The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-02-14
The state Debt and the Democrats.

massage OF that bin through both houses Of
fhe General Assembly, the New York
Times says that the Democrats OF virginia
have never themselves presented mea-
sure for the honest payment OF the debt"
This statement Il utterly destitute OF truth
The Democrats passed bill In 1871 proyi'
ding for the payment OF the principal and
interest OF the entire public debt of about
thirty millions Tone third Of the forty
i've millions having been assigned tc
West virginia). Again in 1879 tho
Democratic Legislature passed the McCui'
1.ocm bill. which also provided for paying
the entire thirty millions 1--WE use round
numbers) Of Nirginia's debt. In interest
Virginia has paid. rs Governor HOLIDAY
last message shows, over fourteen millions
az dollars since July I, 1867. And vet all
tho facts OF The case are studiously ignored
IN our northern brcthren-for the New
York TINES only follows multitude to do
eyil--and the Democrats OF Virginia, who
have for years battled manfully and inces'
sanity in favor OF paying the State debt,
are actually held up as no better than re-
pudiators. Indeed, the usual way OF stating
the case adopted by the northern Repubii-
can Journals is TO declare that Readiusters
propose 10 pay all that the State is able TO
nay. whereas the Democrats would never
pay any part Of the debt
We saw the Democrats paid over fourteen
millions of interest on the State debt be-
tween July !. 1861, and October |, 1851
IN fourteen wears and three months. The
RIDpLEREEGER bill proposes to cut down
the debt 60 about twenty-five millions and
pay per cent. upon it. So that in four
teen wears aud three months the entire
amount OF interest which will be paid upon
the debt, if that bin is carried out, will be
. about nine millions Of dolaIs-nine four
feenths OF tbc amount paid in the same
length OF time by the rcpudiating Bour-
hons"
Again Since the funding bill Of 1871
was passed Virginia has paid upon her
con>ol bonds not less than twelve millions
Of dollars Of interest. These twenty MIL
lions OF consols have been cut dosn, by
the iorciblc population of 43 per cent. OF
their face value, 10 less than twelve mil
lions. and the interest upon them has been
reduced from TO per cent, so that in
the next ten years there cannot be paid
upon them more than three millions six
hundred thousand dollars as against twelve
millions paid in the last ten years by the
repudating Democrats. or Bourbons,"
A. the Times styles them.
The Washington RepubIicdR outdocs the
Times. IL says:
1.-The passage Of the Riddleberger bill
by the Virginia Legislature sets at rest all
fears that the Old Dominion will be tainted
by reputation. IL provides for paying
eyery dollar OF the unpaid principal and
interest OF the State debt except the one
third which all parties in the State declare
is due from the State OF West Virginia"
see the diabolieal ingenuity OF the at
tempt 10 make the northern people believe
that il il only West Virginia's third OF the
debt Of the two States which has been re-
pudiated: whereas the fact is that Virginia
set aside fifteen millions to West Virginia
in 1871, and il the twelve millions just now
repudiated are to be turned over to West
Virginia, the debt OF the latter State is now
fhirty-six millions OF dollars namely, nine
millions OF interest accrued upon the fif-
teen millions turned over TO West Virginia
ten years ago, making twenty-four mil
lions, and twelve millions repudiatcd by
thesRIDDLEBERGER bill, making total OF
thirty-six millions OF dollars.
The Readiusters here at home claim that
Virginia owes only what they propose to
pay but how unfounded the claim is, can
easily be shown. They say, for example,
that the debt OF the two States was thirty
millions at the time OF their division; that
Virginia. as OF that date, and of course
only two-thirds, OF twenty millions by Viz
gnia. Then they credit Virginia with all
the money which has been paid upon the
debt since 1862, and ind that subtracting
this sum from the total OF principal OF the
twenty millions with interest added up to
this time, the twenty-five millions OF the
RIDDLEDERGER blu is all of the debt that
remains due by Virginia.
The reader will sec that this short method
OF repudiating Virginia's bonds put out 10y
her own authorities, signed by her own
officer, and issued under law passed by
her own Legislature and approved by her
own Governor, and decided to be consti-
tutional by her own highest court, leaves
the assets OF the two States out OF the cal
culation. West Virginia is entitled TO ere.
dit as of 1862 for at least four millions OF
dollars out OF the thirty then due by the
two States; and OF course Nirginia's
share ought to have those four millions
added TO ii. Add twenty years interest Ia
four millions and its total will be nearly
nine millions OF dollars. Add these nine
millions 10 the twenty-five millions of the
RIDDLEBERGER BILL and the sum total is
over thirty millions OF dolars-just about
the amount which the Democrats have for
so many years been endeavoring to get the
people OF Virginia TO pay.
We have thus shown that the Democrats
Of Virginia have done their duty in this
matter Of the State debt. We must add
that the northern bondholdcrs will here
after have TO protect their own interests.
1t is not In human nature for any party to
submit 10 such wrongs at the hands OF the
men for whose interests they so long bat