The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-12-08

| 1t to power, or more auspicious of it's f,1-
| turc success, than by promptly inaugural
| ing M easllres for the speedy and final ADJUST
ment OF the differences existing between
| the State 1t controls end the old mother
| Commonwealth, from whose side she was
torn without even the semblance of law Gr
precedent. Let us, ut least. afford the new
administration the opportunity of mani
testing its intentions, and its appreciation
OF honesty and fair dealing. The mode of
settlement, which you inaueurated, IN INV
opinion, IS too cumbersome, and Will be at
tended with too much delay: The better
course to be pursued, is for the two States
to submit the whole question to arbitra.
tion. Let each state select one disinterest.
ed arbitrator, and the two thus selected, a
third, to whom the whole, subject shall be
submitted, and their finding to be final and
binding upon the two States. This Is a fair
and equitable mode Of adjustment, and, if
ltendered.b by you, cannot but believe that
West Virginia will promptly accept it. If
she refuse, you will have the satisfaction of
knowing that you have exhausted all hon
orable means to obtain settlement, and
will then be amply justified in seeking YOUR
remedy through the only instrumentality
remaining, to you-the Supreme Court of
i
be adopted, considerable time must neces-
sarily elapse before final settlement can be
made. In the meantime, our public cred
itors are justly anxious for some action on
your part looking to a resumption of the
payment of interest upon our debt. !. e =
A considerable portion of our debt is
owned by our own people. Is it just, to
compel those people to pay the State taxes
While the State is in arrears OF interest to
them? Many of our bonds are held by the
trustees and guardians of widows and or
phans dependent for subsistence and edu-
cation upon the income from this source.
Much of the debt is held both in this colln-
try and Europe by original investors in the
same, ut the highest market value when
created. 1t Is true. that since the war nlal,y
holders of Virginia bonds, including MANY
of our own citizens, have been compelled
from necessity to part with them at a ruin
Gus depreciation. The bonds thus sold are
| doubtless held by spectators, who obtained
them at half or less than half their par
value; but does this fact, in any resDect.
affect our liability for the debt OF afford any
excuse or justification whatever for our yio-
lation of plishted faith Certainly not. The
bond held for the benefit of the poor orphan
and the bond owned by the rich specula-
tor are Of equal dignity and equally bind
ing upon the State. Each is her solemn OBJ
legation to pay, and the consideration for
both Of which she has long since received
and applied to her own use. But 1t matters
not where or by whom our bonds are held,
or at what rates they were obtained, SO far
as your duty is concerned. That duty is to
relnstate our dishonored credit. The peo-
pie Of this Commonwealth will never per-
NIT the blighting stain of reputation to
tarnish her escutcheon. A neglect, how
| ever, to provide the means for meeting the
obligations of the State is as much repudia-
tion as would be an absolute refusal of pay
ment, and far less manly. The great duty
incumbent on you of organizing the State
government, and adapting our laws to the
new Constitution, may be regarded as q
reasonable excuse for your nOn-action in
| this behalf ut your last session. But that
excuse no longer avails: The tire has ar
| rived when ycu Intlst grapple with this
question. do not urge an attempt tor the
immediate resumption Of the payment OF
interest upon our public debt: We are not
yet prepared to do go, nor can it be reason
ably expected Of us. What I do most ear
nestly urge is that you take immediate action
looking to the resumption of the payment
Of interest by the State ut certain day, not
in the distant future. Iwould recommend
that provision be Immediately made for the
funding Of the whole debt, principal and
| luIclcSt' III llcN DOltlS vi Glie CuhIdCbeT
mentioned in my message of the 9th Of
March last, bearing date July I, 1s71. The
first serli-annual interest will then fall due
January 1, 1872; and, in my opinion, that
is as early period as it will be prudent to
undertake the payment Of full interest reg
ularly. /" In my judgment, it is far better
to postpone the commencement of the pay
ment Of any interest to 4 time when we are
satisfied that we shall not only be able to
commence, but continue to pay 1t regularly
and promptly Us it natures thereafter, than
to pay part regularly or the whole irregu-
! larly. What we all desire is the speedy re-
storation Of the State credit, and this can
only be accomplished by the prompt pay
ment of the interest upon our debt when
due; partial payment will not accomplish
it, and when we shall have once resumed
payment any irregularities or uncertainties
will most seriously damage If not destroy
our credit" In March last / was of the
opinion that we might safely undertake to
commence the payment OF interest on the
1st of July, 1871, but the heavy expenses
incident to the reorganization of the State
government, and the lengthy first session
| blightine drought in one section of the
State the past season, and the devastations
| of terrible floods in the James and Shenan-
doah rivers, have so crippled our Treasury
and our people that / am satisfied post
pOnement to the lst Of January, 1872, is
necessary and advisable.
The Constitution limits your present ses-
sion to ninety days, and l trust that you
will be enabled to complete all necessary
legislation within that period. With an i'm
poveriShed people on the one hand, and
anxious, needy, deserving creditors on the
other, it more than ever becomes us to
practice the most rigid economy in all de-,
partments of the government. Hereafter
our annual legislative expenses ought not
to equal one-half of the cost of your last
session. / hope also, under the reforms al.
ready initiated and to be initiated, to see
our "criminal charges" and the expenses
OF our penitentiary reduced more than one.
half. In view Of these and other reductions
in our annual expenses, and the increased
and increasing subjects Of taxation, and
ability on the part OF the people to respond
thereto, ] am satisfied that we can and
ought to resume the payment OF interest as
early us the 1st of January, 1872. The honor
and true interest OF the people demand that
we should do this if possible. So long as
our State credit remains in condition Of
dishonor, it is idle to hope for that pros
perity and development, that influx of capi-
tai and population, so much needed and so
ardently desired. trust that you will take
this subject into immediate consideration,
and act in a manner commensurate with its
great Importance and the vast interests in-
Yolved. ... s.rrr-~
MILITIA.
The subject of the organization of the
State militia is one that ought not to be
longer delayed. 1t is quite unnecessary Tor
me to repeat the, arguments in favor of u
well-org ganiZed and efficient militia. The
mast experience of every State in the Union
amply Yindicates their correctness. There