The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-01-29
Aicltu,ond 1ispattlr.
WEDNESDAY JANUARY 90. 1873
The Conference.

,-;.,.;,;o t.rri.lafrrc and the creditors OF tue
s.,,n ON the 18th proximo: The dciinquea,
and the creditor. The Delinquent. VINO haS
d,I,ed and skirmishcd, and acted and re-
epocted. and who has not plid; and the
creditor. who has submitted to all The tanta-
,;,;,c articles of the debtor because he could
mo, help himself, and probably apprehends
tia. he will have to continue submitting to
whatever she does for the same reason.
Hinder these circumstances, should the re-
representatives. OF the debtor, who thus has
the power to triGe, meet the creditor with
tie determination to continue to triile With
him? Not if there is spark Of honor left in
the breasts of Virsinians.
What do we see; Why, the State OF Viz
sinia assembled through her Legislature
Immediately after the war and acknowl-
edged her debt and boldly declared he'
determination 10 pay ii. She provided 70,
the funding OF accrued interest, and that
began at once TO accumulate interess--intcr-
est upon interest. An excessive display OF
vjrtuous determination to pay to the utter
most farthiag. In eur opinion, it was an I'M
necessary and selfsasrificing zeal which the
creditor did no, expect. But |. was done.
This bold and virtuons resolution was re.
affirmed By subsequent, Legislature. And
agnin, another Legislature provided for the
funding of debt and Interest in new bonds
for two.thirds Of the aggregate debt Of the
State, and provided that the coupons attached
to these bonds should be received in the pay
me,t of taxes. Tie enactors Of this measure
thought shat it was az little as they shoulC
offer 10 the creditcr-leaying him TO seek hi
payment of the remaining one-third Of h.
claim from West Firsinia--promising I,
maize it good If West Virginia did not CONT
down." But it was the general opinion, we
suppose. Of the Legislature and the bond.
holders that no more would ever be paid by
Virginia.
But cow comes new phase in VirsiIia
policy. a ~party appears in the arena t,
Ic:s; tho payment Of interest Oh tie new
funded bonds. The Legislature orders
the sherils not to receive the coupons
OF those bonds in the payment Of taxer
to the State. THIS order is issued b.,
the Legislature Succeeding that bich
passed the measure funding tuo-Nirds Of
the debt. A question is raised. The
Supreme Court decide that the State IL bound
10 receive those coupons in the payment OF
debts due it. They decide that the funding
ac! establishes a contract between the State
,,,l Ia Sl,nlI t,.bi al, b,
tic State cannot avoid, and incidentally they
decide that the funding act is constitutional
The Supreme Court IS the final arbitcr OF
all cases Of construction Of the laws Of the
State, and the other departments Of the Gov.
ernment as well as all the people, are bound
TO obey its decision unless they mean tt
hraik up the Government and allow anarchy
to succeed il.
Bnt the Legislature is intact;blc. Parti
sans Of the policy Of reputation {strangs tc
cay that there saouId DO ever partisans G
my such policy do not like the decision 0
tie CcHrt Of Appeals. 1t is announcement
it looks TO setion-to the carrying OFT of thu
o:,-repelted resolves and the oft-acknowl
cdced o5lsstions-repeated and acknowl
edged by Legislatures us much entitled t
respect and authority rs tic present Lcgi>la
tuTa; but, nevertheless, resolutions anC
Acknowledgements which the Ireseut Lcei5l
ture is not inclined 10 carry out OF conc;il
i'll. Therefore the Judgment of the judi
Gary, Il co1:dnats brauch OF the Govern
nen', ia not to be treated with respect o.
obeyed with anythin. like a recognition 0
it, aatAority. The Legislature fields lis al IN
aod takes nap, or afipeiS 10 take 4 nap
,!'hc State IL in Il sturor- doubt and inecr
ttude preyai!-the Government il put tt
I brd-it departments respond not to oael
o$her-there is Suspended action and threat
enea paralysis.
And just here the le. islativc department.
hesitatins about recognizing the equality O
the judicial department. calls for an inter
view with the State creditors. and we ash
with what feelings, after all this, GIN con-
in;ltee Of Virginia legislators meet the pubi;t
creditors of their Statee We say that i
they meet those creditors with no purpose o
dong something, without some proposition
some oier that might look to the preserra
ton OF the honor Of the State. they will be
unworthy representatives Of the Slate OF
Virginia.
We are net Of any party in this matter
save the party of Virginia We were net
for the funding bill, FER are we against it.
Bat we cay that the history Of tho acts of The
people Of Virginia through their Lcgisla-
ture, throws upen the State an obligation
which cannot b. disewned save with shame
aud disAoasr.
Had the 6lst Legislature which assembled
alter !be war, under representation OF facts,
proposeda compromise, there is no doubt it
would have been accepted by tie public
creditors; but it did not. No compromise
WIS offered by the next Legislature, and the
acknowledgment Of the public debt and the
determination to pay it were repeated down
10 tha Legislative session Of 1s70-'71, when
there was compromise upon two-thirds OF
the debt, temporarily, in words, but, in
fact, permanently, as most people be-
licvsd. With these facts bcfors them,
committee Of Virsinians cannot possibly
50 into conference with the dstermina-
ton b Go nothing. For the bake OF Vir-
ginia We do hope that they will 50 with the
resolution to do something crcditable to
Themselves aud the State. That something
is needed.
1t may bs that the hondholders, in view Of
fIa naat nav 6aeline 10 nnlor tha AM