The times. [volume] (Richmond, Va.) 1890-1903, 1892-01-23


proposed settlement made. And not less
weighty with me was the opinion OF Judge
Waller X. Staples. who. first on the bench IN
the case Of Antonio Va. Wright. when he stood
out against the rest OF the Judges. and then a.
the bar has proven himself a faithful and
abe advocate Of the honor. rights and inter
ests of Virginia. Those gentlemen seemed .
fear the nggressons Il tho supreme court
which would take pains 70 advance It's lines
still further under cover OF the constitution.
which 50 TAR from being the palladium OF our
Liberties. IS 80 internal machine for their de-
struction.
There are others whose opinion I respect
who think All the spirit u whipped out OF our
people and that they are not willing % continue
the conflict. that they are tired of the WIZ
And many IT us know what that means.
The opinion Of such men | am bOund %
respect, whether ! agree with them OF not.
and | am free TO say that II did agree with
them, / would az once negotiate treaty with
the bondhoiders on the best terms could
get would not incur tho loss OccasiOuel
by marching IN disaster from Petersburg 10
AppOmattOI
CREDIT CLAIMED FOR RLADJusfERS.
But / am compelled 10 say that. in nv
Judgment the committee made mistake
which fear is now irretuevabe. II they had
insisted on the settlement upon tho basis
OF the Riddeberger bill "a amended. as ar
ranged between the sinking fund comms-
siOners and the OlcOtt committee. before thu
latter came under the spell of the council Of
foreign bondholders. and the still more potent
spell of the president of the Bank Of England
they would have got the public opinion Of the
world on our side. But 1t was not O. be-
The old Funder element Outgeneraled the Re-
adjusters: and capital has scored one more
victory over the people. But lest they ekult
too much in their victory ! beg 10 remind
them by the following table, OF what the Re-
busters made for the State by our night from
the time Of our Demo cratic excommunication
of them in 1879 10 the Democratic capttu.ati0n
IN lSS3.
Comparative statement of interest payable
under the different acts:
Consols-8l years, annual...........s 1850 '0
Total -............. .-.-..------ n''i-'.f" H'
Ten-forties-W years, average an
hual. ....--.-...---...- -...-.-..e l'-'tt,l ~
Riddeberger-5O years, annual. g e53.sss 2
Total ........... ............ 32.694fN 0l
Assumed settlement under Riddle
berger bin exclusive OF coupons
by Mlckham amendment. ....... $4,000 nh
Olcott Conference-l0O years. ave
r'fS spnal.........' ,s5 5i3'i !,
Annual difference in favor Of Wick
ham amendment-
Over cOnsOl BILL ...............-.s i.yhb7i N
Over ten-fOrtles bill ................ t~t,4ii ij
over Riddleberger bill ......-...... 92,lll So
Over OlcOtt conference. ......--.... l9l.bbS u
This is no mean record FOR the Readjusters
And the Governor has sounded their praises
in the following paragraph. which take from
Lis late message.
WHAT THE STATE HAS SAVED.
Had all the outstanding debt been funded
in lliddleberger bonds "a 1882. the time of It's
passage except the bonds held by schools
and colleges. We would have had 10 pay am
nually sG53. 1885. 49, which up % this time would
be SOFIA g9947. This would have taken all
OF our available revenues. and without IN
creasing the taxes. II would have been impos-
sible 70 have met our necessary expenses.
The State has saved. in consequence of the
bondhOlders failing 20 fund under the
Riddleberger bill IN interest % 594
S5O.g1. This has enabled her 20 spend
1885 0s5. 53 IN the purchase of s235i.-
$1,000 of her own bonds. and thereby
reducing her debt 20 that extent. She has
also paid S1.0000OO arrearages due public
schools and $4,000 of interest due the
literary fund $500. Geo 10 her disabled
soldiers. and she has spent over a million dol
lars IN charging, improving and IN the sup
port of her eleemOsynary Institutions This
indispensable work could not have been done
with our present rate of taxation had the
whole debt been funded in 1859 None
which would have been paid 10 satisfy The
interest (the creditors refusing Oh
fund we have used IN part fer
the purposes above indicated aud have
compromised the amount By adding
70 the principal due in lss2 10 be paid hun.
dred years hence. Now our taxable values
have increased 20 such an extent that We eau
meet all necessary demands for our revenues.
If the Government be economically admin
istered there is no need for higher rate of
taxation. l3y the per cent. interest for ten
years We will save 81 49,. j6 each year. with
this sum iudiciously invested We may be ab.o
20 80 reduce the principal OF our Debt that
when We are compelled 70 pay the per cent
rate OF interest the annual amount due wl
be within orr present revenues even though
there should be no incraase IN our taxable
values, which Is scarcely possible
A MISTAKE.
But here the Governor has mado another
mistake against the State. lie says the al-
uual saving Of interest for ten years over tle
Riddleberger bill IS e9l. ijl.56. But the ln-
crease after that time Is $4,000. aud the
total increase over the Kiddleber-er bill that
they have assessed IS s9s.04s.if and tlis
latter comparison the Governor has wholly
omitted. Perhaps he thinks, with Sir Boyle
Roche that one need do nothing for postorltg
since posterity has done nothing for Us.
Whether the Governors autlclpatiOua arc
20 be realized. not within The next hundred
years. rs ne SAYS but within the next ten
years of which. by the way six months have
already elapsed as his contract demands pt
course cannot tell nor al my time OF life can
/ expect 10 live 10 sec But confidence NV
Lord. is plant OF slow growth IN old b0s0ms
] have seen Virginia desoiRtei by the VIZ.
and still Frustrated by the operation OF tariffs
and Of railroad and other mOnOpOlies and sec-
tionai Federal legislation. see her making Jess
wheat than she used % SOW. only one-tentA ot
the corn she used g. grow. One-third. and less
than a third in value. Of her ante-beiium tOtac-
GO crop. with no prospect OF increase m any ot
these with her pastures worth not more than
half her labor dem0raized beyond reform.
her young men running away. large sections
living on the scanty profits O. woods and
forests. These things can hardly begin % bo
remedied in ten years. and IN less than ten
years the tax will be increased. And what
them
70 those who call deductions from such
facts the croaNngs # pessimist. / reply 10
the words of an Old poet
Hope. brother 10 fear more gayiy clad,
The merrior fool OF the TWO. and twice as mad
Very respectfully. your obliged and obe-
dent servant Franz u. hCfIIN.
DIED.
NOBIE.-Died suddenly o. PARALYSIS on