National Republican., 1881-07-02
Bourbon Repudiators and Readjuster
Dchi .PhNnrs

Bourbon Repudiators and ReRdiuster
Dcbt-Payers.
The Posi- wakes virtuous two or three
times a week over the Virginia debt ques-
ton. IL has learned new word-elimi-
nation. cit says that the Readjusters have
eliminated the interest which accrued
while the relations of the State to the
Union were suspended, and that is but
another word for reputation. Then it
rcterates It's joke about the Readusters
being for elimination, and not for repu-
diation. Then it laughs at its Joke and
returns TO it. 1t is likely to become rs
enamorcd Of this lonely witticism as Is
the Tribune over its sickly one about the
Primacy.
Now, the Post ought to know that the
RcVdiusters favor the payment TO the
creditor of the uttermost farthing Of the
States revenues, after paying the current
expenses of the State government, and
the sum provided by the constitution for
the maintenance of the schools. The
Jeremy Diddlers who, calling themselves
Debt-Payers, will not vote for increased
taxation, and did not pay what they
might when in power, are only made
ridiculous by being quoted They ought
TO ask their friends in the North to allow
them TO be forgotten. The only debt
payers in Virginia are the Republicans
and the Readjusters. The former nearly
all agree with the latter that they had
better pay something than nothing. A real
rcpudiator is selfstyled debt-payer who
never pays. A Agenuine debt-payer is one
who says: "Here are my assets. /
give yon all have" The latter is an
honorable man, who commands respect
and secures his creditors approval and
release. The former is confidence
operator, who has his creditors contempt.
The Readiusters claim that they are not
lawfully bound to pay interest for the
war period, because they rendered at the
time cotton and tobacco at gold prices
To foreign holders of their bonds, to be
delivered in Liverpool, which tender was
rejected and that they rendered to home
holders of their bonds Virginia treasury
notes when they were more valuable
than confederate money, which tender
was rejected. They claim that they are
not bound for interest between the sur
render and the restoration of the State
TO the Union, because they had no con-
troll over their own revenues. If these are
not considered good reasons by some
they surely entitle the Readjusters
to hearing before they are called Repu-
diators by the non-debt-paying Jeremy
Diddler Debt-Payers, who are upheld by
the I'oSt in their shameless disregard of
admitted obligations. But if these rea-
sons were TO be entirely ruled ont the fact
would remain that every faction of ever,y
party in the State openly and yanemently
opposes any increase "ci taxation. 1t is
clear that the no.s revenues of the State
will only provide for a surplus Of 100000
aftesr meeting current expenses and main
| tanning the school fund. This surplus
will pay three per cent on $20,000,00C
and leave 100000 for extraordinary ex-
penses and to aid in carrying the floating
debt of $4,000, 900 incurred by the Debt.
| Payers over and above defaulted interest.
ull-GcDuul-
ates one-third of old Virginia's prin.
cipal debt of $3O,000,0OO on the ground
that West Virginia ought to pay that as
her share. This leaves $20,000,0 900 as the
true debt of the present State ofVirginia
Leaving out the interest from 1861 to
1870 for the reasons above given, OF
eliminating" it, if the Post prefers that
word, and we have the case of the Re.
adjusters. If one does not agree with
their reasoning as to interest he cannot
possibly deny their facts as to in
ability to provide for any greater
indebtedness Twenty millions at three
per cent. is better for the cred.
tors than nothing at no per cent
And such is the issue presented. The
best and most trusted financiers of the
North have approved the Readiuster basis
OF settlement. Undert the State debt Of
Virginia would be worth much more rs q
whole in the worlds money market than
it is now. 1t is the only plan which has
money in it for the creditors. If they
prefer wind and brassy professions, LEI
them tie to the clustering Bourbons and
their Grip-Sack allies. From them the
future, rs the past, will only elicit on pay
day the reply of Ancient Pistol
| Base Is the slave that pays