The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-01-22
Another Warning.
THE SITUATION ON THE PUBLIC DEBT-THl
DUTY OF THE CONSERVATIVE PARTY.

-. DUTY OF THE CONSERVATIVE rPAKTf.
RICHMOND, VA, January ", 1870.
Editors Dispatch: There being quite
muddle in State politics just now, growing
out OF the public-debt question, I beg leave
through your valuable paper, which has
ever stood up for the Conservative party,
the honor OF Virginia, and the rights OF her
creditors, to briefly state the situation, and
to point out the way that will lead legisla-
tors and the people triumphantly, with un
smirched record, through the trying ordeal
now confronting us. ''''
In the Gubernatorial Nominating Conven-
ton OF 1877, whether wisely or not it Is
useless now to discuss, the party pledged
itself almost unanimously 10 the policy OF
readjusting the public debt on basis hon.
orabIe to the State and acceptable to the
bondholders, with the condition that the
present rate (uot the aggregate) Of taxation
should not be increased. In obedience to
such. copmittal, after failing to pass other ex-
pedients looking toFeadi such as the.
Massey bill and J. che Barbour bill, tne, main
purposes OF which were to raise and have
re&diHdicated, With the hope OF reversal.
every question involved inithe funding bill
of 1871, so ne to- clear the decks for feadjust.
ment, the Legislature last winter passed
what was known as the 's compromise BILL"
OF ~ BOCOcA-E oNlcI Dui,,, -LnC tCfhis W
which have been formally and respect
fully declined by the creditors. In
the mean time the Court Of Appeals
has decided, in what is known as the "Fine
or Clarke case" the issues raised by the
Massey and Barbour bills, In an elaborate
opinion adverse to those measures and in
confirmation OF its views held in Antoni Us.
Wright, &c. Still, with the several DEGREES
Of this high court in their favor, the bond
holders have in turn made to this General
Assembly, through the Governor, four
percent. proposition of compromise and
settlement, which has not been accepted
mainly because OF the feature therein con-
tanned requiring the interest to be paid in
gold. However, this game OF comfy and
diplomacy goes braVely on, and the Legis-
lature has authorized the Governor TO in
yhel the bopdholders, theiT represents
,fiyes, and distinguished and influential
commercial IS men, to meet here the
30th instant for conference and final
settlement, IL possible. $50 bondhold-
| are now active readiusters of various shades
land types; which fact no one can dispute.
Bnt some extreme and perhaps self-seeking
readjusters are striving hard to tide this
|tgreati question over TO the next General!
Assembly for one purpose and another, re-
gardIess OF the untold damage that. agita.
ton and delay are doing the fair name and
,p:c,d fame OF Virginia and her every in
terest and enterprise. to say nothing OF the
dreadful stigma which non-action at this
session and future agitation will put upon
our moral. social, and political record as a
peoples, Such reckless readiusters have
formed an organization, the purpose Of
(which lsisisto mould public opinion in
the interest OF their peculiar views
and to control representatives during this
Esession by prescribing the course they shall
pursue, regardless OF the high trus. COM
mitted TO them byfree constituencies whom
they1are i'm duty bound to serve in their
tlegistatiyej capacity, despite all eutside ma
Lshinati ions, OF. be disgra iced. They have re-
leentIyI held their sght-meetiags and adopt
led ttheiglEeselHtions calling for, q convention