Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-11-23
AY........NovEMBER 90, 1886
Business.

"Money talks" says the slang phrase OF
The street. Some Of our contemporaries are
laboring under the impression that the
bondboiders have made fair and highly
acceptable proposition TO the State on the
subject OF her debt. IL anybody has made
such proposition, II ought to be submitted
TO the contracting parties on the part OF
yirginia--tb the Governor and the Lcgisla.
ture. Until it reaches them, IL has no
value.
What is the proposition! Dir. royal
has never failed 10 meet promptly any point
which we have presented. nor to claim
place In our columns to reply TO any re-
mark that We may have made which he
thought was unjust to him. We give n
letter from him this morning telling us how
he understands certain decisions OF the Su-
preme Court OF the United States, but not
sword has be 10 say in reply TO our sug-
gesiion that II would be good basis for
commencing negotiations II he would offer
10 take 3per cent. upon twenty-five millions
OF dollars. Why has he not set us right in
regard TO his liberal" proposition: We
ask him, will the bondholders agree to ac-
cept per cent. as the rate OF interest IL the
State will consent to pay twenty-five mil
lions OF the principal instead Of the twenty
millions which the RIDDLEBERGER bill pro-
. vides for payings
Let us have no more vague and Indefinite
Offers. Let us know whether the bond
holders intend TO fight for the pigment OF
the entire debt and rate OF interest OF 4
per cent, or whether they are willing to
settle at per cent. and TO abandon
sixth part Of their claim for principal:
AS 10 the moral question involved in
This matter Of the public debt we hold thV
that question was eliminated by the voters
at the ballot.box in 1879, In 1881, and again
In 1892. Those who were formerly debt-pay-
ers are no more to be censured for surren-
dering that point than the people were to be
cepsured for surrendering in 1865 their
right TO secede from The Union. "Over.
powcring numbers" constituted the I'M
answerable argument In both cases. Be-
sides, the Democratic party IN state Con-
vention assembled again and again passed
resolutions throwing aside the moral ques-
tiOn and the question OF dollars and cents
and declaring IL 10 have become question
OF State sovereignty. The question now
is: Can Virginia be coerced by usurping
court TO pay debt which the Constitution
OF the United States gives her the indubta.
Bile right TO settle under the RIDDLEBERGER
billS
Another point We hold that in cOnsid.
ering the ability Of a State 10 pay portion
OF her debt, and trying to as certain how
much she Is able to pay, 1t is not only le-
gitimaie, but demanded by a proper re-
gard for her interests, that the question
shall be considered as to what is to become
Of the money to be paid out for interest
and principal. For il ia absolutely GER
tain that Virginia could, without IRENE
diable injury TO herself. pay out twice as
much TO her own people as she
could, without running herself, pay
out TO foreign creditors. TSe Nation
OF last week makes substantially this point
in discussing the Irish problem, declaring
that II the moneys collected in Scotland and
Ireland we're expended in Edinburgh and
Dublin instead OF in London, the condi-
tons Of that problem would be changed.
Let US have the new proposition in
figures, We repeat. General statements
L. h. ha Nfaf
renders and agrees TO take coupons for
taxes, the creditors holding tax-receyable
coupon bonds Will have her in their power
and at their mercy. They would need no
new settlement. Their coupons would run
up almost TO par. Virginia cannot afford
to enter into negotiations II she is thus TO
be bound hand and foot.