The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-02-26

4. fssF ~
the convention and accepted He read o
lengthy speech. The following are ex-
tracts: isE. si EttsSis. II. f. r.
F,+asfs. IhoId that there is nothing il, our
present condition or future outlook Justify
ing settlement at q rate higher than three
per cent. 5t IL t.q ~
The supporters Of this [McCulloef COM
promise] bili2adyocate it mainly upon the
ground that 1t saves a large amount of in
terest. But. as understand the question,
1t Is not What do we save? but What can
we pay II this proposed settlement,
although reducing our annual. liabilities.
yet requires an increase Of taxation-as I
have shown it does--l would inquire, eau
the people of this State bear such an in-
crease? Will they bear it? Ii not, or if
we have good reason to believe from their
past and uniform declarations that they will
hnndho olders to enact q law which can only
become operative by sucn Increase IN the
rate OF taxation ? -
But at per, cent, or any other rate, I
would be unwilling to perpetuate, by any
act Of mine, the self-executing. taX-receiYa-
BILE feature Of the present bonds, rs repus-
nant TO the sovereignty OF the State, as de-
rogatory to the dignity and good faith Of
the Commonwealth, and as an alienation OF
her sovereignty, which it is not in the
power Of her Legislature to cousummaie.
1t may be that the expression Of such con-
viction will be construed as 4 capiious or
unreasonable objection. It may be ascribed
to purpose to defeat a settlement. It may
be said that the concession of such 4 pro-
vision is sine qua non in any new arrange
ment in view OF that feature in the present
bonds. To such objections I have but one
reply, and that is that / hold the feature in
such abhorrence / would never support it,
and am thankful that hold no public posi-
tion where my vote opposing it might in
terfere with an otherwise practicable solu-
ton Of the problem.
But, sir. will not pause to analyze the
logic OF those arguments which, starting
with the statement that we owe per cent.
on our debt, conclude that it is honest to
pay per cent, 4, or per cent, with tax
receivable coupons, but dishonest to settle
at per cent. without the taX.receivable
feature in the hond. He is, indeed, shrewd
moralist who can calculate honesty within
l per cent. OF its vanishing point.
Impoverished and dsheartened as are our
people; onerous and oppressive as is the
present rate Of taxation; opposed as have
been, and still am, to any increase thereof;
and certain as I am that SUCH increase, to
some extent, must be necessary after 1880,
yet to secure the great object OF settlement
of this question and to avoid that direst of
all calamities to the State, reputation of
its obligations, unless some settlement can
be arrived at, upon terms at least possible,
though difficult of endurance, would earn
estly advise this people to accept perma-
nent settlement at 8 per cent, believing
that they would, If called upon, see
that the quiet and repose gained
thereby would counterbalance the hard
ships OF m increase which they are so little
able to bear. I would use my best endea-
yors to secure vote OF the people sanction
ing a settlement at per cent. for foIty-tiye
wears on the basis of S32,9I7, ,09O.02. And
this settlement being ratified, would en-
force it by the Legislature and courts, whose
powers believe to be fully adequate there
to. I would do so because believe it TO be
right; because / believe it is the only way
to avoid consequences we would oil regret
deeply; because thelieve it is to the best
interest of the bendhoder and the tax
payer; and becauselI believe it is duty we
owe TO the Commonwealth OF Nirsinie.--
--ss sszr-7=1-F ha6f Oh uuuWy lIne shall hually
distinguish the morality OF the debt-payers
and that OF. the readiusters? I have earn
es;ly and with intense conviction sought q
settlement which shall be practicable, and
which will prevent the stigma OF repuda-
ton from attaching to the fair name OF Vlr-
einia. II the conduct OF our public affairs
is guided by wisdom, and not by deelama-
tion, believe an adjustment will he attain
ed which will be honorable and just; but
whatever that result may be | shall con-
tinue to advocate earnestly and fearlessly
the convictions which have honestly en-
tertained.
The magnitude of this theme elevates it
above the plane OF personal Vindicatlon. L
dismiss that question with remark, par
donable, l hope, under assaults upon my
self frequent, bitter, and buttoo often sour
rilous.
When the record Of my assailant ap-
proves him as one who has rlsked more,
endured more, sacrificed more, than have
done in my humble sphere for Virginia, l
shall deem him worthy OF full response.
Until that time arrives l shall struggle for
a higher end and on grander subject than
that of self.
Mr.. Eskridge moved that 5000 copies OF
General Mahone's speech be printed for
general distribution. The cost, he thought,
would not be great, and the amount neceS.
sary could readily be raised.
Mr.. McMulln suggested 10000 copies
Accepted and motion agreed to-.
MR., N. ". LIPsCoMB. ~.
At the urgent call OF the convention Mr.
Martin N. Lipscomb came forward to speak
He took the position that this State OF Vlr
ginia does not owe q dollar Of the debt. i
She owes any she should pay, it without
abatement. Mr.. Lipscoaib complimentet
the speech OF General Malone, and by {
slip spoke OF 'smy distinguished friend
Patrick Henry" He denounced the system
of hiring out convicts to come in competi
ton with honest labor, and made charac
teristic speech, which was vociferously ap-
plauded. ... ,-.
The Rev. Mr.. Massey, senator from Abe.
marie, was next called upon, and followed
Captain Martin NJ. Lipscomb upon the gfea'
issues OF the day.
He apoogized for his hoarseness, ana on
that account declined to speak at length
But instead Of speech he proposed pre-
amble and resolutions (rccently offered IN th(
Senate), setting forth that one third OF the
debt should be set aside for West Virginia
and that Virginia should pay one half OF the
remainder, and that no interest be allowed
for the period prior to January, 1871.
In his explanation Of his position Mr
Massey advanced the views he has Otter
expressedin the Senate and on the stump
The Chair announced that Judge Bell hat
been placed on the Committee on Resolu
tions in place OF DR.. Lewis.
TROUBLE APPREHENDED.
Senator Fuikerson moved that the Chai