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. In 1878, Readjusters passed a law forbidding bond coupons to be used to pay state taxes, but Conservative John W. Daniel swore that he would rather have all public schools closed rather than divert money from bondholders, and Governor Frederick W.M. Holliday vetoed it. Harrison Riddleberger's law limiting bond interest to 3% was also vetoed. Before elections following year the Conservatives passed a law and issued bonds (which still could be used to pay state taxes) with interest rates increasing each year, at 3% for the first ten years, then 4% for the next 20 years and 5% for their last decade.