The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-02-05
House Of Representatives. Ittbus does JUS
tice to tho South az to thai matter. Thanks.
. plan for se,t,ine tho state Debt

Editors Dispatch: The debt question
r,us, no settled. and settled by the white
Debt PAYERS OF Virgins.
A long AS II is open IL will be constant
danger 10 tue Conservative party, ana as
cons,apt n nfessure on the material ana
moral d,yelopmcnt OF Virginia. IL must DC
settled Il ouce and 1nsliy.
THE finding bill is dead. That settlement
is utterly rejected by the people Of the stare
and its rejection must be treated as an ac'
comnlished fact. No less certain Is the TACT
that the McCull)cb bill Is rejected as II
stands. Patriotism and craftsmanship there
fore alike demand that we shall LOOK 10 some
new arrangement which will obviale oblec'
tipns to tue McCulloch proposition. we
NAV also consider a an accomplished TACT
the settlement OF the amount oil ire dcDt Is
sscettIined by the McCuloch OIL. ANY
ATTEMPT 10 recast the amount OF the ueOt
will launch us on shoreiess sea. where tue
Readjust,rs will drive US without rudder or
| compass. -,
The obi clions to the detail, CT that bill
are
1st. That il gives a syndicate az brokers
The monopcIy OF funding. There is no
sense In this, but nevertheless it is fact.
ID. That the tax.receivable coupon gives
the creditor lien on the revenue OF the
state prior TO the State berseh and TO her
public schools.
I'D. That the Increasing rate OF interest
makes the settlement uncertain, because, al
though il is certain tbat we cLn now ana lof
all time pay per cent, we may not De aDle
to pay or when the time arrives TO pay
them. aud thus we necessitate new aglla-
ton Of the debt settlement.
consider each Of these objections IRA
tional and un,cnable. But they are facts.
and these facts prevent The cooperation OF
the Conservative party in any plan ior debt
paving.
Malone was willing 10 pay 5 per cent.
Barbour was and is willing TO pledge Tie
revenues, after securing to the state and the
schools such amount of revenue is will be
sufficient to put them beyond risk. This Is
the principle Of the Bfbour BILL
Each one OF these objections can be obvi-
atcd bv IN arrangement which ought to
command tic support OF every honest ciii-
zen wiling 10 do all the State Is able to do.
1>t. Stand on the amount Of debt as as
cerraincd and declared by the General As
seu,by OF 1879 in the McCullOch bill. This
Is substantially The amount declared 10 be
due by Senator Malone III his MOzait'lia
iusterS.
%. Do away with The objection that that
i a brokers bill by allowing every one TO
fund bonds under its provisions that de-
>ires 10 do 50.
I'd. Make the bonds nOn-taXablc, and to
draw interest at rate OF 8 per cent. fer
the W hole time they are TO run, which ought
to be hfty wears. long bond at low in-
tere,t j. more valuable. and Therefore mere
acceptable, than a short bond at high in
ttre t.
All. Secure 20 the State and the schools
an amount OF revenue IN currency ample
for their necessities, and pledge enough 10
the bOndhOldcr 20 secure his interest. This
can be done thus: The amount necessary
for the support OF government cannot be
over 100000 per annum. IL may be made
les. The 3mouBt due the schools cannot
he over $500. 900 at our present rate OF tax
alton. Thus 81, i00, 900 VIII be required Tor
government and scnoolS.
Interest on the public debt will not be
quite 81 900 900. This will require total
revenue OF 81, 400.0 900. This will be ample.
1t cannot be less on the present basis OF tax
alton, asccrtaincd by the last assessment.
Ii must be much more. 1t viii be perfectly
safe to calculate on a revenue OF 81 100000.
Two flhS Of this Is 81, 900, 600. which Is am
pie 10 pay tue interest on tDe public debt.
Three fitihs is 1900 900. which Is ample for
government and public schools. Secure
these amounts to each respectively. Re
quire three fifthS Of all revenue to he paid
in cash and appropriated to the support Of
government aud public schools. THIS is the
principle Of the Barbour bill precisely.
Pledge the other two tifths 10 pay interest
on the public debt. The Barbour bill did
this also. AID give the creditor security on
this pledge by agreeing that the coupons on
the bonds shall be receivable for tlcO .tfthS
of all tdreS, debts, DC. due The State.
Such a settlement as this meets The re-
quirements OF the reasonable Rtadjusters.
Malone declared his willingness to pay
3 per cent. on tue debt Of $50 100000
FulkersOu, when pressed in the Senate TO
state what settlement he would te willing
10 stand BY. stated that he would agree to
pay 8 per cent. on s3O,000,0O0 He believed
the State did not owe more than Sl5 COO 900.
Three per cent. on $50 900, 900 was the same
a> per cent. on Sl5. 900, 600, and he said he
would agree 60 that.
Three per cent. on the amount statCd in
the McCullnch bill has been the amount
offered in all the propositions from the
friends of a new settlement since 1876.
IL was insisted IN the debate on the Bar
bour bill that il enough was secured to the
support OF government aud the public
schools all the balance Of the revenue might
be pledged 10 pay the interest on the public
debt. Au amendment to that effect was
offered IN the Senate, and am nearly Ger.
tlin was adopted. Reference to the bill as
vetoed BY the Governor will verify this. In
substance il pledged 3J cents OF the tax on
800 to the support OF government, aud all
other taxes 10 pay interest on the pubic
debt 1t was shown that by this proposition
thc creditors would receive about 1900
600 per annGm and principal reason
urged upon Debt-Payers Tor supporting il
was the fact that this amount was pledged
by that bill! to pay creditors.
The proposition herein submitted meets
all the objections to the McCuIloch bill. 1t
allows every one TO fund, and gets rid Of The
brokers syndicate, Whicb, uniustIy and I'M
reasonably, is 50 objectionable Il secures
to the support Of government and public
schools ample funds, aud therein adopts the
priuciple Of the Barbour bill. II secures
the creditor sufficient to pay his debt, and
u much as be is entitled TO. He cannot in
equity demand lien on the whole Income
when lieu on two ffths is ample security.
Barbour and Mofielt cannot object to this.
They are opposed to the Safe giving auy
security for the payment Of her debt except
the pledge of tue State. But they are rea-
sonabe men. Al the revenue is now
pledged. This proposition releases three
| 6fths, aud leaves the lien on only two iiths
Of il. They Will secure everything they
demanded by the Barbour bill, and will
have furnished The principle OF the debt
settlement
Second. As to The manner in which such
settlement is to be effected.