The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-03-22
A Rusiness View of It.

JOHN n. llAMbLtION ~ CO' - N''~"
dated Baltimore, March 18Th, presents the
following view of an interesting subject;
MAUoMET (NlAHoNE) GOES TO THE Noun
TAIX.-Our readers will recollect that we
predicted, il Malone found be could not
control his former allies the Republicans
OF Virginia-that he would 90 over 10 the
Rcoubicln party. OF course We have our
opinion ia regard to the position assumed
hv General Malone, but il is not, as we take
if. rho province Of financial writers to dis
cns> notifies: hence We will cOufine our re-
marks, as far as possible, to what I'D our
opinion will bc the effect of the situation
uDon the deb, question. Bargains are never
made eycept for value received, and II Is
reasonable TO suppose that as General
Mahone has given bis support and as
sl>iance to the Republican party. the
leaders OF that party, and the Adtnlnlstra-
ton at Washington, being under 0OiigatlnnN
TO him, will, il they do not directly use
their influence to induce the Republicans
10 alesce with the ReaOi ustefs. at least DO
nothing TO encourage the Republican party
in Virginia to nominate stralghtout ticket
in the State election next fall. If no bar
gain has been made, 1t looks very much a.
il an understanding has been arrived at,
for an honest settlement of the debt ques-
lion. We had believed it impossible that
the nroud and wel.deserytd reputation OF
the Republican party for the strict main
tenance of the public credit and the honest
uayment of debts would nave been permit
ted to be smircbed by compromise with
reputation. Yet what are we TO think
when we see Mr.. Malone, the leader OF the
reputation party in Virginia. received into
the ranks OF The Republican party, not as a
renentaut sinner. but with open arms The
great leaders OF The Republican party en-
brace him. and applaud when on the
floor OF Congress be proclaims that
be IS q ReddjuSter. Now, what effect
VIII thi. support OF MahOne have on the DEBT
question in virginia. We think a most DIS
astrou- one. Any one will admit that with
ont the assistance OF the Republicans the
Readiuslers were in OH insignificant MINOR
ltv. If straigbtout Republican ticket had
been nominated in Virginia next fall, upon
platform which acku0N lodged the honest
payment OF the state debt, we believe 1t
would have received the support OF many
Democrats who erred for tie honor or their
State, aud that it would have been success
ful. As Malone has gone over TO the Re-
publican party. the keadi uster and Repub-
| lican parties may now be considered a. one
organization. and we fear that the leaders OF
the Republican party in Virginia VIII be
powerless to prevent 1t. The recent 9ctIOn
| OF General Malone will unite the Conserva-
tive Democratic party in Virginia, and will
| no doubt drive many Observation-Disclosures
ers back into the ranks OF the Conservative
party.
Unfortunately, the Democrats who are
4. haht. II ~ SnunH the
debt question as they were formerly. The
prominent men OF that party now declare
| that some ieadiustmeOt is necessary-the
only difference that We can now discover
between the two parties is that the Re-
adiuSters propose to pay per ceOt. on S2O,-
| 600, 900 and the Conservative Debt-PayerS 3
per cent. on $50 100000. This appears 10
be the situation, that no matter which party
Is successful readjustment OF the debt is
| IN contemplation. The Conservative Debt
| PAYERS. we believe, claim that IA rea ust-
ment of the debt and lower rate Of interest
is necessary, aud that they propose to effect
| it by compromise with the b0ndholderS.
| We believe that the State OF Virginia is able
to pay every dollar that she owes, but I'M
fortunately the people do not want TO pay,
and any party that would advocate in
creased taxation to meet their obliga-
tiOns would stand not the slightest
shadow OF success. This j. an uniortu-
nate state OF affairs. but 1t is nevertheless
true. How the Conservative Debt-Pay ers
| propose TO Ipduce the bOndhOlders - make
| further concessions we are at a loss TO un-
derstand. Even II they were disposed to
submit 10 further reduction OF the interest
| on their bonds, what assurance would they
nave hat each succeeding Legislature would
lot demand another slice, until nothing re-
NAMED? Ia orr opinion the bondholders
are now better secured by the tax.recelvable
coupons than they will ever he again. They
| will never get another bond with taX.re-
ceivablc coupons. SO they had better bold on
| to what they hsve-they can never have a
stI onger claim on the State, or one which
| could be enforced by law.
That is just the trouble ahead OF us-tbe
| unwillineness OF the bondboder 10 refund.
But after all, il the bondhoIder is willing TO
rely upon the courts for protection aud Sc
curity, the voters of Virginia may perhaps
conclude that their services are no longer
needed.
The Lynchburg Adpdnce, edited by Colo
mel Tom WHITEHEAD, has the following
paragraphs. which are worthy the notice OF
Virglnia's creditors:
awe are inclined to think that with an
alliance OF the Republicans and Mahoneites
Riddleberger's bill can be carried perhaps
easily. II will not be real issue. 1t may
be permitted to pass, but the election OF a
Governor and mougrel Legislature will not
be permitted. The Democrats Of Virginia
Bourbon and Readiuster, DebtrPay ing or
Rcpudiating--will not permit that, 'and
don't you forget it,
"Tbe Mahoneites In the black districts can