The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-01-20
THO POOR TO Repudiate.

!
Mr.. EurrnT II. l!rrHES. in letter OF con
siderable length To the editors ol The LYNCH
nrrr IrgsS. opposes with great rlfhe@'il'>>
a,,i force all idea Of rrnudlalln@ the l"'ic
uu,tgrii"n, III part or in whole. 10 rcpluEte
in ,r,rt !, to rcpud,,n, and i,c argues justly
tl,t Nir..inia i, too poor to repuumtc. TIC
thinks we are able TO pay. and enters into an
elaborate estimate Of public resources 70
snow lhi.. independent OF these estimates,
we now haze the money to meet our oblSa-
lions, and We should 70 OH and meet them,
Inpr~ for our continued ability, and moi
Welding the ground OF honor until we lall--
clD itirlv-in our honest efforts.
We have not space for Mr.. HrGHEs's eX-
..lcnt letter. but we copy from ii tue fol-
loWjn. upon the had consequences of rcpu-
GiatlVn:
"R,pudiulion by the Stale involves more
than the states credit. Ii involves, in great
,i.,r"e. the credit of I'LL private and corpo-
lite enterprise, in the State dependent Tor
support upon outside capital.
Now. >r, Virginia is too poor to declare
WIZ a1ru>t capital, the most omnipotent
;,Dyrr OF the age: greater than Caesars, or
EnpcroIs. or Kings. Capital is too strong
tor Virginia to cope with in her present
.rait>. If she have the hardihood to make
WAY upon capital by rcpudiating the obliSa-
f,cn IL pay her acknowledged indebtedness.
she naugllrates war which will prove
even more disastrous to her interests than the
il.-fgtcd war which was begun in 1861. She
cannot afford to make another disastrous
mist,kr. so soon. She is too poor to be dis.
honest. inst now. Capital is too strong po'
ranlte 10 bc insultcd, in her present need
Il his a capacity to be her Invaluable fllcnc
or TO lie her ruinous enemy. Ii she prop
,iatc this mighty power, it has the ability K
It'll her out of her present embmrassmenls
and To restore her to prosperity ana wealth.
II she offend this power, 1t Will let hcr Sc
yerciy alone. rs it did Pennsylvania anu ILL
noiS until they cried for mercy ana PARDON
its hands; and then, before very long, ever.
interest within her borders will feel the pincl
of ncnury and discrcdt, and her people vii
rise up in anguish and anger to curse th
counscls which brought this second ruin upol
them.
"Rcpudiation is political suicide no les
than financial self-destruction. We canno
cherish too carefully, tendcrly, and tilially tn,
credit Of our mother Commonwealth. 1t i,
Il labor that will be doubly blesSed-blcssins
him that gives and her that receives.
1'The State has sustained many losses an(
her financial and industrial condition is strait
ened. But do not her assessment lists stil
disclose property, real and personal, reach
ing to four hundred millions Of dollars
And can any States affairs be pronounced
desperate which can show such a schedule Of
assets: 1t is only by contrast with her for
mcr condition that she is poor. But let hel
people cease to look backward; let them lool
forward. Let her credit he religiously pro
tected. Let her make friends with that great
est pUlentite of modern times, capital, and
under the development which will be caused
10y the public works soon to be completed
she will in ten years he in the enjoyment o
u wealth and prosperity undreamed of b.
her most s:nguine spirits. Let her pcopl
but ,ciH 1t and Virginia has future of great
ness, wealth, prosperity, and power, befor
her. compared with which she will look bacl
upon her past honorable history as but a pit
Rod of infancy in its normal teebleneSs."