The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1872-02-21
REFUND Or REPUDIATE

REFUND or REPUDIATE.
"Reftnd or Repa7iate," should DO the
watch-cry Of the people from this time
forth, Refund the State debt on the basis
ofpaylng the principal and interest sepa-
rately, without any compromising of the
latter TO crafty the greed of the bondhold-
ing Shylocks, or else repulliafa he ac1ole
thing, and done Nth 1t. Tender the bond
holders one horn or the other of this
dilemma ; and let Them choose which they
will take. II they refuse either, impale
them on the horn that suits us best. This
is the equal and exact rule Of Wall-strcet
Justice and morality, as dealt out to Others
In great financial emergencies Wall-street
"shuts down''-closes its mighty money
vaults in the face of us all-heeds no de.
mand Of the demoralized world. YouYa
have your millions locked up on deposit in
their vaults, but you have no iVpen ses-
anne" until they give the word. When
everybody else is running wild with panic,
Wall-street is cool, calm and collected as a
May morning. 1t views gigantic moneta-
~ pressure with the complacency and self
satisfaction OF an Alexandrian Jew. No
thing dsturbs its equanimity in financial
crisis of any sort, and especially one which
itself may bring about. This is the de-
meanor Of Wall-street when the people de-
nand of it relief under any extraordinary
monetary pressure. Why, then, should
the State of Virginia run so entirely stark
mad over the necessities of Wall-street as
to lose every particle of its brain-sense in an
emergency like this? What obligation is she
under to that Mecca OF Safeguarding VOC
taries to mammonism and money-grabbing,
that she should break her own financial
neck to temporarily relieve theirs? Nome
that we can see. Then let us be conarla-
cent, and take just such a survey of the
situation AS the calm philosophy of WALL
street would commend to us.
And, first, out of this infinite saad,p !, NJ
funding ana fefunding that has , con GONE
through with in the last five ~. civ vcars
let us, if possible, catch . o,oon If finan,
-
aato $50 'e. ,lue by which to extri'
- ~ 20. ; ON this Cretan labyrinth
:, Ems, ms ct us start with the figures O
Ga a. Auditor. His last report to thu
49, ,ral Assembly shows that. the entire
'..nount of the public debt, issued under
acts prior to the 18th of April
1861, including interest since, is, il
round numbers, 100000. One-thirt
of this sum or SIT, 900, it is claimed
by us, West Virginia should pay as he
proportionate part of the whole sum, tax
ing territory and population as the basis o
equitable division. If the bondholder
demur to this, we have only to say to then
that when the Federal government shall re
mand that portion of the State to its prope
and constitutional place in the Union, a
part and parcel of the old Commonwealth
of Virginia, we will then assume and pa,
the whole SIS, 900, 900, on the basis upoI
which its several separate sums were frs
issued or contracted; that is, we vii
take the debt as it stood on the 18th da,
of April, 1861 consolidate the princpa
sum of it, or all the regis
tered and coupon bonds issued before tia
date; issue new bonds therefor, payabl
with interest semi-annually from July Isl
1871; give certificates for all unpaid inter
est accruing before or since April 18th
1861, payable, without interest, in five, tie
and fifteen years, and ptedge the honor 0
Tie State to make good us obligations {
maturity. But until the Federal govern
ment shall do this, we shall hold all il
"loyal and law-abidingn citizens, and espe
cially those of Wall-street, to the recogn
ton of West Virginia's just and equtabl
obligation to pay one-third Of the debt W
have named. And should they still press IL
whole claim, as due from us, we must ia
back on the Qudhlt,tm msrut, and say, IS
much, gentlemen, and no more" This
what Wall-street would say to us, if I'll
tables were turned upon that immacnlat
locality for all financial adjustments.
With this one-thrd deduction, as set
West Virginia, the amount of indebte
ness then outstanding will be, according
the Auditors showing, s32, 900, 900. lib
sum includes two-thirds of the public deb
issued under acts prior to the 18th
April, 1861, and so much of the intere
thereon as accrued before or has accrue
since that date, and still remains unpai
We have carefully computed this interes
and find that it amounts to between ten al