Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1885-09-25
DEBT SETTLEMENT UNHlHGED BY BOUR-
BON LEGISLATION.
THE WHOLE SETTLEMENT IAPERlLED.

THE WHOLE SETTLEMENT lApEhlLED.
#~
WILL THE PEOPLE ENTRUSr THIS
GREAT QUESTION ANY FUR
THEIR 10
BOURBON MANAGERS :
BY the Funding Bill Of 1871,
which Major John w. Daniel, now
candidate for Mahone's seat in
the United States Senate, and
Genl. Fitzhugh Lee, the Bourbon
candidate for Governor, so long mp
held and exerted their influence 10
put upon the tax,ridden people OF
the State, imposed a debt of over
thirty-three millions of dollars
thirteen millions more than the
Riddleberger Bill. This settle
ment of the Debt, which these gen
tlemen would have saddled upon
the people, imposed an annual de.
mand for Interest of full two mil
lions of dollars, and the hated tax
receivable cOupon--the destructive
'cut.worm' of the trcasury-the
anaconda which was last cXtn-
gushing the life Of our free school
system and such annual demand
for interest would have imposed an
increase in the then existing rate
of taxation from fifty to full one
hundred and twenty cents on every
one hundred dollars on the assessed
property Of the state. Think OF
that, taxpayers.
The Republicau.Readiuste debt
settlement imposes an annual de-
mand for interest Of only SIX hun
dred and thirty thousand dollars,
1 lessons the rate of taxation from
! fifty to forty cents on the one hun
| dred dollars of property, keeps alive
and nurtures our free schools, fur
nishes the means of proper support
for our asylums, provides ample
means for frugal administration
of the State Government, and pays
a iair rate of interest IN these
times on every dollar Of The public
debt we honestly owe.
This settlement Of our public
debt - our Readiuster Republican
settlement-Major Daniel aud Gen.
Fitzhugh Lee did all in their power
to defeat.
Failing to iasten, irreparably, the
fraudulent Funding Bill of 1871 up
on the people, they gave-these
gentlemen Daniel and Lee .-all
their influence and active support
to the more infamous McCulloch
Brokers' Bill, which, while it as
sumed the fraudulent sum of over
thirty.three millions as the debt Of
the State, and retained the tax
receivable coupon, it cOmpleted The
degradation OF the Commonwealth
and made certain the destruction OF
our free school system. This Nc
Culloch scheme, the pet scheme OF
these gentlemen and the bourbon
party, in fact not only subjected the
control of our State treasury to
Hugh McCulloch and his syndicate
of brokers, but gave him power to
| impOSe an increase into regulate,
practically-the rate OF taxation.
1t gave McCulloch power, abso.
lutte power, to compel the holders
of all other than taXreceivaOle
bonds, to cOerce settlement upon
his IMcCullOch's own terms; and
would have enabled this ShylOck to
extort ten millions out OF the
scheme. 1t robbed the widow and
the orphan to enrich McCullocb. 1t
compelled the State, on his demand,
to borrow money to pay the inter
est on the bonds issued under hl;
scheme and on his exclusive de.
mand, at the prodigious rate OF
sixty-six and twO.thirds per cent.
per annum. 1t enabled large tax
payers to pay their taxes at u DIS
count of twenty-five per cent.-that
is, to pay seventyfye cents where
the small taxpayer would pay one
dollar.
1t exempted the bonds issued un-
der this scheme from taxation, while
all other property aud all labor was
to be taxed to pay the interest upon
these bonds, not in the currency Of
the people, but in GOLD.
Itimposed a debt upon an impov-
erished State and severely over
burdened, honest people, OF full
forty.eight millions Of dollars lprin-
cipal and INTEREST," more than our
Readjuster.R Republican Debt Set
Element. That Is the enormous
sum which our settlement saves to
the people.-not a dollar Of inter.
est, not a dollar of principal repu-
dated {; and yet Major Daniel aud
Gen'l Fitzhugh Lee eXerted all
their power to fix the McCulloch
Brokers Bill upon this people,
while they likewise arrayed them
selves against our Readjuster.Ro-
publican Debt Settlement.
Can these gentlemen be safely
entrusted with the keeping Of this
question, so vital to you, the tax
payers of the State?
They acquiesced at Lynchburg,
in their State Convention, held in
July, 1888, but how have they
kept tue promise? Let gentlemen
of their own party speak, as they
do, the truth of the matter.
Mr.. Royal, in his brief before the
Supreme Court of the United
States, says:
IF these two acts Coupon Kill.
ers numbers one and two, as the
Bourbons derisively call them,)
stood alone, the coupon holder
could make no complaint of then,
since tue decision of this (the SIT
preme) Court declaring them to be
valid. But when $50 declareO
they stood alone, chad not been
tempered with by the Bourbon
legislature and since they have
been subsequently supplemented
by other legislation, (by the legis-
lation of the Bourbon Legislature
which completely annihilatcs the
coupon land upsetS our settlement).
Mr.. Maury, in his briet before
the same court, says: Il contend
that this new remedy provided
in Coupon Killers number one and
l t,,.,, n hoo boan rnnoplnd pnrhaps