The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-08-08
Gathering Of the Clans for the Con-
ssrvative Convention.
REPUTATION THE GREAT ISSUE.
The Candidates for Govenor-Ther
Views and Chances.
CONDITION OF THE STATE DEBT


assembIages that were ever held in Virginia From
tho Souhside the Malone heroes OF the crater
from the Valley and Northern Neck tho booted and
spurrod troopers Of Ftz Hugh Leo from the western
section the comrades and admirers OF John w. Daniel
'the little with the crutch" the youthful orator
of Virginia; from the Shenandoah comes the veteran
supporters OF +. W. NJ Holiday, OF Winchester; from
the Eastern Shore the battle soldiers OF General
Taliaerro and from tho Invest the few bat faith
iul friends Of General Terry All Of the candidates
have their respective headquarters which the arriv
ing delegates report they como in on every train.
SIS far Malone Daniel have developed tho greatest
strength but the friends of neither so far as to
claim majority OF the Convention either the hrst
or second ballot The entire number OF delegates
to the Convention is estimated at 1,4ia They
are so we'll divided among the SIX candi-
dates for the gubernstoral nomination and there
little known OF the tactics that will be resorted to be-
fore the Convention meets that is impossible to make
prediction results until after tho rst second
ballot ss ae-1e Nf'-
SPLIT THREATENED.
1t Is generally conceded however. that's bolt split
is inevitable. The prevailing impression seems to be
that If The Malone followers can force through tho
Convention q readjustment plank it will DO q declara-
ton OF the OF the body in his favor and that II
such declaration followed by combination OF the
other forces against him he will bolt the Convention
and run as an Independent candidate. Mahone's
friends claim pledged strength Of AGO and
Daniels friends about the same num-
Der, the remaining delegates being distributed
among the other candidates In tho order OF Talaferro
Lee Holiday and Terry. IT, on the other hand the
Convention adopts q plank as has been tho custom
heretofore pcdging The party to the payment of tho
State debt II also claimed that Malone will WITH
draw aud run independent in that case the read
justment platform Mahones letter stating that he
in favor of REIMBURSEMENT of the public debt regarded
as an attempt TO repudiate the debt /. caught at
by the mass of the farmers drowning would
ct straw to themselves not only Increase Of
taxation bus from tho payment OF an ante.war debt
asas bssassg.i the STATS DEBT
The Indebtedness Of the State which IS now sought
to be readjusted repudiated, is in round figures
about $50 600 ooo $50 600 OF which is known
as the funded debt the consols having coupons
covaba Tor taxes This debt cannot be either read
tustcd or repudiated without the OF the bond
holders and 1t Is in this that tho average virgnian
who believes II can will be badly .sold." In 1861
when the present constitution adopted, the whole
people Of the State for paying the debt as pledged
in that instrument. The Legislature of ls7o-7l re-
deeming these pledges and consi dering 1t their duty
to provide at once for 80 much OF the debt
a. tho State Of Virginia existing un-
doubtedly In justice owed, provided Tor the pay
mont Of two-thirds OF IL, and LETT the osher
third until settlement could be had with the new
state Of West Virginia In the meantime, repeated
applications had been made to West Virginia for set
Element without success The act making this pro-
vision, known the Funding bill. provided for the
issue OF new bonds for twothirds OF the old debt,
with coupons receivable for This done aor
duo consultation with the bondholders and was vrtu-
ally contract or agreement betweon the state and
In fto
induced by influences hostile Governor Walker who
was the author OF the Funding bill, and encouraged
by the general cry against taxation repealed this law
forbidding coupons to b received for taxcs test
ca SO WIS at onco made and tho repeating law OF the
Legislature al once pronounced VOID by the Su-
preme Court Of Appeals Of Virginia ~ 10 bonds which
had been issued under II 1t regarded a solemn
contract by the Court and ended all discussions the
courts as to the class Of bonds known as Virginia con-
of any future action by tho State authorities 1t
impossible TO rcpudiate them; bun the farmers OF vir
ginia are ignorant enough 10 believe that General
Malone force the hodsrs OF these twenty odd mill
tons into readjastment or reputation. Readjust
ment J the veriest clap-trap but unfortunately 1t
threatens to prove effective IN the adoption Of hail
reputation platform and tho election OF candidate
on that PLATFORM
Governor Komper was silly enough TO call a confer
between the State and her creditors IN November,
1874 in which be urged at great engh that
Element ought TO be entered into, but which sgnally
Jailed This conference had the effect TO greatly en-
Element OF 1871 and affirmed by the supreme Court.
Consequently in the succeeding Legislatures several
attempts have been made by de%asogoes and ,nae-
but they all failed They we're male by
parties at tho time weak in influence, in experience
and lacking Judgment. Their principal support
from the negroes and carpet baggcrs WIN tackled
the embryo regulators. This feeling and sentiment
has since been rapidly gaining ground, owing 10 the
continued financial depression until now 1t has as
sumed monster proportions aud seems 10 be the rock
rn ne goo OF b 81
unfyndcd and on which no interest rs pain, s mostly
held by widows and orphans In the State, and whose
property invested IN these securities by order the
State courts. IL liz hardly possible that this class will
consent 70 rcadjust or repudate, even though
she funders will not readjust a. sheir
pons receivable Tor taxes pay thor interest without
any trouble OF collection Isis exposes me shallow,
commentary upon tho intelligence oil party who can
be led by such dciuswo means or pound to such un-
for unato The c,tes and towns opposed TO
or rcaajustment and 10 be hoped that
these VIII be sufficiently reinforced in the State
Convention Wednesday to save tho honor ard credit
OF old Virginia II would be more fortunate n the old
dem ocrsic conservative organization could fall 10
! pieces by credtabic means.
| rHE CANDIDATES POSITION
General Malone IS he most remarkable man In Vir-
gnia and thcrc ara lev mcn made Of scrncr stun or
OF more aggressive nature IN the whole country. IL
| Is know ledge Of this that has made almo
the idol Of large portion OF the people, In spite OF
the bitter relentless enmIty OF many against whom
he has been arraycd in the various railroad and nnau-
cal contests that have been ~agcd in the STATE As
| the President oil The Atlantlc MISSISSIPPI anu ONO
Railroad through which he sought 10 divert all the
OF the south IRON other channels TO Chesapeake
| Bay and thence North. hc incurred the severe dis
| pleasure OF the people OF Richmond and Of tho
| north side Of the James but he fought
the fight from the beginning though against
| desperate ODDS, and always came out winner,
| until IL became comnon saying that no
matter who nomlnally NJ the head Of affairs in
The state t.cncrai Mahonc was the real Governor ana
| director, as no the acknowledged Warwick Of
| Virginia. lie has always boon tho powor behind
the throne. aud that he aspIrcs 10 the throne
itself there fear and trembling all sides lost the
autocral should seat himself the throne, and the
faith In his ability whatever no undertakes Is
great already the people begin look upon his cleo
ton whether nominated by the Convcntton or not AZ
a ioregonc conclusion.
THIS feeling has increased too, SINCE his bold decla-
rations the question oi settling the public debt In
HIS this most absorbing topic he did not
mncc matters or beat about the hush, but came boldly
out ana caught the popular breeze just a. the right
moment and while filing his own sails, took the wind
away from the whole fleet OF posing him. for II Is
really a battle OF Malone against the Held. He de-
clarcd lor REIMBURSEMENT and compromise, amt that
this policy be forced upon the creditors In