Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1889-01-26
JANUARY 26. 1889.
The Debt-Coupons.

HAMILTON 4 Co., OF bsliuore' "tie WV
stormy petrels OF the financial situation IN
Virginia. We said so because, as an old
West Virginia friend OF ours used 70 say
we considered it "omInoUs OF very Dad
sign that the hrm had again come 10 tne
front-this time. as always before as tbe
champion Of the Dondholders.
The meeting on Thursday evening last OF
the liquor -deslers Of Richmond and their de-
cislon tbatthey would not pay their taxes 10
coupons is a good sligo, ~ that II speaks wen
for the patriotism and public spirit OF that
class Of our citizens and bad sign SO Tar as
Il implies that there was supposed TO be
doubt as to whether the lquoI-dealers would
paw their taxes in coupons.
The regppearsnce OF Mr.. ROYALS name
10 the papers IN connection with remarks
concerning the State debt is another bad
sign.
There are other signs. good and bad,
which might be mentioned, but we will
let them pass for the present. and say Few
words In reply to the following paragraph
from the Alexandra Gazette:
"The late revival Of the subject OF the set
Element Of the State debt In Virginia has
spresd beyond the borders OF the STATE aud
The advantages OF a speedy settlemet are be-
Ing set forth and commented upon pretty
extensively IN the papers OF the commercial
cities OF the North. 10 is needless TO say
thst the hopes for the settlement OF the deDt
are not stimulated by the statements OF the
Richmond Dispatch. 10 the effect that no
msn seeking an Office In Virginia will dare
express himself in favor OF more favorable
Il L. 10
ting Riddleberger bill"
We beg leave to say that all talk about The
advantages Of a speedy settlement is mis-
chleyous and mischievous only. Facts have
again and again been printed in this paper
which show that the States which have re-
undated most OF their debts are the most
prosperous In the South, or certainly as
prosperous as any others. There ia no sense
nor reason in such talk. To make settle
ment with the bondholders which was not
satisfactory 10 the taxpayers would
be only the 6rs, step towards down.
right reputation. We tried that in 1871.
We then promised to paw over thirty millions
OF dollars OF principal, with per cent. inte-
rest, and pledged the faith Of the Common
taxes. At its next session the Legislature
repealed that feature OF the law which pro-
vIded for receiving coupons for taxes, and as
consequence Of that repeal we have the
peeer coupons. However, the State
drifted along in its course towards
financial ruin until 1879, when we made
another settlement. Under this new set
Element, the State was to pay 3, 4, and 3 per
cent. interest, beginning with per cent. for
the frst ten years. We went before the peo-
pie with that settlement, and were disastrous
ly defeated. They would not even entertain
such proposition. They secuted II. The
Democratic party sacrificed itself In en-
deayoring TO please the bondholders. and
for four years Virginia was under the rule
Of MALONE, with his sable supporters and
white followers. We had JOHN :. WISE in
Congress, negroes on the Richmond School
Board, and q Mahoneite for Governor. not
10 speak Of numerous other evils. We were
threatened with congressional districts so
gerrymandered as TO put Hanover and Hall
fax 10 the same district. We were threatened
with law providing for the support OF MA
HONE papers by requiring all judicial land
sales TO he made by Maboneite aud all the
advertisements Of them to be inserted in
MALONE organs.
We need not remind our people OF that
long nightmare. The people grosned under
It as long as they could. But in 1883 the
Democrats met In convention and resolved
to accept the RIDDLEBERGER bill asa final
settlement of the State debt. The people
took them at their word. restored the Demo
cratic party 10 power. and year after year ever
since they have stood by that party, which,
on It's part, has year after year renewed iis
promi,e TO pay no more OF the State debt
than the RlDDLEBERGER bill provides for pay
Inc.
OF course, then. "the bones OF a new set-
tlementv will not be "silmulated by any,
thing we have said o. intend to say; but all
the same il Is true. We know OF 20 man
seeking an Office IN Virginia who would dare
10 tell the voters that he favored paying any
more OF the State debt than we have been
promising Tor the last six years 10 pay-thst
Is, the amount fixed IN the RIDDLEBERGER
bill. Who would be such fool IS to ask
the voters TO support him upon platform
which they have over and over again repu-
diated-oyer and over agsin refused to
mountg
No All the trouble sbou, the state debt
Is owing to The false impression created by
the men and the papers thIt encourage false
homes on the part OF the bondholders. OF
these papers the Gazette is one. 1t has per.
sistertiy and pettnaeiously, not to say ably,
upheld the hands OF Dir. ROYAL, the
counsel for the bondholders, and done all
that In its power lay TO postpone a
fiual settlement OF the State debt. We
deplore the misguided efforts OF all the
eranks who thus wrong the state aud mis-
lead the bondholders; and we koow OF no
better way OF letting the bondholders know
that they speak for nobody except them
selves than by stating the fact, which we sere
repeat. that not one candidate for the forty
State senstorships, DOT one candidate for the
one hundred memberships Ia the House of
Delegates, not one candidate for Governor,
no, one candidate for Lieutepant Governor,
not one candidate for Attorney General,
either Democratic or Republican, Is 10 favor
OF paying any more OF the state debtthan the
RIDDLKsgRcER bill provides for paying.
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