The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-01-13
From the Liberty Views.
On. Attain Nckf.

From the Liberty views.
~ Our staao Debt. e5'
S;nca orr last issue the Legislature mas
conS,,n,msted the wanton ana oisaS,ious
folly il began before The Christmas uoiiua!s
nv raising over the Governors veto the lGso-
Luton to suspend the funding Of the pu9hc
1cbt. This action can neither be excused OF
ius;i6od by any principle OF pohty, justice, OF
sound policy. II there Is an occasion anaei
the necessities of the State for larger con m
tribution Of their means on the part Oh ~,
citizens in order to carry on us Go :a
ment, why, upon any principle Oh aa A U.s.
and Justice, should the properly o. , car
creditor Of the State alone DC Glken ~ tDs
that purpose? These bonds a,e 'n ns
property Of the bondholder as h, su -. %
any, other property Is that OF TUE IA
d;yidnai who holds il, and to wlthnoia
tSeir nnyment because 1t is involvement 70
do 90 Without increasing the taxes, an ~.
thereby milking all other property ncal i 20
cnual burden. aud all the other citiAens VI
,hs State contribute their just proportion,
is nntbinp more nor less th1n conhscatioh
~ Tho, nroIerty of the bondholders for the
,,sc ~ the State. and to the relief of all other
oIaS,es the community, for no crime or
fauI, and only for the folly (as it now turns
nniI of having trusted to the integrity and
Tl;rhtcd faith of State whose name ana
good faith up to that time bad never oeen
Questioned or tainted with dlshonor, OUT
which it now seems (under the management
of those who at present have conlrol VI ~
dnstinies) is in fair way TO lose It's reho"n
md unsullied honor, and be maze 70
ant NO better than a swindler and knave
wo,,Id act who was endeavorlng 10
.ssgt and defraud his creditors. For, dis
o,nise il by whatever fair-sounding words OF
nou,a they may, the scheme Of the majority
of the Legislature, they can carry II OUT,
fs nothing but downright fraud upon ana
robbery Of the public creditor. IT the pup.
lie necessities require it, why sh9u!o iio.
other property-h holders contribute theli 1us'
PROMOTION to meet the public burdens ny
should not the landholders (the Vaiue %
whose property in most cases his Deen Sfe1.V.
" increased, in many instances douDieu, y!
the making of the railroads ana other wolAs
for which the money of these bononoiuels
was borrowed and used DC maze 70 pear !,
their equal proportion of the Obligations ol
the Statee Their property ought to be no
more entitled to exemption from coli-
tributiug to the wants and nccessltleS
of the government of the State than
that of the bondholders. But it Is saio
an justification Of this that the bonds
are held bv Spectators. All, indeed! Las the
State right to rob one because he is specu-
lator? Is not he who would steal from
speculator as much rogue as II he stole IRON
ANYBODY else? Did not the State make the
bonds to he sold to spectators Us Wen Is "
ANYBODY else9 And did it not invite spccl-
htors to buy them? And to induce them 10
do so. did it not make the interest OF large
portion of thom payable in New York! AND
that on the sterling bonds payable at the ccle-
bruted clearinghouse of the Bearings IN Lon
DOM II they could not have been sold 10
speculators and dealers in stocks, as well Us 10
those who wanted to make permanent invest
ments, they would have been worthless.
The State made them for sale, offered them
for sale, and invited spectators and all others
to buy them, and pledged its faith ana honor
for their payment. Upon this invitation ana
pledge the bonds were doubtless, to con-
siderable extent, purchased by spectators In
stocks as we'll US by others for Investment.
The State got pay for them dollar for dollar.
Surely it does not now lie in the mouth OF
The State to say that "thc bonds arc owned
bv SPECTATORS" and set that up as IN excuse
for Striking its obligation. e.,
Those " ho invested their money IN bonds
arc us much entitled to have their property
rrotectcd.uS those who invested i'll nnds ana
other property, and We protest that IT THIS
abomimblc ngIIlian principle Is 10 DE M
ausurated that it shall be uniform, nnd apply
to nil other property rs well as that OF the
public creditors; that all property OF every
sort shall be coniiscatcd and thrown INTO
hotcll-pot, and al equal division or IL mao
among al tho citizens Of the State. MI.
n fr-n of dole
gatcSl, for instance, own large quantities OF
valuable land. They either bought or in
herited them, they or their ancestors choosing
to invest their money in lands, as the bond
holders did theirs in the State bonds and for
ought we know there may have been specula-
tons in the purchase ana sale of those lands.
Why should they be allowed to hold so much
and so many of these broad acres 0ifty or hum
dred times. as much as they could use and
cultivate by their own labor) when SO many
have no land at all, except that they bought
aud paid for them with money acquired by
tho industry, skill, and enterprise Of Them
selves or their ancestors, under the sanction
and protection of the laws of the Statep The
bondhodcr's rights rest upon the same sane
ton md laws, and he is entitled to the pro-
lection of his property IN his bonds 80 ac-
Quired in pursuance Of the laws Of the State.
But suppose the Legislature in it's present
heated and headlong course Of action Qor the
members act as if they had not yet gotten
clear Of the effects Of their Christmas frolic)
should determine to stop the funding OF the
public debt-what then? There has already
been some thirty millions (more than two
thrds) funded. The refusal to fund the bal
ance canuot defeat the debt so far IS it has
been funded; that will be obliged to lie met
unless the bondholders can be induced TIC
give I'D their bonds for some other security
and they will not be likely to do this unless
the State will give them some better invest
ment and safer security for the bonds they
now hold. And after what has occurred
they will not be likely to relinquish the soliC
and certain security they have in their bonds
for anything less valuable or certain for an.
pledge of tho good faith or honor of TIT
State (for, rs will be seen presently, the cou
pons for the interest on the bonds, so far a!
they have already been funded, will have t
be paid so long as any taxes are collected
whether the Legislature will or not, and if i
gives this better security the Legislature vii
fail In carrying out its scheme Of relieving
the other classes of the community from bear
ing their equal portion of the public deb
with the bondholders.
Suppose the Legislature should be guilty
Of the blind folly Of undertaking to repea
tho funding act and Of repudiating the debts
Of the bondholders created under it, and re-
fuse to make any appropriation or levy. any
tax to pay the semi-annual interest due or
the coupons. Such course would not only