National Republican. (Washington City (D.C.)) 1872-1888, 1881-01-08

medtately on the passage OF the funding bill was
TO levy a tax sufficient to meet its requirements II
they honestly meant that measure as settlement.
Then and every day since, if their professions OF
| " debtpaying" were not empty boasts, their hrSt
and only duty in this regard was to raise the rate
of taxation to the necessary height But this they
have invariably declined to do. This, indeed,
they have always voted againSt-nO matter their
pretentions for the observance of obligations they
would proclaim sacred and invioiabie. Sacred or
not, it is apparent that have but 100000 year
to meet our annual liability for interest. For,
differ as they do radically about many things, both
Flinders end Readjusters agree that taxes cannot
be increased. All our debtbills and all our plat
forms. coming from either side, proclaim the same
conclusion to this We believe s1s 665 176 to be
the just and equitable of our public debt,
and per cent thereon the limit Of ability, as
well as fair rate of interest," propose to settle at
these figures as a final disposition of matter
which is kept in controversy TO the injury OF the
State and her creditors, and only TO the benefit of
brokers and philanthropic syndicates As have
heretofore said if the inviOlabity of contracts is
to be insisted on and if this Virginia is to be held
to the liability incurred by the Virginia of 1S6O-6l,
then
THE FIRST DEPARTURE
from these WIS committed in the Funding bill of
1871 which repudiated One-thiid of the debt by re-
interest to creditors who declined to accept that
bill and surrender S. for s. The McCullOch bill
itself goes still forher when it positively repudi-
ateS one-third of the old debt repudiateS Onc-haf
of the whole arrearages of interest the peeler
and unftInded debt while full interest has been
paid upon the consol; and instead of adhering to
the original agreement for per cent. proposes to
pay only 5, / and per cent. And i'll the last ses
sion of the General Assembly, the Bourbon-Funder
Debt SIIrr
reliability of contracts and the inviOlabiity of
cOntracts-when, after having already passed the
Bocock-Fowler BILL and the McCulloch bill,
and the funding bill, all impairng the obligation
of the contract of lSG0-61 and each i'll dcrogation
violation. and repeal of its predecessors, they
united in voting for the Ross Hamilton substitute,
which offered uniform interest of three per cent
Thus all parties have recognized the right and ne
ceSsity for departure from the original terms
of a bargain which has never had the approval of
the people; which we cannot execute, and, that
confessed then the limits of the departure only
to be determined by the necessity which author
lies and the equities which demand it. These
limits, by careful methods found and fixed in
| the RiddebeTger bill, where, recognizing every
dollar of our just indebtedness, undertake
rate OfintcreSt great revenues and ability
warrant. 1t is Il simple of figures and the way
fiTing man, though Il fool, need not err therein.
forbear to trespass further upon your indulgence.
| We are anxious to determine and settle the debt,
and we shall be happy the liberal and generous
| impulses of the Northern people shall lead them
| to aid lis by their cOuntenance and sympathy to
| conSummation so dcyoutly to be wished. We are
| not replldiators We acknowledge every dollar
| that we believe we justly owe and We intend to
pay it and if we ask an abatement in the rate of
interest, it is poverty, not our will, consents
4 ,INf
as claimed against No here will
longer pretend that we can. He is hon.
est who engages TO pay no more than
he has means to pay with. He is not honest
who promises with the knowledge of inability to
| perform. Nor can we allow the matter TO stand as
il is to run against us without exposing ourselves
| to the shame of actual and
COMPULSORY REPUTATION.
The case ofthe creditors is not much better. Many
of them receiving no interest at ALL and large
proportionofthem under debt-paying auspices have
received only two years interest in eight years.
The bonds of great portion of the debt can only
be sold at an immense sacrifice to the holders, and
none of the bonds have any stable value afford
| the holder the interest which they promise.
| Meantime State and creditor are unhappy. Both
too losing by delay and by the futile plans of
adjustment that we do not respond to the demands
| Of the situation, or that are fashioned
only IN the interest OF the DrOkefS- 1HeSe
| last-the brOkers-are the only ones who
| make profit out of our unsettled finances
these gentry impartally yictimizing both Virginia
and her creditors, and, finding equal opportunity
of speculation whether bonds rise or fall are happy
III eitiro'-"ont and care little who may be their
victims. Any final settlement to obiaction-
able TO these jobbers in the necessities and mis-
fortunes of State and individuals, and no scheme
that will effect such settlement hope for their
approval. And with the readjustment of the debt
as proposed, the Rcadjusters into full control
of the Commonwealth, remove
i THE BOURBON REACTIoNISTs
| from place and power, and start Virginia a
new career of progress, prosperity, and greatness
Free suffrage for all men, fair count at the polls
free education for all children, and impartial
administration of the Constitution and laws for
all citizens will be the internal policy of the lib
eral party which shall have dethroned the Bour-
bonS and with respect to the Nation and sister
States the same liberal party will insist upon and
inculcate honest submission to the results of the
war; due observance of the Constitutional amend
ments the reconstruction acts, and all the other
expressed and implied conditions that accom-
panied the restoration of Virginia to the Union
the cultivation of fraternal relations with our
feIlow-citizens of every quarter, and the removal
of sectional jealouses and distinctions in all
orr notifies