The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-11-24
Thp State Debt,

Al
,ni,snes in Yesterdays Wht9 long and
s,1c letter on the subject of the state dept;
we regret that we had not room LOT u, s"u
Z, had 30 forego the pleasure OF puonsai's
:, u undertakes to show that the STATE Oh
yi,cfn,a e hound by contract whicn can
pot no set aside by the Legislature 70 re-
ou;ro hereafter the coupons OF the ne"
,,n,1o .for all taxes" There are many
tbcrpoiuts in the letter, but TINS Is the
mos, important. 1t seems to US tnas every
nanIhI and impartial reader of this letter
,,ns, admit that the Judge has established
This point beyond cayil.
Il * 50 we'll known that the Dispatch Is
opposed TO everything that even SO much as
sn,ints Mt repudiation, either Of public OF
of nriyate debts-of national or Of state
honds-,hat we need not apologize for CIV
ing publication TO few ideas which nave
been suggested to lie by Judge MEREDITH
letter.
list. we doubt whether tho quotations
made by Judge Meredith nom Inc IN"
ri nations have any application IN this
case. VIRGINIA is not a nation. She can
,,4rdIv be called estate" IN the sense
in which the word is employed by writers
unou international law. In this country
Congress is the only Legislature, and the
United States the only State, in the sense
il, which the word "Legislature" ana Tue
1vo,;, estate" are used By those writer's.
7, srems inconsistent to speak OF virginia
j., one breath as if international law were
all that could bind her to pay her ocpts' or
excuse her for not paying them, ana III LUG
mex, breath AS so hampered by Constltu-
lion mot Of her own choosine) held over
her by q superior state or nation that she
must perforce pay them. II international
Iow may be appealed to, the nations OF the
world may enforce 1t hy arms against VIZ
r,,ia. Can they: Virginia was once state'
,,.rhsns. Certainly she is now State only
in Eamc.
"a. Less than one.fourth Of the popula-
ton OF Virginia was cut of In west VIZ
cipit. There il no reason either for sup
Dn,iuc that West Virginia will ever con-
sen, 10 nay one-lhrd Of the debt. She
claims hat all the interest funded must be
suntractcd before her share OF the dept 's
assigned to her. Then that all the assets
possessed by the State IN 1861 must nc SUD-
tr.cted-lor instance, the millions OF dol
l.r>' worth of stock sold to the Atlantic,
Mississippi and Ohio Company, TO the
Danyinc Company, and to other compa-
nic,-all Of which Virginia has disposed OF
or treated as if West Virginia had no voice
in the matter. These assets also include
the State stock in the old banks ut its value
in 1861 in the James River aud other COM
palies: tue value of the capitol and other
rnyiic buildings, etc, etc. 1t is easily 10
b, seen that these claims, if allowed, VIII
reduce West Virginia's share of the debt
very much. II Virginia ever gets even tive
millions Of dollars out Of West Virginia
VIC shall be surprised.
81. And if West Virginia thus refuses
t. pay cnc-halt of the third that Judge
MLHLplrn thinks she ought to pay, Fir-
ginis vii, under the operation OF the
funding hill, as we understand it, have to
make good the difference. We understand
that bill TO contract for settlement, and
TO bind Virginia to stand by the same, and
to pay whatever West Virginia shall not
agree TO pay. No evasive pleas will avail.
On this point we think the Judge is alto
gethcr il the wrong, except when he ad-
mits that if West Virginia assumes less
than third of the debt Virginia will be
bound ioy t!ia difference. We can't comply
with this contract by neSlecting to make =
settlement. nor claim more than q "rca'
sona1ic indulgence" tor the purpose Of
making il. These are disasrccabIc state
mcnts; but if they are facts, as We believe
they are, the people OF Virginia cannot too
soon become familiar with them.
We do not wish this short article to be
locked upon as criticism Of Judge MERE
prn's letter. He has, like ourselves, no
other interest in the matter than as q tax
payer: aud if he were the largest Of bond
holders we would not wish to comment
upon his letter without publishing it. At
present we have room neither for the letter
nor Tor many comments upon it. We re-
peat that the letter is an able one, and
establishes the main point 1t touches-en.
tlrely TO our satisfaction at least. We eX-
press our dissent from some of his conclu-
slohs without undertaking either to give
MS arguments or any to establish our dis
Senting views.