National Republican. (Washington City (D.C.)) 1872-1888, 1881-11-17

The Democratic editors are very kind
to be so solicitous for tile good name of
the Republican party. Since the Nir-
ginia election they have espoused its
cause most zealously. They find that
President Arthur in his letter of accept
ance of the nomination for Vice-Presi-
dent referred to the Democracy as "a
party which has in almost every South
ern State repudiated obligations quite
as sacred as those to which the faith of
the Nation now stands pledged" We
had noticed this before, and re-
gret that IL has been so long reach
ing the eyes of the editors aforesaid.
OF course, the Democratic party has re-
pudiated its obligations in almost every
Southern State. In Virginia the Bourbon
Democracy have been especially dis
honest. They have repudiated over
million year of the interest of the
public debt for eight years by not
paying il. They filched from the
school children of the State large
sums under pretense of applying the
same to the discharge Of public obliga-
tions which they did not discharge,
thereby doubly repudiating the claims of
the creditors for interest and the claims
of the children for education. They
arbitrarily issued bonds in discharge Of
five millions of accrued interest at fifty
cents on the dollar without the creditors
consent They pretend that the State
owes what they refuse to pay, and they
refused to increase the revenues by taxa
tion to meet what they pretended to be-
lieve the just demand ofthe creditors.
These are the men who have made
Virginia repudiate her obligations up to
this time. They have been discharged
from public service by their offended
masters-the majority Of the people. The
Readjusters are TO control the business of
the State. The creditors are TO be dealt
with honestly. THERE'S to be no gasconad-
ing or bluster. The debt of Virginia is
less than $20,000,000. All that is claimed
over that is either for West Virginia's
just proportion or for interest accumulated
during the war, when staples at gold
prices were rendered therefor and re-
fused, or during the reconstruction period,
when the State had no control over her
own resources. Virginia can carry
the debt at 3 per cent. which
she says she owes. She has
been pretending to carry S30,00O,0 900 at
per cent, being an annual interest of ST.
100000 OF this she has paid 100000,
leaving Sl,10O,000 year unpaid. Now
she will pay 100000 year interest on
her real debt, and extinguish each year Il
part of the principal. There is not a
bondholder who will not rejoice at the
change just so soon as he can realize that
the Debt-Owing Regulators are out of
power and the Debt-Paying Readjusters
are in control.
The Riddleberger bill will be passed
signed by the Governor, ratified by the
people, sustained by the new Court Of
Appeals, and accepted by the creditors as
fair and honest settlement Then the
first payday will see the coupons
I promptly and fully paid and the debt Of
Virginia will be worth much more in the
aggregate in the worlds money market
than it has been since 1860.
The Readjusters are not going to re.
duce the taxes. The same revenues will
come in as before. They are not going
to increase expenditures. They will re-
duce the current expenses of the govern
ment 100000 year, and will keep the
school fund sacred All the remainder
will go to the creditors of the State. Is
this reputation Their opponents de
clared the taxes could not and should
not be increased. The preamble Of
the Hugh McCulloch bill declared the
same thing. What nonsense to pre-.
tend that the amount SO raised
can any more than all be paid out. Each
party agreed to raise and pay the same
amount of money. The Bourbons pre-.
tend that they can pay $l,SO0,OOO yeai
with 100000 The Readjusters say they
cannot. Both agree that no more can bC
done. The case has been decided by the
people of the State. The repudiatinl
Bourbons ask the Federal Government
now to interfere with the concerns of thu
State of Virginia, and to avoid their cen
sure by going into the lobby at Richmond
to aid the wreckers, who have beer
checked in their plundering schemes
They die hard, but still they die.