The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1883-03-29
R1ddleberger Interviewed.
POLITICAL STATUS OF yIRGINIA--THE Eff
Feet OF THE COUPON DECISION.
Especial Dispatch teshe Baltimore sun. I


POLITICAL. STATUS OF yIRGINIA-TTE Eff
Feet OF THE COUPON DECISION.
Especial Dispatch tethe Baltimore SUM-
WASHINGTON, Mardb20. The following in
teryiew had by your correspondent with Sen.
| ator Riddleberger on Khe debt question and
the politics Of VirginiaSwill be found to be of
much public interest
Question tiies Readjusters consider
thatthe Supreme Court decision has settled
the debt question, Ind will it be eliminated
| from the issues on which their future political
campaigns will be conducted.
Answcr.--Your questions are rather leading
} for an examination in chief, and were | to
| answer fully you would eliminate it all. will
say however, that the Readjusters consider
the debt question settled that is, judicaly set
tied. As a political question it is no more
settled than it was when we had the Antoni
es. Wright decision against us some years ago.
Courts can fix principles, but they cannot
finally adjudicate political questions. The de-
cision OF the court is peculiarly gratifying to
u.s.. IL will set persons abroad to thinking
whether we are really not quite as good, as
honest and law-abiding as those who have
been so persstently assailing US. But no
fsscaurt could settle question of sovereignty
| IOi liiC, dud uCllCSiuS Nc HtIc Ffpui, SuOulG
| not have ceased my efforts till the sovereign
people had agreed TO abandon the right to con
troll their revenues. take it for granted that
many persons who haYe been engaged in ed
ucating thespeople that the courts would never
| countenance our mea assures will not acquesce
so suddenly. There are too many legal rep
utations shipwrecked by this decision to ex-
pect peace in Virginia just now. True, there
is an expression OF content on the part Of
machine politicians. They want 10 eliminate
the debt question and rally under the banner
| OF name But these will find too many
thoughtful men to say that if they have been
msled on The debt question, they had better
consider whether it is not wise TO change party
| associations. It's asking them to abandon the
| question which was held up as involving the
| integrity of the party. No; the question can
not be eliminated as political factor. The
cabled threat of $4,000 subscribed to beat us
was forerunner. There is too much of good
speculation to stock gamblers in keeping such
questions open. These go on, regardless of
consequences to real security holders and ag-
itaiion is what they want. They can find
means and agents, and they will stir the cau-
| dron in Virginia this fall. The Readiusters
will not relent till the funding is well Done
! We have twice seen what Legislatures can
| do, and we will not give another opportunity
to repeat without strong appeal to the people
to complete this work. Our success gives us
new but not more courage 1t will bring us
recruits. 1t affords amusement to hear the
| suggestion that success must break Up the Re-
adjuster party. Failure has twice crippled
u, but we have not experienced any setbacks
| from success We cannot be expected to give
the finishing ofthe good work to the Funders
1t would have been as reasonable to expect
the victorious party in the late unpleasantness
to turn the Government over TO the Confed-
| erates-a dream which some Bourbons did
have for year rtwO. We cannot eliminate
| if We would; we will not agtate, but we sh Ill
simply go on TO fnality, SO that the debt ques-
ton may soon go out of our politics, to remain
! out forever. There is enough political prov
ender in Virginia to fe d q half dozen party
organizations. The Land Commissioner bill
of the last Legislature is as strong before the
people as the debt question was in 1872 The
method of disposing of real estate in Vir-
ginia IS half century behind the age Costs
are amazing and titles too often insecure, and
1t is safe estimate that two dollars of estate
is required to pay one of the debts of any
decedent. This measure only needs to be
understood. Last fall presented it to audi
ences in twenty-one counties and cities, and
the people jumped at it. They understood
something Of the evil, but they were surprised
TO hear there was remedy. The Funders, as
party, very unWisely took issue on it in the
Legislature, and denounced it on the hastings
This is but one Of q half dozen local or State
questions The Readjusters will stand for
fair and compact apportionment bill, which,
by contrast with the jerrymandered districts,
make the latter indefensiblc The growth of
the school system, while taxes were actually
reduced, cannot be taken out of coming cam
palgns. But the question that will continue
to divide parties in Virginia is tariff for pro-
lection. There need be neither new lines nor
new names on this-the only National cues
ton with US at this time The Readjusters,
as such. have taken their position in two party
platforms, and their name is the SYNONYM of
protection for Virginia. Names are of little
significance with us now. We have been
called by all the hard ones till nothing can
brighten US in the way of name. We shall be
Readjusters. tits a superb and comprehensive
name On these questions, State aid Federal,
we shall, in my opinion, largely increase our
majority.
Q.-What is your expectation as to what
course the bondholders will pursue? Will
any considerable portion of them accept the
terms proposed by your bill
Al think they will fund rapidly up to ten
or twelve millions. There can be no reason
why the peeler bonds should not come in
quickly. These are already worth more than
before. We can hereafter pay interest prompt
ly, and two or three instruments so paid will
give our bonds such an impetus that all will
come in. One thing is quite certain they
must fund to get any interest. Some will
doubtless hold of to await the results of AMI
other election, but by this time our bonds will
be worth so much more than theirs that the
inducement will bring them in unless they
can secure Legislature to suspend our fund
ing and restore the receivable feature of the
coupon. would say they cannot elect
dozen men in the State to do this. They once
elected three to increase tax. | question |
whether they can elect more to reinstate the
coupons.
GLOW many Riddleberger bonds have
been issued, and what proportion does the
aggregate amount issued bear to the whole |
amount of the debt of Virginia as fixed by
your legislation
Al have no means of knowing at this
time. Some three millions had been turned
in for funding several months ago. This is !
about one-seventh. presume they were not
rushed so close upon the decision. Holders
were likely to wait after the first of January
passed, as the next interest lnstalment is July
1, and they have time for funding between
now and then.
Q.-At the present figures at which the
consols and 10-40s rule would there be any
gain in percentage by converting under your
bill?
Anything is a gain for the virginia
skies" as they are quoted. You can see that
they have advanced since our success
Though they represented six per cent prin-
cipal, they could not possibly get any inter- |
est in competition with the consos and 10. 4Os |
The McCulloch 8 per cents rated way above |
these 6's because the former had tax-re-
ceivable coupons, which helped to absorb the
revenues. These Virginia 6's were all the
time the victims OF syndicate speculation. We
place them on exact equality by making al
lowance for their interest default In funding |
the principal. The percentage is against both |
the other classes just now but cannot remain
So / believe the 10-40's are quoted at "a ours
at 81 II our bonds shall reach So, the percent
age is changed from loss to gain. OF this l
have no doubt United States 3's are above
par As soon as there is practical demonstra-
lion of our ability to pay interest our bonds
will rise above 60. cannot see why they will
not be at par. We can now pay and will do
it. July will practically settle this Besides,
men will look at our records and learn for the
first time that we have abundant revenues to
meet all expenses, support schools, pay in
terest and carry a good sinking fund. The
percentage will remain with the consols.-