The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1871-10-24
REPUTATION.

The Journal is opposed to repudiating any part
of the State debt The interest is part of 1.-THE
real consideration, in fact, inducing the capital
lists to lend money to our State. Then the Jour-
nal would pay all the interest every year. But
it would have the money first paid into the Trea
sury and then paid out again. Or is the Journal
in favor of repudiating the interest Y-Dispatch.
Yes; we are opposed to reputation of
any portion of the State debt in any form,
and it is matter of great regret that
neither the Democratic press nor its leaders
agree with us in this particular, and it will
take long time for the people fully to
comprehend all the yillainies wrapped up in
that abomination of denominations, the
Funding Bill.
We wish now to call attention to another
feature of that bill, and to show that it does
actually repudiate, for the time being. one
third of the State debt. True it is not
done openly, but secretly, and in such
roundabout way, and by the use of such
false pretenses as were employed by the
Tammany thieves when they robbed the
treasury of New York. If bondholder
refuses to fund his bond, the bill provides
that he shall receive no interest at all. If
he consents to fund he receive two-thirds of
his debt in new bonds, and one-third in
certificates, but neither the principal nor the
interest of the certificate is ever to be paid
by Virginia.
That certainly is reputation and not
only so, but of the most dishonorable kind;
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tors, not even allowing them the courtesy
of being charitable, and voluntarily forgiv-
ing the State one-third of the debt. It
provides that no interest shall ''be paid
upon any part or portion of said debit ex-
cept that portion which is funded at the
rate Of sixty-six two-third cents on the dol
lar. Most people have some respect for
the courage, at least, of the robber who
rides boldly down the highway and de-
mands the travellers purse in open day
light ; but they hate and despise the pitiful
sneak thief and canting hypocrite who, pro-
Tossing honesty, robs contribution boxes or
steals pennies from blind woman's bas-
ket.
Another Infamous provision of the bill is
that which undertakes to coerce foreign
bond-holders into funding their bonds by
providing that only two-thirds of their five
per cent. interest shall be paid, and turning
them over to West Virginia, there to seek
for the other third. What will honest men
call such transaction? What would the
mercantile community think of mer-
chant who, protesting to be honest, refuses
to pay any portion of his debts unless his
creditors will release him on his giving
his notes for two-thirds, taking u disputed
claim against another merchant for the
other third I? They would say he was a
sneak as well as rogue.
Does the Dispatch think that such a
measure of bad faith and injustice as this, is
calculated to induce capitalists to lend
money to the State? or that these foreign
bond-holders, who have thus been treated,
will send more money here to be passed
through the same depicting process? The
truth is, this transaction has not one single
feature that can challenge the approval or
command the respect Of any man, mer-
chant, or statesman, who fully understands
it. The public judgment will be, that the
authors of the Funding Bill lacked courage
to proclaim their purpose to repudiate, but
were unprncipled enough to undertake, for
gain, to do it secretly.
These money-changers and bond-holders
were willing, and did in fact deliberately
expose the old Commonwealth to the re-
proach and disgrace of repudiating her Just
debts; and, at the same time, they put her
in a position sohere she could not profit bv
The disgrace. Merciess and mercenary.
they framed that bill with express refer
ence to the final execution of another still
more monstrous and outrageous scheme of
fraudulent speculation, which will be
shortly developed by them, and it is this:
After these certificates have been cheap
ened in the market to about ten cents on
the dollar, or perhaps less, these rogues,
knowing that West Virginia viii pay no
part of them, will suddenly discover thatit
would be very dishonorable for Virginia to
repudiate any portion of her just debts. In
the mean time they will have bought up