The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-04-15
cenera al Malone and the State Debt

,nonee northern people to sudyt question
lang enough TO enable them 10 unuef''ano
,hn s.a,e Of parties In Virginia; yet we VIII
try soce more to correct the statement l'"'s
lime appearing In the Chicago Ir'c"nel 'na'
c.nersl MApoSg Is willing 10 pay all OF the
deht Of Virginia cxcep, that portion OF II
which is iustly owing by West Virginia
ose fact Is that IN 1871 Virginia assigned
10 Yves, Virginia fifteen millions ont OF Tue
sar,v.,;ye millions the old State owed
largely more than West Virginia ought "
have been expected to pay. The remaining
thirty millions 1--WE u.e round humoeis
Virginia promised to pay.
Now n, This late day comes General MA
MOVE sud fayors the reduction OF Nirgin'as
,,sb, 20 Ie.s Than twenty millions OF dollars.
He proposes 20 repudiate more than one
.hird Of the debt as ascertained by the fund'
ing bill Of 1871. He proposes to repndiate
outright some twelve millions OF the oeo' 's
n now stands, including accrued interest-a
dent with which West Virginia has nothing
70 do. All the post'bellum Governors OF VIZ
gjnis-WALKER, KENPER, and HOLIDAY
maintain that The state owes at least the DEBT
as ascertaIned by the funding bill OF 1871,
fwcIl knowing that too much OF that debt had
been assigned 10 West Virginia in lS'lJ
The Legislature has more than once taken
the same position. Aud lastly, the supreme
Conr. of Appeals has decided that the fund
ing act OF 1871 is binding upon the state
II IL that debt of which General MALONE
proposes to repudiate more than third.
West Virginia's fifteen millions have now
grown. by the addition OF interos',-not
one dime OF this ever having been paid
to immense proportions. Ten years In
,erest amounts 10 60 per cent OF
The original sum, or nine millions
OF dollars. So that West Virginia now
owes twenty-four- millions OF dollars With
ont charging her with the ten or twelve MIL
lions 10 be repudiated 10y the RIODLEGkRGkR
hin. and which The Chicago Tribune sup
poses is all that General MALONE proposes
10 turn over to West Virginia. The same
journal evidently believes that the charge OF
being repudiliionist which IS brought
against General MALONE has no other ioun-
dailon than bis desire to assign TO West Nir-
piri. so much OF Virginia's debt as
the former State justly owes. The
fact Il that il these ten OF twelve
millions were added TO the debt OF that llt
tle State, her debt would be some Thirty
ionr 10 lhlrty.six millions OF dollars, whilst
Vlreinia's debt would be (under the RID
D1EBrRGTR bin less than twenty millions OF
dollars. What is the use OF talking about
that sort of division OF the debt!
En-, the Chicago Tribune viii ask, Has
General MALONE given no reasons Tor pro-
posing TO repudiate so much OF the states
dcltY He has. The RIDDLEBERGER bill
sels forth various such reasons or so-called
reasons. But first let us state that IN bis
sneeeh in the Mozart-lIall Convention in
this city, in February, 1870, General Ma
HONE himself said:
II would use my best endeavors TO secure
n vote OF the people sanctiOniDg settle
mept at 3 per cent for f0rty-ive years on
the basis Of 49,, 81, 900 OF. And this settle
mont being ratified, | would enforce 1t by
the LEGISLATURE and courts, whose powers |
believe to be fully adequate thereto. would
do 20 because l believe II 10 be right; De-
cause I believe il is the only way to avoid
consequences we would all regret deeply
because believe il is 10 the best interest OF
the bondbOlder and tax payer, and because
believe it is a duty we owe 10 the Com
monwealth OF Virginia"
Now, we will give some OF General Ma
HOMES reasons, as they are stated In the
RIDpI EBERGER bill, for wishing TO repudl'
ate more than one third of the bonds issued
under the funding bill OF 1871, and which
bonds are now in the hands Of innocent
purchasers. That bill declares as follows
..Wbereas it - confidently believed that
the peope OF this Slate will never acqulesce
in any settlement which shall obligate them
and their posteriiy TO pay any part OF the
interest upon the public debt which ac-
crued during the war and the period OF re-
construction"
Notice that "DurinS the war and the
period Of reconstruction"
Again: We quote:
"Whereas the principal OF the debt re.
cognized by the act approved March 80,
1871, computed to the 1t OF July following,
ard taken as the debt Of The State before
the creation of West Virginia at $40, 49,
ll2 20, embraced S1j,02j.604 OF capitalized
interest which had accrued during the pc
Rod % war and reconstruction; and
"Whereas every consideration Of equity
and the circumstances OF war, the immense
loss Of property by the people OF Virginia.
aggregaiing $500, 900, 900, ard the shrinkage
in assessed values from S723,000,000 10
S336, 900, 900, reducing the revenues from
over four millions 10 two and a half mil
lions, further justify tie elimination OF such
capitalized interest from any computation
Of the debt"
0iher reasons are that the people had re-
pudia;ed the MCCULLOCH bill; that there
was large sum due to the school fund, to
asylums, &C.. that the net revenues under
new assessment would be reduced that
the existing rate OF taxation is the highest
which can be endured, &c. These are surely
reasons enough, such as they are. We COM
mend Them 10 the Chicago Iribuae'S atten'
ton, and ask that journal to let its readers
know the truth in regard to this matter.
We have no reason, however. for sup
posing that the Democrats Of Virginia will
ever again make a stand In favor OF paying
Virginia's debt. They cannot stand up for
northern mems rights against northern
mems administration with all OF its patron
age. The debt may go to Guinea. Their