The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-02-20

/ this statement Is refuted by the fact TINT the
balance in the Treasury after paying the over
due January dividends would carry on the
State Government for m entire year, While
turrcass of taycs receivable during the next
few months would more than suffice to meet
the July interest.
|. II il Scarcely worth while to recapitulate
the successive projects that have been ad-
yanccd and defeated for the honorable settle
,nent of the debt question. 1t is only sstls-
factory that all Iartics concur III rcplldIatihe
rcpudiation. They all concur in declaring
that Virginia will ultimately redeem nei
honor. But in the mean time the ugly lact
| remains flat the State creditors are still I'M
paid. and this, too, in spite of the fact that
there is enough money on hand to pay them.
We believe that Virginia will ultimately
nav every cent of her obligations; but it is OF
much more importance to the material inter-
ests of the State that this payment should be
made now. Virginia is just now entering on
4 new and prosperous career. No State in
| the Union possesses more magnificent re-
sources. In spite her despoiled, discroWned
condition, Virginia is Il grand State, has al
most iilimitable capabilities, and is destined
to a most prosperous future. But whether
these resources are to be developed, and thus
prosperity realized during this generation or
the next, depends very largely Ii not entirely
on the credit Of the State, IS it Will be deter
mined by the action in reference to the debt.
Capital is easily frightened, and will he de-
| tered from Virginia in case OF the slightest
suspicion of bad faith.
| Various measures are now under consider
alton to promote immigration, Stimulate
mining and manufactures, and open up new
routes for commerce. But the funds TO pay
| for ali these enterprises must come from out
side the State, and if the stigma OF rcpuula-
ton attaches to it the process OF recovery
must he seriously retarded.
1t is probable that passion and party poll
tics lave more to do with the financial I'M
brogio in Virginia than any want OF lncllna-
ton to pay the just obligations OF the STATE.
| \ sober second thought will no doubt induce
tine peoplc to preserve good faith with their
creditors. The plea of pecuiliary inability
does not amount to much, in view of the
fact that the State finances arc in condition
| 10 meet Ill the expenses for interest and adj
ministr;tion Of the Government during the
current wear. The doubts respecting the
future ability of the State to meet its liabill-
tics are unworthy Of serious consideration.
| In spite Of many drawbacks, the State las
really made excellent progress Slncc the ter
minalion OF tic civil war. in 1870 the
personal property Of the State was es-
tima;cd ut SSG,32l SIS, an Increase OF
So ,27l 40 over the preceding year. Pac-
ticlir. the State debt is only So, 900, GOO,
and tie raymcnt OF the interest would be
small i'll comparison 10 the increased means
for paying it. It is also to be remembered
that Virginia has been sinsularIly and favor
ably exempt from the c;wpet-bag rapaclty
that presses so severely Oh the resources
OF nearly Ill the other southern States. Every
dollar OF the debt was invested i'll reproduc.
tive industry, such as railroads, canals, and
other material improvements, which still con-
tinue to promote the wealth and prosperity
OF the State. We trust that the Legislature
will lose 10 time in relieving itself of the
susnicion of dishonest intention by making
the necessary appropriation for the payment
of the matured coupons on the consolidated
bonds, for the non-paymcnt Of which there
is no shadow Of excuse.