The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-02-21

THE RFkDJUsTERs BY no MEANS glIRE THAT
THEY Can PASS IT-OTHER LEGISLATIvE
ITEMS-fEGAL HOLIDAYS ONCE nORE-A0-
RCULTUBKL STATISTICS CAPITAJIoy-T A X
RECgIPTs-THE KING WILLIAM ssAT--THE
CAN L-KkTLROAD BILL-HENRTC0 TURN
PIKEs--REP0Er AGAINST THE COUNTY TREA-
suREEs' BILL-NR. YULKERsON AND THE
TOBACCO LAwS-PERs0AAL, &C., &C.
II a vote had been reached in the SPnSie
yesterday morning on The bill "to re-
establish the public credit" it would. in all
probability, have been defeated hy a small
majority; but vote was not had at the
period Of the session referred to. The de-
bate then commenced, and the bill went
over again until to-day. The enemies OF
he bill, especially among the dissatisfied
Readiusters, were firm in their determina-
tion that it should not pass If they could
prevent il, and were very active in their Op-
position. On The other hand, the friends Of
the bill who were most anxious that it
should not fail were frequently in and out
Of the Senate chamber at work upon some
OF the members who were disposed TO for
get their caucus obligations and give mega
tive vote on the passage OF the measure
which has excited so much Interest.
"Well." remarked friend Of the mca-
sure, as he stood with roll OF the Senate in
his h3nd, "the debt bin is as dead rs -"
"What," said the writer, "is it possible It's
going to be defeated here in the house Of its
friends?" "Yes," replied the Senator, " If
we were TO have vote on il now it would
certainly 90 up" He said good deal more
as to what would be the fate Of other mea-
sures OF the ReadjuSters il the debt bin
failed; but which it is unnecessary to repeat
here. Powerful pressure is being brought
to bear TO defeat it,. il may not be killed in
the Senate, but it is said that it will share a
worse fate il it gets to the House OF Dele
gates. One thing is quite certain, that its
warmcst friends were more than uneasy,
and even It's patron seemed 10th TO call it
up. 1t was nearly half past | O'Clock before
he did 30.
MOTION TO INDEFINITELY POSTPONE.
About the hour named Mr.. Riddleberger
called for the special order, and bis bill was
at once taken up, the question being on the
passage OF the bill.
The Chair stated the question" Shall the
bill paSS?"
Mr.. Henry took the floor and moved to
indefinitely postpone the bill, remnking
that what he had TO say would be upon that
motion.
MR.. HENRY'S REMARKS.
Mr.. Henry said As there has been no
discussion upon the general provisions Of
this bill, desire the attention of the Senate
for short while that may present some
views going TO show that this bill should be
dismissed and another should be framed,
having for its object the settlement OF the
veXed question OF the public debt. The
object proposed by the propounderS OF this
| bill is to cut down The public debt some
! thirteen millions of dollars, reducing its
principal TO less than twenty millions, and
| to reduce The rate OF interest upon this re-
duced principal to 3 per cent. one OF the
excuses for this action-se forth in the pre-
amble-is that 4" the people Of this State will
never acquiesce in any settlement which
shall oblgate them and their pOsteiity TO
pay any part OF the interest upon the pub
lie debt which accrued during the war and
the period OF reconstruction"
TIE WAR INTEREST.
This interest is stated to be $l5,O2j,604
have a report from the Second Auditor to
this body, dated the 10th OF February,
1880, showing that the unpaid interest du-
ring these periods amounted TO only Sl4,-
1Oe IO7.52 so that the bill estimates the
too much, and upon this sum interest is
calculated since July, 1871. increasing the
error, and this error pervades all the calcu'
lations Of the bill. But is ii true that
the people have ever indicated that they
would not pay this interest," In 1866 tht
Legislature assumed the war interest and
the interest which had afterwards accrued
In 1869 the people adopted Il constitution,
IN which the then recognized debt, which
included this interest now sought TO bt
stricken ont, was acknowledged TO be due
and in which provisions were made for its
payment and for a settlement with Wtsl
Virginia for her portion. The same con
stitution requires each Legislature to pub
lsh with its acts a correct statement OF the
public debt.
HOW THE READJUSTING SENATORS VOTED ON
THE WAR INTEREST.
This has been done regularly, and eacl
statement includes this interest as due. II
March, 1871, a special act was passed FOL
the settlement OF the debt, including this
interest. Another act was passed with ;
like provision i'll 1879, and we have record
evidence that every Readiusting senator il
this body who has been In public life be
fore has voted for acts distinctly recOgniZ
ing this interest as a part OF the debt. II
1874 and in 1875 acts were passed TO pay in
terest on the debt, with this interest capi
talized, and in 1878 what is known rs the
Bocock- Fowler bill, liking the amount Of
the public debt as heretofore stated, wa:
passed. have before me the journals o
these sessions, and | find that every Re
adjusting senator upon this floor then il
the Legislature voted for one or the Gtbe
of these acts. Among them | find th
names Of Fulkerson, Paul, and Riddleber
ger. About one year ago convention t
organize the Readiusting party was held a
Mozart Hall. The speech OF General vii
liam Malone before that body, and the plat
form Of that party, were the only docu
ments which were ordered to be printed b.
that body. They went forth 10 the cOuntr.
as
A STATEMENT OF THEIR POSITION,
and the last canvass was conducted profess
edly upon them. That speech distnctl
| admitted that the interest now to be eX
cluded formed part OF the public debt, an,
that it was right TO pay 1t. The platform
only asked that the annual interest upol
this indebtedness be reduced. The pe0pl
, have sent here majority OF that party
thereby declaring that the principal OF th
debt heretofore recognized shall not be re
, duced. How, then, can this body say tina
the people demand that this interest b
stricken from the public debt? Anothe
reason assigned in this preamble is that VIZ
, gInia, by the result OF the war, lost $500
O00, 900 ofvalues. This refers to the loss OF he
slaves. She had 100000 OF them at the be
ginning Of the war. and this estimate place
them at $1,000 apiece-men, women, an
children which we all know was mIn
times their value The statement Is that b