National Republican., 1881-10-29
Our bourbon Eveninr organ.

In Virginia the taint OF repudiation drives many
an independent voter from the Coalitlonists. The
latter are pledged to a forciblo readjustment ofthe
State debt if they can obtain the power. Arbi-
trary rcadjustmenti is reputation, and that out
weighsa the good that might be achieved through
a defeat of the Bourbon" Democracy -Erenng
Star (Bourbon or1nn)
The only "taint ofrepudiation lis with
the Bourbons, who have never come
within$1 100000 a year of paying even the
interest on the two-thirds of what they
call the State debt, the other one-third of
which they have openly repudiated.
To be more explicit. The alleged debt
payers are:
First-Repudiators of one-third of the
State debt recognized by them, which
third they say it is no more than fair for
the State Of West Virginia to pay. This
is because West Virginia was carved out
of the Old Dominion. But neither West
Virginia nor the creditors ever agreed to
this. Every Bourbon Funder, debt-owing,
interest-dofaulting Democrat in Vir-
ginia advocates this fiat reputation of
one-third of the debt, in which they pre-
tend to believe, whether the bondholders
like it or not, and whether West Vir-
ginia ever pays ii or not. This arrange
ment was the origin of the name of Re-
adjuster," MS applied to Virginia politics.
Second-The Bourbon debt-owers not
only make no provision for ever paying
any part of the principal of the two-thirds
of the alleged debt which they did not
repudiate but they have fallen behind
over q million u year on the interest on
what they have not readjusted, or, as they
call it, repudiated; and they claim to
have paid all they could, and they swear
no higher tax shall be levied in the future
than in the past.
The Readjusters explain that they are
not equitably held for interest accumula-
ton between the dates of secession and
restoration, because, for one portion ofth
gold to foreign bondholders in tobacco
and cotton, and, to home creditors, in Vir-
ginia State notes, worth more than par
in confederate paper, and for the re.
mainder Of the time they were, by the
General Government, deprived ofall con-
| wv ONNl iSNOhuNS, NIliNIl iClSdotb
them from obligations they were pre-.
vented by the situation from fulfilling
They say that Virginia honestly owes but
$20,O00,000, being two-thirds of the whole
real debt, the other third being set of
to Virginia as proposed by the Bourbon
Debt-Owers themselves.
Upon this debt they propose to pay
three per cent. and provide a moderate
sinking fund for the extinguishment o.
the principal. More than this the
revenues will not meet, and more
revenues cannot be extorted from the
people.
The McCulloch bill, the Bourbon plat
form, and all the candidates of that fac
ton are pledged against any increase o
taxation. Their candidate for Governo
is pledged against any payment of owe
three per cent. and against any repudia
ton of six per cent He declares tha
the people shall never pay over three pc
cent. interest and that the bondholder
shall neverreceive less than six per cent.
as called for in their bonds. There neve
was so utterly absurd aparadox in Ameri
can politics as that of the Bourbon polio,
in Virginia which proposes to "never re
pudiate and never pay"
JIiH the Star explain? No. 1t is no
probable that the Star knows anything
about the matter. 1t is on the Bourbon
: side because it is. We will not look to i
for an argument No argument ever ha
|, been made on the Bourbon side.