Is it the much-discussed fourteenth section which is unconstitutional? If so I would remind my legal colleague that it is a verbatim copy of a statute passed by the State of Tennessee, adjudicated by the Supreme Court of the United States, and not only held by that high tribunal to be constitutional but proper legislation for the protection and maintenance of government. Is it unconstitutional in what is called its force feature? If so it has precedent in the bill of ’71, which forbade the payment of any interest to a creditor who did not accept a reduction of one-third. It has precedent in the brokers’ bill, which provided tax certificates to compete at a reduced price with the receivable coupon, and both of these measures found a hustings advocate in my colleague.

But he would imply that our debt was ascertained at a certain sum in pursuance of the State Constitution, which he says was $29,667,304.76.

Mr. President, if there is any man in the party which my colleague represents who agrees with another member of that party in Virginia as to what the debt of that State is, we have yet to find the concurrence; it is with one leader this figure, with another leader another figure; by one report of their officers one sum, and then by another report of other officers a different sum. Grant that sum to be the true one; but let the Senator state that our constitution recognized no specific sum. It says there shall first be a settlement with West Virginia, which has not yet been had, and commands payment of what Virginia shall owe. That is the language, that is the instruction of the constitution of Virginia; that, after a settlement with West Virginia, covering one-third of old Virginia’s territory, shall have been arrived at by an adjustment of their relative proportions of the public debt, Virginia will provide for her share. Now I would like the Senators from West Virginia in this cry against readjusters as repudiators to tell the country what answer they have made to their obligation for one-third of the debt contracted by the old Commonwealth of Virginia. Will they tell the country where they have ever made a proposition to pay one stiver of their share of the public debt of that State to maintain the honor and the dignity of their own Commonwealth? Let them answer.

It was the party of my colleague, that repudiated the settlement of 1871 by the passage of the brokers’ bill in 1879, and in turn attempted to repudiate the latter by unanimously indorsing what is known as the “Ross Hamilton bill.” I suppose it would not suit my colleague to tell this audience who Ross Hamilton is. Yet, I beg Senators to take notice that the party of my colleague, after a winter spent in the vain effort to find a leader capable of devising means to overthrow the popular will, discovered such, as they supposed, in the person of Ross Hamilton, a colored republican member of the Legislature from the county of Mecklenburg, and blindly followed him to defeat. Hamilton’s bill, which was thus unanimously supported by my colleague’s party, not only in effect repealed their pet scheme, the brokers’ bill, but all other acts in respect to the public debt of Virginia.

I come now to perform a duty—the most unpleasant in one sense and the most agreeable in another. It is to repel the charge flippantly, I hope inconsiderately, made on this floor that we are repudiators and our proposed measure dishonorable. To the first I reply that my colleague’s party in eight years of administration of our State affairs paid 2 per cent. installments of interest on ten millions of our public debt just six times, or 12 per cent. in all; 6 times 8 would be 48 per cent. Instead of that they paid 12 per cent., and that is debt-paying!

Let this suffice. But when Senators apply the word dishonorable, they do not know either whom or what they characterize. Two things they have endeavored to demonstrate, and one is that I received a majority of the white conservative vote of both branches of the Virginia General Assembly. Proudly do I proclaim the truth of this. Every one of those who voted for me to come to this Chamber gave an unqualified vote for the Riddleberger bill. Are they dishonorable men? Scornfully do I repel the charge that any one of them is capable of dishonorable action.

Were it true, what a sad commentary it would be upon those honorable gentlemen whom it is said I am not representing here. Mr. President, my colleague comes from what we call in Virginia the great Southwest, a noble and prosperous section of Virginia. Fifteen white Conservative counties compose his congressional district, and though the ablest of the orators of my colleague’s party canvassed it thoroughly against me and the views set forth in this measure, but two delegates and no senator of the gentleman’s party came to the Legislature. To a man they supported the Riddleberger bill. Every senator and every delegate from my colleague’s own congressional district, save and except two delegates, supported me for the Senate and the Riddleberger bill as a measure for debt-paying. He would do well to spend a little more time with his constituents!

Whatever our differences on this question, it seems to me those people should have had a defender in him against such foul and slanderous accusations as have been made—that they are dishonorable men. O Shame! where is thy blush? Dishonorable in Virginia to beg the privilege of paying every dollar she borrowed—that is, her rightful share, instead of not only paying that but also the share of West Virginia—dishonorable to pay every dollar she borrowed, only abating the war interest! Dishonorable, too, in the opinion of the gentlemen who represent States on this floor and municipalities which have by arbitrary legislation reduced their indebtedness from $243,000,000 down to $84,000,000! Dishonorable in Virginia not only to assume her full share of her public obligations, as measured by her territory in this division of it, but offering to tax her people to an extent threatening the destruction of her industrial interests! Is that dishonorable in that people? If so, what have you to say of this tier of Southern States whose public indebtedness, whose plighted faith, whose sacred obligations—as sacred as are those of my State of Virginia—have been reduced from $243,000,000 by one or another method of repudiation, upon one or another excuse, down to $84,000,000, with a reduced interest rate upon the curtailed principal, and only proposing to pay interest in some cases at 2 per cent. and in others 3 and in others 4 on the reduced principal? Is it dishonorable in Virginia to assume $20,000,000 of the debt of the old State and then to tax her industries within the verge of endurance to pay on that sum the highest rate of interest? Let Senators who assail unjustly the conduct of Virginia in this respect put their own houses in order. I want, Mr. President, the Secretary to read from the International Review the measures of readjustment in the Southern States that Senators may know how fashionable readjustment had been in that section of this great country on which northern democrats rely in a presidential election.

The Chief Clerk read as follows:

Fluctuation of the Debts of twelve Southern States since the year 1842.
States. 1842. 1852. 1860. 1870.
West Virginia
Virginia $6,994,307 $13,573,355 $31,779,062 $47,390,839
North Carolina None. 977,000 9,699,000 29,900,045
South Carolina 5,691,234 3,144,931 4,046,540 7,665,909
Georgia 1,309,750 2,801,972 2,670,750 6,544,500
Florida 4,000,000 2,800 4,120,000 1,288,697
Alabama 15,400,060 8,500,000 6,700,000 8,478,018
Mississippi 7,000,000 7,271,707 None. 1,796,230
Louisiana 23,985,000 11,492,566 4,561,109 25,021,734
Texas 5,725,671 None. 508,641
Arkansas 2,676,000 1,506,562 3,092,624 3,459,557
Tennessee 3,198,166 3,776,856 20,896,606 38,539,802
Kentucky 3,085,500 5,726,307 5,479,244 3,892,480
Totals 73,340,017 64,499,727 93,046,934 174,486,452