The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1885-08-27
Bourbon F1nanciering.

Treasurer, to use each month 500, 900 in
and retiring Riddleberger
per cent. bonds. About one million dol
airs have been used for that purpose. The
principal of these bonds is not due and
,ayable for about Az years to come, yet
t was deemed by the Bourbon Legislature
wise financial policy to take a hundred
thousand dollars each month from the
Treasury and send it out Of the State in
payment of obligations that have AZ
years to run. Very few of them are held
in Virginia. Most of them are the prop
erty of capitalists in the East and in Eng
and They have their agents in Rich
mond. to whom the bonds are sent for
sale. They are offered on the market
The Sinking Fund Commissioners pur-
chase them. The agents get the money,
retain their commissions and transmit the
remainder to the owners. In this way
million of dollars in currency have been
taken from the State and placed to aug
ment the volume Of money in other local
tiles, thus pressing and straining the pres
ent generation to pay debt that is not
due for AZ years.
Then the Riddleberger 8 per cent. bonds
are bringing in the market from "a to IS
cents on the dollar, and many of the tax
payers have to pay from to per cent.
for money with which to meet their tax
obligations. Would it not contribute
much greater relief to the people to allow
these bonds to run at 3 per cent interest
and reduce the taxes. so that the lMdown-
ers of the State could improve their prop
erty, husband their resources, so that the
next generation would have the means to
discharge the obligations which would come
due in their time. We have our schools to
build up, the roads to improve, and many
private expenditures to make which
would result in increased taxable re-
sources in the course of time. and place
the people in better condition than they
are now to meet these obligations when
they become due.
1t is with this, however, like it is with
every other important interest affecting
the people, the Bourbons care nothing for
them. They worship party, and anything
that can deceive the voters end -delude
them into the belief that Bourbon man.
agement is tolerable, will be resorted to.
The taxpayers are compelled to pay, in
many instances 6per cent. for money, in
order to discharge their duties to the law,
and their money is used to retire a three
per cent. debt Al years in advance of
maturity, while the 6 per cent. tax-receiv-
able coupon debt is permitted to stand,
notwithstanding the 6 per cent. bonds rep
resenting it may be bought at "a cents Oh
the dollar. This is Bourbon financiering.
The New York Times is engaged in the
pleasant pass-time of attempting to ex-
tract sunbeams from cucumbers. 1t sees
in the nomination of Hoadley, as the Dem.
ocratic candidate for Governor of Ohio
the assurance of progressive reform, and
that the harmony which prevailed the
Convention was assurance that the Buck
eye Bourbons had abandoned the spoils
system, and are growing Indifferent to
office. The fact is no one wanted the
nomination. as it is regarded certain the
Republicans will carry the State. Hoad.
ley did not want to be re-nominated, and it
was only on the earnest appeal of the Presi
dent, and the promise of the control OF
Federal patronage, that he concluded to
accept. Hence there was no contest. Thur
man, Ward, and all others except Con.
verse, positively refused the use OF Their
names, and Hoadley was the last, desper.
ate resort. Then again the Times says
Foraker is weak and unpopular dis
coyery never before made by anybody else
He is one of the ablest men of his age in
the country-personally popular-and
stronger than he was two years ago. The
Times knows that Democratic deception
as to the tariff on wool, and the whiskey
and coal-oil gangs defeated him two years
ago. 1t knows. too, that Hoadley prom
ised reforms which he never brought aoout
and never attempted to-that he was nom
mated by the worst elements of a very
bad party. and proved failure both as 9
reformer and fair governor.
The Tunes seems to have gone over en-
tirely to Bourbon Democracy. When it
can commend the Democratic party Of
Ohio, and hold Hoadley up as reformer
it is apparent it has lost all sense OF dis
elimination, and delivered itself, body and
breeches, to the Democratic party. We
regret this for the reason that it is an
able paper; and when battling for. it's con.
victions within the ranks of the Republi.
can party, it did good service for the
country. 1t has, we apprehend, taken the
fatal plunge, and that will be the last of it
as an important factor in American pol
itics.