The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-03-28

shSCeSS4 10 S-EsAl1s ss.e.
Night Eessfon.
The. election bill, which was pending at
Ia P. M., when the chair was vacated, was
resumed. - 4. eEl..H
Various amendments were adopted.
The bill codi6es all the present eiectlon
laws, md will save, II passed, about so,ooU
to the State.
The bill was engrossed.
Adjourned.
#
frrom the Norfolk LEDGER
Coupans---The Rate OF Interest AND
Non.Taxable Bonds.
General Malone, the recognized leader OF
the new Darty, made a speech in the city OF
Petersburg on last Friday night, which Is
understood to be the same in substance as
that delivered at the Ail-Sorts Convention
that assembled in Mozart Hall, 10 the city
OF Richmond, on the 25th OF last February.
That General Malone, as the leader OF ms
party, should give the keynote to what us
followers must think, say, and DO, Is mol
singutaf. No one is disposed TO question
his right to lead party IL he can get iol-
lowers. and we are neither enyious OF the
position assumed by him in this role. nor OF
whatever honor or fame or Denent may
come to him or bis adherents. AS the
leader of this party we desire to snow tnat
his present theories do not square WIN Ills
mast practices as public man
II we understand his position DC Is ue.
cidedy opposed to the coupon feature OF
the compromise bill, because it takes away
from the people some:ef their sovereign
rights, and makes them virtually the hewers
Of wood, drawers Of water, and slaves 10
the creditor. This is crudely the sub
s:ance of the Generals objections 10
the coupons; but be did not always
hold this view about the sovereignty
Of the people, nor did he-we hope for his
own consistency and rcspect-alWafs
regard the coupon feature as so degrading,
so beneath the dignity of the borrowers OF
money. as at present. In the year 1872 we
find that the city OF Norfolk borro owed from
the Atlantic. Mississippi and Ohio railroad,
OF which General Malone was president.
certain sums Of money, for which 1t deeded
a vast amount OF property to pay the ABOVE
named principal when it maturcd, ana also
(what do you think, reader0 to meet the
COUPONS for interest!
But we have another count IN This lndlct-
ment that comes as far short in practice OF
measuring up to General Mahone's stand
ard as the coupon farce. He takes the 20.
sition now that the present compromise bill
should not pass. because the people are not
able to pay per cent. taxes for ten years,
etc. Here again let us draw comparison
between the practice and the theory OF the
leader OF the new party: According to his
own figures the taxable property OF the
State of Virginia was in the year 1878, $685.
O00,0 the principal vi our debt as now
fixed will amount to about $50, 100000, III
la 10 nt hog
nearly eleven dollars OF property to every
one she owes, upon which TO levy tax,
and yet General Malone tells the people,
with emphasis, that Virginia cannot bear
this burden OF taxation of per cent, and,
cr,qo, should demand further reduction
from her creditors.
This sort OF sophomore eloqucnce is won
derfully taking with certain classes, and
might have some weight with businessmen
il the author had consistently practlced it
when lie had an opportunity to show his
faith by his acorkS-when he was in posi-
ton to make them beneficial to the people
whose cause he now champions with So
much apparent zeal. But did he do this!
Let the facts speak for themselves. In the
aforementioned year OF 1872 the city OF
Norfolk borrowed, IS above stated, A sum
OF money from the Consolidated railroad,
OF which General Malone was then prcSi-
dent, at the very moderate interest OF
EIGHT per cent, OIL non-taXabIc coupon
bonds. This interest has been regularly
paid semi-annually, Notwithstanding the fact
that in 1877 and for years previous our
people paid t1oo dollars OF city tax on every
hundred dollars worth OF property-!ust
four times the amount paid by the people
OF the country to the Statc-and notwith-
standing the fact, too, that our city debt is
over, g, 600, 900, based upon taxable pro-
perty OF only S10,000,000. Or, in other
words, the people OF Norfolk owe 81 for
every So OF their property, while the peo-
pie of the State own. about eleven dollars
worth Of property to each dollar OF their
Indebtedness. The taxpayers OF Norfolk
pay on an average 50 tax per annum on
every 500 worth OF property, while the
people OF the State pay 80 cents tax on Il
like amount. This estimate does not include
Statc taxes IN Norfolk or local taxes in the
counties.l
Now, il General Mahone's theories are
correct, and the coupon feature is de-
grading, he has. as the representative OF the
railroad, in lending the city Of Norfolk this
money, wantonly and knowingly imposed
this wrong and this degradation upon u5 !;
or the scales have fallen from his eyes since
the days when he held the dual position OF
regulator of the politics OF The State and presi-
dent Of the Consolidated road; and now,
when he is simply the head OF new party,
with very doubtful following as 10 mum.
bers, he sees things from different stand
point.
Not only in this, but il the people OF the
State cannot, ami, as we understand Gene
raj Mahone to say, ought not to pay to their
creditors three per cent. interest when they
own etercn dollars worth OF property TO
every one they owe, why should the people
OF Norfolk pay to the Consolidated railroad
eight per cent, owning but fue dollas'
| worth Of property to every dollar OF their
Indebtedness.
We have stated this question plainly and
practically, nothing eXtenuating norsetting
down augbt in malice, and we challenge his
friends TO eNtricate him from the inconsiSt-
ent position he occupied in practical trans
action with our own people seven years ago,
compared with his thcorizing in 1879.
II the coupon feature degrades the coun-
try people at per cent, we who pay five
eiShths more coupon taxes TO the railroad
are that much more degraded.
II the country people cannot, after the
lapse OF ten years, pay more than three per
cent, how can Norfolk no,c pay eight per
cent? And as General Malone is opposed
to coupons, high rate Of tareS, and non
taxable bonds, such identically as those held
by the railroad, Of which General Malone
was then president, against Norfolk, will il
not be the proper thing for our City Coun-
Gil to ask General Malone to use his influ-
ence with the Consolidated road to lower
its rate OF interest, strike out the coupon