The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-01-13

be read nor understood by most people
because IL is so long and encumbered by so
many expanations-so borne down by It's
own verbosity--tbat the average reader
win despair Of ever comprehending It's de-
tails.
What is the misleading characteristic OF
the bill? Nothing more nor less than Ia
bored attempt to make it appear TO the UNI
informed that the RCadiusters intend to pay
all OF Virginia's just debt, and that 1t is the
debt OF West Virginia that has occasioned
all the dissensions in the Democratic party
OF this State. A long account il made up
between Virginia and West Virginia, and
the outcome is that Virginia only owes
twenty-one millions Of the outstanding debt
OF the two States. The unavoidable infer
encc is that West Virginia owes the rest OF
il. Look at the following figures, for ex-
ample. The new RIDDLEBERGER bill pro-
yides, or, rather, argues--because it were
ridiculous to call such stuff provision Of
law-as follows:
PRINCIPAL.
TWO thirds of $4,000, sterling, o,.ooo 9,
Two thirds Of eSi,i6s,2i2'ss, .1Yoooo -
dollar dcbt.................s....s. SO,fIo.SOo OK
Total principal, two thirds to
July. 1858, inclusive...... ..s22,O94.l4l 96
The reader will see that the above is set
down as principal. Let the interest up to
that time go, and we have West Virginia
charged with S11,O47,070.9S as Of July,
1868. Now, West Virginia has never paid
a dollar OF interest upon her share of the
debt. II follows that she row owes, il Mr..
RIBDLEBERGER is correct in his calculations,
the above sum plus nineteen years. inter-
est IL per cent.-Or about twenty-i0ur
millions Of dollars. In other words, Mr..
RIDDLEBERGER makes it appear, if we take
no figures except those quoted above, that
West Virginia's third is larger by several
millions OF dollars than Virginia's two
thirds. Recolect, too, that fifteen millions Of
West Virginia certificates so called have
been on the market for ten years, and that the
interest on these has amounted TO nine mill
lion Of dollars, and it will be seen again
that, Mr.. RIDDLEBERGER being the judge,
West Virginia's share OF the debt as it now
stands is much larger than Virginia's share
of il.
Nowhere does it appear that the bonds
proposed to be repudiated were issued to
pay virginia's two thirds, and include not
dollar Of the one third assigned to West
Virginia. Yet such is the fact. Does Mr..
RIDDLEBERGER expect men like JAMES G..
TAYLOR, who was Acknowledgement Of Vir-
ginia when the bonds proposed to be repu-
dated were issued, to vote for bill pre-
tending to charge yirginia's reputation
upon West Virginia?
Let us come to the downright repudia-
tion clauses. We quote from the new RID
DLEBERGEE bill as follows:
"(a) For her equitable share Of Glass
"a at the rate OF SO per cent.-that is to
say. S53 of the bonds authorized under this
act principal and accrued interest at par
from the preceding period OF maturity to the
date Of eXchange) are to be given for every
500 face principal, and accrued interest
from the preceding semi-annual period Of
maturity to the date OF exchange OF such
Indebtedness; and for any interest which
NAV be past due and unpaid upon such in
debtedness funded bonds issued under
this act may be given dollar for dollar"
That is provision fer repudiating AZ
per cent. of the bonds of Class A. What
bonds are these Let the bill answer:
land whereas. by this account, it ap-
pears that Virginia owes her creditors, as
OF the LIST OF July, 1882, including the bonds
held by the literary fund, and interest
thereon cast to such date, twenty-cne mil
lion no hundred and thirty-seven thousand
three hundred and seyenty-three dollars
and fifteen cents, and that she may cause TO
be issued her own bonds for that, and pro-
vide for the certain payment OF interest
thereon; that is, for her equitable share OF
the bonds known as consols, and here de-
sigpated as Glass A, and whereof there are
outstanding Si4, 1863, 974.S1."
Was such a bold attempt at deception
ever before made in bill offered in q le-
gislative body! Her equitable share OF
the bonds known as consols and here de-
signatcd as Az! Why, these consols are, al
Of them. yirginias own bonds, and were
issued to her creditors in 1871 TO pay hel
own two thirds OF the debt OF the two
States. These consols represent only two
thirds of the amount OF the bonds fol-
which they were exchanged. Every thou
sand-dollar consol bond paid OFF or settled
fifteen hundred dollars OF the debt as II
was recognized in 1871. For the other five
hundred dollars West Virginia certificate
was issued in each case. Yet Mr.. RIDDLE.
BERGER does not hesitate to write, "hei
equitable share" OF the consols. II he
thinks the consols were issued wrongfully,
why not say so? 1t is inevitable
that the truth shall come out; and he might
as Well face 1t at once. The bondholders
know what reputation is, and whenever
the theory becomes practice they will let
the world know what 1t is, and who they
are who practice 1t In Virginia. 1t is 43
per cent Of yirginia's own consols that
the bill proposes TO repudiate, or nearly six
millions Of dollars OF the consols alone,
all issued since the war. West Yirginia's
third Of these bonds, we repeat, was
charged of TO her in 1871.
What bonds are known as Glass b I
Why, the bonds issued under the McCUL-
Loeb bill. These bonds were issued in
lieu OF bonds that had been issued for only
two-thirds OF the face value Of the old bonds
for which they were exchanged. What
does the new RIDDLEBERGER bill do with
them2 Read
"b) For her equitable share OF Glass 'B ,
at the rate OF 90 per cent, reckoning and