Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-01-20

occur in this county for any length Of ,me without MS
In the price OF Cotton and fO this article England Is III
regulating market.
Without pursuing these specuatons farther let me nov
proceed to the policy which should be pursued by Virginia
in regard to her debts happy find that super
fuous say word in favour OF the most scrupuou
compliance Of the State with all her The lat,
unanimous vote in favour Of paying interest promptly
the James River & Kanawha Bonds, is unworthy Of al
praise The odious doctrine OF reputation
for one moment entertained in Commonwea I Dc
not believe there single State in the Union burthen
ed that cannot eventually discharge all its gations
Ours certainly can. Her debt although considerably aug
mented, Is still light in comparison with what her
would enable her in comparison with the
debts OF other States in the Unon and we have no
where In the Union reached thing like the burthen which
the peace establishment OF European States requires
Great Britain, for example after the continental when
visited by revuson in trade greatly distressing
here than the she il aborng under taxed
the rate of s the whole taxable income OF the
nation France than IS and OF the other ma
lions OF Europe, in like proportion. They have passed
through this trying ordeal without sinking under it, and
IL would be dsgracefu for any the Union
facr in herexcrons before she had accomplished
much those Europe, particularly when remember
that the debts and burhens Of Europe imposed by
strife OF monarchs and that the people have nothing left
OF these expenditures but the memory of sangu
nary battles in which the wealth Of Europe disspaed
and the flower OF her citizens down. Our buhcns
the contrary have all been imposed by ourselves the people,
for benefit and although have but frequent
ly been sadly disappointed yet il all work.
and moreover, in the great majority of have
least. something to shew for debts The expenditure
has not been wholly prohtess has been the with
Europe Many improvement that shall inter-
the debt incurred, nevertheless be lasting De-
nett to the State in which il lies
The bonds of the State have until recently fallen
below their value This fall has arisen from causes
the decline OF State credit generally and the issue Of
large quantity Of State certificates overlook the
money market The remedy stop all futubrc Dor
rowing make the adequate, least the
Until this DONE the capitalist will doubt the credit Of the
State, and besides the market will be overloaded with her
paper. Even Great Britain herself. with her almost
limited wealth and credit joined with puncuay
IN the payment OF interest," has nevertheless been often
Obliged diminish the obtained by loan, and
TO for the purpose OF e-esabshng her credit
Thus, during the first yeas OF the continental war; she
maintained the contest principally by loans. But in 1897,
the borrowing of f32 500 900 sunk her bonds low that
her per cent fell below ~. Pitt then the absolute
necessity OF altering her whole plan Of finance, and boldly
adopted the cIpedent of taxes that raising
large proportion of the supplies within the year. The
OF this plan forms the grand feature of the nan
cia history OF that celebrated Minister, and it the
secret of the overwhelming power Of England and OF
the uniarnished character of her credit. BY pursuing
less decisive course, almost every other great State Eu-
rope lost credit during that long delighted
to therefore, that Legislature is determined call
a halt IN the system OF ways and means, the State
raise her meet her annual payments. She
lay the foundationo sinking fund that may ultimately
pay of the capital let her do this and she will pursue the
of economy, year will pass before the
bonds OF Virginia will rise 10 par, and this
ccssive demand for money! merely debts pro-
perry which happen years far
thest then expect great in State bonds
that perhaps ultimately shall be able to borrow per
cent much money will pay off all the per debts
OF the Commonwealth
With regard TO the burhen occasoued by taxation to pay
interest debt, must not forget that circum
will make much less than equal
in many other States Our State debts due principally
persons and corporations rithH the State the payment
OF interest therefore will occasion that continual drain
upon specie, which the all those States deeply
indebted TO foreigners, and which Potent
of the continued arrangement Of whole monetary sys
tenn.
tpresen there floating debt due the Banks of three
hundred and fifty thousand dollars OF course would
raise the high pay off that debt be-
sides meeting the expenses during the present year
Let the Legislature them practicable do as has been pro-
posed borrow temporarily from the Banks, until opportu
nifty be given for funding portion the whole of
$3.50 OOO but let them by beyond this amount
and in the process Of funding let them raise
by the sale of per State stock much below par IL
Is greatly preferable to borrow money short periods high
rates OF nteresi-becsusc If Legislature pursue the
proper SYSTEM there be doubt that the bonds
will in year rise beyond par The debt then
be permanently funded low Of interest and the loss
incurred in the time, by paving :, s. O. TO-
per cent interest on temporary loans, would be ing in
comparison with the loss the State would suffer by selling
her bonds at forced sales, for 30 25 per discount
When there prospect of speedy ameOaton, it is al
better raise funds by borrowing temporarily high
interest," than sell State bonds discount the
m the loss is gradual and is stopped by the re-
turn Of better of things the other is AT
once absolute and forever irrcmediable.
cannot conclude my remarks without adverng for
moment TO the responsible condition Of Virginia this time
1
characterized the Anglo Saxon civilization ii the fidelity
with which this has always discharged pecunary
obligations. As people, the British nation has often been
UNJUST has often pundered other nations particularly on
the high and nation has sacredy guarded the
rights OF property, people have ngidy complied
with their pecunary They have strictly adhered
the acquisitions OF the bond the pound Of flesh
They have been emphaucaly debt-pGying race. And
this sacredness OF property this sacredness Of individual and
national faith in pecuniary Obligations has been power
full Of British prosperity and British power We have
been supposed 10 inherited En1lund
but have feared that the republican character
institutions would be unavorable continuance.
believe that the frepubicansm mill
against that of honesty; believe that this
bic feature IN Anglo Saxon civilization is destined wher
and die under the simeon blast of American Democracy
History teaches expect such result it j. not the
Kings OF England who have preserved unashed the hon
of their country IL the Lords, the Commons
England TO whom the praise is due. AT time like this
them when the very Of republican Institutions
stake when yre undergoing the trying Of all tests
does become Virginia and her Representatives to set
example that may guide esvored portions of land
in the path Of honor and justice and may prove the world
that the Anglo Saxon has degeneraed soil and
that determined remain debt paying people still
No calculate the moral pclence that would be shed
our land if proud Commonwealth should this
ment Of profound peace, descend from that lofty moral
which she has hitherto held in conederacy by yield
ing the suggestions of the shallow and dishonest policy
Of tamperng with the obligation of contracts.
GILES.
Virginia per eight
dollars get the fact from the Second Auditor
Mr.. WISE after threatening before the meeting Of Con
gess, il generally understood, lawful Developments
f,pL H.. sb,rI a.. Lilo. Al,