The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-01-19

1 AZ 10 the b0ust ue0e 80 l0uOjy tDat uDQer
the control os the ReAdiusters put In Office
year ago The affairs Of the State have been
better administered than formerly, it must
be horne in mind that under the McCulioch
bill the amount OF SS,049, 440.70 was funded
Lin new bonds at per cent. which before
that time bore 9 per cent, thus re-.
ducing the interest one haiti ana
effecling an annual saving TO the State OF
more than $4,000, OF which two thirds
would be in tax.recevsble coupons. Of the
sum funded, siOj, 1890 were purchased for
the Sinking FuOd, and have since been cam
celled. So that whereas before the passage
| OF the McCulIoch bill the State had TO pay
| G per cent. on 5000. 1870, it now pays
per cent. on S7,944, 314.S0.- report OF
| Second Auditor. 1879. And 1t IS the saving
thus effected and the saving by the retrench.
ment acts OF The so.caIed Bourbon Legisla.
ture Of 1S77-'7S that has made money more
abundant IN the treasury, and not any skill
ful or wise management OF the officers.
The apprehensions that General Malone eX-
press that after the. end OF the first ten
years, when the McCuloch bill would COM
mence drawing 4 per cent. interest, the peo-
pie could not pay il, seem wholly ground
| less.
|
property OF Virginia remain stationary for
the whole ten years ? The increase OF the
interest would be only | per cent,
whereas the population would proba-
bly, grow 90 per cent, and the property.
business, and general wealth a great deal
more; and the Sinking Fund would each
year diminish the principal OF the debt.
General Malone and the gentlemen now
belonging to bis party were ia full afiiation
with those he calls Boubons till the year
| 1873. One OF the largest and most repre-
! sentative conventions that ever met in Nr-
gina assembled IN Richmond in the summer
OF 1877 10 nominate candidate s0r Gov
eruOr, Lieutenant Governor, and Attorney
General. and to Law down party platform.
| General Malone was q candidate before
| this Convention for the nomination for
Governor, and when he failed to get it his
friends went over to Holiday, and thus
gave him the nminaiOn ana election. 1t
was not till 1879 that the Readiusters. who
up 10 this time had acted Inside Of the Dem
Ocratic party, called 4 convention Of their
own. which met in February, 1879, ut Mo-
Zart Hall. and which for the first time es-
tabished themselves rs a separate orgaDiza-
ton: they appointed their own committee,
laid down their party platform, and organ
ized in every county in the State.
To show the purposes OF the party we
need only to note the fact that the Mozart
Hall Convention was held on the 9th day
Of February, 1879. and the McCuOch bill
was not passed ill the 2Sth day Of Marcn
after. The Mozart-IIal Convention pro-
nounced against the bill in advance, thus
disclosing their general opposition to any
settlement that would be likely to become
operative. General Malone saws that " the
RiddIeberger dill rests the whole obliga-
ton upon the good faith OF the people,
the highest pledge a sovereign State can
offer and Ought 10 giUe' This declaration
must be construed in the light OF the fact
that the Mozlrt-Hall Convention took
ground against the McCuiloch bill before it
became law. And also in the light OF
this announcement given prominent
place in the declaration Il their princI-
piles. "That the sovereignty OF the State
cannot be pledged nor delegated eX-
cept for pu0hc service and when
50 pledged o. delegated is at any
time reUOcdbie By the Legislature"
That is TO say, the State can make no con-
tract that any future Legislature can't re-
pudilte at pleasure-that the property or
money OF a citiZen may be obtained on the
promise Of future payment, but when the
div Of payment does come, though the faith
OF the State had been pledged, the pledge
can be revoked and the money in the trea-
sllrv which should be consecrated to the re-
deInption OF the pledge and the fultilment
OF the contract OF the State and to the pay
ment to the citizen for his property, may be
applied by the LEGISLATURE TO some other
and different purpose, on the pretence that
4. liz /
is the good faith worth that rests upon such
an avowal IL this:
Ii this portion OF their platform needed
Interpretation, il Is easily found. The Rich
mond Whiq is the known aud acknowledged
organ OF the party in Virginia, and in its
issue OF August %. 1879. it makes this edi
tOrial avOwal "THE TRUTH Is. THAT IF NlR.
GINA SHOULD AT ONCE RtPUDIATE HER WHOLE
DEBT. 1T WOULD BIZ THE MOST EFFECTIVE
MEANS POSSIBLE TO ENTICE WITHIN HER B0I-
DERs BOTH CAPITAL AND IMMIGRANTS."
And one Frank 5. Blair, Il leading orator
OF he party, who was temporary chairman
of the MOI BALL Convention, and who
contested with Fulker>On at the late cleo
ton for the congressional nomination, has
kindly furnished the public with an insight
into the designs OF his party. He says, in
a letter to a friend under date of March 23,
1880, which said friend published, this sig |
niticant thlng-viZ.:
"Havinc achieved a great triumph in |
the State on our view OF the debt issue,
nou fdUor rigorous application of the Re-
adjustment principles TO the national debt.'
Afierthe public record botn OF acts and |
declarations that they have made after |
they have passed a bill scaling down so
largely the obligations OF the State given for |
property which Is still inside OF Virginia, |
aud will remain so, and which contributes |
every minute OF the day and night to the |
comfort. pleasure, and business Transactions !
OF the people; after one Of their leaders had |
announced The purpose to reach even the |
extent OF readiusting The national debt; !
after saying in substance that each LegSla- |
ture could deal with the money It found in |
tie treasury rs it deemed best, regardless OF |
past obligations; the Readjusters step upon |
the stage in the role OF SimOn-Pure deb
payers. II General Garfield should pro. |
claim himself Democrat, and give out that |
he intended TO administer the Government |
on Democratic principles, it should not DC.
casion more surprise than the preteDSlon !
put forward bv the Readiusters that they |
are the true debt-payeis, and that their pur' |
pose was TO save Virginia from reputation. !
A final REIMBURSEMENT Of the Virginia |
debt is an indispensable thing. Some OF |
the bonds bear per cent. interest, with |
taX-receiyable coupons some bear per |
cent. interest, with tax receivable coupons, |
and Others 6 per cent, the coupons OF
which are not receivable for taxes. A new |
boud which shall be uniform, and put all
the creditors upon The same and equal foot |
ing, should be negotiated. In view OF the |
low rates OF interest now prevailing for |