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The Democratic Senators refused to permit the election of Messrs. Gorham and Riddleberger, and as seven Senators could at any time prevent action by motions to adjourn, a dead-lock ensued, which lasted from March 23d until May 10th, when the Republicans gracefully surrendered, permitting the Democratic officers of the Senate to retain their places.
The Legislature repassed the Riddleberger bill, which the creditors refused to accept, and an ingenious "coupon killer." Similar acts were passed in 1886 and 1887.
In 1890 a commission reported in favor of compromising the debt on the lines of the Riddleberger Act and, in 1892, $19,000,000 in new bonds were exchanged for about $28,000,000 of the older issue. Interest was to be 2 per cent for ten years and then 3 per cent for ninety more.
Some were in favor of paying the whole debt according to the agreement of 1871; others wished to reduce the interest rate; while the radicals wished to repudiate part of the debt and reduce the rate of interest upon the remainder. The last named faction, under the leadership of H.H. Riddleberger, organized a political party known as the Readjusters and in 1879 captured the Legislature.
Riddleberger then introduced a bill which scaled down the debt to less than $20,000,000, but it was vetoed by the Governor. Two years later the new party captured both Governorship and Legislature and sent General William Mahone to the United States Senate, where he usually voted with the Republican party.
Riddleberger took his seat as a Senator from Virginia. A Democratic tidal wave had swept over the country at the preceding fall elections, and the Democrats had a considerable majority in the House of Representatives. John G. Carlisle, of Kentucky, who was elected Speaker, was a tall, well-made man, with a studious look in his eyes, and the winning manners of Henry Clay.
Kirkwood, secured a tie, and the casting vote of Vice-President Arthur enabled the Republicans to secure the control of the committees. The caucus of Republican Senators nominated Senator Anthony for President pro tempore when the Vice-President should vacate the chair; George C. Gorham for Secretary, and Harrison H. Riddleberger, Sergeant-at-Arms.
General McCook, an Ohio soldier, and an ex-Representative from New York city, was elected Secretary of the Senate, defeating George C. Gorham, who had been the candidate of the Republican caucus. The Republican nominee for Sergeant-at-Arms, Mr. Riddleberger, was also dropped, and Colonel Wm. P. Canaday, of North Carolina, was chosen. At the commencement of the next session, Mr.
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