Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1881-01-21
Es0r. s. Is. e. stuart On iEc State
E2sss.

l-8. A.,xnd:r Il. II. Stuart, Of Staun:9s.
Esa sri!tcu lo!t:r 10 the Richmond Dispatch |
% tho publ Debt Of lho State. He reviews |
the gin Ct the d b., tho history of tho fund
icc hi!i of 1871, the rrcccc6ices under it end |
tho various measures thet hsvo from tin2 to |
time been proposed f,r relief. The RiddlcbeI-
ger bill flr. Stuars prouonrces "an open aud
uadisguiseG Reputation Il twelve millions of
the public Gcbi;" the Barbour and BococA-
Fowler bill, ho says, ar, less Objectionable 10
form, but not much less in their effects" tho
McUu!cch bill, though by GO means FREQ i-cm
Jcec YVES muoh less Objectionable than either
OF III, others. hut tho MoCulloch bill is dead
ard ihorc is no possibility OF its being revived"
Mr.. Stuart then calls attention to tho fact that
By sec ion of tho funding bill of 1871, under
is provided that these bonds. with interest,"
| hearing coupons. arc all required 10 bear dsto
July |, 1871, atd that they aro TO become duo
and payable 10 thir'v-lour pears from that date.
| int are rolecmablc at tie pleasure Of the
state, after ten gears, after July |, 1871. 10
| other words, sAys Mr. Stuart, "thcso bonds
arc not. a9 generally supposed, thir'y-lo
year b)uds. but 1884 b01GH, which the STATE
may. il it chooses. redeem on tho Is. Of July.
! 1851, tr al aoy tiMo thereafter. without nny
1ioEtoa OF The lottr or spirit oi her Gontrlo!."
Mr.. Stuart thirks il il possible for the State
to tloat loan OF 500, 0O1 600. new bonds, bear
lpg / ror ccHt. interest, on long bonds, With tho
proceeds OF which tho conSal bonds could bO
redeemed. lie thinks tho holders of tho classes
OF bolds Known IS tho 'pcc|crs." aud the rem
1aut Ct cid unfundcd bonds, which together
10 As"b G 's7 1 q lis new s:u, n e.
change fer thtir Old bends, az ttcY would
| 30 lir+o gamers by Tho operation. and partial
| though fomcvhat taIdy reporalion would
| Thereby b. mado to them for tho wro7G which
| thoT laVo Been compelled 10 endure.
As 10 security fer tho ruLctual payment CT
Tho Interest and Ultimate REDEMPTION CT Tho
| principal ct tbs proposed new bonds. Nj.
! Stuart says no would oifr tie licGso Of tho
attn Ct the State, gisou iy tho representatives
| OF both tho great pertiss w!ioh compose tho
State. ana II nero substantial guarantee wero
| required no ,7oud add either tho roooivahilty
| OF Tho c,u3ous 10 tsXGJ or d. % tho UGi.cd
| S:atc1 haa often iosc. AID as every great nation
| oil ElrN;'a has from tino to lipo toGn obliged
to &c, plc9Go eono sufficient braIch of tho
| State lcvenuo--thc laad tax, fer txamole-as
collateral stcllity.
Mi. Stuart then ssy': "Lat tho leading req,
| !6s,0tstNc Gcn OF tho republican ord copsor-
Va!iVo parties NEE! together 10 RiohmoaG ct
| Ga crr'y dug aud oopfcr, ard ssic, to hold o
iolot c}rycrlioa Of the two parties to take this
spcc'ti, q1csO ion under consideration AZ o3a
| which belongs to rcithcr party, bu. rf2c.9
cGu'ly tho who!o people cannot permit
| myself 10 docb; that men ike ". &. Wick
nam, F.ank!in Slcarps. judge Ri7ea, judge
! Hughes, Mr. JorgeLs2u. DR.. G. *. Gllmsr,
AID other Republicans CT that clsss, who really
hsvo tho bis: iotcros;s Of tho S!ao o. heart,
! woul! chccrIulIy unite VITA gentlemen of 9
similar class belonging 10 tie colscsvAlvo party
TO cali c jirt convention Of tho two parties to
consider and dispose of this qu,Bioo ioaly.
Both parties could then uciso 10 pcrEccinE q
| Il.n upon sone such basis S have proposed,
ED mutually pledge themselves 10 support 40
man for tho General Assembly or any other
high oilio, urder tho State government who
would act bind him0olf TO c4rly it into cfFoo
The clncurrcrc, cf both parties, and ,heir i1iut
plc!g, OF uutCd aotoa on this question, would
a. onco iospro c0ti lcnoa AID rc,cstebish tho
credit OF tho State to subj degree az to cnablo
her to retro her tHcuty mllion5 CT ''corsol
| bonds
Mir. S. tdl5 that tiis plan would not add ono
d! ar TO tho present aggregate OF taX.tioo.