The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-02-01
industry will find It's reward, and returning

Il
| prosperity will bless the land. ~ I'll, u
| Public debts shouH be pail we WISH 70
be distinctly understood in these -
not charging the Legislature OF this So..e
With any mlrpose or desire to repudlate us
debts. They have disavowed any sucn ae-
sign or feeling; and we give themfull credi1
for sincerity. We do not thirrkfo for a molaehV
that there Is any danger OF State rcpud!aLiHh.
AS. however. there are individuals WHO 1aFo!
it. in whole or in part, and public sentiment
on the subject is liable to be corrupted, ! le"
remarks touching it may not be untlmciy..
The principles OF justice which govern III
divid1lals concerning debts arc equail? oniiSa-
tory on States. The State Of VTginia Il In jag
alrle that it wa. before the war. lt mas piseeo
through various organic chanSes,--soiI1e eir
| forced BY military power, ana some VolllllIF
tarily adopted by its citlZenS-buL we p1c.
sumo no statesman. or Jurist VIII a!uI!h tn',1
| its existence his not been nla1ataiheo eiIou9n
| all these revolutions. Important consequence
nre suspended on this position. 1t u TINS
continued identity Of the State whic!. secures
TO il the right of property and gives authoT-
itv to all its past laws which have not been
repealed or modified by recent legislation.
Tie title of every citizen to bis property
depends upon it; for law gives the llght
| to property, and there is no law WheEc Liieie
is no ortlaining authority. In virtue OF iief
continued existence, the State now owns
| the capitol in which her Legislature meets,
with all its eppendagc5; her literary instittI-
tions. her stocks in various public improve
mcnts. and other property that she holds ior
the n1lblic good. The same principle which
secures to her the title to the property which
she held before the var makes her RESPONSE
BILE for all the debts contracted IN the past.
| Il would be monstrous to suppose that she Is
entitled to the public property accumulated
for ages, and that she is not under ooEgatlon
to pay the debts which were incurred ID Oh
tanning it. The money that she owes may
have been unWisely borrowed, lW'dlciouslE
expended, and its payment may be attended
with great hardships; but as 10 honofabie
man ever offers such pleas Tor CeciinlhG 10
Day his debts, they would be peculiarly &c
rosatory if presented by the state: II the
debts are due-and it is conceded that tneE
arewthcn the only fair, honorable, and be.
coming course is 10 pay them, prEclpal anu
interest, without abatement.
We know that plausible pretexts for the
renudiation of the debts OF the State may be
| offered. but thcy cannot bear honest scrutiny.
We have been uuitlstly deprived, it is said,
Of larce portion of orr property, and car-
not be fairly required to pay our debts, at
l.ost in full. Conceding the premises, the
conclusion does not follow. The loss Of
nronerty has never been held to be valid
plea for the non-paymcnt Of debts. Ii is our
misfortune; but we have no right TO visit it
uDon our creditors. We cannot, legally Oh
equitablv assume that they are responsible
for OUT loss, and must he made to suffer its
consequences. Weare indebted to widows
and orphans. in our own State and in foreign
countries what have they done that we may
Justly deprive item Of their rights?
We have been already compelled, it is i'll
sisted, to repuliatc the lust debts Of the
State; and if forced to TcpuGiatc some debts
| we need not dread the dishonor Of rcnndtG-
ting others. This is the reasoning OF passion
rather than of intellect. For reputation
| forced upon lis by the sword we arc not re-
| sponsiIlc. That brings no dishoncr, and can
never mantle our checks with 4 blush. But
| the voluntary Reputation Of Just debts t"
persons who have conlidcd in our integrity
and honor, without any acts on Their part to
forfeit their claims, is quite different thing.
| 1t would BY the civilized world he pro-
nounccd unfair, dishonest, and shameful.
Bv some it is maintained that the state is
unable to pay its debts, and therefore should
not attempt to DO it. Certainly ii Is not
bound TO do what it cannot. i the state i
inSolyent it should give up its assets and 60
into bankruptcy. We DO not believe tjat Il
| i, insoycnt. If, with property assessed 1t
nearly 2l"9, 00QG0Q and population oi mere
| than u million, we cannot pay, with re1Son"-
! lie INDULGENCE, Il debt Of Stv. 900, coo, .1c,
we Iii, al ,le.e race. II is s.id there Is -
mCaey in the country. We know i Is 9cIr"c.
We profoundly y m:tii;2r WITH orrjmpoTcE-
i,rcti fellow -ctizllis. IN; tCt lis not IN I!l
our poverty. Our crop: Tor scycra! years
have failed, but "c trust they will lot AWAY
! fiji. Industry ard economy, Win lev
! fruitful Seasons, would restore TIC cou:,"!
to prosperity. Let Us pay oGr 0cDts WIFE
| the money VIC have III possession, aud con-
| tide in 4 gracious Providence tor the means
| Of paving them IL the future. We have
suspicion that tic money annually expended
| in the state for chewing to;&,cco, cigars, and
| strong drink. equals tic amount Of interest
Oh Our public debt: and We have pretty
strong conviction tnat If 10 that expenditure
were added the amount iav!SAeI On super
! iluols .inery, the sum would lie adequate not
only to pay the interest on the Gc1t, but t.
create sinking fund icr It's extinction. W.
| do not make these remarks il condemnation
Of these expenses; but to show that il 0ul
public debti is not paid, the future viii he not
for the lack Of ability, but for want o. incl
nation to discharge it.
Apart from its Obligation, tic State cannot
afford to di>honor its credit. - COCO
name is better than precious ointment"
The reputation Of tie state cnnot lie cstt-
mated in dollars AID Cents. A rcpudiatiIg
| Commonwealth IS without credit, without
the respect Of her own citizens, dtspi:eQ By
all civilized nations, a Kissing and by-word
among men. Who, without stern necessity,
would live in it? What honorable man
would not blush that lie was born il it !:
Who, except the low and the mean, would
be willing TO settle in il? Who, endowed
with financial judgment, would consent TO
intrust property to its guardianship? What
| hope could lie entertained OF its prosperity
until the foul stain Of dishonesty should be
etiaced from its character? Virginia in the
past has maintained her honor unslL!icd !;
and we believe that in the future, even under
the deplorabe evils Of our miSconstructcd
Government, she will 90 nothing TO forfeit
her claim to tbs confidence and respect cf
the world.
Of the equity Of the demand, upon the
State, and Of the time and manner Of meeting
them, we have nothing to say. These mat
tiers belong to the department Of statesman
ship and tinanciering, from which, by our
taste and habits, not less than by our profess
sion, we are ruled out. Let the motto of our
public men be, " Render to all their dues"
and they shall have our hearty support IN
any financial scheme which they may adopt.
4 few words to prevent misconception
We neither hold nor expect to hold State
bonds; we have no pecunimy interest III the
payment of State dues; and We have, as 4
citizen and taxpayer, written purely for the
STRENGTHENING OF private and public integ-