The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-01-12
Mr.. O'Ferrall's "seven-by-nine sheet con-
tinues, as Mr.. Lincoln used to say, to peg
away" at the repudiationists. Hear it
RESULTS OF REPUTATION.

vi t. HA~SSpSNA
tinues, as Mr.. Lincoln used to say, to "pes
awayn at the repudiationists. Hear it
RESULTS OF REPUTATION.
We have heretofore sought to show that
repudiation was in itself essentially wrong in
morals and by the law. We now propose to
call attention to some Of the rllinous conse-
uuences flowing from it. In this particular
locality it seemed proper that the discussion
should first address itself to the questions OF
right and wrong involved, and we felt sure
that those who held opposite opinions would
cheerfulIy hear temperate argument. Here
we do not fight masked foe--he is open, I'M
disguised, unblushing, and therefore neces-
sarily our first object was to expose, II posi-
BILE. the utter falsity of his assumption that
reputation was justifiable. And assuredly
apology is not needed for our frequent re-
cllrrence to this topic. We are certain that
our people have had no subject so intimately
interviewer with their every interest to
decide upon since in 1861 they were COM
PEELED to say on which side Of the great fight
they were to be.
While many may choose to feel no respect
| for the result of Reputation upon the public
good name, regarding it as a thing intangible
and of no practical value, none dare be SO
| blind as not to see those grave and serious
consequences which affect the material lnte'
rests of the whole people. To ourselves the
reputation Of the State, Us State, is living
! interest and powerful for good or evil, just
as is that strangely made up influence we call
| individual character; but reputation has
wrought but half its work in the destruction
of the peoples good name; it takes their sub
stance rs well. .%
Our lands are valuable for vsrious reasons
fertility, productive power, nearness TO mar.
kcts, advantages Of climate-all these are OIL
the essence of reasons that make them vallla-
bic !: but when there is no money, contlnu'
ally scarcity of money, then, as an inevita-
BILE result, the value of all lands is diminished,
for, look at it rs you may, what you can gel
in the market for your land is its real value,
as general rule, and the same rule measures
all other values.
Let the State repudate her debt, and at
once foreign capital will be withdrawn, and
all the available money of our own citizens
will follow it. Destroy the sense of security
the capitalist has in his investment, and i'm.
mediately he changes the investment.
No matter what motives may move us,
even though it seem right and proper to us
| if we repudiate the world outside will look
only to the result. Money will leave us, be-
cause there can be no longer faith in any in
vestment among us. If the Legislature, with
strong hand, may throttle the creditor Of the
State, what better protection has the creditor
of the private citizen?
But not only will capital from abroad
leave us, but there will be no ability on the
part of our own people to trade among them
selves. The same blow that strikes doWr
the credit Of the State, as State, reflects
upon each individual member of the State
and this not only in the estimation Of non
residents, but among ourselves. We have
therefore, as the inevitable result, the instan
expulsion of all surplus capital, and also thu
destruction Of credit rs well among our
selves as with foreigners.
| When these results are reached our agri
cultural wealth-the basis and in some sor
the cause of all our greatness-lS at an end
| When there is no buyer land has no value
And thus, for paltry relief, we are asked te
take this step. The State debt Expresses u:
in no considerable degree. Rid of our PR
vate debts we would scarcely think Of it
Are we prepared to bear the fearful cost o.
this experiment? But not only are our lands
to tumble to a mere nominal price. The
business Of every ayocation and. trade will
hnglish, for to them again capital and credit
are as essential as air is to the lungs.
The Importance of the State abroad and the
prosperity of the people at home are both a
stake upon this momentous issue. Already
the shadows of the impending danger art
upon us; the storm has gathered. Let The
people but be true and the Legislature viii
heed their ce.-Harrisonb,srg Old Con-,
| nlonlceQIM.