The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-02-07
From the New York Evangelist
Reconciliation in Virginia.

L
HusudIaticn in Virginia.
Since tic war no southern State has come
IN more rapidly than Virginia. At first it
seemed as il: she could not recover in gene
ration. She had suffered more than any other
part of the South. She had been the battle
ground of the war; her fields had been
tramulcd by contcnding armies; her towns
and villages had been swept by shot and
shell. and tens of thousands Of her bravest
| and best had fallen in the tremendous strug-
ole, When the war ended she might well
have felt that "all was lost but honor" But
| tbni NJ least was not lost. Whatever faults
could be imputed to TirginianS no one ever
charged them with q lack Of courage who had
met them on the field Of battle. Of that they
had ciyen proof on many Il bloody day, and
in the countless dead, whose bodies were
strewn llpaiid down the Valley, III the passes
Of the Blue Ridge, and along the banks OF the
Potomac.
And after a while they found-altlough
tempted at first to give way to dcspa!r-that
thcv were not quite ruined; that there was
| still future for themselves and their State.
| God had given them IL vast territory, with
every variety of sllrtace-lowland and high
land, plains and valleys and hills, and noun
| tains full of coal and iron. With such vast
natural wealth, it needed only courage in
peace such as they had shown in war, reso-
luton to rouse themselves to the work, in
order to conquer all difficulties and wrest out
of disaster future more glorious than the
past.
This reviyng spirit was helped by the
influx Of northern capital. New York sent
| down, not a host of carpet-baggers to
manage the politics Of the State, but business
| r. -inrr n,I or
| to survey the resources Of 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 Cast and the West between the
Ocean and the Great Valley; which is to do
for Virginia what the New York Central rail
road and the Pennsylvania Central have done
for those States. This work is already fur
advanced and before another winter comes
round, long trains of cars, like moving cara
vans, laden with the produce of the West,
will he seen climbing the slopes of the ALE
ghanies, and will run rejoicing to the sea.
1t is 1T such q momcnt-when everything
| is so full Of hope and promise-that the
| friends Of Virginia are panied to see check
threatened to her career by 4 blow at her
credit-a blow struck by herself, and which
may bring upon her ali imputation Of dis
honor. As all know, the southern States
have suffered fcarfully from the total loss of
their credit. Not only was their capital all
gone, but they had nothing to start upon to
enable them to begin again. To make the
matter worse, in some OF the Statcs-as IN
South Carolina-thc most reckless ana I'M
proyident financial legislation, just when
their resources required the most judiclous
and careful nursing, his brought them to the
verge of hopeless bankruptcy. From this
last humiliation Virginia has hitherto been
saved. She has been ravaged by war, but
her remaining vitality has not since been
recklcssly squandered. A rapid and vigor-
Gus recuperation has been evident through
out her borders and in all her interests.
Last year the Legislature, after long dis
crssion, adopted q policy for meeting the
public obligations which seemed perfectly
equitable. 1t was arranged that the debt
should be divided between the two States
/ Old Virginia assuming two-thirds, and leav-
ing to West Virginia but one-third; that
new bonds should be issued to take the place
of the old, and that provision should be made
by taxation to pay the interest. The people
resolved nobly to tax themselves to sustain
the public credit. No sooner was this done
than that credit began to revive. Capitalists
were willing to take the new bonds, for which
the faith of the State was pledged. The
funding Of the old bonds into the new went
rapidly on, and the finances Of the State were
: placed on firm basis.
Perhaps it was the very success Of this
sound financial policy which excited the
Jealousy of demagCgucs, who began to think
that somebody" was making something
out Of it. Even those who were not taxed a
r. ,,.+ In
" bloated bondholders," and that it was
"tiXing the poor for the benefit of the
rich'-a cry which is always popular among
the ignorant.
A year has passed and new Legislature
has come into power which seeks to repu-
diate the former engagement. An act Of re-
peal has been introduced, and has passed
both Houses, and would now be n law but
for the veto of the Governor, which throws
it back into the Legislature, where it now
hangs.
:, The effect Of such a proposal is to make Il
deadlock in the affairs OF the State. Although
the money is already IN the treasury to
meet the interest. yet the Treasurer is not
permitted to pay it out till the question is
decided.
Those who propose such discreditable
measure are very much disturbed at being
told that this Is Virtual REPUTATION. Ilit IL
an odious word, which carries shame and
disgrace. ooh no,n they say, "we only
wish to meet the debt in another form; to
make the burden lighter" Indeed And
how are they going to "make the burden
lighter?" Is there any way to get rid of a
debt but to pay it? And is there any way to
meet the interest on heavy public debt but
for the people to tax themselves without
i flinching? In that way the burden will soon
grow "lighter." Every million that is paid
; takes off so many tons weight from the backs
of the people. In this way the whole bur-
: den will soon grow SO light that the people
who will be all the while growing richer and
j stronger-will bear itwith the greatest ease.
Whether the proposed repeal is direct re-
pudiation or not, no man can deny that it Is
a disowning Of the obligations entered Into
last year. Whoever took the bonds Of Viz
ginia year age did so trusting In the good
! fifth of the State to keep its obligations both
in the letterand the spirit. Every such man
will feel that he has been deceived.
l There is not an individual, not Q savings
4 bank, not widow, who may bold one or
i two Of these bonds whose little property il