The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-02-07
yybot Iobn Bull Thinks Of Us.
From the Liverpool Anglo-American Ilmes'
TIE CREDIT OF VIRGINIA.

TIVE CREDIT OF VIRGINIA.
The course taken by this Legislature Of
Virginia with respect to the consolidated
bonds and the interest due on the 1st instant
has been learnt with blank dismay by all the
friends of that State abroad: On the most
earnest advocates of the Old Dominion the
effect can only he described AZ ga slap on the
face a shock which mentally lowers the
man in his own estimation. He feels like
one who has been used as tool to cnuIP
others: who has been dcluded to his OWN
injury and to that of his friends by COM
munity he now despises; who fears to look
those friends in the face, conscious how lalse
has proved his talk of fine investment, OF a
Grand field for emigration, Of an honorable
ncop1e, showing all excellent capacity to ell
dure for the preservation Of the States hon.
oIr both in war and in peace. " w nat an
ass was" bitterly eXclaims the man, the
more active he has been, as he sits down 70
answer the numerous letters Of inquiry from
those deluded friends; and that feeling
is communicated in the words lie tnoltes to
his correspondents, to the lasting injury OF
the Old Commonwealth which proudly boasts
of being the mother of Presidents: We know
of many of the most valuable settlers,
gentlemen with considerable means, lost
forever to Virginia by this move.
They abandoned all their previous in
tentions; and one of them, whose III"
tie estate in Ireland was on sale for
$4,000, instantly changed his plans. BE had
no money in Virginia bonds, therefore he did
not lose anything that might prejudice him
against the State, but he argued that VIZ
ginia's future, for very many years, was now
hopeless. Immigration would not flow in,
for no capital could be attracted there; the
credit of the State was, for the present at
least, gone, and with that not only her Dor
rowing power but that of Virginian corpo-
rations and of Virginians individually.
"How," he asked, "can the Old Dominion,
without capital, without the power OF at
tracing money, and therefore without the
prospect Of Improvement and Of free tide OF
European settlement, hope for progress!"
This view has been taken, and will be taken,
by thousands; and those who have already
settled in Virginia will hasten to get out OF
the State, or, if tied beyond recall, bitterly
regret the fate that sent them there. Is there
really so much involved i'll reputation, or
threat of reputation, by the Legislature
Our opinion is that the position, though
strongly taken, is little if at all exaggerated.
Were we asked what is the strongest moving
slVlllS VI IL w "SoN ~
inclined to answer-Credit There may be
others as strong, perhaps even stronger; but
had we to give our answer in one word, we
would still say-Credit. It Is trHe that the
credit of that community stands highest
which is the most Industrious, frugal, and
enlightened, and therefore the one which
least requires it, the industry, fruSality, and
knowledge making money as we'll as credit.
But credit is the outgrowth of these sterling
qualities, and means the respect and the
high appreciation of the world of the
honesty and the ability of a community to
meet an obligation. There are emergencies
to which individuals and communities are
alike liable, when the two suffer disastrous
loss if their credit be not good, and the at
mospherc around both the individual and the
community is loaded with opportunities, seen
and unseen, which are lost to either without
that credit. The nation, then, that destroys
its credit commits sort of moral suicide,
and materially checks its own progress.