Daily Richmond Whig. [volume] (Richmond, Va.) 1861-1862, 1861-11-21
In,ere., on State Bonds.

We have heard good deal said recently on the SUE
ict of the probable action Of the Convention in regard
10 the payment Of the interest the bonds Of the sae
which was suspended by the ordinance of the goth OF
June last and we notice tia, petition has been pre-
nared and published with view Of bringing the quef-
ton to the early consideration Of that body, now in SEES
aim. We think there are many good reasons to
bs urged why some change should be made In the main
feature Of the ordinance in question: to which holders Oh
the bonds, who have obtained them in exchange ior
Northern indebtedness without any intention 10 rus
ate the design of an act which, at the time OF It's pas
sage was in some respects, wise precaution agans'
the Vaccinations Of our enemies.
The pleas in the petition appear to US forcibiy ana nom
esty made and we think would be but an act OF sim
ple Justice to grant It. with as little delay as possible
Pnblc onniou was much divided the policy OF the
act before and still Is so SINCE its passage; but even
admitting what it Is not our purpose 70 discuss now h
nronrety at the time 1t can hardly be denied that the
nsce,aty for such law has now ceased to exist To
cripple our enemies was OF course the aim OF tue ool
ysnton in framing the ordinance and we should strong
" advocate every honorable scheme to effect an END 60
deyou.ly to be wished but it Is evident to our minds
that we punish ourselves than our enemies by with
holding the interest on State bonds which our people
have had to take in many instances from Northern debt
ors in lieu of gold and silver which could not be trans
ported with any degree of safety under the existing re-
/ lations between US and our enemies.
I. was never the intention Of the warmest advocates
of the ordinance that its force should amount to more
than q mere suspension Of the interest, because
ultimate reputation would never receive tue Sane
ton Of a chiyalrous people like ourseivea' NO"
| the object has been effected. We have eoH9c'eo
our debts, and at the same time We have weakened
our enemies because they have been compelled 70 sell
/ the bonds at depreciation Of go or 40 per cent,
of which our citiz,ns awaited themselves as medium OIL
bringing home what was due taem at the North feeling
perfect confidence that the State would act justly and
mt them on the same footing with thosa who held hsr
| bonds previously to the 26.h of June. disthcuon
ought not to be made between the two Glasses OF
have possession of the bonds MONTH or it may be a
dav sooner than the other The indebtedness at the
North still existed long after the ordinance was passed
aud no alternative left those who could collect their
dues there but to bring them home in these very bond
Southern banks and bankers having large balances in
the Northern cities awaited themselves Of every channel
to sell their exchange and doubtless the purchasers were
| in many cases induced to invest in these bonds But
what difference does 1t make whether one or more Of
these banks in which the State Of Virginia Is large
sockholder received its balances in State bonds at
deprecated rate whether their exchange was sold to
individuals for the purpose OF buying tbems The lower
they bought them the BETTER because it was carrying
out the very design Of the ordinance aud these bill
drawers were enabled TO realize what otherwise mus.
have fallen into he enemys hands Our sister States of
The South except perhaps one have not suspended the
payment of their obligations, and we think Virginia
ought atless pay her home creditors under crcum-
stances Ike the present OF pressing need and paplble
Justice They have not weakened the resources of the
State in any conceivable way but on the contrary,
they have brought home treasure which had heretofore
been used by them the North, and which must have
remained there had not they been willing to risk the
credit and integrity Of Virginia 1t would seem to be
an unnecessary hardship nov to refuse the only CON-
pensation in the power of the sate and no
good grounds why the petition should not be granted.