The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-12-23

Not to be Avoided.
This State has since the ~ar acknowledged
her obligation TO her creditors ard made pre-
paration to meet it. The acknowledgment
has been repeated, and measures looking to
the payment of interest and principal OF tue
public debt have been affirmed and leai-
tirmed. Finally, the Legislature passed al
act which, In the estimation of the majority
Of those who approved it, was tantameunt
to relief of the State from ene-third of the
public debt.
This was the funding act, which has excited
50 much discussion, and which has been so
much denounced because it bound the State
TO receive the coupons OF interest attached TO
the bonds in the payment of public dues.
The last Legislature repealed it, and the
Court Of Appeals OF Virginia has just de.
cided that the act of repeating this funding
act was unconstitutional and that the fund
ing act was binding upon the Common
wealth, aud that it is contract between the
State and all Of her creditors who awaited
themselves Of its privileges.
w
asked to repudiate her olt-repeatcd acts,
and refuse to perform tue obligations which
she has repeatedly declared to be binding
upon her?
Within two years there has sprung up in
the State party whose hope OF success rests
upon assailing both public and priyatecrcdit.
Ii was supposed by its leaders that If they
held out the idea of relief from debt that ali
who owed money and who did not want to
pay taxes would vote for them, and that thus
they would get control of the State govern
ment and get all the public offices. This
would enable them to live upon the public,
aud IS there would be general delivery
from debt there would be q saturnalia Of all
those whose loose sense CT honor would lead
them to repudiate honest debts. It is true
the leaders Of this party proclaimed that they
only wanted to scale the debts and re-
duce both public and private obliga-
lions to point at which they might be east
~ paid. But is not that reputation! Ii a
part Of debt is cancelled without consent
OF the creditor, that part is repudiatcd and
dishoncred; and it is done without justice
and without law. And depend upon it,
when those who undertake this scaling pro-
cess speak for one side, and that the debtor
side, the reduction will be great enough to
satisfy the disinclination to pay. That disn-
ciination, too, grows under the bale(ul in
flucnce Of agitation. and men whose con-
sciences become blunted will soon find that
they are not able to pay anything, however
much they may a short time preceding have
been willing to pay, or thought themselves
bound to pay.
This agitation has been exceedingly hurt
fnl TO Virginia. 1t has excited expectations
tia. were not to be realized. 1t has relaxed
energies that, properly employed, would
have done Il great deal more for individual
aud public good. II has made property
holders more than ever di5iDcincd TO sell
tIcir property and pay their debts, and thus
constantly increased their indebtedness. And
it has caused uncertainty and apprehension
about the condition and prospects Of Fir.
giuia which have operated disaStrously to
the State in keeping Of emigration, keeping
down the value of lands and other property,
and retarding the general prosperity.
Where ure we now5 Those who have got
ten up this agitation, md sought to induce
the State to repudiate her ofl-repcatcd con-
lossion OF debt, are brought to q stand.
They cannot get rid of the funding net with
cut expetlients so irregular rs to bc essen
tally revolutionary. That would only ill.,
crease trouble and aggravate disaster.
ASsurcdly all must see this. The only safe
road ont Of the difficulty is to meet it and
end it. The people, we firmly believe, de-
eirc this rather than to see their State dis
honored and brought to ruin. They will
stand up to their responsibility. They have
scIse enough to know that discredited
State must have discrcditcd people, and
this means general Observation-Disclosures
and public ruin.
There has been enough of wrangling and
examination and recri.nination. 1t is time to
discontinue all this and for all to come to-
rcther to lift the State out of her difficulties.
Talk not Of inability to pay and men will
think that they arc able to pay. Go to work
to provide for the eXigency and it will be
provided for. If there is not patriotism and
wisdom enough in the Legislature TO do this
Virginia is in a snd condition, indecd
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