New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-05-13
VIRGINIA AND HER DEBT.
A STATEMENT FROM SENATOR MAHoNE

HISTORY or THE DEBr--EFFoRrs OF THE READ
JUsTERs TO SETTLE Ir-DEMocRATIc RErUDiA
TIOS.
In response to q request made by Senator Warner
Mlller, of New-York, Senator Malone has prepared
long statement concerning the Virginia debt As
the statement was prepared before the recent de-
clslon of the United States Supreme Court General
Malone has added some comments on that decision
He says:
At the beginning of the year 1861 the public debt Of
Virginia was $3l sO07l2 90 On the first of July 1863
eleven DAYS after the ad mission OF West Virginia as
State the Union the Indebtedness of the former State
Of virginia is ascertaIned to have been
Ana ar rearagcs Of interest 5ioL7i0 81
Total 5000 sl9 20
The LEGISLATURE which came into power with the Re.
admission OF Virginia into the Union controlled by
what was then called the Conservative, and now tic
Democratic, party On the 30th Of March, 1871. it
passed an act by which tho debt OF the undl-
yded State Of Virginia was, without account az
sumed to be S4571S,ll2 80 II arbitrarily assumed
twothirs of that SUM 10 be the share owed by thar pr
ton old which the state OF V rgpla
aud that the remaining onehrd was ewed by that
ton comprising the new state OF West Virginia.
About thirty millions OF tie bonds OF The former State
had been hnriedy refunded under this act Of 1871 ny
the OF about twenty millions 0f the lew D,nds
when ne LEGISLATURE. also Dem ,crac, repealed so
much OF the act as made the coupons OF the new oons
receivable for taxes This left millions the
assumed SHIRE of the debt OF the former STATE Ia sta
guo -unadusted aud pro scribed funabe, however as
the had been, three for twObu ia bonds the in
terest which could only he paid after the twenty
millions bearing x-recevabe had been sis
He'd and then only at the pleasure OF the STATE Here
WAS second OF reputation, and involving cruel
and distressing discrimination between creditors having
equal claims and all the work OF the Democratic party.
THIS Legislature subsequently passed h act multi
fyng the recivablity for taxes OF the coupons which
had been issued and made txeceivable by law This was
done by forbddng collectors OF revenue from receiving
for anything but gold sverOr Tn ted states notes
third and direct attempt 10y the Demo-
cratic party reputation. Following this legisatinn
ceivable tested in the ourts and the constitutions
aity uf that feature affirmed. and the act nulifybg
1t declared unconstitutional
DEMOCRATIC FAILURE TO MEET OBLIGATIONS TO
CREDITORS.
The Of the State under rate OF taxation felt
everywhere be oppressive. amounted to S2.4300O0
BY stiutional provision, made irrevoeable by tho
fundamental conditions OF the at OF Congress reanit
ting Virginia into the Union. onefth OF that revenue
derived annually together with the
head aud ami escheats Ia this amounting
10 $500 100 dedicated free schools The COS OF d.
nnstering the Government amounted to over one
million per annum. Annual Interest upon the pro-
scrbed portion mliOn OF the assumed dent OF lhe
former Stale to $600000 and that upon the
tax-rpcevabe sefexecntlug coupon debt OF twenty
millions amounted to 81 100000 THUS II VIII be
the sesty ed debtp ying party were confronted wih
an aggregate of liabilities as follows:
Free schools. S60a0Oo
* psD-es o. Oosernment iyO1Ol
Interest. 10 'O'O1J
ro,ot AZ Oltgo