National Republican. (Washington City (D.C.)) 1872-1888, 1881-01-08

have nothing to do except to condemnRnd oppose
it. Recognizing the fact that the peple of Viz
ginia nevertheless are
NOT REGULATORS,
but are honestly eager to provide for tie payment
of every dollar of the principal Of their just
indebtedness and of interest to the full extent of
their ability, the first inquiry of the leadjusers
never before properly instituted) wa; What is
our debt? and what the utmost strdch of our
annual revenues for the payment 4 Interest:
These inquiries, so natural and necessary in the
case of all debtors, more than ordinarily press
ing in the case of Virginia. confronted j. demand
dating from 1861, when the present safe of West
Virginia was included in our territoY, and run
ming through years of war and of military occupa-
ton and government, and when the dibt had now
been woefully confused and worse eolfounded by
the several abortiye and wretched efrtS at settle
ment which had been instituted blythe honorable
'Debt-payers," brokers' and missioniry syndicates
Going back to 1851, we find that tn, debt of Yir
ginia at that date S3l 1SS090 am, taking that
as basis the ReadjusteTs, without abating it
one dollar, have assumed that twnthirds of that
sum is the just measure of the proportion of
the original principle for which this Com
monwealth is legally, justly, and equitably
liable, and i'll thus apportioning tie debt as
it stood when West Virginia VS. a part
OF this State they have acted because Vest Virginia
has declined, in effect to cooperate with this State
in determining their respective prope portions of
the joint obligations, because even he funding
bill and the McCulloch bill so adjusted the rea-
tive liabilities of the two States becarse onethird
of the territory comprised in this Stat at the
alton of the debt went to the formation of West
Virginia, and because it is established doctrine
III public debt, with exceptions arising only from
the nature necessity of particular cases Or from
positive Stipulations, that they follow the land,
and that The just measure of the rat, of interest
upon them are the products of the land. The
principal on this basis once determined brought
them to the consideration of the question of i'll
terest and guided only by the utmOStreliable sur
plus, after maintaining the government and
schools, to be be derived from rate of taxation
admitted to be the highest that can beborn it was
seen, as have demonstrated, to be thee per cent.
The creditor takes the obligation of tie sovereign,
subject to the exigencies of public policy as much
as though nominated i'll the bond.
THE RIDDLEBERGER BILL
on this basis, and upon these principles, proceeds
by legal methods TO enforce equity between the
State and the creditor and between all classes OF
the creditors. 1t makes the principal i'll round
figures twenty millions, interest three per cent,
both payable i'll currency. 1t refuses to violate the
express terms of the constitution of lle State by
exempting this class of property from the common
burden 1t rests the whole obligation upon the
good faith of the people, the highest pledge a SOY
ereign State can offer and ought to give. Had this
bin, passed by the Legislature. been approved by
the Governor, it to have been submitted TO the
people for ratification, so that it should lack no
sanction to give it validity and finality. But the
Governor vetoed the measure and it fell Temporal
rily. Yet it embodies, as the ReadjuSers believe,
will and wig nf IalNt
and the only practical scheme of readustment
which deals equitably with all the creditors, res
cues them from the clutch of the brokers and in
sures the integrity of the obligation-thc regular
payment of interest-the proper value of the Sc
curity and the hearty recognition of the obligor
1t is to the property of the citizen and not to the
demand of the creditor of the State that the orig
inal faith of society is pledged. The claim of the
citizen is prior in time, paramount in title, super
ior in equity" So believing the ReadjuSters stand
firmly by the Riddleberger bill, and expect to
make it the successful solution of this yeXed queS
ton
In fixing the principal debt of Virginia at SO,
665,l76, it is obvious that about SlS6O0O00 of the
principal which the McCullOch bill sought to lsten
upon us has been eliminated: but it is equally
obvious that no such principal S33 5S 900 can be
justly claimed against this State. How, then, i:
that enormous amount Greater than the whole
debt of undivided Virginia. made up? BY
cAii ALlL'-,' Staple AND COMPOUND INTEREST
-, - ~ I,r'S iS nc i~~ind of war and recon
oppressive mode of accumulation aga1rps> 80 ~
we peremptorily reject the whole claim for any in
tercst at all for the period indicated. We might
rest our right to do this simply upon the plea O
necessity-the public exigency; that war and thu
quasi condition of war under military rule actually
deprived of all ability to meet the interest tina
our present circumstance imperatively demand the
abatement. Besides, we made tender within on
ability. The greater portion of our interest wa
payable in Richmond and we Offered TO pay that
in Virginia treasury notes always at premium
over confederate money!, but they were refused
although our soldiers were paid off in SUCH or in
ferior money and impressed supplies for the army
and government were paid for in the same funds
The interest that portion OF the debt held abroad
was also rendered in tobacco and cotton to the
British and Austrian consuls at Richmond, but OF
consultation with their Ministers at Washington,
was declined, lest it might be considered offensive
by the Federal Government, although the British
government had recognized the belIigerent right
of the confederacy.
Ishal not attempt to cite in detail the Iega
authorities and precedents with regard to the stls
pension and abatement of interest during war
although the principle was asserted and main
tanned in Virginia and other States as to interes
during our Revolutionary war on claims hel(
against citizens of the States. Thomas Jefferson
Judge Pendleton, of Virginia, and others might bt
quoted with respect to the matter; and if thu
interest did not against the private party, be
cause he could not make profit during war witt
which to pay it, and was prevented by the condi
ton of war from reaching his creditor to pay him
even had he been realizing income sufficient 70
hot y,,,rnoSe q fnrtnri If rim ooai,Sf
ginia, State of the Union at war with othe
States and the Federal Government, beleagureC
and bloekaded both by land and sea, and desc
lated throughout her borders by
FIRE AND SWORD,
especially when she made tender of payment, Il
the best Of her ability, and was refused. Equity
| at least, if not law, must sustain her claim to b.
relieved of this eXaction under all the circum
stances; and when it is seen and admitted that i
is positively beyond her ability, the matter is con
cluded. Heretofore having net revenue aver
aging only S24S0,00O annually the recent Te-assess
ment of real property in Virginia las commanded
to be done every five years by the constitution
has resulted in decrease of valuations OF not less
than 20 per cent, and we cannot for the future
safely count upon net yearly income greater thar
100000. To put our annual expenses of govern
ment at 100000 is a figure only possible through
the stricteSt economy and without any allowance
for extraordinary contingencies that may arise a
| any moment. The constitutional apportionmen
| to the free schools will require 100000 year.
varying in accordance with the receipts from thu
poll-tax (Which were larger when It's payment wa
not required to exercise the right Of suffrage
We thus have 81. 100000 of current liability fo
| expenses of government and schools that mus
be met, and this leaves only 100000 of thu
s., 100000 of net annual revenue TO be applied t
the debt. This will pay per cent. on S2O,O0O,OO
| and leave a surplus of 100000; but we have al
once pressing floating debt of 81 $50 900 to extin
guish and if we should apply the whole surplus tt
this end it would take us twenty-five years to ex
tinguish it. OF this s25 900 of floating debt
S7S3000 is in taxreceiyable coupons, past DUE tina
may be used to intercept and practically decreast
our revenues. With our credit re-estahlished
there can be no difficulty in bridging over thi
da,,a.,5 fa;.