History
In the 1870s, the politics of Virginia was divided over the issue of the state's pre-war debt. The state had undertaken investment in infrastructure improvements overseen by the Virginia Board of Public Works, in canals, roads, and railroads. Prior to 1861, the State had purchased a total of $48,000,000 worth of stock in turnpike, toll bridge, canal, and water and rail transportation enterprises. Many of these improvements were heavily damaged or destroyed during the Civil War by Union forces.
Surviving improvements were facilities located in the portion of the state that had separated to become West Virginia, as it had not had as many battles on its territory. As much of the debt was held by Northern banks and investors, the issue of debt repayment was complex. Those who supported a readjustment of the debt, were known as "Readjusters", whereas those in favour of funding the entire debt (plus interest), became known as "Funders".
Mahone became the leader of the "Readjusters" after his unsuccessful bid for governor in 1877 as a Republican candidate. He formed a coalition of Democrats and Republicans, with both white and black supporters. He sought reduction in Virginia's pre-war debt, with an appropriate allocation to be borne by West Virginia. For several decades thereafter, the two states disputed West Virginia's share of the debt. The issue was finally settled in 1915, when the United States Supreme Court ruled that West Virginia owed Virginia $12,393,929.50. The final installment of this sum was paid off in 1939.
The Readjuster Party promised to "readjust" the state debt, repeal the poll tax (which had suppressed voting by blacks and poor whites), and increase funding for schools and other public facilities. (Public education had been established for the first time under the Reconstruction-era legislature, but schools were underfunded, especially black schools.) The Readjuster Party elected its candidate, William E. Cameron as governor, and he served from 1882-1886.
Mahone was elected by the state legislature as a U.S. Senator, serving from 1881 to 1887. In Congress, he primarily aligned on voting with the members of the Republican Party, as did fellow Readjuster Harrison H. Riddleberger, who served in the U.S. Senate from 1883-1889. After their terms, the Democratic legislature supported only Democratic candidates for the U.S. Senate.
Read more about this topic: Readjuster Party
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