The New York herald., 1879-02-26
VIRGINIA'S DEBT.
ORGANIZATION BITTERLY OPPOSED TO THE
M'CULLoCH FUNDING SCHEME.

STATE CONVENTION OF READJUsTEIs-THE
ORGANIZATION BITTERLY OPPOSED TO THE
M'CULLoCH FUNDING SCHEME.
RICHMOND, Feb. 25. 1879.
The Convention of the readjusters OF the State
debt met here to-day ut noon in Mozart Hall.
Representatives from sixty counties present,
among them being several colored delegates. Mr..
Frank S. Blair, of Wythe county, acted as tenn
porary chairman. After the usual preliminary busi-
ness a permanent organization was effected by the
election OF Major V. Walden. of New Kent county.
pr, sidcnt: Charles NJ. Warden secretary. and one
vice president from each Congressional district.
The President made n brief address. in which he
said the interests and rights of the people must be
asserted in unmistakablc terms. and that no lcgsla
ton should be tolerated which sought to bind sue
ceeing legislatures to taxation and the disposition
of the revenues. His speech favored forcbe
adjustment, even to Reputation.
A resolution adopted providing for the ap-
pointmcnt of committee on business. pending
which the Convention took recess until four r. VI.
Many delegates being members OF the General
Assembly both branches OF that body adjourned
before in order that they might attend the Con-
vcntion.
The Convention rcassembled at four Z. NJ. when
the Committee Business was announced. to which
numerous resolutions were referred The remainder
of the session occupied in specch-inaking the
principal address being that OF General William
Mahonc. who presented his views on the debt ques-
ton ut considerable length.
GENERAL MAHoSEs ADDRESS.
He claimed that all measures heretofore adopted
for the settlement of the states Indebtedness pointed
to absolute rcpudiation u result which he did not
wish. He opposed to the proposition pend
ing before the Legislature such legislation would
ncccssitatc increase OF taxation. The people
paying ~ high q rate they will pay.
lie saw nothing to justify a settlement at "a rate
higher than three per cent for forty five years.
Ne was opposed to the tax receivable feature
OF the proposed settlement inpractcarlc
and not within the power of the Legislature to
rcnsuinmatc. lie favored absorbing all the states
revenues pay its Indebtedness, after deducting the
necessary expenditures for frugaly administering
the state government aiid supporting the public
schools. lie spoke in strong terms OF the ungcnerous
and unjust assaults mado against those who favored
such rcadjustment
The Convention decided TO print 1000 copies of
General Mahonc's speech for distribution A recess
was then taken till eight +. NJ.
REsoLrrIoSs ADOPTED.
Az the evening session resolutions were adopted
holden for that portion OF the Ole debt known MS
West Nrgiuias third; protesting against any scheme
OF settlement which would in any degree compro-
mise the full support of the free school
SYSTEM and denouncing the bill before
the general Assembly; making the McCul-
loch combination OF American bondhold,rs
and the London Association the agents for funding
the debt. and which fixes the interest at three per
cent for ten years four per cent for twenty years aud
five per cent for ten years The resolutions also in
vite members of all parties opposed to increased
taxation to join the rcsdjustcrs In securing ma
ority the next Legislature who will complete the
of Virginia we'll TO the holders of her obliga,
fi.nla