The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-03-20
rna Public Debt Of virginia.

y
The Washington Hpaoiieaa tr'es 70 ae.
cciye the northern people by making ''e
following statement;
srno R,xdiustcrs Of Virginia propose,
q, hrIef 10 nav two thi,ds OF the STATE
asb,' claiming that the other third belongs
10 West Virginia 10 pay"
That statement Is untrue. In 1871 one
third Of the deb, Of Virginia was set on 10
West Virginia. The Fundcrs have no in'
ten,ion or wish to ask The people OF V'fg''
MIA to pay any portion OF that one third.
The dcb, Of Virginia ms ascertained Dy
the funding bill OF 1871 was about thir'y
millions OF dollars. Upon some OF mat
debt, however, so little interest has oeen
paId since 1871 that 1t Is now gencra'iy
agreed that the debt Of Virginia Is about
thirty.two or thirty.three millions OF dol
l ars.
The debt Of Virginia as thus ascertmned
by the funding bill Of 1871 has been pro-
nounced debt Justly owing by the State
BY all three Of the departments OF the State
government. Al the post-bclum Govern
ors-WlLKER, KENPEg, and HOLIDAY
have so pronounced 1t. The Supreme Court
OF Appeals has so pronounced it. The Lee
cislature has so pronounced 1t. If these
agents Of the people-the State Itself
could not speak for them and bind them IN
morals, as well as under the provision OF
the Constitution OF the United States IN re-
gard to the obligation of contracts, TO pay
their debt as thus ascertalned, then 20 peo-
ple and no State can ever be thus bound to
pay debt.
Now, what does General MALONE propose
10 do? Nothing more nor less than to re-
duce the debt Of the State 10 about twenty
millions OF dollars, aad to refuse altogether
TO pay at least twelve millions OF dollars Of
her bonds. The pleas In justification are
aha. the State is not able 10 pay more; that
the war and reconstruction interest ought
to be deducted; and that the Legislature In
1866 and sgain in 1871 exceeded its powers
in promising TO pay so much inte:e-t. The
innocent purchasers OF the Tepudated
portion Of the public debt will hardly
agree with the Republican that after
assigning fifteen millions to West Vir-
ginia IN 1871, Virginia may now turn
over twelve or thirteen millions Of dol.
ars more to that little bit of State. West
Virginia would have nice burden TO carry.
Let us see: Fifteen millions OF dollars,
with ten years interest ADDED at 6 per cent,
would amount now 10 about twenty-four
III odd fyyolt-n
millions repudlated by the RIDDLEBERGER
bill. and West Virginia would have debt
OF thirty.six millions Of dollars; whereas
Virginia, the State which contracted the
debt, aud holds nearly all the assets, claims
to owe less than twenty millions OF dollars
that is, II General MALONE is authorized 10
speak for her.
We shall see whether the National Re-
publican is ready to let its readers know the
truth.
The people of Virginia are tired OF the
discussion OF this debt question. The
nerthern people are supposed to be now
applaudins General MALONE. The bonds
are held by the northern people. Ii they
are ready and willing TO accept the terms Of
the RIDDLEBERGEg bill, lei them signify that
fact to the people Of Virginia, and these
will surely not complain. Any settlement
OF the public debt that will meet the appro-
baton Of the creditors will please the voters
OF Virginia. Ii the bondholders are willing
to look to West Virginia for thirty-slx mil
lions and 70 Virginia for only twenty mill
lions, Virginia will count herself fortunate
indeed.