Virginia and two-thirds assumed
by Virginia. The interest was capt.
talized, making the interest charge
against the State about as much as it was
before West Virgnia's portion was Topped
off. "A tax levy of so cents on the 500 of
property, upon taxable basis. assumed in
the formation OF the Funding Bill, Of $780,
100000 OF property, real and personal, was
fixed. When the real facts were ascer
tanned it was found that this estimate ex-
ceeded the actual property valuations by
over one-half the following assessment
showing 1920, 900. 900 instead of s73O,OOO,-
00U. OF course if 90 cts. on the 800 of
property, upon basis OF s75O, 0O0. 900 of
values was thought to be necessary for
the purposes of government and the inter-
est on the debt. that levy on less than half
that amount Of property must necessarily
fall short of the requirements of the State
The Democratic party shrank from an en-
counter with this state of affairs. When
their attention was asked TO 1t; the default
i'm interest to the amount of about $500, 900
annually pointed out; the crippled school
system exposed; the inadequate support of
our charitable institutions explained-they
rushed before the people with appeals to
their prejudices against the negro, carpet
Dagger and scallawag" and the immediate
danger OF negro RUE y leaving the State
| to drift on in the certain current that must of
necessity, unless checked, lead to repudia-
ton. This policy was persisted in until
1877, when the Republicans determined
they should no longer have excuse to incite
passion and inflame prejudice, but that the
real condition of the State should and must
be considered, and the people made ac-
| quainted with the facts Of the case. A YER
dict against them was rendered and the
Funding Bill of 1879 adopted, not in the
form and manner the people desired, but a
modification of the bill ! of 1871. The peo-
pie again protested against the proposed
method Of settlement, because it was mad
equate to the case, inasmuch as this same
there should be no increase in the rate OF
taxation, however much the assessments
might show an apparent decrease in taxable
values. The only result was additional
complications. and the creation Of another
class of debt This same party now APP
proaches this subject in it's present multi
farious form, with a resolve that there shall
| be no increase in the rate of taxation, and
that in order to reduce the charges against
| the State to correspond with the revenues
derived from the present rate of taxation,
one-half of the interest charge must be sur
rendered by the creditors, or in palmer
| terms, repudiated.
Yet in the face of past legislation and ex-
perience and in the face Of present declara-
tions. Mr.. Kelley cody tells the people OF
| New York that he represents the debt-pay-
ing party of Virginia. If promising to
pay, and making no competent provision
for that purpose, is debt-paying, then his
action is in favor of paying the debt. But
there is no record to show that it has ever
! sought to make adequate provision for the
creditors. From 1866 to the present time,
it has been liberal in high sounding assur-
ances, but never yet faithful in consistent
performances. 1t has mislead and deceived
the people OH this whole subject until they
have become disguised with all the decep-
tive and delusive legislation which has
been adopted in reference to it, and now de-
mand that the original equity of the case
be considered. and the country invoked
to suspend judgment until the sequel is
witnessed,
1t is the merest pretense on the part of
the Democratic Conservative party, that the
paymentoft the debt as it Isl paramount OBJ
ject. There is no way to pay it without suff-
Gent revenues, and there no way to produce
the revenues without an increase in the
rate of taxation. And the latest resolve
OF this party is that under no circumstances
will they consent to an increase of the rate
or aggregate OF taxation. Upon this plat
form they are making this canvass. Their
candidate for Governor stands upon it, and
the whole party is committed to it. The
result must necessarily bea continued de-
fault in interest, and the continued distrust
of the honest intention of the people. In
fnitely more direct and consistent is the
proposition of the Re adjusters, and in-
fiuitely more honest. They assume that
tho communicated dpht opicipr fropo -,