The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-12-21
Notes about the Funding Bill.

Notes about the Funding Bill.
The hue and cry Is raised against the 1uno,
ing bill. We were not its Champion bu'
We cannot understand why gentlemen should
apply to |. terms Of cpprobriun. VI ltseh.
itba plain, practical measure, carrying OUT
Gorornor WALKERS oft-Tepcatcd rccommen'
dalton Of tho funding Of the public debt in 8
coupon bond, convenient for sale in the mar
set, withou: imposing upon the holder the
Inconvenience Of procuring transfers on the
books in the Second Auditors office, this adj
vantage alone giving the coupon bond q
higher market value than the old-fashioned
registered bond. Moreover, the public debt
was n 50 many shapes as to create both con-
fusion and labor, and its conversion into
one form Of bond would avoid all this.
So far, then, there is nothing to be said
aaains. the funding. Governor WALKER
urged that the State should begin to pay in'
,crest on the Isl of January. 1872, by which
time he thought she would be able to d.
50. This was question: and i'll the opinion
OF the Governor the Legislature acquiesced.
Both the Governor and the Legislature last
year thought six years suspension Of in.
teyest Was about as long an interval as VII.
yinia could we'll permit, with proper re-
gard for her credit and standing among
States.
We say, then, the bill, taken by itself, ant
In the view OF its policy as measure o
State, Is llnimpcachablc. But it is alleged
that bondholdelS were anxious that II
should pass, and their anxiety was so great
that they paid to get the bill passed. The
IYhi7 charges this sort Of bribery Of mem
Iar<. Colonel O'FEEEALL charged that the
measure was "the offspring Of Fraud and
the child Of Corruption"
1t Is not surprising that tho bonlholders
were glad to see that Virginia was about t.
do something. 1t was not corrupt" fol
them to want their money. 1t was not 8
"fraud" for Virginia to propose to pay hei
debts. The dctum Of legislator might de
eide il otherwise; but III old times pcopl.
were simple enough to believe that it wa
right and proper for men who owed none,
10 pav il, and for those to whom 1t was due
to receive il.
But the bondholders were so very anX!ou:
to get the paying machinery to work; and
they are gravcly charged with having bribed
Virginia leyislators--once without reproacl
and without fear. Very well. The charg,
carries with it the imputation that the L"Sis
latnrc of Virginia is corrupt and has received
brides. 1t goes further, and implies it,
readiness to do things for the grcenhacks n
well this year as last.
And thus we 30 step by step i'll the path o.
a. honor. Nothing i, done where honor i.
stained that does not suggest suspicion.
Might it not be asked whether il is not now
desired to get Il little more of the money Of
,!,c bondholdcrs: Men that Were bough,
last year may be anxious to he bought again;
and nen who participated not in lust year,
hiiuos nmy desire to warm their fingers b!
the iirc In which votes Src cooked the pre-
sent year. The hondholdcrs are like the pig
In the gate-cannot set out without relief;
Gnd what will they give:
We know nothing of tho truth Of the
charges SO freely made against the bondhold-
ers and the last years Legislature. But we
say, if they have any foundation in truth, the
differences we have rccitcd are altogether
logical.
But far worse thtn al that has beer
charged or coniecttired is the last charge that
has been made: That the move against tn,
iI.ndng bill is supported by many Legislators
with the view Of dcprcciating the value OF
the State stock in order that persons who
expect to buy some OF the securities now adj
yertised to be sold by the State may pay for
them in the deprecated State. stock. A plan
such ;,s that-to profit by such i'll cXpedient,
employed by men who are set to guard the
rights and honor Of the State-is llagltious.
No term that claractcrizeS faitillessness and
wrong is too severe for il.
No calm, right-thinhing gentleman can
contemplate the subject, with its many COM
p'ications, without the deepest modification.
10 what a pass has this noble old State been
brought by unworthy sons In high placcsl