Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-04-01
Observation-Disclosures /, 1886
The pebt-what Can be Done.

Inder-Appeal persists in its advocacy
Of the policy Of providing new way
some ether than that provided in the RID
p1rpERGER bill-of settling the public
debt of Virginia. Commenting upon
our remark Of Tuesday last that three
several times the people had declared
by their votes that they would pay no
more than the RIDDLEBERGER bill
offers to pay, our Petersburg contem-
porary says:
aNeyertheIess the coupon grows In popu-
,ar,tv with fax. payers See IL next May
.,oasn't prOye this 10 be true. BEFORE the
main and positive decisions OF the United
States Supieme Court there might nave
been some Justification In reason. II not IN
rigbt Of the attempt TO readtust by COM
pulsion, but now IL looks IKE rank reoel-
lion ard foolish kicking against picks.
LET us bow TO the inevitable. and set ABOUT
doing something practical by an early con-
ference with the creditors. Delay simply
makes matters worse.
In 1879 we had a conference with
our creditors, who offered us the Nc
CULLocH bill, which provided for pay
ing 3, 4, and s per cent, for ten years
each, on the thirty millions of dollars
decided in 1871 to be Virginia's fair
proportion of the debt of the two
States. The Democrats accepted that
bill, and went before the people on it.
They were disastrously defeated on
that issue. Their attempt to pay an
average interest Of even 4 per cent. on
thirty millions resulted in the election
of MALONE and RIDDLEBERGER to
the United States Senate, CAMERON
as Governor Of Virginia, JOHN S. WISE
as congressman at large, and first
in 1879 and again in 1881 a MALONE
Legislature, which filled our judgeships
with Mahoneites, took charge Of the in
stitutions Of learning and charity. and
came very near converting Virginia into
a Republican State. How much better
terms than those does our Petersburg
contemporary suppose the bondholders
will offer to us? "0ffer," indeed.
They offer none. They stand upon the
decisions of the Supreme Court and de-
risiyely tell us, as our Petersburg con-
temporary also does. that our attempts
to carry out the RIDDLEBERGER
settlement "look like rank rebel
lion and a foolish kicking against the
pricks." Suppose we all fall into line
with the nder-Appeal, and denounce
this rank rebellion and foolish kicking
against the pricks, and then ask "an
early conference with our creditors " T.
What would be their reply? Out of
our own mouths they would condemn
US and they would laugh us to scorn
when we, owning our RIGHTEOUSNESS
and folly, should nevertheless ask for
new terms. New terms to rebels and
foolish kickers against the pricks? New
terms to men who have for the last three
years been declaring in the presence Of
one another and Of the whole country
that they would offer no other terms
than those proposed in the RIDDLE
BERGER billg
Listen to the bondholders. Hear
how they talk. Governor LEE sent a
message to the Legislature at its late
session proposing conference with
the States creditors. How was this
massage received by them? Read
what the London Financial News said
of il. The Nems first said " Virginia
cries, Hold, Enough :" and then added
the following and much more
Governor Lee began by saying that " Nir-
ginia caanot change her position. II So
we reply, so much the worse Tor Nir'
not change theirs. He then goes on 10 say
that 80 long as public opinion remains what
II Is, aud the representatives OF the people
stand pledged TO Establishment" they
tafy 10 enforce II. This may be true. but as
this Is what they have been doing persist
entity for the past five years sucn encour-
agefnent seems somewhat superAuous. The
fact Is that Virginia has now exhausted
every legal resource 10 coerce the bond.
holders without avail, and when this be-
comes apparent change IN public
opinion in the state. with corre-
spending charge I'm the views OF It's repre-
sentatives. VIII quickly ensue. But, co.
ercion having failed. IL Is proposed To try
eajolery. Governor Lee proceeds 10 recon-.
mend that commission should be APP
settlement Of issi-'s2 TO the creditors aud
urge them to adopt II. This In piece OF
real American humor: Seeing tns. the
reductions of this attractive proposal ever
sincs A. was mace 10 them. they are not
likely TO embrace ~ Win much alacrity
now. when; "a, y. me S Iesnl, Oh nse yeaS hs
utter fu,ility OF all attempts 10 compel
them 10 accept ~.
IL has been at length irreyocably estab.
i!shed as The supreme law OF Virginia that
the state has DO power to collect any tax In
coin after the tender OF any coupons IN pay
ment thereof. Ihfs impdrts a rdiKe 10 ne
eoaponS Whtch NE Aafe Is poaccriess 90 take
oEog, and gitts NE pgginiaa boadhoiders
then due tR spite Of lir0iaiG II the security
OF NifgiDian bonds depended upon the
"tenke OF justice OF Virginia, the holders
would Indeed BE- In sorry plight; but hap.
ply they rely upon the eompulsion OF the
Federal courts. which Virginia, Ia common
with every other state In the Union, IL
powerless 10 resist.
And yet. not content with trying TO de.
iude the bondhoiders, IL seeks 10 intimi-
Date them. "lt will be the duty OF the
commission" We are told. Ito caution
creditors against the danger OF arousing
public sentiment, which might forget ali
ksnse OF justice, take counsel only from
Passion, and destroy the Interests they are
Row striving 10 protect" We are forcioy
REMINDED OF Q certain Traditional lion who
protested that he roaftd when his whlskers
were pulled, but was only ronsed when
some one tod on his tail.
II IL Ii believed, la the words OF Cover
Dor Lee. that " those holding the out.
standing Nirginian Indebtedness could
meet, through their comaiifee. such com.
mission face TO face. tney would be willing
10 fupd such Indebtedness at the rate Of So
per cent. into KddseDvrger bond, bearing
pei c. nt interest payable In coupons not
receivable for state dats." there Is q very
rude ava kening In stcfe for some people 10
Virginia. We know eomefhlng Of the dis.
II We knew less we should still be Justified
Mould be likely TO do. People do not gene.
rally surrender their rights ~ the invita-.
tam OF those who have been systematically
nIisupring 20 defrand them OF them aud
who have fsiied In 20 doing.
Nv better terms than those Of the