Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-03-26

conversions have taken place. Re-
viyals are in progress at all the other
Methodist churches Of the town.
A Member Replies to Colonel Ruiiin.
To the Editor of the Dispatch
4 communication recently published
in the Dispatch criticising the Won
derful and novel scheme Of finance
adopted by the last Legislature and
its predecessor has brought Colonel
Rufin, our Second Auditor, to his feet,
who in summary way answers a
Member " " fully and satisfactorily"
to himself, but to no one else, ! am
sure, who understands the scheme.
Our ading.-DiSpatcb.
Colonel Ruilin says the scheme could
not have been "dictated by brokers,
nor cuRningly devised by them for
the satisfactory reason that the measure
was iptroduced by the Hon. Henry
K. Pollard, an honest, patriotic, public
spirited. and clear headed man"
This query suggests itself If Hon.
II. Il. Pollard is the author OF thu, won
derfully wise measure Of iinance-which
| am sure he will never claim under his
own name-why does he leave It's de-
fence to Colonel Ruilin? Did Colonel
Rufiinin pire Mr.. Pollard, or rice rcrsa
If Colonel RulHn inspired Mr.. Pollard,
who inspired Colonel Ruilin:
Aside from the interest Colonel Ruff
fin now manifests in the scheme, 1t Is
well known that he was so warm in the
advocacy Of the measure during the
late session OF the Legislature as almost
to Justify his being classed as one Of
its special lobbyists. But then, 1t Is
we'll known that Colonel Rutlin is an
enthusiast of the modern school, and is
earnest in whatever he advocates, and
no improper motives can be attributed
to him because Of his warm advocacy
of the unique measure OF finance IN
question.
Colonel Ruiin gives the complaint of
"A Member" a Quietus by stating
the success Of the scheme during the
wears l884-'Sj thus The State paid
out of the Treasury in these two years
sl,l72,707.GG net cash. The average
interest OF one year on this sum Is
$4G.9l at t per cent. or S23,45N at >
per cent. Solvent banks will gladly
take it at per cent. For this i'm
mense sum Of the peoples money the
State has received S2,077,143.G0 in
Riddleberger bonds bearing 3 per cent.
interest, which she holds against her
self, ard in the language of Colonel
Ruflln calls them "assetS worth OIL
cents on the dollar. A very large
amount of this S2,O71,143.G0 of las
sets" is compounded interest that
was neither Understanding nor tax
receivable, and the whole amount fund
ed under the Riddleberger bill. ornearly
all, was peeler bonds and their accrued
interest to July 1852, which were
bought on the market at forty cents on
the dollar and less for the express pur-
pose of first funding and then selling to
our Sinkinglg-Fund Board for the pre-
yiously-ascertained surplus cash in the
| Treasury.
But these assets, are worth Gl5 /.
| Not at all. Riddle bonds are quoted
on the market at GlI because the
wise policy has been adopted Of par
chasing them by public proclaim
ton for the State. Now, let the tables
change. Let the State stop buying and
advertise that she is in financial distress
and must raise money by the sale Of
her assets" now worth 6ll, and
what will she get for them! The
brokers who are now so active and joy
Gus in buying peelers to convert will
buy no more, nor will they touch
Riddle bond offered by the State with
ten.foot pole. When this emergency
comes q hope it never will the boOsteJ
assets" will then not sell for /,
cents on the dollar, Then, in the Ian
guage Of the Goochland merchant, tn
| State will exclaim ID my as
sets. they arc just what broke me-"
As soon as success was assured /.
having this scheme reported fayorably
in the Senate and House great activity
in the purchase Of peelers and flndin.
them into Riddles was observed in Ger
tain brokers' offices in Richmond, anC
in one day. before the bill had actually
passed, they funded 5000, and OF
another day they funded $27 900, an
so on. Was not this significant: Wha
could have been the object Of this hur
RED funding of old, deprecated bond
and worthless coupons into Riddles ex
cept to be in readiness for the frs
grand monthly drawing of 100000
cash out Of the Treasury!
Unless the programme is changeC
after the publication of this communl
cation, the writer will stake ten cent
against ginger.cake that not singh
bond other than those funded since i
was known that the scheme could b,
passed in both houses will be pur
chased by the Board.
The Sinking-Fund Board and two o
three brokers have it in their power t,
fix the forest price BY sealed bid a
which Riddleberger bonds SHALL be SOLE
to the State.
There is nothing but the honesty o
the Board in the way of combination
with brokers by which the State mi %
be swindled to any extent. In fact,
majority Of the Board can, if it wer
corrupt enough to do so, employ = Sc
cret agent Of their own to buy up tn
peeler bonds and their worthless coa
pons. either on his own account or i
connection with syndicate of broker,