The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-12-03

TO DE Editors Of fhe Dispatch !

I have lust read with pleasure the cd
dress of the bonored chairman OF our state
Executive Committee. share With the
able writer, and TO the fullest extent, those
sentiments Of pride and congratulaiion he
so we'll expresses. Taking at things INTO
consideration, think the recent triumph
Of our party the most sigas' and glorious.
ever won. Craven be the heart and paisieu
the tongue that now ibiuks or speaks OF
abasdonIne the grdndcss. a. II IS the ofdest
aud mot conservative, political organization
ttsat has ever existed In our country.
I am particularly pleased With your short
editorial OF the 3eih instant, In which you
express the opinion "that the entire Dem
ocrstic party 81 Virginia may be consid-
cred of one mind upon the question OF the
State debt.n ItuIly concur Ia this opin.
ion, aud am satisfied latter having enjoyed
some opportunities for forming an opinion)
that the good people OF Virginia mean that
this debt question shall be settled within
the ensuing year, and that they mean 10 do
IL without doing violence TO their cherished
poIiticai organization. The settlement Is
now recognized as q financial and pOlit-
zeal or not morsD necessity. | am
also rejo!ced that the Dispatch and
the Democratic papers generally OF tue
State, ADD even the creditors OF the
State, are indicatin2<a decided disposition
TO make the Barbour bill the starting point
in the process of adjustment. This bill was
the outcome OF the best judgment and wi'est
counsrls OF Legislature elected in 1877 by
the Conservative Democratic party with the
distinct understanding that The debt qnes-
ton was not only TO be settled, but settled
trittiR the party organization. IL was tne
result of the Conservative wisdom OF mat
Legislature before the idea obtained tbat the
debt question could be made hob6y-h0rse
upon which factionists could ride into office
aud place over the remains OF destroyed
party.
The bill was drawn with great care. and
with the purpose OF conforming strictly TO
the requirements OF the State Constitution /;
TO maintain the State government: TO con-
serve the publiC.school fund, and. TO do
e0uitu and Justice to the State cr' ditors.
I ne bill. though not readinstment bill,
rested upon u basis looking to readiust-
ment hill. properly so caled-a roadiust-
ment piedged 10 the payment of the debt
thus approaching the market-value Of the
bonds OF the STATE. The wing. in its
issue OF the 30 b OF November, tluly
saws that "the Barbour bill was not
a Reimbursement bill" II could not
be so. 1t was tax bill, drawn strictly aud
technically in conformity TO the require
ments cf the State Constitution. when re-
uuires in section 10. article 10, ." hat every
law which imposes, continues. or rtyiyes a
tax shall distinctly state II be tax and the OBJ
Jet 10 which it is TO be applied" Ire
spcctiye OF Icadiustmeni, or even OF State
debt. the policy OF the Barbour bill under
our present Contribution should prevail IN
every tax bill passed by the Leg stature.
Had the Barbour bill become a law its
aul boIs and friends intended that it should
have been quickly followed by a proper re-
adjustment bill, securing unifOrnityin the
indebtedness OF the State, and rendering to
tue creditors a Coupon bond bearing 3 or
3 G5 per cent. interest. payable semi-3nnu-
allv. Such bond would have been worth
on the marker about par; would have been
accepted by the creditors. the interest
promptly paid, and the whole controversy
ended. Would not such result have been
greatly bent fetal to the State and 10 her
creditors. No one, we think, Will deny so
plain q proposition
Then let us GO nOU what should have been
done then. Lei Che Birbourbili I've promptly
reGaacted By The next Legislature. Let
the members be elected, If thought best,
WIN reference lo w. anu us pollCN. Dui
what is its policy ? and what It's pledge! |
answer.
1st. The present rate OF taxation t. be
continued so long as hecessaryto MAINTAIN
the state government TO pay TO the public
schools the fund dedicated to them by the
aud 10 pay The interest
promptly upon the rtadjused debt.
Aud that it shall be followed by re-
adjustment bill doing equity and justice to
a u classes OF tASIate creditors, and unity
Ing her indebeanPSs. This reSdinstment
bill will require some coucfSslous from The
creditors and some from the people Of the
Safe. With your permission | will. in an
othcr article, indicate the provisions OF this
bill and the concessions to be made. beg
10 be allowed to sign my>eR JUSTICE.
Atbemqrie, December l, $50.