The Daily times. [volume] (Richmond, Va.) 1886-1889, 1888-07-03
MORTON AS A DEBT SETTLER.

Colonel Fr0nk e. Rufiiu, second Audi
tor OF the State, has prepared and pub
llshed q lengthy article on a scheme got
ten up by Messrs. Morton, Bliss & Go.
Of New York, 30 force the defaulriDe
Southern States TO pay up their indebted
ness. The plan proposed Is to effect ~
settlement Of deiauled corporate sccuri
ties" By means OF The Public Debt Adj
iustment Company" and it is suggested
by Messrs. Morton, Bliss & Co. OF New
York, through their LAWYER Mr Edward
L. Andrews, that
"The executives Of each defauliing
State appoint delegate to meet a repre-.
sentative Of The bondbolders. The Presi
dent" 20 the United Slalesl ITO be re-
Questtd to name an oiirp' ne Federal
Government who shalt r'fresent the
large amount Of Southern state bonds
held by The United States These agents
10 meet in New York and 10 submit their
respective views ~ 'pHi'aaic arrangement
10 n board Of arbitration, consisting 81
three members, one 10 Dee CHOSEN w the
agents of the State aud one las the s-cnt.
0f The bOndhOldcrs The HID lo be- select
ed by the other two And say
Colonel Ruliln, This board j. 10 MAXI
awards of Tho nan NitcrcN! DGgtug dobt OF
the States Represented, which, ratified
By the proper authorities of The South
ern States, shall hc The hasi. OF fund
ing the debts, & that the bOndhOld
ers shall only negotiate for that part OF
the debt which they clsim 10 be in de
fault; holding To what they have already
gained by compr0,ui-e. aud aiming at
more by another compromise.
The plain meaning OF This scheme Of
Messrs. Morton. Bliss x Co j. so far a.
the State of Virginia is concerned, t.
draw her into a settlement Of her debt on
some basis greater Than she has hereto
fore recognized, VIZ lhe basis provided
for in the RiddIeberger bill Withoui
commenting one way or the other, At tbi-
time, on the question ~ 10 whether thu
STATE should, or wheihes -ho can Colonel
Ruffin says she cannon pay a greater
amount than is recognized by that bill
We only desire to call the attention of til,
voters OF The state 10 two points which
forcibly suggest Themselves
1t is generally understood that
the large majority OF the taxpayers OF
Virginia are unallerably opposed to any
COMPROMISE OF the debt which goes be
yond the Ridllebergcr settlement How
ever, this position may be regretted by
the minority who are OF the opinion that
If the State can possibly do better for her
creditors than the RiddlebeTger bin al
lows, she ought at least to try and do 80,
the fact remains II has been established
by the Legislature, and by the action OF
the debt commission which assembled in
this city little over year ago.
This being so, then, all We ask the
voters OF the State il, can they vote TO be
Vice. President for "A man who seeks to
force them TO pay more than they are
willing to pay, and that not through any
motives of public welfare, but only that
he may, through the handsome commits
sions he calculates on receiving. add
perceptibIy to the weight of that famous
"bar'l" of his, which is to play so con.
spicuous a part Ia the campaign, and
which is the main reliance of the Repub.
Mcan party for comprising the defeat of
the Democracy.
The next point, which is specially
worthy of note In this connection, is the
peculiar attitude of the Republicans Of
Virginia toward the vice presidential
candidate Of their party. 1t will be re-
membered that when Malone went 10 the
United States Senate he went there as the
apostle of reputation, or forcible read
justment. which is pretty much the same
He then took the bold ground that
State, no matter what her obligations. had
q right to say Just what she was willing
TO pay, and no power on earth had
right 70 interfere with her ipse dint in
that respect. and the Republican party,
though recognizing these as his
peculiar and avowed sentiments, received
him with open arms, and clssped him to
Its heart. Yet to-day we see man
offered to the Republicans of Virginia
for their votes for vice-President OF the
United States, who is so directly at vari-
ance with Malone that he Is in favor of
forcing the State, II he can, to throw
overheard Mahone's own basis for the
payment Of the debt, and stranger still,
we see Malone himself pledged TO do all
he can to ensure the election of that
man.
These are the two points suggested by
Colonel Ruffin's letter, which we especi
ally desire to present to the voters Of Viz
ginis, Republican a. well as Democratic,
for their praysrful consideration