Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-09-10

table share Of the door % VIC ""u'.'0''.
Sfafe. and The highsss rate Of 'nfsrs"
hat can be borne, against the open op,,
nositiou Of Observation-Disclosures, and
he more treacherous and insidious tam.
nerine Of Bourbon 'acquiescence
which has betrayed us again to our
broker enemies" -.
The above paragraph contains the
debt plank in the "platform and al
dress of the Republican party OF vir-
einia. adopted July Is, 1889. Inc
bart printed in italics is what desire
10 examine, as to its meaning anu
purpose. In the examination l shan
use General Mahone's name as idenli-
cal with the debt plank. -.
The act of February IA, 1882, com
monty called the Riddleberger BILL IN
It's preamble recites, by classes, at page
o.. the items Of the debt as outstana-
ing on the LIST day of July, 1857
which items aggregate s34,I9S,zoo.
The preamble then embodies an argu-
ment which concludes with the declara-
ton. page 95, that the net revenues OF
tho State 50 do not warrant
the assumption of larger rate of in,
terest than per centum upon The tW
amount Of Virginia's equitable share
ofthe old and entire State, as the same
is ascerfained and nor formally de-
clared BY the foregoing account.
The debt thus ascertained, exclusive
Of certain interest and coupons. is stated
a AID sSSye a.,eres' 81 81
s23.0is.s24 OF
This, then, is the amount formally
declared as Virginia's just debt, on
which, and on no larger amount, she
could pay per cent. interest.
The enacting sections follow (pp. 95-
'6-'T. They recite the items given in
the preamble, adopt the scheme of
scaling prescribed by the preamble,
and thus fix the amount of debt to be
that assumed at the above figures.
The bonds issued under this act were
ordered to bear date July |, 1882.
But twas directed in section 5 LAY
the consol class and (b) the ten-forty
class that
"(a) For her equitable share Of Glass
A, at the rate Of SO per centum !;
that is to say, fifty-three dollars of the
bonds authorized under this act (princi-
pal and accrued interest, at par, from
the preceding period of maturity to the
date of exchange), are to be given for
every one hundred dollars, face, prin-
cipal, and accrued interest from the
preceding semi.annual period Of maturi-
ty TO the date of exchange Of such
evidences of debt, and for any interest
which may be past due and unpaid upon
the same, funded bonds issued under
this act may be given, dollar for dollar.
"b) For her equitable share of
Class B, at the rate of 60 per centum,
reckoning and accounting for any in
terest, as provided in case of Class A."
There bad never been any question
that under this section the above
classes of coupons, prior and up to
lSs2-the date of the bonds--could be
funded at par. But it was claimed that
similar coupons for 1SS3-'S4, and sub
seouent, should be funded at par-dol-
lar for dollar-under the same section.
A demand to this effect having been re-
fused, n mandamus to enforce it was
sued out in Judge Hughes's court.
There the only point for adjudication
was the proper construction of the
words, "the date Of exchange Of such
eridences Of debt"
1t is apparent that the purpose Of
the Riddleberger act was to scale the
principal of the debt down to s2l ,035,-
377, or, at the outside, to s23, 04S, 1923,
with per cent. coupons attached.
But it was legal question whether the
above words so conforned to the plain
intent Of the act as to command cor
responding decree. This question Judge
Hughes decided against tho State in
the John p. Fauro aud other mandamus
cases, costing the State las | have else
where lately demonstrated) the sum Of
ESQ, Anticipating that the Legisla-
ture, on the 9th Of August, made the
phraseology Of the law conform to its
intent by enacting that "the date Of
exchange shall in all cases be taken to
be July l. 1882"
1t was the plain duty of the Legisla.
ture to make this amendment. Those
who had been Readjusters owed it to
themselves: the Democratic party was
pledged to it under the second resolu-
lion Of the platform adopted at Lynch
burg in the Convention Of July, 1888.
That declared as follows: "The Demo-
cratic party accepts as final the recent
settlement Of the public debt pronounced
constitutional by the courts OF last re-
sort, State and Federal, and will OPP
pose all agitation of the question, or any
disturbance Of that settlement by repeal
or otherwise" That pledge implies
an obligation to see that the spirit OF
that settlement should be carried out in
good faith.
This action Of the Legislature Of the
9th of August was subsequent to
Judge Hughes's declaration in his opin-
ion Of August 18th that L" it was in the
power of the General Assembly to
amend the Riddleberger act "; that
ait is competent for the Legislature,
within some reasonable time. to declare
by statute that after future date un-
paid and past-due coupons shall not be
funded dollar for dollar"
If there had been any doubt of the
propriety Of thus amending the phrase
ology Of the act into conformity with
its plain intent it would have been set
at rest by the following expression
Of Governor Cameron in his annual
message of December 5, 1888:
"In this connection it should be sug
gested that the act commonly known as
the Riddleberger bill calculates the
principal and interest of the public
debt only up to the LIST Of July. 1882
Owing to delay in the delivery Of the
new bonds to the Board of Sinking.
Fund Commissioners, the public credi.
tors were given no opportunity to fund
as of that date, il such had been theiI
desire.
1.-The tendency since then has beer