Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-09-10
5S,133,596 so

This prospective increase of debt
over and above the sum of s23, 0iS,-
824.02 as ascertained and formally
declared by the account" in the Riddle
berger act, and recognized by Judge
Hughes as increase, must, Of course,
have been contemplated by General
Malone as the consequence of Judge
IIughes's construction. But he de-
clares in his letter to Senator
Miller that "by acts approved
August 81 and November 90,
1884, all recognition Of tax-receiyable
coupons, or other interest accruing
upon any Of the previously issued obi
cations representing the debt of the
original State of Virginia, excepting
upon the bonds issued in pursuance Of
the Riddleberger settlement, is forbid.
den after January l, 1885. If this is
not open, defiant, and violent repudia-
ton, will some debt-paying Democrat
tell us what constitutes repudiation:"
The part of the act Of August 9th to
which the above paragraph refers is
this The date of exchange referred
to in this act shall in all cases be taken
to be July |, 1882, and this act shall
be construed as if it had been so ex-
pressed in the act Of February ii,
1882; and no new bond shall, under
this act, be given for any coupon or in
terest on registered bonds mentioned in
this section" A repetition of the
classes in the Riddleberger bill matur-
ing after the 1st day of July, 1882.
And the act of November 30, 1884,
provides that "all bonds offered for
funding, belonging to any class, shall
have attached thereto all coupons or
other interest maturing after January
!, 1885, or coupons of like character,
date, and amount which shall be sur
rendered with such bonds, and no al
lowance shall be made to the holder
of bonds, accepting the provisions Of
this act for any coupons, or for
any interest maturing on bonds
of any class, between the 1st day Of
January, 1885, and the date of cx-
change and surrender of such bonds ~;
and provides further, that latter the
passage of this act the new bonds
issued shall be issued with such cou-
pons or interest only thereon as shall
mature after actual date of exchange :"
and provides further that by way of pro-
vision for coupons and interest which
have mstured, or may mature between
the lst day Of January, 1888, and the
LIST day of January, 1885, both inclu-
siye, it shall be the duty Of
the said Board of Commissioners
upon the presentation Of such coupons or
claims for interest on registered bonds
which matured, or may mature, as
aforesaid, of Class b. known as the
ten-forty bonds, to fund the same dol
lar for dollar into 8 per centum
bonds, provided for in this act, and
upon the presentation of such coupons
or claims for interest on registered
bonds which 'matured, or may mature,
as aforesaid, on the other classes OF
bonds herein mentioned, to fund the
same at so cents in the dollar in the
per centum bonds provided for in
this act."
The plain purpose Of these amend
ments was to prevent the increase Of
debt resulting from Judge Hughes's
construction, and to require that all
holders who postpone their funding
shall forfeit all interest from January
i, 1885, up to the semi-annual period
preceding the date of funding. This
legislation, which was merely the with
drawai, pro tanto, Of an offer of comprs-
mise, not accepted by the bondholder,
General Malone calls reputation. Then
if he means anything, he means that
those two acts should be repealed, that
the construction Of Judge Hughes should
be restored, and the debt increased by
the sum of s35, Gs4,773.5O. That is the
Interpretation Of his debt plank in the
platform.
"If he means anything?" Does
he mean anything? Suppose General
Malone should have acquired an in
terest in these bonds? Why should
he not? 1t is not unprecedented for
him to acquire an interest, direct
or indirect, in public securities.
For instance, in May, 1872, President
Malone arranged with the State (sce
his annual report to the Atlantic, Mis-
sissippi and Ohio Railroad Company
TO exchange her debt against the CON-
pany, amounting to s6,37l, 1905, in
GLIDING u, s44, 693.oS secured by mort
gage, for a second mortgage of only
N,000,000. Nine years afterwards
February 10, 1881 General Malone
negotiated the sale Of this road to .