The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-02-07

not diminished Il, svaluc BY this proposed
action off fhe Virginia Legislature ne
mere agitation Of sucffa thing IS an injury 10
the State. Capital is very sensitive, ana Ieels
the chill of distrrlst or suspicion rs quickly
as the mercury il, the tube of q theFzHoneter
feels blast of winter, and keeps going down,
down, until the temperature is changed.
We in this country have had some expe,
rience Of omen and secret reputation, anu
have seen its effect upon the pubic cfealL'
The great example aud warning in our MS
tory Is the State Of Mississippi. When IL
was first proposed there to refuse Inc pay
ment of certain bonds the chivalrous senue-
men who proposed it scorned the ldea OF To
pudiation! They said the State had been de-
frauded, aud had never had the use OF tne
money, &c. By such quibbles they excused Sc,
to themselves gross breach OF pupiic Iai ~
BY that one net they not only destroyea .lie
credit Of their State, but dsSraceo the Aliie
rican name all over the world.
So more recently the whole country has
been threatened with a similar disgrace. soon
after the war it was proposed by unscrupu-
lous politicians to pay off the national dept
in greenbacks It was plausible scheme,
which the projectors no doubt thought would
make them immensely popular. But they
moderated the sturdy honesty OF the Amerl-
ean people. which revolted at this s1bterfuge.
II Ia greatly to the honor of our countrynen
that the project never got any hoid, or was
odonted nv either party. Yet it lived long
ano1,oh to affect American credit in every
market of the world. And it was not until
if WINS met face to face by the people at the
nolls and was sq1lelched forever that our ma
tional credit could recover abroad.
with such experience of the evil of any
anproach to Reputation, we learn OF tins
movement in Virginia with great regret. Fer
we had begun to feel pride in the revival OF
that grand old State. In our visit there iast
wear we were astonished at its vast natural
wealth, and predicted for it great future.
Indeed, we have told so many big stories
about it that we feel little mortified to have
this thing thrown into our face. We trust It
is not too lite to prevent this scandal ana
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. It will be interpreted as an
act of bad faith, as they will find if they
again attempt to raise money at the Nortn OF
abroad.
with States as with individuals, 1t is much
easier to lose credit than to regain it. For
both, honesty is the best policy. There IS no
substitute for paying ones debts. ihere Is
no way to dodge it or to 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 dshonor.
Rigid taxation is the first condition OF
public credit. There was time when the
State of Illinois was bankrupt. Everything
was dead. You could not sell q frm, or,
indeed, hardly give it away. But after lying
in this moribund state for a few years the
people reused themselves to meet the inevl,
table necessity of TAXATION. 1t was hard
strain, but they met it bravely, and from that tn;
moment the State began to feel new lie.
Public credit revived. Railroads were com
pleted. Emigration poured into the State
Her prairies were covered with corn and cat
tie, till now it is, we believe, the fourth State
in the Union, ranking after only New York,
PENNSYLVANIA, and Ohio. ...,.
What Illinois Is tosdaG Virginia may soon
become, but only By the same inilexible pllr-
nose to make any sacrifices to sustain the pub
lie credit. Honesty, integrity, and industry
will soon restore the fortunes of the Old DO
minion and bring back more than its former
nrosDcrity TO that ancient Commonwealth.