The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-07-29
The Question Must Be Settled.

Il ~
The Question Must Be Settled.
For years there has been no peace 10 Y "
cin;a From 1871 to 1878 there were dis
tnrbers OF the peace in almost every coun !
~. who decisimed bitterly against tue Pro
visions OF the WALLER funding act, and de.
c,arcf, that the State should have no resi-
until that " Infamous law was repealea'
or superseded, or In some way n '9t', !
The wrongs OF the owners OF the peeiei
bonds were during all that time the e.. suoles'
OF uany eloquent speeches and ions-wlnd''
ed harangues. 1t was Shame, sa'u 'ns
ayitators, that the Commonwealth snouiu
discriminate between her creditors. IL was
nothing less than partial reputation for
VIRGINIA TO allow the coupons cut from the
bonds owned by one class Of her creditors
to be received for taxes, and to pay not one
cent to her other creditors, although tbe
bonds held by the latter represented deot
as honestly contracted as that Represented
bv the. bonds held by the former. In q
word. there was no language too opproDri-
Gus to be applied to the funding act OF 1871
MANY schemes were devised by the aS1ta-
tors for getting rid OF the WALKER funding
act. 1t would not be difficult to snow we
think, that some Of those schemes were less
favorable to the State than is the McCUL-
i,oca bill. However, all these schemes
failed either in the Legislature, OF after
trial, or because the Governor vetoed them.
There came up in the General Assembly
- 1910 tho S0.roItp6 NC
CuLLocH bill or brokers' bill. (The name
is immatcrial, and will not brighten OIL any
OF its friends). This bill provides for put
ting the holders OF the peeler bonds ana
the other bondholders upon an exact equal
ity. It places the state in Il position OF
perfect inpartiality towards all her bond
holders. 1t proposes to get rid entirely OF
the "infamous y funding act OF 1871. 1t
substitutes three-per-cent. rate OF in
terest for a six-peT-cent. rate OF interest
for the next ten years, or, as the
friends OF the bill hope, until the State
shall be in condition to pay four per cent
more easily than she can now pay three per
cent. 1t reduces The amount Of interest an
nua'Iy falling due from S1,S00,000 to $780,
600. II the bondholders had given up 10
the State one half OF their bonds upon con-
ton that she should pay to them upon the
other half the six per cent. interest which
she >olemniy bound herself when she bor-
rowcd the money to pay upon the whole
debt, their proposition would not have been
mere liberal one towards the State than is
the MCCuLLoCH bill. so far as the first ten
years OF its operation arc concerned. The
bill substantially proposes to
the people OF Virginia to collect no interest
in the shape Of either coupons or money
upon fifteen millions OF dollars OF their debt
until ten years shall have rolled round and
afforded them an opportunity to repair their
devastated fortunes.
But even these terms-so favorable to the |
State, and manifesting liberality almost |
on the paft Of her CREDITORS
even these terms, we say, the agitators pro-
Tess for their own selfish purposes to regard
as illiberai. They are determined not TO &C.
cept any measure which would deprive |
them OF the opportunity .of trying to ride |
into office upon the debt question. They |
are bent upon keeping up the agitation
Of this disturbing question until it lands |
them in places Of profit and honor which they
could never hope to reach il they depended |
upon their merits for their success. They |
declare that the MCCULLoCH bill is worse
Than the WALKER bill So unalterably fixed |
Is their resolution to defeat at all hazards |
this last honest effort for the final settlement
of all questions growing out OF the public |
debt, that they have even gone so far as to
organize new party, adopt rules and regu-
|ations for its government, appoint chair.
men OF city and county committees, and |
provide for nominating candidates OF ITS
own for the next General Assembly.
Up;ler these circumstances what can the |
party do but accept the chal-
lenge and go before the people upon the
issue forced upon it? 1t would be con-
fession of criminality upon the part OF the
State Committee to refuse to pick up the
glove so deGantly thrown at their feet. 1t
would be cowardly surrender to the enc
mics of all the leading Conservative states
men In virginia. IL Wouiu pc W tul IL oNei
to the tender mercies Of the agitators not
only Governor HOLIDAY and his most
trusted advisers throughout the Common
wealth, but all the noble gentlemen who last
winter as members OF the General Assembly
devoted their time and talents to the per-
lection and passage OF the McCULLocH bill
in the sincere belief that it was the best
measure that could be adopted, and in the
patriotic hope that its passage would bring
relief to the State and peace to her people.
And why should the battle not>be fought
now? What reason can be offered for its
postponement2 What have the states
men of Virginia gained by their long for
bearance to press this question to an issue?
What can they gain by once more post
poning the decision Of so important ques.
ton? Consider the whole matter, men and
brethren Of the State Committee, and decide
Alright.
On the Fence.
1t won't do, gentlemen who are aspiring