The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-02-27
conera, Mahone's Bill.

~. .w,u, ma,edic,ions leveied by the
vh;o ~ Yesterday Of the heads OF certain
traitorous villains 10 the Legislature VINO
are. n IL presumed, to be sent TO tue pe"'-
sa.,iary. aroused our curiosity, aud we A.
once set about TO ascertain what might ne
the meaning OF that " cussing" deliver Asce
Of our neighbor. When new OIL" 20 re-
establish the pablic credit was yesterday 'n'
troduced into the House OF Dele'ssses we
made Il our business TO learn its peculiar fea-
,ures: and Il may truthfully be said that she
new hin i. the crys,alhzaticn into thc sorm
Of bill Of some ideas advanced by General
Mauoyg In his speech In Mozsri HSii in
February, 1879.
nanor,, u.uoxg N that syesch said:
az wou,d use nv best endeayors TO sane
Sion n settlement at , per cenI: lor loI -
Eve wears on the basis oi S32'st ,VSo'VI;,
And this settlement beiny ratihee, wouio
enforce IL by the Legislature ara couir,
whose powers selle'e 10 DE iuhy ao lt'' :,
,h.reto woItd do 50 because bellere u
to be right"
TIE new biz Of the Republicans iaVo''
n settlement Of per cent. ioS iof'y years
on Inst ABBOTT the same pnncipa'' ana
therefore n better BIZ, for the State thSc
General MsuOSE's.
The new 5ili excerpts the school fund iroah
,be operaion OF the provision making 'nc
coupons receivable for taxes. rms Is al
other good feature, and enc we urea 10 get
nut into The McCuLL0eg bill.
General MALONE "a d nc would enforce his
bill .sbry the Les,stdtcs'e "-that Is, ~ou'o
raise money enough by taxation TO pay tue
i,,eyes,. Dut as here will be no necessity
n ,nrreose the taxes ITO pay per cent AN
The Readjusters bavisg agreed TO pay tsat
mucb-we need ne. say anything on thsi
point.
General MAuOSx, in letter to the Lon
don bondhoders, dated Petersburg, NoTein-
Der I, 1915, said:
&. ANY charge that hsve euer giUen any
rountenance to the policy OF State repudI-
alton is utterly aud unquaifiedly false.
There lives ne man who can trutbiully
say he ever heard me give utterance 10
single word that could be tortured into
the repudiation Of virglnia's just osliga-
fiODs."
The new bill agrees with this declaration.
"gives no countenance to reputation"
1t provides for the whole debt.
In letter TO Mr.. BROCKETT, OF Alex
andria, written IN 1877. after he had failed
to be nominated for Governor, General
MALONE SAID:
"Of all the Alexandria delegation you
alone stood my friend. Your colleagues
could not stand the 'RepudIator Mlhone,'
whose plan for readjusting The State d~bt,
when fairly construed, was in fact 10 avoid
the certainty OF reputation under the do
nothing policy which bad prevailed for
years, by bringing the rate Of interest with
In the capacity Of the net revenues OF the
State without an increase Of the present
rate Of taxation, and to give to each class OF
her creditors an equitable participation in
that net revenue. This, in brief, was my
plan If adjustment, and In no degree does
a impinge on that principal sum Which
-ShONtd be determined on as the amount
srhich the State ought justly, and ociH, an
dertahe TO pay. / undertook 10 deal with |
the rate OF interest, ana was traduced as a
repudator by people i'm your midst, and |
singled out, among all the candidates, as a |
Pariah under no circumstances to be voted |
for"
The new bill agrees exactly with General !
MAgoyE's proposition in the above letter. |
"In no degree does it impinge on that
principal sum which should be determined |
on as the amount which the State ought
Justly, and will, undertake to pay" 1t is |
unlike the RIDDLEBERGER bill, which pro-
poses TO repudlate fourteen millions OF the
principal which the State ought justly TO.
10 70 Gpn.
eral MALONE undertook only "to deaf with
the rate Of interest" This is what the new
bill does. General MALONE wished to bring
the amount OF interest within the capacity
OF the net revenues Of the State without
any increase Of taxation" The new bill
will do Just that. II proposes to pay only
per cent, and as everybody has agreed
that the State can pay that much, why not
east unanimous vote for the anti-repudia-
ton bill? i
We say that under the new bill the cou
pons will not be receivable for the school |
fund. But they will for the other funds. |
This, however, is matter OF no import
ance. The yearly sum will not exceed MIL
lion OF dollars; and as the State received
fourteen hundred thousand dollars in cou-
pons last year, il is evident that we shall
have a margin Of four hundred thousand
dollars to 90. upon in the saving in the
amount Of the coupons.
But will the creditor, accept these terms ?
We don't know; but we do know that they
will accept them in preference TO those
offered by the Repndiators OF fourteen mil
lions OF the public debt. Let us try it. |
Let us save the honor of the State if posi- |
BILE. Let us restore the good name of the |
Old Dominion, and our children and our
children's children will rise up and call US |
blessed.