Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1881-05-18
A TYPOGRAPHICAL CORREC-
TION.
Latest Dodge OF the virginia
Funders.

EDITOR LEDGER:-In reading to-
day my article published in
your yesterdays issue, | no
ticed that one Of my sentences in par
agraph 4 was badly mangled. 1t should
have read thus: Moreover, to fund a
500 'peeler or unfunded bond, one
must buy of the brokers' associations
5000 of their consol bonds at their
price, or sell them his 500 at their
price. Then followed this sentence f.:
Either way it is bad for the innocent
bondholder.
| do not much regret the error, since,
in correcting it, l have an opportunity
Of calling attention to the latest
dodge Of the funder or brokers' bill
party in Virginia.
About two weeks ago, | received
the first number of new funder pa
per, dated April Unpublished at Gull
pepper, and called The Exponent"
Its editor is Angus Med. Green, son
and law partner of Maj. j. W. Green,
a prominent Virginia lawyer and at
torney of the Virginia Midland rail
road, from Alexandria via Lynchburg,
to Danville, etc.
| quote first from the editor intro
ductory ito the public" He says !:
I'VE believe that the state debt should
be speedily settled. The people are
weary of its discussion and we propose
to show how it can be done to the sat
isfaction Of all the creditors and with
out laying additional burdens upon
the people. We hold that the fund.
ing bill of1S7l was unconstitutional /;
that, had it been constitutional, the
succeeding legislature had the power,
which it exercised to repeal it, and
that the decision of the court of ap-
peals in Antoni VS.. Wright was wrong;
that the preservation Of the public
faith belongs to the legislative and not
the judicial department of the govern
ment," etc. The birth ofthe Exponent
was preceded bya meeting of promi-
nent citizens (funders) at the law office
of j. w. and A. M. Green on Febru-
airy 18th, 1881, who formed a low tax
association" the proceedings ofwhich
meeting are given in full in the Expo
nent. | leave all comment to your
readers, except to say hat it shews
the funders are ready with another
measure to abrogate the McCulloch
bill, that "fnality' of Virginia fun
ders. Culpeper is a strong funder
county.
Inow quote from the editorial lead
er, headed General Malone, and
full Of hostility to him, but adopting
his principles, at last, on which he
made and won the fight in Virginia.
Says this editorial "There is no
power equal to the traditional faith of
a people, whether religious or politi-
cal. The traditional political faith of
Virginia is that of Jefferson and the
old democratic party. X The
court ofappeals, in Antoni VS.. Wright,
decided, in substance, that a state
could be coerced by judicial process,
and that it belonged to the judicial
department Of the government to com
pei the observance Of the public faith
whenever the legislature failed to do
its duty. This was contrary to this
traditional faith. Gen. Malone and the
readjusters were indebted for their
strength to the attack which they
make upon the correctness of this de-
cision." This is true democracy, it
is old democracy, and the reason given
for the strength Of the readjusters is
a true one.
Further on in the leader is this:
"The democratic party of Virginia
made a great mistake in yielding so
far to the old federalists whigs?1 as to
abandon its name, and take that of
conservatives In the reforming of
the lines for battle this fall, let it re-
assume its time honored name, and
let all who will not act
with it, join Malone" etc. That
is, adopt Mahone's principles, at last,
when triumphant, but continue the
war on the man who did most to save
the democratic principles from utter
overthrow. The party shibboleth of
the close corporation Of old Virginia
oficeholders is, Anything to beat
Malone p TRUE DEMOCRAT.
May12, 1881.