Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1874-03-28

per- would lnfict lasting and grevious wrong
ani loss upon our own people. II even partial
reputation were practicable, it would suLj ct
the State to pecunary losses very far exceeding
the amount of the public debt.
| Our real relief lies in the restoration of con.
fileDcc and a good understanding between the
State aud her creditors; in such a setil, mcnt of
the public Indebtedness as will restore respect
Tor our good faith, as will command the assent
OF creditors and secure to them the regular and
puneua payment of the utmost Interest We are
now ape to pay-onIy postponing such part of
| our undertakings as our poverty renders impos-
slhIe OF performance for the present Its GER
talnly III our power, if we now enact lust and
eflc!ent system OF taxation. and prndcntIy hus.
band our resources, to pay, henceforward, four
per centum per annuIu on the entire debt n-
tended to be assumed by the funding act. 1t
is believed that an understanding can be had
with creditors by which We might guarantee
with certainty the regular and punctual pay
mcht, 10 Seml-annual lnsta ments aud at con-
veUleut places, OF tWo-thirds Of the accruing
interest tor the prcsent-glving proper certiti.
Gates Tor the deferred interest and providing
for The payment OF full interest, together with
all arrearages on interest account, as soon as
our steadily Increasing resources shall permit.
Creditors asserting to this adj ustmcnt would
be paid two-thlrds Of their tax-paying coupons
pnnct ualIy at maturity; they would be restrain
ed by express stipulation as We'll as interest
from resorllng to the circultouS aud expensive
process Of paying their coupons into the hands
of the ax-colieclor, and sutticiency of reye.
uues in money for the support Of the govern
ment would be certainly and permanently as.
sured to u.s.
In such adj ustmcnt it ought to be stipulated
that all our outstanding obligations, included
in the numerous and confused classes aud
grades before enumerated, should be made first
class debts OF uniform terms ami character.
They arc all equally just and it is nyl rcputa-
BILE that we should favor any of them with spe-
cial advantages or make any distinction between
them. Many Of the least favored creditors are
our own needy and worthy citizaus who have
always been indulyeut and liberal in their deal
ings with tic government.
1t will be easy to secure the proposed pay
mcnts upon interest, and to invest the new ar
rangcment with absolute confidence and GER
taHty, by the passage Of law, embodying 10
it our slipulatious with creditors, which would
set apart specified and permanent taxes, to be
dedicated TO the public debt, and to be applied
regularly aud directly by the proper officers Of
the State in the payment of the interest as it
cutting it could neither be suspended nor in
crtcrcd with without: the concurrence of the
contracting parties; it would obvate the ncceS
sity for further legislation in the premises, and
il would forever eYtrlcate our huauccS from cy
iSting agitation aud uncertainty.
1t Is believed that lair and deliberate con-
ference between tie State and her creditors
vii! result substantially in the settlement now
proposed; a settlement providing for the pay
mcnt Of such reduced interest for tie time be-
ing, as may correspond with our reduced
means, aud Tor such greater Interest hereafter
a. will steadily increase with our Increasing
population and resources; so that the whole
debt as heretofore assumed, together with the
full interest as now agreed will be discharged
ultimately and just as quickly "a the best abii
ity of the State will permit. 1t would bind Us
TO do now what we are able to do, and it would
postpone so much of our undertakings a. We
are unable to perform. 10 do less on our part
monwcath into the abyss Of bankruptcy
Creditors acccdlug to the proposed plan
would get all the means possible to be applied
by the State to the debt. aud more than they
DOW receive or can receive under any different
plan. They would receive with certainty aud
puuciualiy larger payments than those lrreg-
uarly made in the past. Tie execution Of
that puu will establish Il practicable and JUS,
understanding between the State and her cred
turs and will confer positive benefits upon
both; it will restore the sunken credit Of Fir-
GINA. impart new life to her dead resources,
advance the standard Of her reputation to the
highest possible position Of financial integrity,
cntronch the government in stable and per,
maucut policy. and inaugurate a new era Of
prosperity to be felt by every interest and en-
terpriSe in the commonwealth.
With such wise torbcarance on the part Of
creditors as their own best interests dictate,
time will restore to the State all her strength
and reuder the burtheu of the debt easy to be
borne. If the wealth and population of the
single city Of Richmond shall continue to in
crease in the ratio of the past, the mere in
crease of revenue to be derived at existing rates
of taxation, from our metropolis aiouc, will in
few decades suffice to discharge the unpaid
interest and cover the present deficiency in the
treasury.
respectfully recommend the appointment
of two commissioners on behalf Of the State,
representing its best financial skill and expert
cuce, to be charged with the reimbursement of
the public indebtedness by conference with
such agent. as may be deputed by creditors to
meet them.
Such conference would be inexpensive, ana
it is not apprchended that our commissioners
would be called beyond the country Nothing
worthy Of being styled Il conference with pub
lie creditors can be said to have been as Yet
held; and if the proposed effort fail Of a sati-
factory and final settlement, such failure would
leave Us no worse off than we now are, while
we should at least have the sustaining con>ci-
BUSINESS Of having discharged high duty to
both the commonwealth and her creditors, end
Of having deserved if not commanded success.
1t is not improbable that an additional ar.
rangemeut might DE made Tor turther securing
the debt and relieving ourselves. 10 view of
welI-settled principles of public law, it is de-
monstrabIy true that the United States, by ln-
tcrposing between us and our creditors and d.
cidiug aud destroying the original entity Of the
commonwealth. became liable for at least SO
much Of her debt as is due to nonresident
creditors Whcp the present financial panic
>hall pass away, i, may be reasonably expected