Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1872-02-08
Financial Matters in Virginia.

Financial Matters in Virginia.
From long article in the last number ofthe
New York Evangelist, We make the following
extracts which we commend to careful perusal
and attentive thought -
Since the war no Southern State has come
up more rapidly than Virginia At first 1t
seemed as if she could not recover in genera
ton She had suffered more than any other
part of the South She had been the battle
ground of the war; her fields had been tram
pied by contending armies her towns and VII
lagos had hetn swept by shot and shell; aud
tens of thousands of her bravest and best had
fallen in the tremendous struggle. W hen the
war ended she Mi ght we'll have felt that ''all
was lost but houor.' But that 1T least was not
lost. Whatever faults could be imputed to
Nirginiars one ever charged them with
vi battle OF that they had given proof on
many bloody day and in the countless dead,
whose bodies were strewn upana down the Val
ley in the passes of the Blue Ridge, and along
the banks of the Potomac.
And after awhile they found although
tempted at first to give way to dcSpalr-tha,tt
they were not quite ruinel; that there was sill
a future for themselves and their State God
had given them Il vast Territory with every va
rely of surt'ce-owIand aud highland plains
and valleys ami hils-aud mountains full OF
coal and iron. With such vast natural wealth,
1t needed only courage III peace such as they
had shown III war Il resolution to rouse them
selves TO the work, III order TO conquer all dllA-
culticS and wrest out OF disaster Il future more
glorious than the past.
This rcviving spirit was helped by the influx
Of Northern capital. New York sent down,
| l., ~ "a
politics of the State, but business men. farmers
seeking good lands or engineers TO survey the
resources Ut the country, and see how they
might be developed. Out Of such surveys,
grew the vigorous prosecution of the work OF
extending the Chesapeake and Ohio railroad,
which is to form another link between the East
and West. between the ocean and the great val
ley: which is to do for Virginia what the New
York Central railroad and the Pennsylvania
Central have done for those States. lhls
work is already advanced and before another
winter comes round long trains Of cars, like
moving caravans, laden with the produce Il
the West, will be secu climbing the SLOPES of
the A!lcghanies, and will run rejoicing 10 the
| sea.
1t is at such momcnt-whcn everything Is
so full of hope and prUulise-that the friends OF
Virginia are panied to sec check threatened
to her career by blow at her crcdlt-a blow
struck by herself, and which may bring upon
her an mputation of di>honOr. As all know,
the Southern States have suffered teartuIly
from the total loss of their credit. Not ouly was
their capital all gone, but they had nothing TO
start upon to enable them to begin agalu 10
make the matter worse, in some OF the States,
as in South Caroliua, the most reckless aud i'm
provident financial legislation, just when their
resources required the most judlclous and care
full nursing, has brought them to the verge OF
hopeless Bankruptcy From this last hllmlll-
aliun Virginia has hitherto been saved. She
has been rivaged by war, but her remaining
vitality has not since been recklessy squander-
ed. \ rapid and vigorous recuperation has
been evident throughout her borders and III
all her Interests.
['rhe writer then gives brief history Of the
funding act and of the efforts to repeal 1T, and
says:
Those who propose such a diScreditabIe inca.
sure are very much disturbed at being told
that this Is virtual Repatriation. That IS an
odious word, which carries shame aud disgrace
"Oh no, they say, I'VE ouly wish to meet the
debt in another form: to make the burden
lighter" IuJeed And how are they going
to make the burden lighter?' Is there any
way to get rid of debt but to pay it? And Is
there any way to meet the interest on heavy
public debt but for the people to tax them
selves without hinchiug? In that way the
burden will soon grow lighter. Every mil
lion that is paid takes off So many tons weight
from the backs Of the people. In this way the
whole burden will soon grow so lght that the
peOpe-who will be all the while growing
richer and stronger--will bear it with the great
est ease.
Whether the proposed repeal is direct repu-
diation or not no man can deny that 1t Is
disavowiug of the obligations entered into last
year Whoever took the bonds of Virginia
year ago, did so trusting in the good faith OF
the State to keep its obligations both IN the
letter and the spirit Every such man will
feel that he has been deceived.
After referring to the injurious experiences
Of Mississippi, Illinois, and other States which
have INDUCED III the business Of attempted re-
p,ldiation, the article concludes
With such experience Of the evil OF any APP
proach to reputation, we learn OF this move
ment in Virginia with great regret. For We
had begun to feel pride in the revival Of that
grand old State. In our visit there last year
we were astoniShed at its vast natural wealth,
and predicted for it a great future. Indeed,
we have told so many big stories about 1t, that
we feel little mortified to have this thing
thrown in our face We trust it is not too
late to prevent this scandal and disgrace. We
tell our friends there frankly that the proposed
repeal of the legislation Of last year will do
them an injury that they cannot repair. 1t
will be interpreted as an act of bad taith as
they will find if they again attempt to raise
money at the Nor. h or abroad " 18th States
as with individuals, it is much easier to lose
credit than to regain it. For both, honesty is
the best policy. There is no substitute for
paving ones debts There is no way to dodge
it or 10 get around it. We know it is hard to
pay taxes when men are poor and struggling to
keep soul and body together. But no matter
for that. Better make any sacrifice than suffer
the good name of State to be tainted with
diShonor.