Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1881-04-26

ton, OF Virginia.
Ibid "know," IT." that the Vir-
GINA court of apr eals had declared
that "the act of March 30, 1871, con-
stituted a contract on the part OF
the state, which cannot be repealed"
| but, then, as a true democrat, apd one
having some knowledge of constitu-
tional law, l simply declined to accept
that courts decision as law, just as
Jefferson and the republican party OF
his day utterly d~isregarded and treat
ed as utilities the United States
courts decisions on the allen and Sc
dition acts. Just here | will respect
fully say | do not think 1T" under
stands the real meaning Of the consti-
sutional provision about impairing the
obligation OF a contract. The obliga-
ton, whatever it originally was, OF the
Georgia bonds thrown out, remains
the same and has not been impaired
BY her action, but the holders
are without any remedy, and
the same may be said of the
repudiated Mississippi debt, and of
the Memphis debt, etc. l respectful
ly refer 1T" to Webster's letter to
the Barring brothers of London on the
question. Webster was never regarded
as a very strong states rights man,
though he was a much better demo-
crat than most of the so called of the
present day, and his letter will do for
a beginning of the study of constitu-
tioral law. 1t contains strong demo.
cratic sentiments, too. | have moth
iug to say against the Virginia courts
iucorruptibility that declared the
tuuder repeating act of 1872 unconsti-
tufional, except that | have heard
Moncure's whole estate, nearly, con-
sists in Virginia bonds,and that a most
prominent lawyer and democrat told
me that there was not a judge on that
bench who understood our systems Of
government, or who was not at heart
an old federalist in politics.
81. G. T." says that the democrat
ic party has welded the scepter of
rule in this country twelve years long
er than all its political rivals, from
Washington time down" He doubt
less means the anti -centralist and anti
federalist elements have, but surely
not che democratic parry. In this
country we first had the fedlralist
PARTY, under the lead Of Hamilton and
Adams, and the republican party,
under Jefferson, down to 1928. From
the presidential campaign of that year
we, for the first tine, had the demo-
cratic party, and the opposition took
the name Of national republicans. In
1882, the first general general conven-
ton of the democratic party met to
nominate a candidate for vice presi-
dent to ruH with jackson. Then, in
1910, | think, the opposition took the
name of wings, and in the first session
of cougrcss, convened by Harrison, but
which met under Tyler, thew splitinto
two factions, known as ''Tyler wings"
or strict constructiouists," and anti
Tyler wings" etc. In Virginia, since
the war, aud until 1880, there wa
no declared democratic party, and
Kemper in his first messa~e in 1873
sent greeting to Grant that the con-
.servatives" Of Virginia would act with
that party in federal politics which
treated them best. The readiustcr
party was organized in February, 1879,
and carried the state in the following
falls.
IT" implies by what he says Of
readjusters being made angry
that the flinders are not guilty
Of "fOrcible readiustment. Surely,
IT" has never read the MCCULLOUGH
bill. 1t is thoroughly compulsory,
not only upon the bondholders, but
upon the state, in favor of the specu.
lating broker syndicates. l defy him
to point out a single democratic fea-
ture in that bill; and / charge land
DEFY him TO show the contrary that il
compulsOrily repudiates half the un-
paid interest on the peeler bonds and
the bonds not funded before the re-
peal Of the act Of 1871 in 1872. II
charge, too, bat the flinders
never consulted the creditors, but
only the speculating broker s~yndicates
Of New York and London. Notwith.
standing all the funder talk about the
lr~repealable contract" act Of 1871, II
charge tdat they voted for and passed
the act Of 1872 10 repeal it; that they
voted for The Barbour bill. which
was vetoed; that they voted for aud
passed the Bocock- Fowler bill TO re.
peal il; that they voted for and passed
the McCulloch bill reDealiug it. and
that they then voted for negro Ross
Hamilton's bill 10 repeal the McCul-
bill in 1879.
But a word to ST." about the mad
do- cry Of Reputation, so freely in
dulged 10 by the Virginia Mccullough
funders, and their talk that the state
will be disbonored by the %abrogation
OF the brokers' bill; and that is, III
Reputation" per SC, will dishonor
Virginia, that she is already
.dishonored ir.~etrievably, beyond the
hope Of redemption, as / told
many funders iu Virginia, During
the tate war, Virginia issued bonds,
expressly and solemnly pledgiDz he-
sacred honor and good faith for their
redemption, to raise money TO clothe
and feed Che wives and children Of
her brave defenders in the field, and
these bonds her own people took, and
still have, but she has "repudiated"
them. The obligation, IT., has not
been impaired by Der action, but her
creditors have no remedy, and
l have yet to hear Of a single funder
proposing 10 consult theml Consist.
encyl thou arr a jewell
am NOT "nernnfraEnn inLnD 81