The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-02-12

s.Es
the prestige In Its favor that Virginia nad
never been knownto take u single step IN the
direction ofrepudiation. The creditors, acttnS
upon the filth Of the State rs thus pledged,
came forward and funded into ttle new
bonds about $4,000, 900 OF their claims ana
but for single circumstance, sufncently
strange to excite public astonlsilment, Tue
whole debt of the State would doubtless very
speedily have been disposed OF III this way.
The circumstance to which we alluoe u
the action of the new Legislature, In Deceul-
Der last, by which this whole arrangement ls
repudiated the funding bill repealed Dy
large majority in both houses: the process OF
further funding arrested, and an lnVestlSa-
ton ordered. It is creditablc to the Governor
that he has declined > lend his sanction 10
this act by refusing his signature. whether
il will bc passed over his veto is question
vet to be determined.
The first interest coupons of the new bonds,
nvable January list, 1872, have matl'rea ana
not been paid. although there are ample iuhus
in the treasury for their payment. he Az
torney-Genera of the State has given IL us DIS
opinion that no such payment can De niaue
without a special vote of the Legislature OF
dcring the same, and appropriating the me-
ucy for this purpose. This vote the Legs
lature has not yet given, and hence Tue iia-
| turcd January coupons remain unpaiu.
This is simple and unvarnlshed state,
| nrnt of the facts as we understand lneih, anu
we have taken some pains to inform Ourselves
| in regard TO them. Or these laccs IllclI e.'n
BIZ but one opinion among honoraDiG d. anu 'ui
partaI Judges After the funding oili, u!is
passed and having all the force ana saheIlon
of. law, had gone into eilect' anu so daJ
cnn noo 00D Of the State debt had been funded
| into the new bonds, it was not competent
for the Legislature, i'll consistency WIN .ho
honor and faith of the State, to repeal TIC
provisions of the bill i'll respect 10 tlese pcnOls
or in any way seek to impair theli iesai loi.o,
mr. hcs;t,te il, providing for the payment
| Of their coupons. No matter whether Iiie
lin itself be wise or unwisc, popular or un-
non1,Ior. the faith of tie State IS pledged ny
Inc law of the State, and by the acts OF lts
executive officers under this law. This pleaSe
mus, be kept to the letter, or Virginia m 1I
arncor in the character Of Tepudldt0T. lhe
hands arc in the market bearing the seal anu
SIGNATURE of the State, and to the holders
,Ecr.of she sustains the debtor relation,
binding her to every stipulation i'll the con-
tract. 4 part of the contract mas actu'hS
,nnt,lred. and she certainly cannot plead ma
Llity to meet it when she has III her treasury
annie funds for this purpose she cannot
plead inability to Pay the annual interest Vi,
these bonds with property valuation, , Ieu
and uersOnal, amounting Ill lo'l 10 T"oo'
4l0,9GG. g, ,,o,-ors
An discussions about "rings," brokers,
bankers, and spectators, or ABOUT TIC III
n,enccS which led to the passage OF the lung
inc BILL or about the parties who may prom
or be injured thereby, arc now utterly anu
absolutely imprrtincntto the moral issue. lie
simnIc ulcs!ion is this: Will Virginia keep
her faith and preserve her credit or will she
yioE,te the one and sacrifice the other? Inc
creditors have nothing 10 do with the I'M
adjusted question as to the divlSloll OF the
debt between Virginia and West virginia.
They hold the obligations of Virginia ana 10
Them tic faith of this particular state Is
plcd"ad. It will he il sad thing for the charac-
fer Of Virginia lis Il State. if, after having Ne
~c;iated with these creditors to the amount
81 $50, G00.00J of her debt, she undertakes 10
reverse her action and rcpudlate her own
contract. This will place her III the same
category with Mississippi. and justly destroy
her credit among capitalists. we ADVISE
Virginia to pulse, and take what John Locke
calls 1.-THE roundabout view > OF this question,
before she proceeds amy further
The southern States, anu 'lISl!llt '''i",S
the rest. Greatly need northern capital rs tne
mran> of their internal Development ana to
procure this capital they must he able TO pre-
sent 10 the market good reputation III rc-
Sprrt To their contracts. y state That re-
pudiatc> its obligations, whether directly OF
indirectly, cannot supply this condition.
CAPITALISTS dc>crycdly look upon 1t with sllS-
picion. Let Virginia take warning, ana save
herself from what would be alike Il State
crime and Il State folly. 1t will not, III the
long run. ply Virginia or any other Stale 10
be Dishonest NIcr York independent.