The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-01-19
Public Credit Of Virginia.


1t may seem an oflicious assumption for us
to meddle with exclusive State policy, but
when that policy affects national politics, and
is construed to the damage Of national
party, in which alone we believe there Is
safety, then it is entirely within the province
of our comments. Especially will we he
pardoncd when that State has been such a
forcjble illustration Of the wisdom OF that
conservative policy which we have SO earn
cstlv urged. Besides, Virginia does not belong
alone to herself; her history fills the largest
page in the record Of the Republic. She
stands prominently the central figure, both
in war and in peace, in every epocn OF tne
Government, She has been so often called
the wmother of States and statesmen that
the aphorism would have lost its significance
had it not borne the stamp of truth, and been
sustained with unimpcachablc consistency
through all her history. 1t were useless for
us to turn back the Intelligent reader to her
deeds in the birth Of the Government. SUI
flee it, she has maintained the character she
first assumed as Il leader in the great duties
of State. To her we are indebted for the
foundation and superstructure Of the Rcpub-
lic-for the ideas and principles, that when
we forget we lose all that makes us free, and
distinguishes lis with an exclusive form OF
stantial, her mind and heart so open and
thoroughly understood, that she should not
lightly be assailed or hastily condemned.
The inconsiderable haste of her Legislature
in defeating the effects Of the funding bill
without making adequate provision by I'M
mediate legislation to sustain her credit un-
der the shock, and to shield her from even
| the intimation of dishonor, Is but paltry
| excuse to throw insult into her venerable ana
| yencruted face.
If untarnishcd integrity in the past, Of
| faithfulness even to the spirit Of her obllga-
| tons, is no protection to her in the hour she
seems to falter, then may we consider an
honorable life as useless as safeguard against
the SANDERS of the inconSiderate or malicious.
1t must be remembered that during the late
war Virginia was the battle-ground Of the
contending forces; that she was torn by the
heel of the war-horsc, and wasted both by
| friend and foe; she was severed of territory,
and West Virginia was called State i'll order
to multiply representatives at the national
capital to carry out the bchests OF Radical
ism. But even in this desolation she maln-
tanned her credit and kept inriolate her
honor; and then, when she laid down her
sword she wheeled into ranks i'll perfect good
faith and loyalty to the laws and the Con.
stitution, and SO unswervingly walked
on in her course that she challenged
| the admiration Of the world and 81
fenced even the attack of her bitter enemies
the Radicals. Her people elected Gill
bert c. Walker Governor, who had settled IN
| Virginia, immigrating from the North,
Union man, and elected by combination OF
the Democrats and Conservative Rcpubll-
cans tout of which grew what is known as the
Conservative parity. Governor Walker was
almost unknown to the people, but he had
produced such an impression on the peo-
pie about Norfolk by his manly bearing, his
open and decided opinions, and his interest
in the general welfare OF the State, that he
was taken rather upon their endorsement;
and, happily for them, he has proved an up
right, faithful, and efficient friend.
In his first message, among other enact
ments, he recommends the funding OF the
State debt. Whatever may be thought of
that bill, afterwards passed, and known as
the funding bill, its very suggestion in the
message increased the value OF State bonds
nine cents on the dollar, and the subsequent
passage of the bill sent the consols up to is
and 10, thus showing that public confidence
was ut once established by the passage of the
bill. We do not pretend to say that the
Legislature has no right to repeal this act,
even when three-fourths of the debt has been
funded, but we must say that we regret the
indiscretion in passing such resolution
without providing, at least, u substitute for
the bill which would have in Il measure Sus-
tanned the honor and left unblemished the
escutcheon Of Virginia, and protected her
against the libels with which she is now
assailed.
The consequence has been most disastrous
to her. Her credit is impaired; her staunch
friends abroad, who have strained every re-
source to sustain her, are in q state of per-
pleXity as to what she means to do. Immi-
grafton, upon which she must depend, seems
to have been temporarily suspended. Capt.
tai no longer seeks investment in her securi-
ties, rs heretofore. We do not believe that
Virginia means to repudite; her past char
acter, her high honor, forbid it. We do not
believe that even the Legislature means to
repudiate, for its Virginia element is too
strong, and her recoliections are too glorious,
for any Virginian hand to tear them from
her brow OF Wither them with dishonor.
We suspend judgment and wait the issue
with hope. III the mean time the Legislature,
we trust, will make haste and repair the fear
full injury they have done, and we believe UNI
Intentionally done, the smother Of States
and statesmen" for reputation by Virgini.