Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1881-01-25

rs measure OF IOrclDle uerhudsiOn anu
speculation they were needed. For 1t is
TO be observed that for their purpose of
cOercing the consideration, who relied
upon the sale of his tax coupons in the
market, and for the further purpose Of
specializing IN the certificates themselves,
the syndicaies would take these tax GER
iiticstes NJ geYenty-fiYe cents on the dol
lar in payment Of their interest; ana
thus equipped they we're well able to
compete with tax coupons, ~ their tax
certificates were equally valuable in pay
ment of taxes aud other dues 10 the
State, and rs the syndicate could not on-
ly afford to sell them At seventy-fiye
cents on the dollar, but At any lower rate
that might he necessary 10 drive the con-
stockholders 10 accept tie bill and the
terms the syndicate choose to offer it.
AT seveuty-fiye cents, however, they
brought the value of the consOl coupon,
already reduced TO four and half per
cent. dOwn 10 three, the lowest rate
borne by the McCulioch bonds. this
the Funders (or "Debt-paycrs') and
Brokers designated as a feature of per
suasion;" but it is evident enough that
It answered all the purposes Of force
aud that it was designed TO compel the
confederation TO yield to the syDdicatcs.
While, therefore, the "Ecelcr-creail0r
was horribly outraged by This bill, it no
less certainly, though in less degree and
in less manner, Was fully prepared 10
command the submission Of the cousOl-
creditor or TO sacrifice him. Ii is to be
noted, TOO, that while the cOnsOl-Credi-
tor OILY got portion OF his tax coupon,
after paying commissions TO brokers TO
sell 1t at a deprecated rate, his bond was
subject to taxes which further dimished
his net percentage and reduced the val
ne Of his bond: whereas the McCnllOch
bonds were exempt from all taxation,
and were armed with the power to COM
pei the payment Of their fall demand
for interest by the issue of the taX-re-
ceiyable certificates. 1t was not to be
doubted that measure possessing 50
many Objectionable features ms the Me-
'Culloch Bill would encounter strenuous
opposition before the people; and ac-
eordingly the Readjustcrs organized to
defeat it, making an active canvass to
elect n Legislature pledged to It's repeal
and to
PEADJUSTiEST
that should fully respond to the demands
of the situation. lIereupon the Debt
Payers resuming their Conservative
guise, called a meeting of the Conserya-
tive StIte Committee, where only fifteen
Of the twenty -seycn members appeared,
twelve Of these being Funders and three
Readiusters. Against the protest Of the
three Readuster Committeeman, these
twelve Commonly known rs the
"Rump'D proceeded, in effect, TO over
rule the Convention of 1877 and make
the McCulloch Bill the platform Of the
party--assmning to eXcoInmulicatc all
who declined to support that measure.
1t Is unnecessary 10 go into details of
the warm canvass that ensued. Suffice
it to say that against all the odds Of
equipment aud munition the Rcadjust-
ers, TO the disnlay and astonishment Of
the Funders, carried the state by Il ma
jOrity of over 10000 votes, Of which
over $1,000 was white majority. la the
Senate were chosen tweuty-lIree Read
justers to seventeen Fundcrs, aud in the
House were elected irty-scycn Read
justers to forly-three Fundcrs. A ma
iority Of the Lcglslat0rs-elect, Of both
the Republican and Conservative
parties, were strongly opposed to the
MCCulloch Bill. These, cooperating as
Readjusters, elected all the Capitol OIL
GERS and county judges, ! myself being
CHOSEN UNITED STATES SENATOR
over Col. Wilhers by u Joint Conscrva-
tive white majority, exclusive Of all
colored and Republican votes, Of seven,
Of which three were In the House aud
four in the Scnatc-my total joint Read
juHer vote being so, 10 w cast for COL.
Withcrs and all others.
And here ! beg TO say that this refer
enco to myself seems necessary; for,
while ! was never candidate Of my own
motion for the Senate Of the United
States, no sooner was the separate and
independent action Of the Rcadjustcrs
entered upon than the movement was
denounced by the Bourbon-lunder-
Democracy as one aimed TO carry me 70
the Senate. In point Of fact, Bourbon
ism and IL twin Fundcrism had forced
the movement, not only as necessary TO
compel Il final settlement Of the debt but
10 save the free schools, defeated the
right Of suffrage, rid the State from the
reign Of BOurbon-Funderism and free
the people-all the pcOple--irom The do
mluatiOn Of Il political clique, and prelu-
diced anu illiberal In IT, opinions a. II
was insoleut and overwhelming in rs acts.
Put In hope to dlsCredit, iniurc and dc-
feat the movement aud It's objects by
ascrbIng TO IL mere motive OF
personal ambition, was selected M the
sacrifice, aud all the yals Of Bourbon
wrath and dispersion were poured out
upon me. Thus my nomination., the
first instance, was the work Of the BOur-
b0ns. The people accepted the nomina-
tlon; made II one Of the issGcs, aud u
Legislature vas chosen which triumph
" elected me. The Bourbon cry dur
lug the canvass was Anything aud any
body 10 beat Mihonei" and had the Re-
ndluslcrs been defeated several gentle
men would have seriously contested
Senator Withclh' claim ~ denomination
aud reelection; but rs II WIS, they All
gracefully deferred 10 him. aud allowed
NlUl wv H'll'i w WI VIII NflNNl
The developments that at 0nCb onsucd
demonstrated how egrrgiously IN eaOl
the Fuuders had been In their mlcula-
lions. They had promlyed not Omy u
stillclency Of ragenue 20 carry their bill
aud all expenses OF government. lnclud-
ing support OF The schools. but large
surplus. On The irit " JANUARY, III,
when the Rcadiu.,cr State officers came
into power, Instead OF the surplus Of
to2h,OOO 40 confidently promised, after
delraylug The current expenses of thu
government, Including the propcrchnrgc
for schools aud Tire payment Of interest,
II WINS mclually discovered that plate
had been prepared with a proof impress
sion Ia The AUDITOR office for The issue
Of laX-cuulilcntes, 10 bc sold nj seventy
i've cents on the dollar 10 pay the nfsi