The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-10-27
The Issues.


case, upon which the Re-atljusters depend.
Should this prove correct and the bill be
come a law, the debt will be settled upon
the basis proposed in that measure. Should
tional, as many believe they will, then
there is but one alternative left, land that is to
frame tax-bill to meet the debt as it now
stands. In the event Of the courts decid-
settled, for there will be no further grounds
for discussing REIMBURSEMENT, and the only
thing left will be the imperative necessity
of framing tax bill to produce revenues
enough to support the government, provide
for the schools and pay the interest. This
will require an increase Of the rate OF taxa
ton on the present assessment.
Neither of these propositions is supported
by the Democratic party. 1t lodges the
whole question, and seeks to deceive the peo-
pejnto the belief that the creditors are real
ly going to surrender their six per cent.
bonds. with a self-collecting interest pro-
in no counter proposition to the Riddle
berger bill that is enti tied to respect or
which is recognized even by the party that
proposes it other than a transparent decep
ton. Its in keeping with the whole his
tory of that faction on this vital issue. The
people have never been approached from
an honest motive. nor the truth stated in
reference to the effect of legislation. They
were deceived in 1871 by the Governor, and
of course, the officers having charge of the
financial concerns of the State, were par
ties to the deception. They were deceived
in lS77-7S; and the attempt is again made
to make them believe falsehoOd. There
is not one of them. who knows anything
about the question, who is not aware that
there would not be dollar of the debt
bearing six per cent. interest, secured as tits
by self-collecting coupon, which would be
surrendered for three per cent. bond. Yet
this faction adopts platform, in which
the most extreme debt-paying conviction is
declared in one portion of resolution, and
at its close the most palpable contradiction
is recorded. They assert that the debt is
honest, thatit must and shall be paid. yet
couple with this the assumption that the
creditor must Top off half of his interest
claim. because it is not the purpose, under
any conceivable circumstances, to produce
revenues to pay what they say they honest
y owe Their whole canvass on this sub
ject, boiled down. means that the creditor
must either surrender one-half of his inter-
est or it W i'll be repndiated, but the method
of doing it they do not announce. They
have no warrant for the assumption that
the interest charge can be reduced from
TO per cent. The creditors have gwen no
intimation that any such proposition
would even be considered, and we have it
from representative men, who know the
temper ofthe bondholders, that they would
never think of such thing. They propose
to make a fair, square fight against the
| Riddleberger bill III the courts. and would
rather the Re-adj lsters should succeed, in
order to bring the controversy to speedy
close. They know thas if there is any way
to eliminate the compound interest accumu-
lations represented in the issues of the
Funding Bills, it will be done; and this ques-
ton they would have finally and forever
disposed of by the courts passing upon the
constitutionality of the Riddleberger bill.
| If it were decided to be constitutional that
would end the dispute, and the debt
would necessarily have to be arranged on
the basis of that bill, for it contains pro-
visions for executing its demands. If I'M
constitutional. then the absolute and una
voidable necessity would follow Of raising
the revenues to meet the debt as it now
stands, by an increase of taxation.
So the question before the people, stripped
of all subterfuges and all the resolves and
patriotic EXPLANATIONS of the Honor par
ty,'' is the K iddleberger bill or an increase of
taxation TO meet the demands of the pres
ent status OF the debt. The Democratic
/ Conservative party have not the courage to
accept either horn of the dilemma. They
oppose the one and resolve against the 9TH
er, posing in the role OF honor shriekels and
| dancing to the music of reputation.
| We are not of those who believe the Rid
dleberger bill will pass the ordeal of the
courts, but should it do so, then it will have
subserved great public interest in reliev-
ing the people of unjust burdens imposed
upon them by the Democratic party
Should it not do so, then it will settle the
debt controversy. and make bare to the
people their duty to submit to additional
| taxation. In either event there will be an
end of contention and strife over the debt
Issue, and the State brought square up to
| face the determination of the courts.
This settlement cannot be effected, how
| ever, without an overwhelming defeat of
the faction calling itself the Democratic
Conservative party. Should it succeed,
with no defined policy on this subject, ex-
cept that which is secuted and condemned
as insincere and dishonest by both the Re-
adjnsters and bond-holders, the agitation
would continue until the principles and poll
be gotten before the courts. Its defeat would
bring the whole controversy to a point
and finally to definite close.
But there are other interests in this con-
test besides the debt question:. The first
and most important is the defeat of the
most proscriptive. intolerant, illiberal and
despotic political organization ever known
to any State or country recognizing con-
stitutional government and the people the
source of its poxer and privileges. This
contaminated, and all the other interests in
volved would naturally be cared for-the re-
cogniton and practical enforcement OF the
Constitution and laws of the country, and
all that this would imply. In this all the
people of the State should feel deeply inter-
ested. They rise higher than the debt ques-
ton, or any mere commercial considera-
tons. They touch the very 1ife-springs of
our free institutions, and appeal to the
conscience and the courage of the people
with far greater pertinency and power than
any relations which may exist between
bondholders and Legislatures, or the per
cent. by which contracts may be rveGed.
We want the proclamation to go forth from
the ballot-boX IN November next, that a
tbat ha mh front