The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-01-02
idle . 81 tLe otI,er: a,r,la capitalists cannot

side as on the other; and capitalists cannot
be expected tosmake the distinction.
While the otltcry against the bondholder
as ileartiess SPECTATOR on our necessltles,
VINO f1as never shared our troubles and PR
vations, Is the most paltry deinagoguery,
since the bonds were issued long before the
war for value, and both State and people
have all the time enjoyed the benefits OF the
railways and turnpikes they were used TO
construct, il is worth while again to remark
upon its short-sightcdness and its specific lIi-
Justice. Twelve millions Of the whole
debt are estimated by the Auditor to
be held within the limits Of the State.
The greater part Of this-three-fourths, If we
arc to be guided by the actual figures
of the bonds sent on for funding by single
banker ut Lynchburg, and in all probability
more--is the property of widows, minors,
and others, locked up in the courts. Much
of the disposable bonds, we MAY be sure,
have been sold, under the pressure OF the
past five or six years. Another large snare
has been hypothecated in Baltimore ana
other cities for loans to our farmers and mer-
chants. Onthese borrowers will fall the de-
probation which has already accrued, or
which may accrue, and not on the foreign
spectators.
1t is these SPECTATORS. fondly imagined by
our sapicnt legislators to be heavy losers, who
in reality gain by the proceedings in ques-
ton. Immense amounts Of the State bonds
have been thrown into their hands by despair
ing holders for sale. Brokers, be it remem-
bercd, do not hold them, dealing in them on
commission only. The holders, where not
Vrginians, are mostly southerners or friends
of the South having confidence enough in
the honor Of Virginia toinvest in her funds.
A friend who has devoted much attention TO
the subject, and who has every means OF ac-
curate information, was told few days
ago by a member of one of the largest
banking firms in Baltimore (all Virglnians)
that their business in Virginia stock
had, since the agitation of the funding bill BY
our present Legislature, amounted TO TWO
hundred thousand dollars per day for many
DAYS in succession, giving them daily proflt
of five hundred dollars as commission. AND
this. the report of but one firm ont OF many,
is a very inadequate measure OF the agSre-
cate loss to the creditors Of the Common
wealth. Where these creditors arc our own
citizens of course the sacrifice falls directly on
all of lis, and increases the general poverty.
# is hardly the less i blow when it falls upon
outside friends: for the capitalist who has
been once so wantonly yictmiZed Will not
readily expose himself to the chance OF it
again by lending either to the State or the
citizen.
No one is more Immediately interested in
interesting to stop the proceedings OF his
misrepresentation had ostensibly in his de-
| fence than the taxpayer. They have laid the
| foundation for large additions to his future
burdens and for large deductions from his
means of meeting them. And they bid fair
to widen and deepen that foundation. He
sEofld let himself be heard in public meet
! ings. Not half dozen Of the members who
voted to stop payment took that ground dll-
ring the campaign. They have not been true
to their declarations made then, aud ought to
| he rcbukcl,