The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-01-07
Reconciliation in Virginia.

Reputation in Virginia.
The Readjuster organ OF General MA
HONE, whose certificate commencing II TO
the favor Of the public we printed yester-
day, has time and again attempted TO de-
ceive the northern people, and indeed all
persons everywhere who are not familiar
with the subject. as to the nature OF the re-
adjustment which the Readiusters propose
to accomplish in Virginia. In its issue OF
Thursday the Washington Republican says;
"Now as 10 the two thirds OF the debt,
which all VirqinidnS say is all that honor
commands her TO pay. OF this not cent
will he repudiated, eliminated, or read
justed. Every dollar Of its principal ana
every dollar of the interest will he pro-
yided for. There will be no indirection.
The bonds issued since the war have only
been issued for the eXtinglnshment OF
bonds in existence shortly before the war
commenced. The division OF the State
compelled 'reddiustment OF the debt
that is. new series of bonds representing
two thirds only OF the old ones. 1t is west
Virginia that repudiates the remaining one
third, for which she is in honor bound"
1t is impossible not to see that that lam
guage was penned for purposes OF decep-
ton. 1t will necessarily leave upon every
uniformed mind the impression that it is
only the one third Of the debt which west
Virginia owes that General MALONE pro-
poses to repudiate. We have seen this last
statement in reputable northern journals.
And yet the fact is that the funding bill OF
1871 and the MCCULLoCH bill OF 1879 both
set apart one third of the debt for West
Virginia, and nobody in Virginia advocates
the payment by this State of the sum thus
turned over to her daughter. We state
fact which needs no comment.
But there are some men who are too well
posted to be deceived by the Republicans
misleading statements. These must be
brought up to the support of "readjust-
ment." And so the Washington organ
proceeds as follows:
"In the refumding Of the old debt the
pure and heightened Bourbons allowed
foicign lobby to pile up false indebtedness
against the State, in the shape OF interest
compounded, amounting to about fourteen
millions. This was without consideration,
and in shameless violation OF The interests
and rights of the people. For this reason
it is to be undone. Nirginia's share OF the
old debt and all the arrears OF interest
thereon do not exceed S2l, 100000. The
Funders, by their various juggling de-
vices, make it over S33, 1000, OO0."
Here is reputation confessed. These
twelve or fourteen millions Of bonds which
are to be repudiated were issued under an
act of Assembly, signed by the Governor
OF Virginia. These bonds have been re-
cognized by three Governors OF Virginia
az binding upon the State. They were re-
cognized rs Virginia's bonds by Legisla-
ture after Legislature. The coupons cut
from these bonds have been decided by the
Supreme Court OF Appeals Of Virginia to
be receivable for all taxes due the Com
monwealth, and by the Supreme Court OF
the United States to be so receivable free
from taxation.
These are the bonds Of which the Re
publican speaks az IL they had been issued
by Legislature Of scalawags and carpet
bacgers. Its statements may deceive the
public for time; but not long. The Re
adjusters will soon perfect their scheme
for repudiating twelve or fourteen mil
lions Of the State debt, and then the north
ern holders Of Virginia's bonds will soon
open the eyes OF the northern press TO the
dcformities of reimbursement"
We state these facts not for the purpose
Of blocking the way to readjustment. Not
by any means. Our object is simply to let
the truth be known. We have said before,
and we repeat it now, that the Democrats
OF Virginia have fought their last fight over
our State debt. They have twice been de-
feated on the issue OF rcpudiating large
portion Of that debt. The last time, their
defeat was due to a Republican Admins
tration at Washington, which represents
the Republicans Of the North. IL these
Republicans would rather lose the mo-
ney they have invested In Virginia secu-
rites than to see the Democrats continue to
control the government OF Virginia, they
ought to be permitted TO have their way.
The Democrats here will fight hereafter on
national issues. unless, indeed, some new
local issue shall again divide their forces.
We desire our northern friends who hold
Virginia bonds TO know that hereafter they
will have to fight their own battles. We
Democrats won't repudiate the State debt,
but we shall have perforce to let the Reid
justers repudiate SO much OF It as they wish
TO "eliminate."
What Il the area OF Dickinson county!