The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-01-10
TIE State Bonds. :

The defeat in III" House Of Delegates, OF the
bill authorizing The conversion OF registered
bonds Of the State into coupon bonds, as mas
already been stated, occasioned no little sur
prise in the public mind. II was supposed
that 4 measure - plain and 80 talr would
meet with very little opposition. Bui the
House seems to have been startled with apprc-
hcusion ut the strange idea that, i'll the present
unsettled condition of our relations with
Western Virginia, a change III the iorlA OF
the public Obligation may affect the division OF
the debt bet wgeu the two NirginlaS. In o'hcf
words. il was contcnded that. should Eastern
Virginia authorize Il change III the form OF the
public debt, she would be assuming the re-
eponsiblity Of its payment. The objection Is
worthy of no weight whatever. She Is Just rs
responsible for the registered rs She could pos
Silly be for the coupon bond. There co!iid be
no probability that any question OF the klhd
would be raised. The change of form would
affect neither the amount nor the nature OF
the obligation and Western Virginia could not
object TO ii rs part Of the aggregate debt, her
proper share OF which she must pay. While
there was neither change of amount nor nature
of the obligation, there was Il change involved
in the measure beneficial 10 the State, which
would have been satisfactory rather than OBJ
iectionable 10 the new State. That change
was the elevation of the State credit By sub
shutting for the registered bonds the coupon
bonds which are worth twenty-five 10 thirty
per cent more than the registered. tBec%use
the coupons can be used in commerce can be
bought and sold anywhere, and used rs sccu-
rity for loans anywhere-nonc of Which Offices
the registered bond viii perform.l This would
be considerable advantage 10 the State. In
the division, Western Virginia, we doubt not,
will he glad 10 take the coupon bonds not
only because they are in better credit, but be-
cause. by loss and destruction from casualty,
the State may profit. Virginia has already
made a considerable sum by their destruction
or loss TO the holders.
But the arguments III behalf of this proposed
conversion are 50 simple and just that the woa-
der is how. in the face OF them, the intelligent
members Of the House Of Delegates could find
it proper, in their judgment, 10 defeat the bill
The State has two sets of creditors, which
have loaned her money on exactly the same
terms one of which holds her obligation to
pay that is worth little more than half as
much as that which she has given 10 the other.
To refuse 10 place them upon an equal footing,
when il can be done, not only without detrl-
ment to the Stale, but with an Improvement
of her credit, is plainly harsh and unjust 10
those who have trusted her. and contrary to
her own interest.
A measure tina is % entirely free from any
solid objection, deserves 10 pass. Its passage
would be creditabIe 10 the good sense OF the
State and afford some proof of q disposition in
the public mind Of Virginia TO make some Hbe-
raj concession to the necessities of her own
people and 10 the advancement OF her own
prosperity. Who are III. hoiders IF these regis
tered JondS? They are NIRGISIASs. And while
people outside of Tirgini" are getting the
prices paid for coupon bonds, Trynio1s can
only get little over half those prices for their
registered bonds Many of the holders of
this regis tered stock gave up coupon bonds for
it in obedience TO an act Of the Virginia Con-
vention, during the war, requiring all persons
TO make such conversion Now, these persons
are told that they shall MOI have their coupons
back again, because il might affect the division
of debt with the other Virginia IL that State
may object 10 any part of the debt on account
of the change Of its original form, could not
the objection lie with far greater force 10 the
stock so converted by order of the Convention,
during the ,cdr, than 10 that now urged upon
the present Legislature, legal and constilu-
tional 40 il is recognized 10 be by the Federal
Government?
But it is needless to follow up this and other
inconsistencies. We cannot but hop" that the
Legislature will yet be better disposed towards
the subject. It certainly must be hard for
them 10 resist the strong appeal the measure
presents, not only TO their Judgment but Their
sympathies. Can they deny 10 their fellow
citizens, who have been The victims OF misfor-
tune-who are now, many of them, petitioners
by reason OF their submission TO the authority
Of their State during the Wharf.-The poor pri-
Nilege of being placed on the same footing
with the public creditor who lives ont OF the
State? Virginia never was Il cruel mother, yet
she will be cruel TO deny this simple act of JUS
iice TO her own unfortunate sons.
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The ITSury auc