The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-04-17
The Public Debt.

The pe.essburg~ 4Ne,s$ strikes hands win
~ ahont the State debt upon condition tha'
we win agree to make the thirty millions q
5oar per cent. debt, How can taat DC u'ne
Sixteen million dollars have been l""ueo .
six per cent, and the coupons upon tneh'
are receivable in taxes. Will taeir holders
abate their CLAIM: Can we resist u
x.oS, We have suspended the funding
uptier The funding ac', ard We tu"s,." -r ~"
nroces, of recs pi,aliz,nS the debt of VII,
ginia at hoo birds OF the whole, leaving the
one. third for West Virginia. The public
creditor who fuads his debt 10 this manner
wakes surrender Of HIS claim upon flr'
gina for the one-third which IS Left untu me
Time Of a settlement acith West Virginia.
VIII that time ever come? We believe not.
So. we see what we lose by stopping he
FUNDING. We have left the State debt IN
"cpnfusion worse confounded," and we
have NO means that we can see of setttl nS 70
GU, satisfaction our. troubles. .r
We say if the Safe Of Virginia can com
promise her debt by sealing it one nara
after having in 1866 assumed the whole OF ii,
and having subst qaently rtatii med that as
sumption, we certainly do thing that may
be called good business transaction. we
do not believe We can do any better.
Far better settle on that blsis than co.,
lime OUT state Of quas.rcpudia.ion, or, what
is worse, enter thlt ,lough OF despond -
utter repudi,tion-out Of which zee c1n"ot
omerge for ffyyears.
Then, uby may not the Nens concur with
rs in settling upon the basis Of the 49,
oOO. 900 as final and complete? That is The
best we c.n do. That will give Us honor and
peace, and prosperity, and we Shall be able
10 hold up cur heads before the world.
The throwing out Of one-third may in any
man, mind be covered By Two things: lst,
the accrued interest during the war; 81, the
partition OF the State: q great outrage which
went far 10 absclre the State from oblisa'
fioos assumed under the condition Of q
sovereign State with all her boundaries
intact. Blu. there is = practical Limitation
based on Justice and bonor TO this interest
for unloading the obligations OF the State
We have used the creditors money. We
enjoy the advantages Of the improvements
Iha, have been built with it. We cannot
De held guiltlcss for denying oil his claims
up on as. The compromise upon two-tbird:
Of those clums-leaving third TO Wes'
Virginia and the sccrued interest during The
war which We could not pay, and Shich We
hold that our people have morally an lmmu
nifty from paYing-is fair and just alierna.
tive. 1t will be satisfactory TO the creditor
and should be 30, in view Of the facts, to tke
del t0r.
If tho fe,os is not content with this we
cannot see how it can do better. An ar
rurgernent 10 accom- psh its ohjoct-its four
per cent. upon S300O0, 000-we think next
TO impossible. Far better would 1t be to re-
capitalize the whole debt u .Jon The t,1o thirds
plan than to continue in cur present awful
iucer,itude about the debt, to the deep and
lasting injury of our public honor and our
private welfare.
4 slight increase Of taxes, with the CO.
o1c.ation OF our present siukng-fund act
Will soon make the State easy. If her PEG.
pc bave not bravery and seif.sacrIticing
spi'i. equal to this we shall begin to look
up Virginia as fallen indeed. Poor and
deserted is the parent for whom the children
are unwilling to make any sacrifice whatever.
Such fa iugratltude would be amongst the
wcrs, OF public crimes, and worse than pa
gan is the mind which concludes that such
impiety viii not have It's just retribu!ioD.