Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-09-27


To the Editor Of he Dispdtch:
"What was their next step in the
direction Of repudiation?"
Nv the act Of March Is, 1884, tho
Board Of Sinking-Fund Commissioners
are authorized and directed to apply
every month any surplus in the Trea-
sury which may not be needed to carry
on the Government, not exceeding
slOO, 900. to the purchase Of the bonds
issued under the Riddleberger act OF
1882. Under this extraordinary pro-
vision there had been paid out Of the
Treasury, up to January l, 1885,
ao4s. $50 in redemption Of lean
having thirty-four years to run, and
bearing but 8 per cent. interest,"
General Mahone's Letter TO Senator
Miller, Pamphlet Copy. page IL. :.
It appears as If General Malone had
made mistake in the above, for the
Riddleberger bonds, being redeemsble
on the LIST day Of July, 1882, represent
. loan having fifty years to run instead
of thirty -four years. But let that pass.
1t is seen that he attacks the policy
of the Democratic party. as adopted IN
the last Legislature, at the instance oil
Mr.. Pollard, Of King and Queen county.
The pretended objection is that the
debt is being extinguished prematurely'
the logic being that this plan imposes on
those who pay the debt within this re.
duced period greater tax than would
have been borne by them If the deot
had run through the prescribed period
Of fifty years.
Now, it SO happens that the eleventh
section of General Mahone's Riddle
berger bill provides for the establish
ment of . sinking fund in 1890 and the
purchase of bonds at or betow par
that is, "the redemption of loan
having" forty-two "years to run, ana
bearing but 3 per cent. interest" IL
further happens that the Riddleoerger
bonds, which General Malone claims
the credit for having contrived in order
to relieve the people Of undue taxs-
ton, reserve on their face, every one
of them, the option Of payment at par
principal and interest, before maturity,
at any time after July l. 1900. Ac-
cording to General Mahone's letter to
Mr.. Miller, it is reputation for the
Democrats to anticipate the period oil
payment thirty-four years, but accord.
ing to his Riddleberger bill it is all
right for the Republicans to anticipate
the payment thirty-two years ALL
right for the Republicans to buy our
own bond at par, but all wrong for the
Democrats to buy it at discount Of
so per cent. And this is Genera
Mahone's financiering! Is it any won
der that in four years he killed the
Cumberland-Gap railroad stone-dead
and made a hopeless bankrupt of thu
splendid line from Norfolk to Bristol
Is it any wonder that he botched thu
Riddleberger bill and made amendment
necessary to its operation
But as some Democrats may desire
an explanation, upon us mert.s, vi 'hi'
policy of the Legislature, ] will attempt
one as briefly as may be conSisten
with clearness.
The Legislature Of lSS3-'S4 found oil
January l, 1884, nominal, but no
actual, balance in the Treasury o
s1,47O, 594.O6. left by the Republicans
whom they succeeded. This accumu
lation was not owing in any degree t
superiority of Republican administra
ton; rather, as far as they were con
cerned, it was accidental. The Riddle
berger bill was to have gone into opera
ton July /, 1882. The tax, which wa
calculated to be necessary to meet tn
interest on the new bonds to be derives
under that act by exchange for tn
other Indebtedness of the State, and t
conduct the government, yielded in tn
fiscal years ending September Both,
1880 .334 $50
| 1883 o'o'S'oS'