A History Of The Virginia State Debt

In the lead-up to the Civil War, Virginia, like other southern states, amassed a large public debt while striving to improve transportation infrastructure and stimulate economic development. A Saga of the New South delves into the largely untold story of the decades-long postwar controversies over the repayment of that debt. The result is a major reinterpretation of late-nineteenth-century Virginia political history. The post–Civil War public debt controversy in Virginia reshaped the state’s political landscape twice. First it created the conditions under which the Readjuster Party, a biracial coalition of radical reformers, seized control of the state government in 1879 and successfully refinanced the debt; then it gave rise to a counterrevolution that led the elitist Democratic Party to eighty years of dominance in the state's politics. Despite the Readjusters’ victory in refinancing the debt and their increased spending for the popular new system of free public schools, the debt controversy generated a long train of legal disputes—at least eighty-five cases reached the Virginia Supreme Court of Appeals, and twenty-nine reached the Supreme Court of the United States. Through an in-depth look at these political and legal contests, A Saga of the New South sheds new light on the many obstacles that reformers faced in Virginia and the South after the Civil War.

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In the grim decades after the Civil War, Southerners dreamed of industrial growth and agricultural diversification. In this study, Mr. Moore traces the development and changes that took place in the Old Dominion during these troubled postbellum years. The state's massive debt burden touched off an upheaval, splintering the electorate into competing Funder and Readjuster factions. The Funders, composed largely of the conservative farmers of eastern Virginia and the commercial classes of the towns, were committed to pay off Virginia's prewar debt in full. The Readjusters, drawing their support from the fringe elements of society, sought a more realistic, downward adjustment of the debt.

This is a reproduction of a book published before 1923. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continuing commitment to the preservation of printed works worldwide. We appreciate your understanding of the imperfections in the preservation process, and hope you enjoy this valuable book. ++++ The below data was compiled from various identification fields in the bibliographic record of this title. This data is provided as an additional tool in helping to ensure edition identification: ++++ Attitude Of The Readjusters Of Virginia Concerning The State Debt, Free Schools, A Free Ballot, And A Fair Count, Volume 563, Issue 26; Attitude Of The Readjusters Of Virginia Concerning The State Debt, Free Schools, A Free Ballot, And A Fair Count; William Mahone William Mahone n.p., 1881 Virginia