Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1858-08-24
VIRGINIA STATE DEBT.

The correspondent of the "Nationsl Iateigencer,"
writing from New York the 9th instant shows bis
good feeling and good sense, in the following com
hents upon the charges made against the State OF r
gInia for failing redeem bonds which are nut due,
and TO redeem which, che has expressly reserved to
herself the right to fix the time OF payment to suit her
own couvenience and that too, with the full know
ledge and consent OF the lender at The time the loan
| was created:
II ia thonght thgt the reflections uF sc,na oi ths pa
pers the OF Virginia, in regard 10 tI- faiure
| 10 redeem OF her bonds which have iaen due,
| somewhat premature. AT all events II ls better
'u await official explanation, which 10 doubt Gov
Wise Is prepnrsd to give. These bonds, II appears,
issued "irred.ernabio Tor twenty years from The
I'D day o june 1887, and afterwards 10 be redeemed
| nt The pleasure OF The General Assembly," Ii has
| probably moi been the interest well hs the plea
sure OF The Leg gsature provide for the redemption
! but thstis no why the pleasure OF tho mo
ney brokers should be substituted BY the very terms
OF the issur who holde these bonds has right
TO complain long the State pays the seml.anpual
| interest, which she has done punctually, and will no
doubt continue do. The question rs 10 her becom-
| ing IN catch penny broker" hna The smell OF The
shop about it, Som. shaver" has perhaps been
disappointed in 'guod operation" You Will,
know, Virginian for taking up the cudg-lr,
or no, only hi. own mother but hs 'mother OF siaes
men, since The term has been used derisively and
With iippency which the facts will scarcely JUSTIFY.
TO slate the terms Of the contract would seen ain-
ply sufficient to reiute the charge made against the
State. The terms a. reed 10 at the time OF The loan
snd pecIt-d the face OF ihs bond, and which are
but quotation from the law under which the loan
was made, are that the loan shall be "irredeemab!c
for twenty years from the I'D day OF June, 1857 ami
afterwards redeemed the pleasure of the Gen
| lad
the benefit of The lender, who at that day deeeDed
long loan better than short one, that the General
| Assembly should not redeem the bonds sooner than
twenty years, but might do 80 whenever it pleased
thereafter. The bonds irredeemabIe for twenty
years; that is the lender stpuates that the Leglssa
ture shall not redeem them sooner. Ii does not pro-
vide that the Legislature shaN pay them then, bu!
it excludes this conclusion. by providing, that they
-hal mol be paid sooner than that time and the pay
nsnt may bs deferred indefinitely thereafter and
notwithstanding language is used which none can
understand Yet these bondhoGers daily assert thar
the bonds are due and that the State OF Virginia Il
failing to comply with her engagements because she
ia purchasing other property while ,hess bonds are
unpaid.
1t was not designed by the General Assembly, III
u,lng such language, TO deny the obligation to pay
the debt at SONS specihed time, but they had Tie
option TO select such time as suited their conve
nence. And now, We have frequently stated ihr
Conattu;ion Of the State expressly provides that eV
ery debt due by the State, ehall be liquidated in ~
| wears and the Legislature have, in conformity
to the Constitution, set aside annually, al amourt
sufficient to redeem every debt, within that period,
horA haQn MN IE
for the purpose, and the people have been paying
the taxes without murnur and no man can x
into single county in Virginia and find ten men
who would vote TO repudiate any just debt which
the Commonwealth Of Virginia owes or who wouc
hermit the General Assembly TO leave the debts OF
| the State unpr0vided for.
And vet writer's of money articles for Northern pa
oers pretend 10 see great departure from proprety
in the course Virginia ID pursuing when she goes ih'o
the market, and purchases stocks bearing INTEREST," to
accumulate fund.- to provide Tor the payment here
after of debts which TO become due. Capitalists
ought TO applaud tine policy which indicates de'er
minaion not to rust.to chance to make provision Tor
fu,ur. debt, bu, steadily accumuates fund, in ad
vance, to pay the debt whou! fail when it ought tc
he paid.
vino have not been terrified by the growing of ihe
bears in Wall street. nor yet been elevated OH 'ie
horns of the bulls, it seems strange thai cap'ta'
i.s should denouncs Virginia bonds, upon which The
interest il puncualy paid and the redemption OF the
princpal of which ia undoubtedly provided for III &
reasonnbls and limited period, when, at the same
| ,ime zach is the plethora OF money IN the ma'he''
that United States FIVE per cent loan snatcheo up
st sucb premium az to give to the Government the
| nse of the money for year without interest," ana
thereafter to allow only FIVE per cent to the capitalist
for his investment. 1t would seem to us that fir'
pinia bond bearing six per cent interest, amply Sc
cur.d as we have shown ought al least 10 oring pa'
and vet the bears growl at the Stale and the oohds
and ,hose whose duty is 10 pay them, because hey
continue TO pay ak per cent regularly ana are oahy
accumuang funds with which to pay the deot I'D iu'''
| w. hsve already explained, that the commissioners
of the sinking fund have been redeeming at par u
r,, or the bonds which are now said TO be due, ano
tba, ua they proceed in their operations, other re
dempona will be msde at par but 1t capitalists ART
determined to sacrifice Virginia bondt, aud TO take
nno,y two dollars for hundred, when In short Tim.
bundred will be paid by the State ITSELF the blame
on their own heads If individuals are compelled
from necessiiy, to SELL before the time OF redemption
arrives while it is Of regret, they are only III
the situation Of all others who are forced 10 cell pro
perty when in a deprecated state. The time is iar
approacbing, we believe, when Virginia securities
must rise in the market. We have seen them large
" above par and do not believe Inc time IL Ole
,ant when they will BE- above par again.