Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1878-02-19

provisions under the suspicion that;
some at least, of these creditors would,
or might, 10 use slang phraZe, repig
go back on the arrangement Sir
I ask the gentleman If every one Of
the creditors Of that city have agreed
to these terms i'm this bill. l panse
for reply. | call upon the gentle
man to rise here now and state ex-
plicitly to the House whether oil of
these creditors have agreed to this re-
adjustment!
MR. MUsHBACK.-NO, sir. Not all
all Of them, OF course. There were
some of them whom we could not see.
Mr.. .FOWLER.-Iheu, | see Yes.
sir. there are some of them whom you
mean to force into terms--tO drive in
to your net. and | mean to show it
| will show that to that class at least
Won present the dire alternative OF
half a loaf or no bread. The very
terms of the preamble assert that taxa
ton is now too high and you mean 20
lower it. A portion of the creditors
come in and take your new bonds at
half the amount. These present their
coupons and ask for their Interest,"
You reply you have not the money
They then present them in payment
for taxes licenses, gas bills rents, &c,
and yOH TAX e them. Those who hold
on to their old bonds do likewise
You point them J0 section Of your
bill aud send them away empty
Others of the new bond holders are
late getting in. and when they seek q
Taxpayer to whom they wish To sell
their coupons, they find nll such de
mand has been satisfied 10y those who
called earlier. They then resort to
the courts at the end of 80 days and
obtain mandamus, and they compel
you to levy an extra tax tn meet their
claims The holders of the Did UOnds,
who have rot consented to this read
iustment, come forward and demand
mandamus, but the court points
them to your relentless 9th sec
ton and informs them they are pro-
limited from doing this thing for a
holder Of an old bond which they !
have Just done for a new bOndhulder. |
The defeated holders of the old bonds |
then Indignantly ask what remedy |
they have, and are told none. unless |
they give up their old bonds and take |
new ones at half the amount. That |
sir. is the only road TO the city treasu-
nv. It il the only way in which they !
can ever get a dollar. Readjdst, or
lose your bonds !
Mr.. Speaker, there is my case
against the gentleman from AleXan
dria, who prepared and pressed this
bill and then arose to denounCe House
Bill No. 92, because it is forsooth for
chile readjustment.
This case Of the city of Alexandria
and her bondholders reminds me Of
an anecdote, and | don't mean to be
prolific Of anecdotes tonight. a GER
tain individual, who had money and
knew very little as to the methods Of
using it, was induced to 90 into busi-
ness with a lean adventurer, under the
theory that it would be a good ar
to allow the latter to fur
nish the business experience, while he
the capital. At the end of
two years the curtain arises on a tab
leau in which the situation Of the
is reversed. The once lean
had the capital and the
0 ther the business experience
(Laughter.)
Now, sir, I shall submit to the YER
dict Of this House whether have not
proven, beyond the possibility Of all
question, now and forever, that my
friend from Alexandria, who denoun-
ces Forcible Readjustment in No. o.,
has not put up the finest case of For
cible Readjustment on record.
l thought my friend in his remarks
last night, and reiterated tonight,
passed the delicate bounds of that
courtesy which has heretofore diStir-
guished him. | had marked him as
one of the most courteous and Culti-
vated gentlemen 1 had ever met in
this or any other legislature, and was
proud ofmy good relations with him as
such. But he stated that | had not
The ability nor penetration to under
stand a bill when ii had been written.
| submit to you, and to the House,
whether in this he did not violate the
-ules of culture and legislative cour-
.esy.
Now, Mr.. Speaker, having dispos-
ID of these preliminary and incident {
Il matters, | shall reconsider my pur-
pose to address myself to the princi-
oles and consequences of this great
Measure to readjust the sovereignty {
md the debt of this State The hour
5 SO late, l will not afflict the House
With a prolongation Of the discus
ion. (Cries Of go on-go on
The simple issue presented in this
3ill is whether we shall continue to !
epudiate One-third Of our public debt, {
n reassprt the sovereignty of the
State over her revenues, and after All
and greatly reduced sd-
Of the Government. pay
he remainder thereof alike to all the
loideIs OF our bonds
| shall not atop to debate our ability :
o lay three per cent. nor advise the :
ssuanCe Of new bonds Rt four. No such I
measure is before this House. ard !
IN not sure it should psss any such,
hat may be prrsented.
The opponents of this bin have
lothing 70 propose. Ny friend from
Mr.. Henry, has proposed
O pay the whole debt, but even he
'es. in order TO do 20. proposed TO dis ,
mantle the Sinking FuUd. the chief {
ortrcss in which the public creditor ]
3 intrenched. | shSll not discuss tl'at I
The Sinking Fund etaudR
mbedded in the granite Of the Con- !
titution. There let 1t stay. The
imple issue then, is the Bill No 81 or
Iuthing.
Coming events cast their shadow be-
nIe. The other branch OF this
Assep' bly, have Tassed what
, know n as the Brooke Bill. which /
be oPDositiCp seemed diepussd TO ,
srpish with tleir appreciation. hut
ven if il can te called their child it is
rOrthless I here declare il m oujri- /