The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-01-04
what New York Thinks Of 1t.
From the New York Express.

and tweUer. AMELIA
what New York Thinks Of 1t.
From the New York Express.
VIRGINIA REGULATING BIER DEBT.
The Virginia Legislature has repudiated
the debt of the State by repeating the fund
inc bill of last year, and by a vote OF more
than two-thirds of the Senate and House OF
DELEGATES. There is belief that Governor
Walker will veto this act of Reputation, but
no hone that the Governors veto Will be re-
snccted blythe Legislature. The only reasons
given for this extraordinary act are that the
legislature dare not impose higher rate OF
tax than fifty cents OH the Sl0O-Whlcll IS the
nrcscnt tax-and that it would take double
this amount to pay the interest and support
the government. What the Legislature has
done the people no doubt endorse, anu III
some of the counties Of the State the act OF
practical reputation has already been ap-
nroyed. We never dreamed until now that
the Old Dominion, so long the mother OF
American States and statesmen, so long re-
spccted at home and abroad, would resort TO
an act like this, or that any possible body
could be elected within her borders who
would thus deliberately discredit their own
Commonwealth. The act done is not only
one of practical reputation, but an open
refusal to pay the debt of the State, even 10
the extent of the money now i'll the treasury,
collected from the people to pay taxes, and
applicable to the payment OF accrued interest
upon the debt. Mr.. Daniel, of the State
Legislature, stated the question fairly the
other day when he said:
/" Not only as matter of justice, but as
matter of economy, this money should be
+o arm ,r.d;torc Rnt matter Of
morality it would be base to take any other
course. Having seduced our creditors into
an acccptance of the contract which we our
selves proposed, having induced them to
take siXty-siX cents on the dollar, it is pro-
posed, notwithstanding the fact we have the
money in bank, to postpone indefinitely the
pavment of interest. This would simply be
to refuse to pay an honest debt with the
money in our hands. Such Il course would
place Virginia high Oh the roll of intamy,
and degrade her in the eyes of all the nations
of the world"
We could not, if we would, use stronger
language than this, and these burning words
of protest are as creditable to the speaker as
the act done is discrcdablc to the Legisla-
ture The report of the State Auditor shows
ability to pay the interest now due, and that
the State would, "by a proper revision Of
the revenue system, and by making the rail-
roads contribute their proper share to the
expenses of the Government, and by prac-
ticing economy, be able to continue the pay
ment Of interest for the future. OF all these
great interpretations in the State only the Norfolk
and Seaboard and Atlantic, Mississippi and
| Ohio Railroad Companies had paid any part
of their taxes for the past two years. The
Atlantic, Mississippi and Ohio Railroad Com
pany had not only paid up 81, 900, but was
ready.to pay all due by it. The coupon sys-
TEN, said Il member (Mr. Cochrane(, had been
grossly exaggerated. OF the S12,00O,0O0 of
bonds held in Virginia, 81, 100000 had been
funded in the old-fashioned certificates of
debt, and not in coupon bonds; and of the
foreign bondholders, eighty or ninety per
cent. of their bonds had been funded IN cou-
pom bonds"
TO meet the interest due on the 1st of JAN
uary 81 ,343,237 have been collected, less the
sum necessary for the support of Govern
ment, besides $5SS,000 due by July, 1872,
making total of S1,S7G,257 for thefscal year
between July, III, and July, ~, applicable to
the support of Government and the payment
of interest. To quote another member of
the Legislature, MI. DoOley, on the 10th in
slant:
".With Treasury filed to repletion, with
million dollars to spare after paying the in
terest due next January, after having entered
into solemn contract with creditors, and af-
ter the creditors have accepted that contract,
it is proposed to tell them that we repudiate
our solemn pledges, and, taking advantage of
the high prerogatiyes of stately power, will
not pay our debts unless compelled to do SO
| by the courts. Upon no ground can such
action he defended in the eyes of right
minded men, or in the eye of that Providence
who looks with the same gaze upon the acts
| of States and of men. The debt which it is
proposed to repudiate is one which we owe
| to the last dollar. Time and again has this
been recognized and its prompt payment
guaranteed"
We need say no more, except to add that
in this community the public mind, so far as
| its attention has been drawn to the action of
| the Virginia Legislature, is shocked by what
has been done. To postpone duty which
courage. fidelity, and self-respect could per
| form-to refuse, at least, to pay ones debts
as far as one is able to pay thenl-to break a
solemn pledge to the peoples under every
circumstance without excuse. When Vir-
ginians, i'll such large numbers, voluntarily
| consent to do what her own sons pronounce
| so disgraceful, she cannot expect the sympathy
or respect OF The country OF the Worlu. line
dishonor which the dishonest carpet-baggers
have put upon North and South Carolina
and other States Virginia willingly imposes
by her own act upon herself, and at once be-
comes, in public estimation, as bad as the
worst. Those who have helped her in her
improvements, and would gladly help her
more; those who are providing capital for
works of great value to the Commonwealth,
and those who have hoped that the day was
not far distant when the Old Dominion would
are nded most 20 sorey eye a and poMe
by this recent act Of Reputation. When Vir-
ginians thus openly repudiate their debt,
their honor, and their word, who, indeed, can
we trust:
Emmigration.--A Suggestion from q