Savannah morning news. [volume] (Savannah) 1868-1887, 1881-11-15
MAHONEISM'S MORAL.
it's Triumph In VirginiR-RePudia.
IiOn should Follow ReHdj jGstmsDt.

BoGsY BOTTOM, FLA., November 11.-EditOr
Morning NeIUs: That jewel, political consist
epcy. is likely to have its fair lustre badly tar
nishei before the wane Of the current year. A
Senator is considered the representative Of
State, while members Of the House are sup
posed more part 'cularly to represent the peo-
pie, and the verdict of the ballot, as enunci-
ated in Virginia on Tuesday last, places sena-
tor Johnston in an entirely different light from
the position recently occupied by him. AS the
exponent in the Senate Chamber of the New
Virginia. ne viii now have to advocate the doc
trine Of Reputation. From that gentleman's
past record, none will credit him with making
this doctrine his personal views but as the
representative of Virginia in the upper house
of the National Legislature, he must voice the
verdict Of his State
The teachings of the campaign in Virginia
and its results take us a long step forward in
the complications of political economy and ma
tional finance The Readjusters, led by Gen.
Malone. could not have accomplished their
purpose without the aid and full accord and
sympathy OF the Republican party Ample
provision was made financially, by Mr.. Jewell,
Mr.. RRum and other leading lights of the
party, and all Office holders were rendered the
opportunity to freely contribute their per cen
tlTn 20 the corruption fund that has fOundSTed
the old Mother Of States "
Fver the exponents of honesty morality and
progress the Republican party have put them
selves on record as the abettOrs of readjust-
ment, as enunciated in the Virginia campaign,
and as they come before the country on this
new platform the people will expect strange
and new financial reform from that ever con-
sistent party. SeHatur Johnston must now lay
aside his personal ideas Of State honesty and
advocate this readjustment plan on the floor of
the Senate chamber He has but one alterns-
iva nd q Ia N A hOna a will
remain to the end of his term where he has
honOred the state that sent him there
1t is an historical fact that thebulk of the ma
tiOnal debt was created at or near sixty cents
on the dollar. and the government is and has
been paying interest upon and redeemi z its
bonds at their face value. The new doctrine
phase to light. and will set the people TO think-
ing Why should the people pay face value on
evidences Of debt for which the country re-
ceived only about sixty per cent. OF true valueS
Virginia does not dvny the correctness of her
indebtedness. but pleads her inability TO meet
it. The people cry out against the burden that
mortgages all their substance, and demand that
their creditors must compromise
This policy has rec ived the countenance aud
tangible support OF the Republican party, the
full force of the powerful engine Of the ad-
ministI alton, ana by its support OF this doc
trine the party puts itself FORWARD IN FAVOR OF
readjustment. This policy must become ma
tionai issue. and Senator johnson must voice
the theory Of his State and enlist the Senators
VINO nave SympathlSed Win virginia IN TINS
new departure Minnesota will heartily second
the action Of Virginia. as she is also a solid
supporter OF reputation. By all means can
vass and urge this p0liOy upon the National
Legislature Let the national debt be reaojust-
ed and new bonds at the rate of 90 per cent be
issued, interest and payment OF the outstand-
ing indebtedness cease at once, and the
bioated bondholder made to accept tnat COM
promise. A short calculation in arithmetic
will show that upon this basis more than $500,
rO0, ,OOO and interest thereon, will be saved to a
tax burdened nation.
Virginia aud Minnesota form a good nucleus
upon which to build this doctrine, and it is
time that the people should require consist
ency OF the party in power in their acts in the
National Legislature. This patriotic party
must not be Influenced, in this issue, as to who
are e. e holders OF government bonds. but must
demand readjustment Of national indebted
ness upon the basis Of the value the govern
ment acquired when the debt was contracted.
Yours PERT