The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-01-08
The Farley about State Debt.

Inc EdClSy dDCul CldtS LEW.
The Senate of the Virginia Legislature
Yesterday passed the resolution proposing
parlev between committee Of the Legisla-
ture and the holders Of the bonds of the
State. with an amendment fixing the day fol-
the conference on the 10Th Of February.
This conference will be a singular affair
II has one interesting feature: that OF the
recognition OF the existence Of the DEBT, ana
tacit obligation to treat with some ccnsid.
Grafton the holders of State bonds. The in.
disposition to make an effort to pay anything
has been so strong and the contempt fo'
bondhoiders had become so free and frank
that this is something gained.
But what are the prospects of accomplish
ing any further good by such conference:
Is there disposition to increase the public
burthens for the purpose of doing something
to redeem the public credit? Are the bond.
holders to be simply informed that Virginia
can pay nothing, and that her creditors, who
have received no interest on their bonds
worth mentioning for thirteen years, afe tt
go on holding them unrrodnc'iyc for ar
indefinite rcriod? That will be offering tht
creditor nothing it will be holding out NJ
ground for compromise. In That case he
would have nothing to propose. and would
far better trust to the present laws. With
out some proposition to pay something the
Legislature cannot improve his situation.
One might logically conStrue the proflcrcd
conference rs plainly indicating the intention
10 propose something so much for the benefit
Of the creditor that he might perceive in il
at least an apology for compromise. We
trust that this may be 4 true as we'll as logi.
cal deduction from the premises, and that
there has been indeed some concession from
the do-nothing, pay-ncthiDg attitude ir
which the supposed majority had entrencheG
ITSELF
Whether the bondholders can or will be
represented in sufficient force to give
potency to any understanding that may be
reached in the conference remains to be seen.
The past is well calculated to discourage
them from any further attempt to come 70
terms with Virginia. There may be still.
however, hope enough left to induce an
other effort.
1t would be happy day for Virginia if,
without further delay or skrmshng with
the creditors of the State, the Legislature
would address itself earnestly and honestly
TO measures for complying with the public
obligations and rcdeeming the public honor.
That would reassure the friends OF Virginia,
relieve the public conscience, and revive the
public energy. Faith in a State is the Very
hearts blood Of the body-politic. 1t gives
health and yigor to the body, and infuses
chccrfuIness, hope, and enterprise through
out the community. 1t stimulates industry,
increases commerce. and enhances values OF
all kinds. When the citizen knows that all
is right with the State be heSitates no longer.
but cmbarks in his plans, whatever they be,
with confidence that no untimely frost OF
misgovernmcnt may fall upon the budding
promises of his undertakings and blast them
and ruin him. But without this faith in the
Government what is undertaken? What
proSpcrs: Can immigration tlourishS Can
capital be invited into the State?
Rather than the do.nothinG and redeem
nothing, negative policy Of demagogsm
should weigh like nightmare upon the
State she should repudiate out and out,
boldly. 1t would be more in accordance
with manhood and courage, and would turn
out quite as well. If it brought ruin it would
he no worse than the cry Of poverty. But
it might do better for the State in this man.
ncr: 1t might plunge the people into CESS
pool Of shame md degradation, out of which
they would exert all their power to emerge.
They would then implorc. nay compel, tn.
Legislature to meet the public obligations,
restore order and prosperity, and enable
them once more to walk through the public
ways with head erect and Il proud spirit.