The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-11-18
airl,lllolld lispatfh.
WEDNESDAY :. NOVEMBER IS, 1874.
THO state Debt.

We cave sketch yesterday Of Mr.. Nc.
EYssoy,s proposition on behalf Of the Eng
,ish boadholdcrs, who hold large part Oh
The bonds of this State. The proposition
is credited to learned and accomplished
London lawyer. But we see nothing 10 II
tha. Virginia or any southern State shou'd
accept. 1t is simply the proposition OIL t'o
white man to the Indian -: You may have Inc
crow and I'll take the turkey. or I'll take tne
turkey and you nay have the crow" 30
oue.sided is the proposition that we suppose
), could hardly be imposed upon tue unior-
inmate South except by force. II we can
nav on McKlSNoS's plan we can pay as the
debt stands, and just as easily.
The opportunity for Virginia and her cred
;tors TO settle their account in peace, ana 10
the satisfaction Of both, was immediately
after the war, when the debt might nave
been RACED one-haf for an interest OF SIX per
cent. upcu the half. That would have been
inst. We could have paid the interest and
the principal when it became due. What a
different state of things we should have no"
had such an arrangement been made! we
would have no trouble about the debt. The
State would be at rest. There would be 20
quarrels over coupons and no difficulty about
raising revenue. No cor fllct between towns
and country Us upon which back should DC
placed the greater part of the burthens. IL
was lost opportunity.
Instead of this the State, in utter poverty,
affirmed her determination to pay the whole
debt, ard she funded the accrued interest
and paid interest on that. She has reafflrmed
her determination and passed a bill funcing
her debt 10 coupor-bearing bonds, The cou-
pons receivable in taxes. No sooner had
this act passed than it was assaied on the
ground that it would ill the treasury with
coupons, and there would be no money to
pay the expenses of government. An issue
was made and the law declared constitu-
tional by the Court Of Appeals.
la this condition Of things Governor
KEMrgR takes the Executive Department.
lie finds the revenue inadequate for the de-
mands upon the State. The Legislature
fails to adopt measure to raise the required
revenue, and lie is left where he found
things On taking the chair.
In this dilemma he seeks parley with the
bordholders with the view of obtaining an
arrangement by which the pressure upon
the people may be relieved. They meet the
Governor, and offer no concession from their
their rights save the proposition of MIR. Nc
kINSoS, and that is tanamount to nothing.
The opportunity being lost in 1SG6-G',
and the State having affirmed and rtatfirmcd
her obligation and determination TO pay all
that she owes, we can see no help for it. We
are sure the Executive will do all he can
but what can be do5 The bondholderS are
not disposed to surrender advantages which
the State has volunteered to give them, eX-
cept under the proposition Of Mr.. MCkrS-
NON, by which they would exchange their
position for better one.
We see no help now but to 60 on and
await results. II the State can pay, it should.
II it cannot, it cannot. But that is rs here
after may be.