Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-07-04


came into power in January, 1882.
This proves false representation and
fraud.
On the lst Of January, 1872, there
was o surplus to the credit of the Com
monwealth Of sl,Sl6,000. On the LIST
Of January, 1880, there was deficit
Of SO, $50, 1881. This embraces the
period of operation Of the funding aud
the ten-forty bills in which period,
emitting one year, when no payments
of coupons or interest were made, the
total sum paid under these laws was
in
Consols aud 1o-4O's coupons" 500sl3 90
ooofV w
s7.569453 90
This made an average annual pay
ment in coupons and interest, sl.08l,-
$50, which Just about balanced the an
nual deficit of 81, l60, 029.S6.
This proves that the enforcement Of
the above two funding laws bankrupted
the State.
Upon these proofs, drawn from the
record in each case, that bribery in the
law of 1871 and fraud in the Law Of
1879 had imposed burden which the
State could not bear, the Readjusters
won a victory in the fall of 1879. And
upon this the Democratic party at
Lychburg, in July, 1888, unanimously
adopted the Riddleberger bill as their
ultimatum on the public debt, and there
by embodied that plank Of the Rea1just-
ers in their platform-that being the bill
which had been unanimously accepted
by the Readjusters as their ultimatum
when the bill was passed February ii,
1882. This union Of the two wings Of
the Democratic party gave that party
the victory in November, 1883, by a
majority in the Legislature of thirty
six votes on joint ballot, and by pop
ular majority of 1884 in a vote Of
271,S3G, which was change Of ll,S7l,
taking as test the congressional cleo
ton Of 1882, when Mr.. John S. Wise
beat Mr.. Massey 5,S08 votes.
But Notwithstanding such facts there
still seems such disSimiarity Of senti-
ment between the lately-divided Sec
tons Of the Democratic party as to the
justice and propriety Of the plan OF set
Element that has been thus adopted by
all parties in the State that think an
explanation from the Readjuster point
of view may not be inappropriate.
Occasionally see some excellent
people, including some of our best edi-
tors, speaking apologetically, as i!
were, and as if ashamed, of their atti-
tude on this question urging that they
we're driven to it as the only means Of
keeping General Malone out of power
Some others, again, have observed to
be respondent, fearing that tho boast Of
the bondbolders' brokers and attorneys
may be true; and that the courts
having decreed that coupons shall be
receivable for taxes, the people will 50
use them, and thus break down the Rid
dleberger act. | would by no means
detract from these gentlemen, among
whom number some highly-respected
friends; but ! am certain that they
represent hardly snybodysbut them.
selves, some few sentimentalists, and
! still smaller number of rich men, who
not feeling taxation as heavy personal
burden, and not estimating the force Of
| its pressure upon the people at large.
imagine that the credit of the State
would be enhanced and beneticially re-
Elected upon individuals By an increase
Of taxes to the extent Of million Of
dollars a year, aud in that way paying
the bondholdeIs all that they claim.
But the vast majority of our citizens
sre Of q very different sort. They are
Of more robust Democracy and more
saDguine temperament with clearer
comprehension of the law Of the case.
and a deeper and more sympathetic
insight into its equities. Relying
upon
"a few strong instincts aud few plain
rules"
their conclusions are generally sOunder
than "the wisdom of the learned"
Ard this was the opinion Of one Of the
greatest, and, at the same time, one OF
the most conservative, political philos-
iphers Of the world. MAN." says
Burke, sis most unwise and a most
wise being. The individual is foolish
the multitude for the moment is foolish
when they act without elaboration
but the species is wise, and when time
is given to it, as species it is almost
always right" Men who never read a
word of Reflections on the Revolu-
ton in France" are yet as fully
persuaded as was Mr.. Burke himself,
"that it is to the property Of the
citizen, and not to the demands Of the
creditor of the State, that the first and
original faith of society is pledged
that the claim of the citizen is prior in
time, paramount in title, superior in
equity; that the fortunes Of individuals,
whether possessed by acquisition or by
descent, or in virtue Of participation
in the goods Of some community, were
no part of the creditors security, ex-
press or implied; that they never so
much as entered into his head when he
made bis bargain tina. he we'll knew
that the public, whether represented by
q monarch or by Senate, can pledge
nothing but the public estate, and it can
have no public estate except in what it
draws from just snd proportional i'm.
position upon the citizens at large; that
this was engaged, and nothing else could
be engaged, to the public creditor"
Resting their convictions on such q
foundation as that, they deny, without
apology, the obligation, in law or honor,
OF the acts Of 1871 and 1879; aud they
do not believe that Federal judgments
against the State of Virginia, given in
clear aud dishonest violation OF the
eleventh amendment 10 the Constitu-
ton, can force upon the Treasury the
payment Of fraudulent tax.receiyabie
coupons. The taxpayers have the de.
cision OF that question and it is fast
ssee special report OF the CO nmittae OF
examination, &C., scsslon l8sl-'s2, HOUSE
document No. 2. page 20.