Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1881-10-15
Speech Of ffr. &. II. Kelley Before III
Manhattan Club OF New Work.


a reception WEB given 10 New York Thurs
day evcncrg, at the Manhattan Club. by sever
al members OF the club, to Mr.. A. NJ. Kelley, |
ct Richmond. chairman Of the Firsioia demo-
cratic State committee. and MIR. Jas. B. FlckD
leo, we'll known Virginia democrat.
Alter dinner Mr. Kelley, Was introduced / y
the President, MIR. &. J. VandeTDool. aud made
the history Of the Virginia debt. and answering
fully every poiDt made by Senator Malone 10
bis late speech b ,iore the New York Uaion
League. 10 beginning. Mr.. Keiey declared
| that it required mo little audBctv ca the part
nt Geo. Mahone 10 champion The Fl 1a1cial here
| tles Of tho reaGjus!ers 10 New York city. and
| before parry 1auotirg the putty, the very
| Purllaulsm CT their virtue in tho 6ca1cisl be-
| halt, and it Nod: lar more to warrant tho ex
tra0rdinary liberlios with truth which marked
| tho whole address. |: clncerned the wholc re
publican party OF New York whether they shall
! enter upon crusade against honesty 10 Vr"
glDa, and it cJuc :ros ali parties and all people
that the truth OF history as IN great pubic
| questions DO observed" MIR. Kelley then re-
tered to Con. MahoDes published profession OF
| devotion 10 tho democratic party oaIy onn year
ago, and added Hero. and not 10 tho Union
! League Gluh, rIieht person maklIg such pro
| lessious m1re reasonably hops Tor cougonsl
| company. But | am cstorMd fror, even an
| EXPRESSION Of surprise 4. his polui,al gym.
| nast'cs, for. as chairman Of our State domo
cratic committee last year, it was my
| duy to charge Senator MahoDo then with
| this political recfceucy. ard [ rrophcsied his
| pGcsent poIlios! position. With greater rea
| son might stop 10 uoLo tho audacy which 10
srlted General Malone to insult the iuto-
gaEoe OF this great commercial coolro By sn-
| noubcl0g IN substance, as tho corner stOna of
| his financial creed, the convenient theory tho!
| Tho measure CT debtors obligation to ia!6
his coVonGnt is his ability, as he rleases TO do
| leiminc it,
MIR. Kelley then proceeded to review Of the
| or gin aud present status of Virginia's pub
| lie debt, every dollar Of which," Lc cJntendcd.
was contracted by her own people; every dol.
ar Of it, save that which represents capitalized
Interest 10 default, was contracted betoro the
war; every dollar of it isreprosentod now in full
10 Virginia by the railroads. canals aud turns
| pixies |. bull BY tho public charities for The
| deaf, dumb, bird snd insane it established; by
| tho collsg ss and university it fouodcd or ca
| doWcd. and By tho public mouum,nt to her
| l!lustrIouI sons which graoes hor capital Aad
| the Cqual aDd complete validity Of every dollar
| Va ~ hoo OCSu Wy cVlTy vi
the government, by every successive Governor
| sinco tho war, by repeated and unbrtk ken do
| cIsous Of the Supreme Court, and by repeated
| and at times unanimous declarations of the
| Legislature. No party md, 50 FIR az | am
| aware, 90 msn over challenged the bipdog obi
| CATION OF the whole debt until somo lime after
Mahoues party was formed, and that party is
| not thrae years Old. "
Abiding to Gen. Mahono'' tp co.: before
| the Uolon League, 10 which no proposed to
| adjust the debt on basis of $40 900 900, Mr..
| Kelley showed that Gen. Mahoue, in 1879,
| urged sotlsmont at three per c,nt for forty
| i've years. on basis OF So, 977, OOO-s sottle.
ment which Mahono said should be enforced
| BY the Legislature and tho courts.
When the frat funding took pace Mr.. kei-
ley said Gen. Malone was potent factor 10
| democratic politics, but never ultil his bank
| tuptcd road had bson tekon away from him,
| and no bad twice failed to get tho nomination
| of his party for high ofhco, did no sugges; the
| slightest objection to tho assumed debt prnoi
pal or Interest,"" Mr.. Kelley said that, uc,ord
ing to The LAST report Of the raadiusler auditor,
| Tho dabt OF the Btate was $40 ,GS5 COB, exciu-
slvo OF past due Interest, land TO repudiatp ooe
| dollar OF 1t would ba robbery which would be
| criminal IN en- individual! md surpassiDgly dis
graceful 10 Ststr." The campaign of the
| resGuBters IN 1879 vas next sketuhcd and to
! their succ:sS was attributed The defeat of sat
| tlement Of tho Gebt under the h1cru'loch bill,
| which would have brought great relief. As
! vas. SIS SIT 600 wero funded and 40 arnual
| interest of 1855, $40 thus. with tho creditors
oonGOut. saved. that being the diFercloo be-
! tween aud per cent. 90 that amount Of bOnda.
MIR. Kelley oombatted Gen Mshooo's prcpo.
| sltlon tbst oil Wsr interest. and all interest
| which &C umnlated during the reconstruction
| should he deducted from the debt end that all
capltajzing interest should he arnuiled. Du-
| ring TIE Crimcan war Russia ruuclualiy raid
10 gold htr iateres. due Eugiish creditors. send-
lp& money 10 Locdon for ttet purpose, md
| England acted with the same faith towards her
! iorelgu creditors, though in arms agsiDs: her
Francs paid her rcntCS duo 10 Germany Gutag
nor lste terrible struggle, and pever suffered
default
MIR. Ksilay nexS disscctcd the oc. which Gen.
| Rlahone procured to BIO passed through the
Legislature in 1870 whereby Virginia so1rcu-
dered to the corporation whereof 10 was
PRESIDENT, Tor stock, !nteres! and caims agsius!
| Tour ralIrood corporations, repres .utisg 10 par
value $G,37l $50. and received from hn in re-
turn s.cond mortgage bond for 81 600 900
| Without interest for ten yaals, tho State ssJ
| waving no preferred lien whereby large por-
| too of this hebt waH secured
MOT oulS," said Mr.. Kelley. ibid no
'rIimlnate' tho State out of s., 37l ,I30 Of her
assets at enc breath, but he never PAID dol.
lar, principle or inlere,t, Of the bond OF 00O,,
600, aud bofora half Of its non interestobsarlug
period had elapsed his corporation was hopas
itSd bsnktnp!, recovering ts financial Yau1
ony atcr being taken by law out of his haods
add plsced in tho custody OF receivers. Nor let
IL be supposed that these assets of Virginia
wcro worthless. Whio Gen. Malone was
manipulating the Legislature TO scoaro the
passage OF this hill, parties Of tho highest no.
cunlary responsibility offered tho Stats 50 3d..
600 of this princay elimination State bonds |
at psr. dollar for dollar, and no procured tho
II :otion OF the Offer"
Abiding 10 General Mahone's reported dec.
larslion that the State had pain no interest nt
all, Mr.. Kelley said: Gen. Malone perfectly |
we'll knows that since the war we have paid in |
interest SIT 3sOCC0. and have redeemed of the |
principal OF the debt through our sinking fund |
70 G9f.72O more. He perfectly wall knows that |