The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1883-10-24
Mr.. rowIer on the McCulloch Bill.

FOWLER has appeared on the stump In
every portion OF the State, be has nowhere
(so far as we know been confronted with
his letter Of June IS, 1870, to Mr.. PARIS V.
JOKES, In which he argued TO the best Of
his tMr. FowLER's) ability against disturb
ing the McCuLLocB settlement. But we
will let our readers see the language Of Mr..
FOWLER himself. 1t will give him some
thing to explain away when next he en-
counters Democrat upon the stump. We
quote:
We have battled for eight years. and /
have not been, and am not now, willing
that those who antagonized us shall run
away with the victory. You will see, then.
that while would not wantonly volunteer
TO inject my opinions INTO the canvass,
will not shrink from the duty to do so when
called on for them. So proceed, as well
as can, to answer your questions Serta-
tim:
First. do not think we have now the
opportunity OF accepting" the brokers'
or McCulloch bill. That opportunity has
passed by, unless the bondbolders refuse
TO fund under Il. You will remember len
dcayored to furnish to the people OF Vir-
plnia in this very canvass the opportunity
TO "accept" or reject 1t. Before went 10
the last session I told my friends here |
would attempt TO have submitted 10 vote
OF the people any bill we might adopt
touching the debt settlement. i introduced
that amendment 10 the bill, but it was de-
feated in the House by 20 TO fl.
When the next Legislature shall meet In
December next portion (and In my opin-
ion q large portioD) OF the debt viii have
been funded under it. Ii the bill could be
repealed then, il could only be repealed as
to the unfunded portion. The funded por-
ton would stand in spite OF any repeal.
That much OF ii ould hare TO be "accept-
ed" by us.
| confess to you, in the poverty OF my
inventive faculties, do not now know
"what relief or better solution Is offered
by further opposition to it" at this time.
We must remember that the EXTREMIST
proposition OF our party has been to pay
three per cent. on the whole debt. This
bill gives us our EXTREMIST demands for ten
wears, or nearly so. Aside from the view
that q renewal of The agitation would be
for point ten y ears ahead OF us, we must
consider rs to how, il we now repeal and
90 back to sir per cent, we are going to
get away again from six per cent. There
are ways 10 do It. admit, but they are very
extreme ones, and wonld require a grip
of popular purpose and degree OF popu-
lar Indignation which could never be ex-
cited under the old siX-per-cent. settle
ment, and would be still more difficult 10
excite under the reduced rates OF this bill.
The hope Of it is so nearly impracticable
that / think we had as well abandon it.
In ether WORDS, think this bill has weak
ened our line of battle, though it does not
give us all we wished, nor all we ought to
have bad. With all the industry and pow
er could command l endeavoeed to pre-
vent its passage in its present shape, and IL
it were now before me for its passage
would do so again. A majority OF the Le-
gislature have taken on themselves the re-
sponsibility OF accepting its bad features.
Its good features were secured by us, and
we can afford to be responsible for them.
To repeal the bill and go back to six per
cent. without some practical plan by which
to get away from that position again could
only be justified by those OF our friends
who think this bill is worse than the old
funding bill of 1871, which is an admission
am not willing to make. Such an asser-
ton proves too much. II, after battling
with the public debt for eight years we, the
Readjusters, have gotten il into worse fix
than we found it, we had better quit the
agitation. Certainly think this is poor
plea TO 90 before the country with. There
are features i'm this bill which 1 would
again resist with all my might il it was now
before me, as / did when it was before me
last winter. But | will not say to the peo-
pie that our battle, instead OF lettering
their situation, as we promised, has render
ed il "infinitey worse" Such would be q
confession OF our incapacity to manage it,
and our employers, the people, would be
apt to relieve us Of our agency.
Practically / consider the bill one at
three and four per cent. Ii is not TO be
forgotten, too, that, even il we cannot de-
monstrate remote increase under this
bill improbable, such must even mere so be
the case il we should repeal and go back
to six. For then, even il we should repu-
date the peeler interest, the consol inter-
est on two thirds Of the debt alone would
make for ten years much heavier burden
than the McCullOch bill does.
It's as clear as cloudless noon that every
pair OF bonds funded under this bill saves
to free schools about one fourth OF the in
terest we are now actually paying. II is
equally as clear that II we repeal and 90
back to six per cent. the schools will re-
main closed until we can devise and pass a
better bin. To repeal now shall keep the
schools closed until the administration of
new Governor shall be secured who will
favor repeal. When that shall be no one
can accurately foretell. The same power
that sat its foot on the Barbour bill will
surely set its foot on any bill repeating the
McCulloch bill. The ueto still cOnfrontS
as.
Imagine not that am per Sc the friend
OF this bill. / simply view it from the
standpoint Of 1S79-'S0, and not from that
of 1859. | am acting on the presump-
ton, too, that the funding will go ahead
under 1t. / am now speaking after the
passage and under the absolute execution
Of the bill. Last winter spoke and acted
prior to the passage OF it, and while read-
justment had practically not been touched.
Hastily but very sincerely, your friend,
|. G. FOWLER.