The Portland daily press., 1881-01-11
The Virginia Termination

The attitude of Senator Malone of Vir-
ginia is provoking much discussion. He
does not like to be called a repudiator, and
takes occasion, through the columns of the
Philadelphia Press, to excuse himself and
explain away the epithet. He denies that
he is a repudiator, and attempts to explain
the readjuster plan. According to him the
readjusters first inquired, what is the real
debt; and next, what can be the utmost
stretch of our revenues for the payment of
interest? The debt in 1861 was S31 ,1SS, 900.
The readjusters took two-thirds of it a, the
debt of Virginia. The principal being thus
determined, the utmost reliable surplus ad-
mitted only three per cent. interest. The
Riddleberger bill, which is the measure of
the readjuster party, proceeds to enforce
equity on these principles. 1t was to have
been submitted to the people, and if ratified
would have stood as the plighted faith of
the State. But the governor vetoed it.
The difference between the principal debt of
Virginia under the Riddleberger bill and
under the McCulloch bill consists in the fact
that the latter capitalized the simple and
compound interest which accrued during
the period of war and reconstruction. The
readjusters reject this claim for interest as
ruled out by the exigencies of war and vari-
GUS other reasons. Independent of that the
exaction is beyond the ability of the State.
The highest net revenue under the levy,
which nobody proposes to increase, is 81, ,10O,-
600; the government expenses require $780,
600, the schools 100000, leaving only $780,
900 to be applied to the debt. This will pay
3 per cent. of S20,00O,00O and leave sur
plus of 100000. But there is a pressing
floating debt of $685., 200, which, if the
credit Of The State is re-established can be
provided for by short loan.
These facts are to be remembered: First,
that no party in Virginia proposes to in
crease the tax, and the debtpayers have
several times refused to do so; second, that
under every proposed scheme which the
debtpayers have offered they have declined
to levy a tax sufficient for its requirements; !;
third, that every scheme proposed by the
debtpayers has begun by repudiating part
of the public obligations, as was true Of the
original funding bill and of the McCulloch
bill; fourth, that every party in Virginia.
the SO called debtpayers included, proposes
to readjust the debt.
General Malone insists that he and his
party are not repudiators, but that they take
the honest method of determining the entire
leuiti ata daht of tba Stato apd +ba,, of NV,
ing the highest rate CT interest which the
resources of the State will permit. After
meeting the imperative demands of the
government and the schools on an economi-
cal basis, they propose to apply all their re
manning means to the public creditor. Gen.
eral Malone says: eve acknowledge every
dollar that we believe we justly owe, and we
intend to pay il; and if we ask an abate-
ment in the rate of interest, it is our power
ty, and not our will, consents"
In conclusion he says: "And with the
readjustment of the debt as proposed, the
readjusters come into full control of the
remove the Bourbon reac-
tionists from place and power, and start Vir-
ginia on new career of progress, prosperi-
ty aud greatness. Free suffrage for all men;
a fair count at the polls; free education for
all children, and an impartial administration
of the Constitution and laws for all citizens
will be the eternal policy of the liberal party
which shall have dethroned the Bourbons.
And with respect to the nation and our Sis
ter States, the same liberal party will insist
upon and iuculcate honest submission to
the results of the war; due observance of the
constitutional amendments; the reconstruc-
tion acts and all other express and implied
conditions that accompanied the restoration
of Virginia to the Union the cultivation of
fraternal relations with our fellow citizens
of every quarter, and the removal of section
al jealouses and race distinctions in all our
politics."
Gen. Mahone's statement of facts is GER
tainly plausible. But it is thoroughly un-
sound. If the Republican party in the
South builds on that basis it builds on
quicksand. Better leave that sort of found
alton to 1Iaine Fusionists, and cling to the
rock on which our house rests.