Daily Republican., 1881-08-20
SATURDAY. AUGUST 20, 1871.
which Of the Two?


the or ganized political bodies Ill ina
State, whichever way it is used. The
Funder party, composed of the nnpro
gressive Bourbons or the so-called nept
payers of the Sta e, 1.ake loud p"eten
sions of honesty, and hold up theil
hands in holy horror at the idea of re-
puiiating one cert of the states IN
debtedness. The debt and interest have
increased until it reaches the amount
of $33, 100000, and, strange to say
these conscientious, make-believe hon
est Bourbons never troubled themselves
about paying off the interest on the
debt, to say nothing of the principal
while they were in power, and tie!
never said anything special in favor o
paying it in any of the platforms o
their party resolves until after the Read
justers made their appearance on I
platform in favor of readjustment anC
y scaling of the State debt. If the
Funders or Debt payers had really IA
vored the payment Of the debt, they
would have made some arrangements t.
meet it and would not have detaultcd
in paying the interest while thy were
in power for fifteen years or more. The
tact is they never intended to pay the
debt il full, and all the resolutions
passed at their political gatherings i'll
which they placed themselves upon an
honest, debt-paying platform were Il
mere catch. vote sham to deceive the
people. This contemplate sham was
never rendered more apparent than al
the late State convention of the party at
which resolutions were as usual passed
in favor of paying the whole State debt,
This action was on par %ith the actions
of the party at former convent ms, and
had it been left without any other
qualifying resolutions, the Funder-
Debtpayers might have succeeded in
deluding larger number of voters into
the support of their tickcS upon
the ground that though they in the
past had shown no regard for their
word of honor, did at last intend to he
honest. This declaration, however, is
met by at least two other resolves, in
the same platform made at the same
convention and on the same day, which
give an emphatic negative to tire one
good resolve that was passed. One Ci
these resolves calls for Il conference Of
the State with the bond. holders OF creii-
tors of the State to make sOn.e arrange
ments for the future Payment Of the
debt and interest. What doe3 tl4is
mean if not read djustmel.t, pure and
simple? If the debt is an honest one,
what need is thera Of conference
with the creditors? All the latter wan,
is to have their coupons cashrd when
they present them at the treasury ior
payment. A conference meals repuui-
alton. 1t means that the State is unable
to pay its obligations and tina it wan, ;
easier terms made. It means that The
State wants "let up" We presume
the creditors are in no way auXiJLs for
any other terms than the payment o:
fh.,sr INT Il, ,L ;,l, a.
at maturity exactly rs guarantee. by
the State. Then what il to .,c gaiutG 4
Dy conference except an opporlnnIt,
to tell the creditors that the State is un
able to pay its obligations and to ash
them what is the best thry vii! dt
unuer the circumstances? It a MarKc
street merchant were to at ia Tie SAM
manner towards his crri,tur> II; wol,I
be called u bankrupt, and ii, crcdi
would correspoIdingly sut"r.
But the farce of the Viz MI 5Dur
bons was not colnnet- Until they, il
addition to asking for Il conference witt
the State creditors, passed Il resolution
opposing an increase OF tn- rate OF tax
alton. AS the present rate failed t,
meet the State Obligations, what wa
the use in declaring in favo. of til
payment of the State debt and at tn
same time be careful to pass a reSolu
tion against raising money to pay th'
debt with ? What a miserable farce
This is the parry III ipn">r meu--lnel
who pay their deh's and believe i
stlict, honest pr.n#iplrI are calle'
upon to support in TIL, struggle i
preference to the Read. .urers.
A word for he latter. They foun
like the Bourbons that the State coui
not pay its crelilors--nuJ even tie il
terest on S33, 10000 with the revenue
the State then had. What did ,hey
under the circumstance? They di
not resolve to pay what they could NC
pay. They did not resolve that til
uVoo " 40 libut3SJ ,tl''l II'tl tiIi .tT ID tf'I
ference of the creditors to arrange fC
a. let up' in The payment. They d
not resolve to pay the debt Ind then r
solve against raising the rate ". iis'
ton by which only the debt aould !
paid. What did these horTbe rcpud
ators, these Readjusrcrs, these Maho-
Democrats and Republicans do? Tie
readjusted the state debt ,hemFnIT'
without insulting the creditors by asi
ing them to y conference. Thoy toun
that West Virginia, formerly - part (
Virginia, was liable for Sl3,OGO, "JJ
the debt. This left 81, ,00O,O for Il
old Mother State The latter amour
they agreed to pay and have been pa