Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-07-25
No Change of Front.

L
ton. Let every true Democrat read II
and profit by it:
| OF late, and more particularly since
Mr.. Dulaney's failure 10 recover punt
tive damages in the Federal court,
some editors appear to have become
alarmed-very unnecessarily one might
think--at the aspect Of the debt ques-
ton and intimate that some other ar
rsngement should be made different
from the Riddleberser act.
Surprising that these editors wish to
10 TO work in practical way, the ques-
tion at once arises, How will they pro-
coed?
Last winter certain worthy gentle
men similarly disposed proposed CON-
mission to confer with the bondholders ;
but the Legislature would not agree to
it. 1t would have been against expe-
perience if they had. Three such COM
missions had been tried before, and had
failed. One was decreed by joint reso-
luton January 7, 1873, ACTS 1928,
p. 49, The conference met under it
February Is, 1873. Only 81, 100000
out of s32,000,000 was repre-.
scented and though it was very
sensibly declared by Mr.. Kirkpa-
trick, of Lynchbarg, that "if all
the taxes OF the State should be
paid in coupons the Treasury would be
left empty" yet no practical suggestion
was made and, as the Dispatch Of the
18th said, "the conference was fiz-
zle." During its continuance Governor
Walker came out with his remedy, in an
absurd, still born message, advising, as
Mr.. Parsons, Mr.. Blaines stool.pigeon,
now does, the assumption of the debt
by the Federal Government After
four-days' session the conference adj
journed, with recommendation, which
the Legislature wrought into an act, to
pay the interest on the public debt
passed March l3, 1873, Acts l872-T3,
page lG0-providiDg for payment of a
part only of the annual interest, with
certificates for the remainder. That
fzzled out SO completely, that one year
afterwards, April 90, 1874, (Acts
1924, page 44l,) another commls-
sion, consisting of Governor Kemper
and Mr.. Hunter, was appointed
by Joint resolution, empowered to
invite a conference of the bondhold-
ers. Accordingly it was invited, and
met November 10, 1874. Senate Jour
nal l874-'7S, Doc. ~ To the bond
holders-amajority Of them then assem-
bled-Goyernor Kemper, in a minute
and elaborate paper, the ablest of his
life, proved that the State could not pay
the tsx-receivable coupons without
ruin. The answer was proposition
from the bondholders, through q man
named McKinnon, to relieve the State
of these coupons upon terms which
would enslave and deliver her bound
hand and foot to the Federal courts.
Qbid., Doc. A. This proposition the
Legislature declined or ignored, and
substituted another act (Acts 1915,
D. $500, which was somewhat similar
to the act of March l3, 1873. But this
also failed to afford any relief, and
third conference Was invited by COM
mission appointed by joint resolution
passed January Is, lS79-Acts
lS7s-'79, p. 90.
This resulted in the McCulloch or
ten-forty act extra session, 1879, page
264), as great fraud rs the funding
bill Of 1871, which had caused, and is
still causing, all the mischief. But the
tax-receivable coupons still poured into
the Treasury and in January, 1880,
the predictions Of Mr.. kirkpatrick and
Governor Kemper were fulfilled in a
deficit of $3.50, 231.91. In spite Of
the three commissions the State became
bankrupt.
Then the Riddleberger bill was
adopted in 1882 ACTS lS8l-'S2, page
SS), and though it stipulated settle
ment on an acknowledged debt of s2l,-
900, 000-which was largely in excess
of the actual debt, as was shown many
time and oft by the Richmond
Whig--yet it was offered to all parties
of the State as compromise and
having been accepted as such by the
Democratic party, 1t has now been
made the ultimatum Of that--re-
united--psrty by the unanimous action
of two successive Democratic conven-
tons and by the unanimous resolutions
of two successive Legislatures.
Up to this time it has found a gen.
eral acceptance among the people as
their ultimatum and has not been dis
turbed in the Legislature, except by
unsuccessful motions to deprive slug
gish or contumacious creditors of its
terms.
Last winter, under well-meant adj
visement, Governor Lee, in a message
Of temperate and courteous phrase
ology, recommended that the Legisla.
ture should provide for the appoint
ment Of commission to explain the
Riddleberger settlement to the bond
holders and urge its acceptance upon
them. As soon as il reached London
this message was bitterly and insult
ingly assailed in the London Financial
Meas, the organ of the bondholders.
The proposition to settle on the basis
of the Riddlebergcr bill was contempt
uously scorned in IN article now be-
fore me, which concludes; People do
not generally surrender their rights at
the invitation of those who have been
systematically attempting TO defraud
them of them, and who have failed in
so doing" At the same time q lead
ing commercial paper in New England
the Boston Advertiser, April 9th-in-
dulged in strain quite as insulting,
and coarsely called the Governor thief
and coward.
1t was the assurance derived from
past experience that any offer short
of the pound Of flesh would be thus re-
ceived that induced the Legislature,
though feeling the highest respect for
the Governor, TO decline his recon-
mendation, and in place Of it to renew
their Joint resolution of adherence to
the Riddleberger bill in the Senate
by vote Of q to l, and in the House
Of Delegates by vote Of 43--nem.
con.
Submitting that this recital Of facts
| nrOyes the uselessness of any effort To