The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1871-12-26
TUESDAY EVENING. DEC. 20, 1871
THE FINANCIAL Mupnl.E

We cannot too highly commend the
spirit and unanimity with which the ma
jority in the Legislature have undertaken to
review the action Of last winter upon the
public debt. While nothing positive as TO
the ultimate decision of this matter is de-
termined by the vote to stop the funding,
and to delay the payment Of the January
interest, time is obtained, to consider. the
position Of affairs. To prevent, meantime,
any ..desposition Of the funds in the State
Treasury, that might be inconsistent with
the final determination, was the part Of
prudent and sensible men.
The cry of reputation, and the wall over
tho honor Of the State will scarcely avail to
shake the courage of men who have clear
views upon financial questions, and who are
wont to stand upon convictions. 1t is not
to be doubted that many of those who OPP
pose the repeal of the Funding Law are
sincere in their desire to maintain the terms
of contract. But their position is mon
strously absurd and inconsistent. 1t in
wolves the assumption that Legislature
may commit the State to any policy, how
ever outrageous or destructive TO its peo-
pie, and take from them all power of re-
medal legislation, by simple statutory
enactment. 1t is only necessary to DO the
thing by contract, and robbery becomes
invested with the sanctity of an honorable
obligation.
The obligation Of Virginia to pay her
debt at maturity, and its interest semi-an-
nually, cannot be increased by any legis-
lation. 1t was contract before, and we
fail to see how a contract to pay two-thirds
of it, is any more sacred or irrepealable
than the contract to pay the whole.
"Ah, but my honor," as Bob Acres
says. Honor, good friends, like virtue, is
a very ticklish thing, and don't bear to be
talked about much. Those who have the
most, generally say the least about it.
Little men hustle about and chatter like
magpies TO advertise mankind of their
presence among them. Great men move
noiselessly, without need TO use these small
arts. The talk of Estate honoru is bosh and
transparent humbug. When the State
of Virginia voluntarily put her finances
in jeopardy, and placed the interests
of her creditors at the risks of a
needless rebellion her credit fell, and she
dishonored herself before the world. When
year by year she taxed her people and
squandcred money in war, leaving them
still burdencd with debts for which she
made no provision, she foully dishonored
her good name. This is a fact aecomp-
lished, and no subsequent legislation can
work out the stain or
'Recreate the rose from oul its ashes.
Even without the bloom or lost perfume"
Very young boys and very old ones still
indulge in this spread-eagle nonsense about
Estate honor" and estate credt.n Soma
very fine rhetoric can be got up in this way.
Beat up into a bushel Of froth and over
hung with rainbows, it is very attractive to
the eye, but it don't do TO live on very
long at one time. Virginia has been fed on
dead mems bones until she has become
pitifully lean. She will thrive no better on
the "foating islands" of estate honor''
and public credit" however well set off
with tho spangles of flashy rhetoric,
which has survived the solid nobility Of her
early and better days. In her utter pros
tration and feebcness she is crying out for
the strong meat Of a wise, bold and pro-
gressve policy-a policy, just to others
but tender and cherishing to the sons and
daughters that are committed to her care.
Her lost honor is to be restored by ac-
cepting. and fulfilling every obligation in the
order of its sacredness, beginning with the
care of her own children. the least of whom
is moro precious than all her wealth. While
half of her people are pinched for the com
forts of life, and half her children are
growing up in ignorance; abhile ere,y elc-
me6 Of her cipiii@dtion is stamped aah the
'nferior1ty Of poverty, aud she is recediao
into the to,cest scale Of industrial and f.
nancial prostitution, no hae U5yinia, oujh
10 feel MatAis mother State is dishoaored, be-
cause she cannot meet tie DEBT, aclica a past
generation na'oisely sacltlled upon her.
Let the State save her industries from
ruin, educate her children, secure to her
people way out of bankruptcy, stop the
drain OF her young blood abroad, and bring
to herself tide Of healthful immigration.
This is the first step towards resump-
ton of her credit, and her honor may wei
be left to take care of itself. TIN his is
done the State must POSTPONE us debts a5road,
or stumble and stagger on in its present
helpless way to the sure "SloLgh of De-
spond' where it win sink in the mire of
reputation.
THE SURPLUS LANDS OF VIRGINIA,
We had the pleasure yesterday of meet