New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-05-13

sum of siie2S42 o, %, o77
Total debt ---'-2l'oSo'0"
cancelled by Sinking Fund Commissioners in December
DIVISION OF THE DEBT BETWEEN VIRGINIA AID
WEST VIRGINIA.
In reaching this result admitting the correctness OF
the items and of the methods OF the aceount-ahu tney
have never been seriously disputedthere is single
taapre about which the Judgment of may divide or
It's as to the apportionment Of the debt Of the old
undivided Commonwealth between the two States sub
seouently formed ForbeariGg discussion of the
general principles which such ratio Of division rests
may not amss say that the rule is that DEBT lo
lows territory and that wherever any partition is maui
by agreement, cession or coneesson lnaeDteoess s
anportioned, and where other considerations are not
Influential those of territory and pepnaSn ov e
in refunding to the state 81 massachusetts Ie
that act IL is provided and required that such proportion
of the sumprincipal and inerest-thus refunded sna
the whoe~the unparttoned state Of Massachusetts,
The failure Of the Congress OF the United states when
in fact partitioned the Mother OF Commonwealths 70
provide for the just apportonment OF the debt OF the
undivided state should rot debar the virginia nat Ta
argues and implies that the apportonment was l9ie 70
eS As well established by the uDwritten law
the universal practice OF organized governments
party vrgni backed by people who earnestly de
sire that fne csa ecye his st dues mean and have
always intended with the power IN their hands Oy sucn
judicial process the Constitution OF the United states
provides compel that State to do her duty IN 'hs re-
spect. ,...,o.o .,o,.a 10 the
basis of the Readjuster Republican partys settlement
II was on the result thus ascertaned that our party
formulated the law commonly called the RddleDergeT
bill which proposes fund vrgnias share OF the debt
of the former State into bonds OF her own issue
three per centum. Unlike the Democratic party tnnd
ing Bill Of 1871, there is no compulsion IN the d HS
which shall not accept the settlement pr"Poseu
1t was to enable the people to labor and to live and
the state to keep house and send her children TO school
@ fixed at three h Per e9ts% Do The e1 asd
by the creditor Through his agents. as well 10 De as
nres defisiyely called by our opponents Coupon XII
to de SnS designed by What We're believed to
Be adiudicated but not compulsory methods to induce
as we'll to protect the State and her creditors against
spurious coupons Neither deprSes tae eredt9r 81 b
rights and Is sufficient TO say the supreme G9ar
The measures We have enacted and are believed
o promise the most favorable solution OF the question
for the creditor himself and the settlement IS oeescu
TO be honorable and Just INC Sn ~ ,e earnes
endeavOr Of the Republican party OF the state the
Ter terms ne will fni dicnt to discover anything in
the record OF that partys treatment of the question to
Justify him in indulging such hope.
THE BOURBON RESTORATION.
Tho Democratic PARTY which had been repeatedly con-
demued the polls and expelled from place ana power
met in State convention at Lynchburg In july 1888 IL
then and there formally proclaimed, not only It's
approval of our Republican debt settlement and OF all
tie leading TO which had given effect, but
promised to uphold and promote that settlement;
iy means and methods heretofore exposed 10 the ever
lasting shame OF It's leaders, and the outrage OF great
State, and its honest and awabidng people, hat parry
."''.e At this I'll time the funding under the Rid
dleberger law was going on well ,I Inc sell SELF
barrassed the collection Of our revenues. There
was SS scbdos and teSchers were reeeiy
ing their constitutional share OF the revenue our ins
our asylums were well organized. supported and con
Quoted ON the lat Of October, 1884 the end OF the
F c yssr' remained ony 70 the TressEry
when meanwhile fn one years revenue say 500 900
Democratic party In respect to the debit II was 10
formally declare BY joint resolution approved the 2l't
list That the people nave accepted the act Of Feb
the ultimate settlement Of the debt OF this state it
il their unaterabe purpose that that settlement shall be
R Sa d sIS Ho Of any s State np o"' any other basis
will be tolerated by the people of Virginia Ia abso-
"a That the interests of the public creditors as
this settlement shall he accepted by the creditors wen
by the State and therefore the General Assembly OF
advise and call upon the holders OF all the bonds ana
claims against the Commonwealth TO come forward with
promptness and fund the same under the provisions OF
the act Of February IA, 1882"
D5 ee Of Ts naTS which a short tune beore was
repugnant their pretended of honor aud their
hollow and perfunetory compliance with the nsncere
promise which they deceived the people and stole
INTO power.
What was their step by the acts approved
February q 1884, and the 18th OF March, 1884 TO re-
ouire the prepayment OF all license taxes In United
States currency. that IN violation OF the judgment
of both the highest State and Federal courts the axre
cevabe coupon might not any longer be used according
to the express tenor thereof in payment OF saeh
excluding every remedy, and IN this to nDhnge and up
the fundamental principle upon when inc kiuuIe
funding was proceeding Mex he N fS 5e
ad becn ed
dues demands and whom there was in the treasury
What was their step in The direction o repgdis
ton BY the act OF March 10, 1854 the Board OF sink
ing Fund Commissioners authorized and directed 10
apply every month any surplus IN the treasury whch
may not be needed 70 carry on he fo be
bonds issued under the Rddlcberger act OF lSs
ont Of the treasury up to the first Of January, 1855
$685. in redemption Of loan having thrty-fonr
acts approved August % and November 20 1884, all
recognition OF taxreceivabe coupons or other interest
representing the debt original state OF Virginia.
dlcbergef settlement s forbidden after January l. 1885
this L. not open, defiant and violent Reputation. will
pndiation II is say TO tine creditor, whatever his
claims whatever me mature o. the obligation Accept
the obligation to account for the interest we have
But the ina aud eliminating OF this party Of re-
pudston TO be found In the act approved November
Sond no master What the
top issued 70 him nnder the Rddleberger act IT will
be dlfcut 70 realize that the aim OF INC ABOVE
fected was TO promote settlement and final repose Of
Che question. The scheme 10 so TO
arass the creditor as TO induce him stand away from
the Rlddeberger settlement and by initiating proceed
fngs contend Tor other terms while the preudices OF
She people TO be aroused at the failure OF settlement
and tie consequences that would follow IN return 70
She funding law Of 1871 This the people know would
saddle them debt largely IN excess OF the two
thirds OF the correctly ascertaned debt OF the original
State and annual demand for interest which no rate
OF taxation they bear would suffice 10 meet II is
that alternative which woeld bring ruin and population
et last constitutional convention and the 1ngush
hent Of the debt at and forever.
The Republicans OF Virginia understand The scheme,