The day book. [volume] (Norfolk, Va.) 1857-1867, 1865-11-01
Tha Debt of the state.

Now that the war is over and we are get
ting the wreck cleared" it is important that
all tie citizens Of the State should know her
financial condition. With this view, we lay
before our readers an article from the Rich
mond Enquirer, on the subject. 1t says:
awe publish this morning the proceedings
of a meeting of the bond-holdors of the South
ern States in England, at the London Tavern.
A committee was appointed to look into the
matter, and suggest as basis of settlement
the capitalizing Of the arrears into new bonds
bearing like interest to the old, with coupons
payable in London and redeemable in twenty
years. This is liberal and fair, and we hope
and believe that Virginia will promptly assent
to such terms. This question of State debt
brings up the subject Of the ACKNOWLEDGMENT
Of Virginia. This debt has pledged for its re-
demption the resources Of the State as it was
before dismemberment The bond-holders
have just and fair claim upon Virginia and
West Virginia for the payment of Eleir bonds.
Virginia has been divided without the assent
Of her people, and neither law nor justice will
exact from her the payment of this debt unless
the proper proportion is assumed by West
Virginia. VIII the bond-holders be willing
to surrender Virginia bonds, and take the
bonds of West Virginia To divide their Sc
eurities when they have a just and legal de-
mand upon the undivided State? We doubt
very much if the bond-holders will do any
such thing. Then is Virginia to pay the
whole debt and West Virginia to pay none,
when nearly the whole debt was contracted
for the beueft Of Western Virginia? If that
is expected from Virginia, somebody will be
disappointed. We hope that Virginia will
pay every dollar of her indebtedness-th
due before the war, and that created by the
State during the war It should be the earn
est wish Of every American that no blot or
stain should rest upon the credit Of any State
in the Union. If the Southern States are for
bid or prevented from paying their just indcbt-
edness incurred during the war, let the world
know that compulsion only has caused their
dishonor. We are not speaking of Confcde-
rate indebtedness, but of the debts incurred
by the States in their individual capacity
These last debts are as much binding as any
incurred, and their reputation will be just as
disgraceful, and its effect as injurious as the
reputation of the anti-war debt.
1t is true that Virginia has been dismem-
bered, desolated, devastated, almost destroy
ed but her honor is intact she must never
permit her fair name to be sullied with damn
Ing disgrace OF reputation. Ii her tilsmem-
berment is legal and the people Of the Trans
Allegheny will not again return to the old
homestead, but prefer to live separate and
apart, we hope they will promptly take
steps to assume their just proportion of this
debt.
The Chairman of the London Tavern Meet
ing states Virginia's Indebtedness in England
at Ell, 200 900, with arrears for four years, OF
very nearly e12,000,0OO. There must be
some very great error in this amount. From
the Auditors report of 1861 we extract the
following:
1.-THE ascertained debt of the State, on the
LIST of January, 1852, was $11,97l $3.50
There has been redeemed $1,70O, 1901
leaving, on the 1st of October, 1861 of that
debt, the sum of S10,271, 107.99 The debt
created in each subsequent year is ascertained
and the amount necessary for redemption must
be set apart as required by the Constitution
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