Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-11-20
OBSERVATION-DISCLOSURES 20, 1896.
The Rondholders' Proposition.

gard to refuDdiDg The state ueoS "nioh
lately emanated from the British Council OF
Foreign Bondbolders. To those excellent
pcopie we commend the following sharp,
short. and decisive article from the STATE OF
Thursday. We quote:
The BLIND GUIDES ON THE DEBT CUES
TIoN.--The misfortune OF those well-mean-
ing but ilLiniormed people who are so
anxious to tear up the present debt settle
ment IL that they know no more oil the
public sentiment Of Virginia as 1t is spread
over every county in the State than they
know OF the language OF Uppernavik or
the dishes OF Tahiti. Trying to make an
agreement with those who CONTEMPORARY
ignore the facts Of late years--facts that cam
not be forgotten or disregarded they are
unconsciously dragging both creditor and
people into the depths OF utter ruin.
ANY man who wants 10 learn the truth
will find upon examination that the in.
come OF the State is barely g. 1000. and
that, after meeting the expenses OF govern
mcnt, schools, asylums, MANNED Confede-
rate soldiers, and other demands OF less
concern, but necessary nevertheless, the
State will be able to pay the interest on
the Riddleberger settlement, and II there
be a surplus, il will be so small IS to be
unimportant.
Those who are urging the abandonment
OF the present debt settlement and insist.
ing that The State can pay more should
first see for themselves what are the income
and the necessary expenditures Of the state
before they rush headlong to their cOnclu-
sions. Surely nobody is so mad as to sup
pose that the people will agree TO an in-
crease i'm taxation, How, then, is the State
TO pay more than, as we have shown, IL can
pay nowy II a man receives Two dollars
per day as his wages, and 1t costs him two
dollars per day for food, clothing. and
shelter. bow can he afford 10 keep horse!
How can the state Of Virginia, compelled
TO spend her income for the necessities OF
her public life. undertake. TO assume new
obigatiOnsy How can she, when her In
come and imperative expenses are about
equal, pledge herself to pay more than she
can now paw Surely the advocates OF revo-
luton on the debt question either have
lofty contempt for arithmetic, Or they are
blind and mad rs well.
In order to new settlement OF the State
debt, there must be contracting parties.
There can be in Virginia no contracting
party except the Governor and the Legis-
lature. Will the Governor sign bill to re.
open the debt question:? viii he sign
bill providing for 4.per-cent. rate OF in
terest, when the people in 1879 elected
General Assembly two-thlrds OF whose
members were pledged to vote to repeal the
NcCuLLocH act, which provided for paying
only per cent? Will the Legislature
pass bill to pay per cent. when the peo.
pie al the bsllot.box in 1881 elected on that
very issue, and by a large majority, the
Legislature which reduced the rate OF IN
terest TO Der cent. and also elected the
Governor who approved the action ofthe L.
gislaiure, Can YOU find ten members OF the
present Legislature who would dare to vote
TO raise the rate OF INTEREST," And il not,
what is the use OF talking about the bond
holders proposition, which eontemplate'
rate OF interest Of at least per cent. :!
They do not name the rate OF interest, but
their proposition looks to at least per
cent. Ask them whether or not they are
willing to fix the rate OF interest at 3
per cent. and you will soon learn, or we
are mistaken, that they are not willing to
commence negotiations by fixing that rate
of interest as the basis OF a new settle
ment. That would be a beginning, we
own. but that is yet to come. We do not
believe that they would accept 3 per cent.
IL we were to agree to pay that rate upon
twenty. five millions.
Now, rs to the principal. Surely the
friends OF new settlement would not ex.
pect Governor LEE and the present Legis.
lature, the contracting party on the part
OF Virginia, to trample upon the platform
which secured their election. We quote
the pledge thus solemnly msde to the peo-
pie Of Virginia by Governor LEE and the
members Of the Legislature. The plat
foim OF 1885 reads rs follows:
"Tbe Democratic party heretofore
pledged ITS 6nal acceptance Of the settle
ment 81 the public debt known as the Rid
dleberger bin, which had then been de-
clsred constitutional by the courts, STATE
and Federal, and its opposition to all fur
ther agitation of the question or any dis
turbance Of that settlement by repeal OF
otherwise.
"This pledge was observed with scrupu.
lous fidelity on the part Of It's representa-
tiyes by the enactment Of all neediul and
proper measures OF legislation, and the
State OF Virginia would have been forever
freed from the harasslng demands Of public
creditors hui for the sudden aud inequta
bile reversal OF ITS own decision by Re
publican court, rendering stu further lesis
lation necessary for the protection OF tn
State"
Both the legislative and executive dc
partments are thus pledged most solemn
not 70 disturb the RIDDLRBERGER bill %
repeal or othtrtriSe." They cannot distur
it in any way. The language admits {
but one Interpretation.
Well, then. shall the present Legislator
leave the matter as il is, aud the Democrats
when they 80 next year iuto the election q
anew Legislature, pledge themselves t;
raise the rate OF interest, and TO pay NOR
than per cent. land to pay more of Ia
principal than the i,IDDLEBERGga bill pro
ydes for paying' Shall the Democrat
pledge themselves 10 take million OF dol
lars year out Of the pockets Of the imp0
yerished taxpayers Of Virginia and sent
II TO Epglandy - and this destructiy,
drain upon our people TO continue
for thirty or forty years, and then princi
pal Of thirty millions Of dollars TO be paid
How many years could this drain continue
without making our condition worse thar
that Of Egypt IL is not rs II We were
taking money out Of one OF our own peck
cts and putting It into another OF our OWL
pockets--it is not as If We were paying the
money TO Virginians-but II Is drying up
the very liie.blood Of the Commonwealth.
And yet there are good people who do not
know that the taxpayers Of Virginia would
much rather repudlate the whole debt than
pay the whole debt.
The moment the RIDDiEBgRGEe bill Il
abandoned, and the State agrees even 10
Try TO make new settlement, the flood
gates will, We fear, be opeued and stream
Of the matured coupons will flow into the
Btste Treasury. All Of our defences vii!
be swept away. We shall be at the mercy