The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1871-10-27
A FRIEND OF THE FUNDING BILL DE-
FINES HIS POSITION.


address 10 the people of l'otctourt, which
is intended as such an exposition Of his
course in the last General Assembly, as
will ensure his triumphant reelection but
is really far beneath the criticism, except to
point out some of the Inconsistencies into
which the aspiring ex-senator has been be-
trayed, or which arc the result of purpose
to deceive the people whose votes he So
lcts.
The major portion Of this document is
devoted to denunciation Of his opponent,
Mr.. Lakeland, who, having watched the ac-
ton of caucus in making party nominations,
denounces it as wrong in principle and vi
cious in practice, taking from the people
freedom of choice, and enabling a knot Of
political confederatcs to control the political
action of the masses. s.,.
Mr.. Pendleton, having aided and prolited
by caucus, sees things in a different light,
and thinks king caucus a fit potentatc to
govern Senatorial nominations, as well as
those for judges, to be confirmed by vote
of General Assembly, though Mr.. Lack
land charges Mr.. Pendleton with insnbordi-
nation to his favoritc authority, in the matter
of the nomination Of Hon. j. w. john
ston for United States Senator; but then
we all know circumstances alter cases.
We have glanced over Mr.. Lackland's
bill of indictment in the. ease Of People
VS.. Pendleton, and reading the Reply to
William Nj. Lackland's circular, filed by
above defendant in answer, we cannot
avoid recalling to mind the instruction given
to counsel for the defense in similarly
hopeless case-"Admit nothing, and abuse
the other side" The only point upon
which Mr.. Pendleton attempts any defense,
is upon the Funding Bill, and we quote
the following as sample of the lucid
argument e.:
Would he (Mr. Lackland) deceive the peo-
pie by keeping from them the fact that the
Constitution itself required the General As
sembly to provide for the finding and pay
ment of the State debt?p and to clinch the
nail he would have us believe he has by
this question driven into Mr.. Lackland's
political coffin, he gravely quotes from
Sec. s, Art. 10, in these words The
General Assembly shall provide by law a
sinking fund to be applied solely to the
payment and extineuishment of the State
debt, &C."
Does Col. Pendleton imagine that the
voters of Botetourt are so densely ignorant,
as not to know the difference between a
sinking fund and a funding bill? If he
does, we imagine he will be undeceived on
the 9TH of November, and he, and not Mr..
Lakeland, be convicted of" desire to deceive
the people," But we quote further from
this new expounder:
''Thc Funding Bill so much denounced +
is nothing more than compliance with the
absolute and preremptory requirements of
the constitution. II lays no tar on the peo-
pile and so far from adding to
the public debt it has reduced il from 49,
900, to about s32 ,000, 900"
Here Mr.. Lakeland joins issue, most
dsastrously for Col Pendleton, who CLAIMS
the Funding Bill has reduced the public
debt, and lays no tax upon the people.
We take Mr.. Ls figures, which Col p. adj
mts are nearly correct. 81 5000 of in-
terest, which holders of a large amount of
State bonds were willing should he post
poned without, or at a nominal rate Of, in-
terest, is, by the precious Funding Bill,
made interest-bearing six per cent. stock,
"a years to run from July, 1871. The an
nual compound interest charge imposed
upon people, unable to pay simple inter-
est, is thus increased 5000, 900 per annum.
Now look at the figures, and judge
whether Colonel p. or Mr.. l.. desires TO de-
ceice the people. rafff
Interest accrued and due but mol en-
titled to Sff 900 900
Annual interestcharge thereon inn
posed upon the people by the Fund
ing Bill...... sGdO,OOO
Aggregate of 81 years payment OF
above 81 Ouu
Add principal, which Col L. claims
must he extinguished by payment. ll,O0OO00
Total cost to the people of Virginaof
ts1n 1890 - ea, a.aa