Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1881-01-25

that they follow the land and that the
| just measure of the rate Of interest upon
them are the products Of the land. The
principal on this basis once determined
brought them to the consideration of the
question of interest, and guided only by
the utmost reliable surplus, after main
tanning the government and schools, 10
be derived from rate of taxation, adj
mitted to be the highest that can be
! borne, il was seen, as have demonstrate
ed, TO be three per cent. The creditor
takes the obligation of the sovereign,
subject 10 the exigencies of public policy
a. much as though nominated in the
bond.
THE RIDDLRBERGER BILL,
on this basis, and upon these principles,
proceeds by legal methods to enforce
equity between the State and the creditor
and between all classes OF the creditors.
1t makes the principal in round figures
twenty millions, interest three per cent.
| both payable in currency. 1t refuses to
violate the express terms of this class of
property from the common burden. it
rests the whole obligation upon the good
faith Of the people, the highest pledge a
| sovereign State can offer and ought to
give. Had this bill passed by the Legis-
lature, been approved by the Governor,
it was to have been submitted to the peo-
| pie for ratification, SO that it should lack
no sanction to give it validity and finali-
ty. But the Governor vetoed the meas
ule and II fell temporarily, YET 1t EN-
bodies, as the sieadlusters believe, the
will and wishes of our people as to the
debt, and the only practical scheme of
Readjnstment which deals equitably with
all the creditors, rescues them from the
clutch OF the brokers, and insurcs the
| integrity of the obligation--the regular
payment Of interest--the proper value of
the security and the hearty recognition
of the oblig0r. st is to the property of
the citizen and not to the demand of the
creditor Of the State that the original
faith of society is pledged. The claim
OF the citizen is prior III time, paramount
III title superior in equity" SO bcliey-
! ing, the Readjusters stand firmly by the
Riddleberger bill, and expect to make
the successful solution Of this vexed
question.
In fixing the principal debt Of Virgin
Ia at l9.665.l76 it is obvious that about
$4,000. 900 Of the principal which the
| McCnlloeh bill sought TO fasten upon
it has been eliminated; but it IL equally
obvious that no such principal rs S33.-
1856. 900 can be justly claimed againstthis
State. How, then, is that enormous
amount (greater than the whole debt Of
undivided virginia. made upg BY
CAPTALIzING SIMPLE AND coMroUND
INTEREST
which accrued during the period of war
and reconstruction. We not only object
to this usurious and oppressive mode Of
accumulation against us, but we peremp-
torily reject the whole claim for any in
terest at all for the period indicated
We might rest our right to do this sim
| ply upon the plea of neCcssity-the pub
lie exigency; that war and the quasi
condition OF war military code actually
deprived us Of all ability 10 meet the in
terest that orr present circumstances i'm
| peratiyely demand the statement. Be
J sides, We made tender within our ability
| The greater portion Of our interest was
payable in Richmond, and We offered tc
pay that IN Virginia Treasury notes (al-
ways ut premium over Confederate mon
| ey), but they were refused, although ON
soldiers were paid OIL In such, or intcri'
or money, and impressed supplies for tho
army and government were paid for II
the same funds. The ialelest on thai
portion Of the debt held abroad WAS alst
rendered in tobacco and cotton To ia,
British and Austrian Cousuls ut Rich
mOnd, but, on consultation with Iheii
ministers vt Washington. it was declin
ed, lest it might be- considered offensive
by the Federal Government, although
the British Government had recognized
the bel'gerent rights of the COnfedercy
Is,,alI not attempt to cite in detail tht
legal u, 'thorlties and precedenls with re
gard 10 NC suspension and abatement
of interes during war, although th'
principle " " asserted and maintaine,
In Virginia 1. nj other States rs 10 inter
est during on Revolutionary War OF
claims held aga mt citizens OF the States
Thomas jefferson, Judge Pcndlc.On q
Virginia. and oth rs might be quote
with respect to the matter; ANA II tn
interest did not run .'gainst the private
party. because he coul, not make proii
during war with which TO pay II anC
was prevented by the col dillon OF wa
from reaching his creditor 10 pay hlm
then had he been realizing IN IN
come sufficient for that purpo.e, II. Tor
tori 1t did not run against VII GNU,
State of the Union ut war with otNe
States and the Federal Government be
leagucred and blockadcd both by iant
aud sea, and desoated throughout hel
borders by
FIRE AND SWORD,
especially when she made tender of pay
ment, 10 the best Of her ability, aud win
refused. Equity, at least, II not law
must sustain her claim TO be relieved o.
this cXuction under all the ci cumstan
ces; and when II Is seen and ADMITTED
that II Is positively beyond her ability,
! the matter Is concluded. Hcrctotor,
having n net revenue ayerag ing only
$3.50 900 annually, the recent rc-asscss-
mcnt Of real property In Va. tps com
/ t.,attI,1 q. hp flypu a. nNn l.