The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-02-17
| refused to make the necessary appropriation

refused 10 make iuS HSSS''sh' aPPhUpA'1sioiA
for its payment. .
of dollars in the Treasury, with an assessed
valuation of taxable property to the amount
of two hundred and eighty millions OF real
estate. and eighty-six millions of personal
property. or three hundred and sizty-siX mil
lions in ALL. The total debt Of the state Is
s47 900 900, or about thirteen per cent. on
the valuation. The annual interest required
by the funding law of last year, if honesti y
paid according to the stipulations of the State
Legislature, would be less than two millions
of dollars. This takes into view the fact that
the actual issue of bonded debt under the fund
ing bill was only 100000, the remaining
ST 900, 600 Tor about one-tlrd the total State
Indebtedness being left open for an uncoIn-
pleted settlement with West Virginia. Inc
latter new State, it has always been claimed,
is Justly liable for ut least one-thlrd OF the
ante-war indebtedness of Virginia. And tie
whole debt, enormous rs 1t is; WINS and re-
mains an ante-war debt, incurred mainly for
great State improvements, and only increased
of late years 10y the accumulation OF deferred
interest. 1t is due perhaps rs mitch to tie
crippled condition Of her finances rs to hff
honor, that Virginia, almost alone Of Il Q
southern States, has not added to her de- t
during the years of the war and the succeed
ing ones. But it remains true that OF al
these States three only--Virginia, North
Carolina, and Tennesscc--haye delauited in
the payment Of their annual interest.
The debt of Virginia, it is not to be denied,
is larger than that Of any other State in the
Union. New York comes next, with
S3S, 600 900 Tennessee third, with the same
amount; North Carolina fourth, with
&c., O00, 900; and Pennsylvania fifth, with
s31 200. From these heavy amounts the
rest of the States drop by degrees, from Mas
sachusetts, with s2G,0Ga,GD OF debt; and
Louisiana, with SlS.0oGao0; to Ohio, with
her $4,000 900, and Indiana with no State
debt at all. Even the great State OF Illinois
owes but paltry s2,0O0.OOO.
Now, if we take the SIT 1000, 900 Of Virginia
debt and divide it cquitably between the two
States of Virginia and West Virginia (which
separated from the Old Dominion i'll 1852
we shall find that the aggregate, though
large, Is not so startling thing after all.
West Virginia has never tried to rcpudla!e.
She owes no debt 1--WE bclievc) outside OF her
undivided share of this old one. In her Con-
stitution, West Virginia provided that an
adjustment OF this debt should be made, hut
various causes have postponed the matter
Commissioners were at last appointed W
both States, in 1871, and the matter IS Ill Il
fair way toward ali anicable settlement,
though it is most probable that, Ill the talll'rc
to agree, resort will he ultimately had to the
Supreme Court of the United States. II the
debt were appOrtioncd in the ratio Oh popG-
lation. West Virginia, having 4io,G16 people
against ,224 $40 in Virginia, would llaVo %
assume but little more than twenty-five per
cent. of the entire dcbs, or say Sl2,OG0,o.0.
If it were divided in proportion to the l'eE'-
tive advantage of the public works, ETC, Tor
which the debt was originally incurred, to
each section of the State, West Virginia
would doubtless be saddlcd with Il far less
proportion. The same would be the case II
the basis Of apportionment were made The
taxable value Of property i'll either state.
But whatever may be the amount OF Geot
as ultimately apportioncd between the Two
States, it cannot be 50 large for Virginia as 10
cyteniatc, much less justify, the threatened
repudiation of her solemn faith, pi!giiteu over
again less than one year ago 10 tue Statc
creditors, that they should he pald IN Illii.
That engagement was made by the leSisia-
turc in direct view of the fact that the interest
on the debt was already largely III alrcar, ana
the accumulated interest was to be addcd 10
the principal, taking fresh departure lof
prompt payment of interest thereafter. LEI,
in December last this funding law was re-
pcaled, so far us the Legislature couiG GO II,
though the act was vetoed by the Governor,
and still hangs in suspense, with the report
OF committee proposing Tirtuai rcpuaI''ioh
now under consideration.
This report, let us add, while pleading
the poverty of Virginia and lis citiZc,ls,
and iustifying the "scaling' OF the DEBT Dy
reducing the immediate interest onc-htl!'
protests sincere desire to keep faitn with
The States creditors. and denies any INTEL
ton to repudiate. II puts forth Ill justin
cation Of the conclusion 1t comes 10, 10 hui-
lily the funding Of the debt already per
feccted under the solemn forms OF law, the
allegation that the State can exact better
terms of its creditors. This plhlul ana
dishonest preteXt, even II true, involves
the very essence Of ttishonor. Granting
that the old Commonwealth has Tue boliu-
holders in its power; CHANTING that Tie S''Le
caniot be sued, so that fEc! can nave no r.
dress except In its will and pleasure, there Is
still no defence for such an act as rcpGdlat'llg
one-half the interest, which Is not equail!
GOOD for refusing to pay the WHOLE, OF even
for rejecting the claim for repayment OF the
prllcll)ai. ~ W pSN-3
She is not poor enough to be able to afford
such dishonor. The saving she would make
in interest would be far costlier i'll It's effects
upon the prosperity of the old Common
wealth than the whole united burden OF the
interest and principal, which she now pro-
tests against. Already her funded bonds arc
lluctuating between forty-tiyc and 1itty-iivc
per cent, in consequence oil this threatened
bad faith. Let it be contaminated, and
Virginia credit will become scorn
and by-word throughout the country and
the world. Americans, with whom fidelity
to contracts is the most sacred Of duties, VII
avoid Virginia as tainted and dishonorcd.
The stream Of emigration, which had begun
to flow vigorously tbither to develop the rich
mining and farming resources Of the State,
will cease, and will flow elsewhere. And the
citizens Of this once proud and honored state,
mourning over its irretricvably ruined credit,
and its sources Of prosperity dried up, will
curse the day when first it was proposed to
repudiate the interest Oh her public oJlisa-
tions.- Cincinnati Commercial.