The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-01-27
An Important Proposition I'm the In
tcrest Of Peace, Prosperity, Good Co
yern;ncnt, art, Good Feeling.

4
yerniucnt, :sEsta Good Feeling.
We publish the following article, full
though it be of food for thought, rather be-
cause of our respect for its author than be-
cause we have any faith in the feasibility OF
the scheme it proposes. We submit it to
the public as the production of student OF
the science Of government. We caution our
northern friends-Senator MORTON cspe-
ciallv--not to read it as a proposition to pay
the war debts Of the southern States, but the
onte-belluin debts of all the States, North and
South, or rather their present debts not con;
tracted in aid of the Frebellion":
That the United States assume the debts OF
the States, issuing her bonds at four per cent.
and retiring pro tanto the bonds OF the
States. That contcmporancously the Consti-
tuition OF the United states be amended so as
to inhibt the States from contracting debts
in the future, except under limitations, say
a vote Of ayes and noes of majority of both
houses of General Assembly (not merely
those voting, but all the house,; the appro-
val of the Governor; Il contemporaneous tax
bill to paw the intcrcstand accumulate sink
ing fund for ultimate redemption OF prlncl-
pal as the debt natures; graduating the
maximum of debt according to the assessed
value of taxable property, &C., &C., and CIV
in~ jurisdiction to the United States courts
to enforce payment by the States of all loans
hereafter contracted.
Iprcsumc $500, 0O0,0 900 would suffice. With
Tie ilimitaDlc resources Of this great and
growing country the experience Of her lately
past demonstrates that this addition to her
bubble debt can impose no burthen upon hel
peope comparable to the benefits which il
will ensure.
The proposed amendment to the Constitu'
ton involves upon the part Of many sacrl-
flee Of cherished hereditary sentiment.
an one Of them. But if the fathers whom
we reverence had been required to act in the
| light which blazes upon our path do moi
| think they would have lesitated. The United
States yielded no point Of honor IN her re-
cent treaty with Great Britain in submitting
grave matters Of questionable controversy t
| Tie aibitrunent Of Empircs-responsiblt
only to the enlightened opinion of the
world. / have been always nil adj
vanced STATES rights man, but have
never been unwilling as a ViSinian fol
my good old State to pledge her faith to bt
always honest, and to abide for her the judg
mcnt of any enlightened tribunal upon thu
| Interpretation Of her solemn and recorded
contracts. / would not be willing to degrade
her Executive and Legislature to the level Of
the mayor, police, and council of a village
| by rendering her amcnable to any jurisdic
ton upon matters Of tort OF implied con.
tract which would restrain that enlarged
discretion in the ordinary administration o
government which is essential to the dignity
and honor of any State. But when sht
pledged her word to return money lent upor
| her promise to repay, will abide as to thu
measure of her liability by Judgment of any
incorrupt tribunal on earth. The Limitation!
upon the power of the Legislature to. con
tract debts are similar to those which hel
people in former times, without drress
thought it wise in their own solemn volitior
to impose. 1t is now much less to her in
terest than that of her southern sisters to re
uuire such restraint. But recent event.
abundantly demonstrate that since the tax
levying and debt-contracting power has beer
torn from the control of the taxpayer anC
the debt-redeemer, some such restraint is al
absolute necessity for the security Of th,
lender and the solyency of the States.
There is imminent and immediate peril O.
reputation upon the part of many of thu
States, and the inevitable result will be a de
probation of al American securities In TIT
| money markets of Europe. The credit o
the United States will necessarily suffer t.
some extent. The reputation Of her debt il
1887 by Mississippi has imposed burther
ever since upon all American enterprise.
soliciting loans from foreign capitalists. i
is, perhaps, not unreasonable to assume
that the people of this country have
been comEelled to nav at least one PEI
cent. per annum additional interest on
every Federal, State, municipal, land corporate
loan, contracted since that act Of bad faith OF
the part of single: State. 1t has been al
onerous Tux on the productive industry o
the whole country for more than genera
ton, and that tax must be enhanced and per
petuatcd if other States are now to follow
that fatal precedent.