Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1881-09-28

registered bond bearing interest al
the rate Of three per centum per annum
for twenty years after date, and four
per centum thereafter until paid, and
exempt, both principal and interest, from
taxation by the State or by any county
or corporation therein, the interest
PAYABLE semi-aunually on the first day
of January and July of each year at the
treasury, or in New York, or London,
at the option OF the holder, said bonds
to be dated on the first day of july 1878
to be due and payable fifty years after
date but redeemable after ten years at
the pleasure Of the General Assembly"
Governor Holiday vetoed the Barbour
Bill before this reaJiusler caucus mea-
sure was reached on the calander, and
il was consequently never acted on.
The Bocock Fowler Bill was however
passed just before the close OF The SEES
sion assuming the same principal deot
and all of the interest 10 arrear-Acts
of Assembly 1878 page 239, and was
voted for by almost every readju'ter IN
the General Assembly-among the
leaders, who are now acting with the
coalition party, by congressman Paul.
Secretary of the Commonwealth Faun-
tleroy. Harrison Of Sussex, Fowler OF
Washington Co. Judge Lacy ex-Speaker
OF the House of Delegates and others.
AGAIN. when the Mccullough Bill was
nm for consideration in the House OF
Delegates in 1879. Mr.. Fowler on be-
half ortne readjastsrs oAered a subsu-
tute for It which assumed the same
amount OF principal debt aud all the
interest in arrear, that was assumed by
the Bocock Fowler Bill and every le-
adiuster in the House of Delegates voted
for this substitute including such stall
warts as Frazier and Lady OF Rock
bridge, Fulkerson Of Lee, and others
See Journalof House 1878 9 p. 522.-
And General Malone. recognizing the
improperly OF eliminating from the
nrincipal Of the bonds, in February
1879, in his speech 10 Mozart Hall,
which was at the time unanimously ad-
opteI and promulgated as the platform
of the readjuster party OF Virginia, said,
81 would use my best endeavors to-
secure vote Of the people sauctionins
a settlement at per cent Tor a ears
on the basis of $S2 977,O60.02. And
this settle ment being ratified, L would
enforce it by the Legislature and courts
whose powers l believe to be fully
adequate thereto. 'cOuld do 50 because
[ believe 1t to be right. Because l be-
lieve II is the only way to avoid const-
ouences we would regret deeply. Be-
cause | believe 1t is to the best Interest
Of the bondholder and the taxpayer
And because | believe ii is a duty we
owe to the Commonwealth OF Virginia.
We entirely concur with General Ma
hone N his views as above expressed ID
regard 10 the principal debt. The
authors and advocates ofthe Riddle
berger Bill claim that it is based on
principle. We. think we have demon
strated conclusively that the effect OF 1t
would be 10 violate the very principle
which it SETS out to enforce-and thai
it is in the teeth of every declaration
and vote OF every leading readjuster oi
the State of Virginia, including Gen.
Malone himself. prior TO the assem-
bling of the Legislature oil loI9-SO'
That no more absurd measure was
ever attempted to be placed GU the
Statue book of any State than the So
called Riddleberger Bill, which Violate
every principle that it aims 10 assert,
must be the conclusion Of every fair
minded man.