The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-03-08
The Legislature Winds up tho
Question.

NS
Question.
Yesterday the Legislature c!'sso n' "e""
.u.,;ors on tn, funding act and the interes
Nv ,ho State debt. 1t determined to pa,
sa.. ne, rent. on the funded debt and two
,n;rds Of the unft,ndod dcbt--sare the NV
ncr cents, on which three and one-third PEI
cent. will be paid. Some Of those who nae
opposed the repeal Of the clause IN inc 'ono
inc act making the coupons OF tie 1uhoe'
bonds n,vable in taxes agreed, npon co,'ol'
,;o, that this interest was paid, thai .sles
vor,a vote for the repeal Of the clause a'o''
s,;d. and Immediately after the p'SS'sc "
the hin nroyidng for the payment VI -"
+orsst a. above stated, the Senate TOOK "l' u,
bill repeating the rcceivabl'it! c'""s'' CIV,
,assed il over the Governor 'c'o. iva,
,,.os,,rs received the two-thlrds vote, "hicI
-. ,hom laws independent Of tlc veto Q.
the Governor.
Thus ends the long wranglc over the state
debt. the interest, and the funding act. We
NAV felicitatc the State that things have ter
minated no worse. The Legislature assem-
h,cd here at the beginning Of the session l.
the worst frame of mind for the paoic Sooo'
The temper which agitatcd large number
of mcmbcrs amounted to something AKIN 70
ferocitv. and the most radical schemes were
threatened. The apprchciS!ons tilat were
crc;ted were Widespread and serious.
But when the passionate legislators came
70 look at tho questions on whlch Inc!
nroposed 10 rcvolutionize the policy OF the
State and cut down the public obligations 70
n moiety of their aggregate, they discovered
that they had to deal with matters lar more
intricate and difficult than they had drca'nec
of AT first their temper was only asSra-
waited. but By easy stages they descended tc
comparative calnncss, and yesterday the!
were gentle, patient, and practical, compared
with their disposition At the beginning cl III,
session.
Four per cent, without any reduction 0!
the debt. is, therefore, mild conclusion 0!
the threatening storm which broke upon Us
in December. The payment OF this amount
OF interest will inauguratc the habit OF pay
fnr interest. There has been none pad Tor
so long tina, our people had almost forgotten
the process. BEGINNING with four it Will be
no hard matter to rise Up to SIX IN 4 snort
TING. We may reasonably hope that the re-
sources of the State will increase from THIS
time, and in that way make the buithcn OF
having interest much less than many esti-
mate.
With regard to the repeal of the rccciva-
bility clause, that may still he brought before
the courts if bondholdcrs choose to test the
question.
The apprehcnsions in the money market
occasioned by the Radical propositions ana
speeches at the beginning of the session
seriously affected not only Virginia credit,
but both public and private interests. The
conclusion Of the agitation hts been 50 much
more toerablc than was anticipated that
we may look for an Improvement i'll feeling
towards Virginia bonds and Virginia inter-
ests Of all kinds.
The present Legislature is elected for two
wears. Its experience this winter will bc
greatly advantageous 70 It's ueilnelalloh>
next winter We look upon it as young
body but its trials this winter have cut its
eye-tccth, and we are sure it will come back
next winter with greatly improved appre-
ciation Of the delicate nature Of the public
reputation, and its intimate and vital connec-
ton with every interest in the State, public
and private.
In the interval between the present and
the next session let lis hope that there will
be great Improvement in the condition aud
prospects Of the State, and that gentlemen
will be less disposed TO indulge in plaintivc
and woful pictures OF poverty, and moi at all
disposed 70 talk Of rcpud!atins.a part OF the
public debt.