New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-05-13
DEMOCRATIC FAILURE TO MEET OBLIGATIONS TO
.s3.iOO.Elo
With resources to meet the same amounting to but


With resources to meet the same amounting to but
Inc t.x-receyable coupon was iaexorable and
their way to the treasury and paid itself Tie State
Government had TO 20 ON These TWO sums VIZ: me
81, 200. 900, which never allowed To reach the
treasury being absorbed on the way there by tue self
executing coupons and the 81 Tor current sx,
revenue the baggnry sum OF about y2ooOOO ihis
left the prescribed creditor TO wait and live upon the
honorable promises Of the Democratic party, while ne
system OF pubic free schools went rapid to dec y.
dom,naaen aS '"S psrt g"' in 1879. they failed 10
move in the only direction which could render
ng sentiment they would have tho world believe neY
nding aud intending To enforce NAMELY In mo
direction increase OF taxes On the contrary while
posing as debtpayers, they we're tantly planning
and schemng for some new measure Tor retunsing tho
nired by the act of 1871 They always ready to
upon fresh Promises anG ever falling 70 make any
effort comply with the engagements imposed by any
Uuder this condition OF things stats OF unrest hsd
come to peryade the masses OF Tue people Agsri' o
and parayzed energes the opportunity Tor rducSung
were closed 20 the of afflicted people. AMI had
to look indulgence aud charity OF surrounding
communities for maintenance the limited scale of
Recommendation TO which they had been reduced the
prescribed creditor must sacrifice his long neglected SCI
PROMISES preferred creditor by the expensive aid
and fundamentally Of the broker was getting "a much
for his taXreceivable coupons competition and de-
mand permitted, interceptng here anu there, AS
opportunity was presented; Ihe revenues OF sns
destroyed the school fund had been Inverted 10 the
a million ana naI revenue enough was hOJ
collected meet the current expenses or government;
falling behind IN arrearages III interest at
the rate OF n million year. and her deIinquences In ibis
alone had reached 1--we millions OF dollars ating debt
had accumulated OF over two millions, unclutiug the ill.
yerted school fund.- warrants wcre outstanding against
The treasury for s94 so when there but ST.
1874 90 cash hand Ths was the appalling condition
state whose people had evade duty refused
compliance with honorabl just Obligation, when, as
by common consent Ia 1879 the masses hurried
the despOi ers from place aild power.
II was ri this juncture that Readuster Republican
=. .l.,k knAo f. Ina hnn IN af.P
suit Of an honest purpose In respect TO the debt their
first effort was ascertain by thorough examination
recOrd the true state Of the account between tho
State and It's creditors.
YIRGINIAs ACCOUNT WITH HER CREDITORS.
careful thorough. and conclusive examination OF
the record resulted the following statement OF the ao-
count the methods OF which submitted with conh-
dence to the criticism OF every commissioner chancellor
financial other expert. who may compare them with
the books of any other possible sources OF
incarnation rThe cents which Senator Malone gives,
are omitted below o.,
s,er inc debt bearing per Oent INTEREST," e7s 900
Deb; guaranteed bearing per cent int. 2s4.l5o
Total prInepal 81 .soa7Is
M asa GnS am an is DATE January SiIS6
Total interest. ..................... Lois.lss
rho Sta State Of west virginia formally admitted
Te tS o 1Ss g Of 8rn upon Which
has been ionndei were, by tns lrtI t,on OF the
S% stsie Of Ser pSpSstion ~Oins West
her TSs 1eS @dd Gs s
o. property and her tsysbIe values mere r a re-
her annual revenues iaom over s4oOooeo 70
- '0'''''' Principal July i. 1853.
SsSt PEP Ss ssas Ts
Bond, issued sae since, J cdn i9aS and y, am
pr lacns mad prior to ,i IA. ditto isioeoo ss,.qa
Interest july I. 1868.
Past due Jan. l. 1881. md uncslied for i,oi'lss
July Total lint nteras % July l. 1858 lnco 5SSiTis
siis s % the above debt principal and inter
S is pori a ' IN q mo partition
W Nsi &c ra' shS principle thai debt N such 0asss
follows territory. UOOn thai basis yrsinias pof
ton Of the debt OF tho eutlre , tats is
ru,o ,,,r,. ., 9, GA ooo .terIInp debt isls3ss
IN OtSirs Of sSi iSs 2i2 dollar debt. .2o77s os
Total principal twOtAirds to July l. 1888 % osa,.,
inclusive. -''
Interest
rwOthirds Of s5oS47le amount in s ssssi 20
that ass ne a1 Interest paid BY Virginia since
January 49, Sirsns G the q territory and
resources West vsPa Sens as SSsans
thereto 0'oo-f"
balance ~ interest due and unpaid July
l. ,es Inc usive. .----.----------... Soho'o
PIT h asIl'1 ny l. l. 1868. in sterngbOais .,.a,
r as sRSSe ialy / 1885, dol 90.
bonds as above SV,ffcboOo
lass amount of dollar bonds
redeemed between July L, ....
1865 and this date. S7lofta
Total do lar bonds. l',ooo.s'o
ro,o, nr,nc,o,l .......-....-..... Is,sss.cn
Interest from July L. 1883. 10 July ], 1871 inclusive
ON 81. Sl5 1893 sterling bonds at per so.,a,
on ST $40, 77s,s0s dollar bonds . per -. %.
cent. eoIS,o-o
l0,4J9,00i
Less amount ering AVERAGE
time OF tho redemption OF
| tho S7lO,ti9 dollar bOhos ..-o-,
| redeemed. -fS'-S'
I.ess amount paid IN money
| during that pefiod-July L.
| 1865 10 July /. 1871 nelu- .o.ooo
| siye .....-..-.'...-s.-- ',Yo',-Se
| 403951
|
| 6iCO.iis
| To which add balance account OF ..,.
| interest to July 1. 1858 rs aoove-.,..- oV.sto
| Total tnterest 10 July L. I87l..... 67v7.7Jo
| Priucpal