The Daily times. [volume] (Richmond, Va.) 1886-1889, 1889-12-22
ORR POPULAR DELUsIoN.

decisions belong TO by-gone ages. anu
because we no longer believe IN the OBJ
legation to 20 ON acrusadeto retake the
Holy Sepulchre, or are no longer con-
v,nced sha, old women with unaccount'
able peculiarities are witches who
ought to be hung or drowned 'has
therefore we are free from those deiu-
sions. the existence OF which among /
our ancestors we deplore.
But we have now the Protective Iarih \
delusion, Gripping the woollen inter-
eats and annihilating the iron Interests
of New England which it was intended
ia foster. We have also the Prohibition |
delusion. making the Maine Liquor law
a cloak for bad whisky, and a stimulus
for secret drinking and increased /
drunkenness. We have also tie Riddle
berger Debt Settlement delusion-it Is
true this latter is local to Virginia-in-
tended as panscea to allay the con-
tinued agitation of that vexed ques-
ton in this State but after
nearly eight years Of increased
agitation. the debt is not only
not settled. but has been augmented by
an accumulation Of interest. Nor can
This nostrum ever reach the disease. ii
WAS conceived in utter disregard OF the
fundamental principles Of correct imam
ciering, and though intended 10 re-
morseIessly sacrifice the bondhoiiers 10
the convenience Of the State, 1t con-
tanned on its face provision which. II
carried out. would next year put
mon the Commonwealth an obligation
greater than that which the bondholders
themselves. at their last conference with
the State, desired to impose.
In the eleventh section Of the Riddle |
berger act Acts of 1872. page vs. 1t
il p,ovided that lin the year 1890. and
annually thereafter, until all the bonds
issued under and by authority OF TINS
act are paid. there shall be set apart out
of the revenues collected by the state
each year. It per cent upon the BONDS
AT the time outstanding, which shall be |
paid INTO the Treasury to the credit OF
the Sinking Fund; and the Commits
sioners Of the Sinking Fund shall an
nualy, or oftener, apply the same to
the r, demption or purchase, at rate
not above par, of the bonds issued
under this act, . &c. &c.
Now, the principal Of the State debt |
urder the Riddleberger bill, If all the
outstanding bonds were funded under
il. would be in round figures, as shown |
by the Governor in his message, about !
500 600. 600. The annual interest on this
principal at per cent. is SO6O.OOO, and |
the amount prescribed by the act to be |
set aside during the coming year for
the sinking fund would be p per cent
more, or S495 600, making the total
amount called for IN 1890. if the terms
of the Riddleberger act were complied
with. 81. $4,000.
In face of these Riddleberger de-
mands. the bondholders agreed to &C
cept settlement requiring only sSjO,OOO
per annum, but emitting the sinking !
fund feature, which could well be
omitted, as there is not the least neces-
sity for any such provision.
The absurdity Of this whole Riddle
berger delusioH is this: That both the
Republican and the Democratic parties.
ln all the changes, permutations and
combinations Of the material composing
them respectively, have. on every occa
sion, solemDly declared that the Riddle /
berger settlement was the idol OF their
affections, the rock upon which they |
would stand. And now it seems plain
that this idol must be broken; this de- /
lu-ion dispelled. 1t has not settled |
what it was intended TO settle, and If the
b0ndholders had meekly and submls
sively accepted it's terms under the
assurance that it would be carried out,
we can now see that they would have
been subjected to one more disappoint
ment.
We will reserve for another occasion
a demonstration Of the utter failure Of
thi. act to reach the point for which IL
was intended. j now presents the APP !
pearance Of loosely constructed raft
going to pieces at sea, and leaving the
unhappy mariners to the mercy of the
waves