The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-12-28
rpnhssa Honor.

Tn these DAYS of degeneTacy anu wv, eeiao a,,d
>,zation. when sonlv not oil men ne .1,a,,
truth l. infinitely more OF stranses st. -,
fct;on. it Is the part OF prudehs TOT, " thot
anticipate the worst of possihde esn,, ~ eli
if we cannot avert them, thcy u i'''S' -"
not take us by surprise. in re-
The recent action of the Less,at.' Nc ~.
pard to the funding OF the sIa'e uen, ra.
cited grave apprehensions Oh inIpen nI,o,,go
p,"t 49, sensitive Of all the tests OF puplic
s,n ';,,;nnbut also in the minds OF SOBER, re-
opaa,;nr men. who have no great pecuhIi!
;,tarosts ot stake: and the Indications are ny
no means fIattering to the pride Or the cieuit
of the state. ,r.o,1+b hos
Although much of our material wealth. nas
,oan stolen. lost. and wasted, during the issst
ton wears of failure and disappointment, Tue
State of Virginia has uniformly sustained the
dignitied bearing that ever accompanies tue
conscio,lsness of unsllllied rectitude. Her
honor is left her still, and her very poverty
in other respects should make this last OF her
possessions only the more valuable III the esti-
nation of her people. It Is for them 10 dc-
termine whether they will maintain her good
fame, or hereafter blush at the bare mention
of honesty and fair dealing. Poverty il no
excuse for theft, and mere power has never
vet been recognized as the sole measure Oh
RIGHT, Neither can the number of the parties
to contract reDderit its obligations less binding
upon each, nor palliate the turpitude that
would shield the iniquity of non-payment
under the tlimsy garb OF a legislative enact
ment.
He who trusts the credit of the State re-
lies and is dependent upon the integrity OF
each individual citizen not less than IL the
contract were made with him in person, ana
it would be false in point Of fact and scandal
lous in morals to hold that the duty OF pay
ment binds each individual debt or only on the
same principle and in the same proportion as
the weight of suspended body is distributed
among the several cords and pulseys by
which it Is kept from falling. In other
words, that if five hundred thousand per-
sons. through regularly constituted agency,
contract debt to another, the duty OF eacn Is
as five hundred thousand to one--that Is,
each debtor is bound only to the extent OF
one fve-hundrcd-tho part OF per-
feet obligation. And yet, absurd as such
reasoning is, unless the sense Of justice Is
totally deadened, it is only upon this
theory that tolcrably honest men, who
acknowledge the sacred inviolability OF
private debt, can find the slightest
DreteXt or justification for placing the pubic
debt on lower ground in the scale of moral
and legal right. Upon what principles of JUS
tice is the creditor Of the State any less enti-
tied to receive payment Of his debt than the
friend from whom you have borrowed a
thousand dollars, and who has parted with
his property on the faith Of your personal in
tegrity and responsibility. Has hot the pub
lie creditor lent you his money on the same
inducement and with the same expectation OF
having it returned to him with interest
Surely men who think will not so far stultlly
themselves as to fancy that they can rcpudi-
ate the State debt and yet retain the con-
sciouSness and the reputation of upright cltl-
zcns because they are willing to pay their pri-
yate Indebtedness.
The very idea of reputation is so much at
variance with the history, the character, and
the interests Of cur people, that it is not con-
ccivable that Il majority OF The voters Of the
State would for q moment collntcnancc the
leader who would point them to this course
of damning shame and irrctrlcvablc disaster
Let the people reflect upon the consequences
of this measure and drive the foul ima@1na-
ton from their thoughts. 1t is to be hoped
that if the claims Of justice cannot persuade,
her mandate may compel those who mediate
this cnornity to abandon their purpose in
the sure prospect Of ultimate failure and dis
grace.
The Constitution of the Union forbids a
State to pass any law impairing the obliga-
ton of contracts, and it might be well if this
prohibition were scasonably kept in riew.--
Petersburg Progress.