Daily Republican., 1881-10-06
THURSDAY, OCTOn aR :. 1881.
Senasor 1Enhsne Expsalps.

TRURsDAY, OCTOn IN ,. 1881.
8enaS0f NAh0ne ExpealDs.
Senator Malone has been in New
York and at the solicitation OF many
of the leading men Of tkat city who
have not agreed with him upon dis
financial theories, or rather upon the
manner in " hieh he aud his party have
managed tho finances of Virginia, he
made = speech on Tuesday night in
which he gave very satisfactory in
sight into the main'question which in
fuenoes Virginia pclitics. Senator Ma
hone showed that Che debt Of Virginia
at the ssnmencer ent OF the Late civil
war, when the whole Of Virginia was
one State, was -, 800, 900, upon which
interest defsultesi during the war, The
close OF the war found Virginia divided
into two States one third OF the State
being formed into West Virginia, the
remaining two thirds being left to con-
rstitute the old State. In that division
Of the State the dividers only appor-
toned the teE-itory, but the whole of
the debt which soon by the exigencies
Of the war arose to $50, 1000, 900, was left
upon the shoulders of the old State
Senator Malene certainly made good
point when he claimed that the most
audacious roadjusters w@re those who
at the time the State was divided
nassed lau declaring that no bond
for two thirds their value should re-
oeive interest on them. ~ doubt many
of those wlo helped to pass that law al
that time, ere the loudest kind of Bour-
bons now end are horrifed at the name
of adjuster.
1t was soon seen that Virginia could
never pay $50, ,SOO, 900 .ssnd interest on
tho same, after she had been shorn OF
one third of her territory, one fifth Of
her population, and ,s5oG. 900, 900 of taxa
ble property. 1t was impossible thas
Virginia in her reduced state at the
close of the war could carry such debt
30 disheartened the people defaulted 70
pay either principal or interest, and if
We see the question correctly, the
State would have rem aimed in thai
state of dependency and bad credit un.
til her public creditors would have sold
her out at auction had not General Ma
hone organized the rsadjuster party,
which car,e TO the help OF tho State to
save her from utter bankruptcy and
ruin. Senator Malone made the issue
with the people and WOE. He and his
party found the State $5lJ,OO, 900 in debt.
Neither interest nor principal was be-
ing paid--indeed the State had de-
faulted and could pay neither. This
state of affairs was not brought about by
the readjusters, though 40 long rs they
remained with the Bourbens they were
in degree repOnsible.
When Malone and his party came
ITO power, they set about making ar,
'angementA for paying the interest on
as much of the State debt ~ they could.
1t was impossible for them to pay
the interest and any part of the
principal OF the basis of S5l 500, 900.
The Bourbons before couki not do ii.
and made nG attempt to do it, and it
were but useless for Malone and his
marty to attempt to do it and split upon
the same rock which wrec Eed the Bour
bons.
The readiusters made an inventory of
stock belonging to the State aad looked
after the resources. They found that the
old State was carrying along f2O,OOO,.
400 of debt that shouId belong to West
Virginia and sho;lld have been appor-
toned to the State when it WAS yet off az
m Independent State. This amount the
Virginia readjusters declined to con-
81. or e portion OF sha debt of Old Nir-
gil,ia and declined tc pay or to assume
10 pay interest on it. This may be
termed repudiati0n, but if it is, W hat are
the people of West Virginia, who re.
fuse To assume TO pay their share of An
honest dsbt and who are held up 81
'parsgons of Bourbon honestly by those
who payIO debts, nor never intend to
pay any. If the Bourbon Democrats OF!
West Wig mia are honesg, why do they
not assume to pay their honest debts?
To say that no debt WAS allotted when
that state WIS separated from the old
Aotht STATE, is but theexeuse of thous.
Ands who ts& - advanta ye Of a bubble
to cheat their honest creditors.
Makone and his party resolved that
If West Virginia would not pay her
share of an honest debt the mother
should not in h9 crippled financial con-
dition pay it for her. With the share
OF the debt belonging to West Virginia
eliminated there was some hope x the
Old State paying the balance, or at Least
paying the interes. on it, and since the
REIMBURSEMENT was made the interest
has been paid with'kunctual regularity.
Malone 1t is true does not make ppe-
vision for tie payment Of the whole
dobt, but he has takes care that only
that part which he says Virginia does
not owe is aid aside.
Ovsrtopping the financial question is
that OF human ipdividu& rights which
Are protected uSder Ma&one rule In
Virginia, and at the meeting in New
York he was compAimen ed with hav-