The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-02-17

THE COCPON. BILL.-The Dill over WHICH
the Legislature is now fighting is but phase
Of acknowledgements Sentinel.
Just so. It Is an attempt to eyade the effect
of the judgment of the highest Judicial trl-
bunal in the State. 1t is bill to enable the
State 10 refuse to receive for taxes the cou-
pons which she has soemnly coyenanted to
receive for that purpose. 1t is bill to do
indirectly what even the boldest OF its adVo-
Gates would not dare to propose to DO d.
rectly-reDder null and void the funding ac'.
1t is bill that would as q law be more dis
creditable to the State in the opinion Of all
unprecedented people at home, and of all peo-
pie outside of her borders, than would law
providing in express terms that the debt OF
the State should never be paid.
Now, suppose that Virginia should re-
pudatc her debt: Would she gain aught by
so doing? Nothing. She would be poorer.
The speeches made in our Legislature de.
scribing the poverty of the State, and hold
ing up our people as community Of pau.
pers, our lands as valueless, and our honesty
as below par, have no doubt injured Vlr-
ginia by many millions of dollars. These
jeremiades are costly luXuries. They keep
away moneyed immigrants. They warn
capitalists that Virginia is no place for them.
They teach rich farmers in Europe and in
this country to turn their steps away from a
Commonwealth that is destitute not only Of
property but Of hope. Who would not be
ashamed to show his face in Boston, and New
York, and London, and Paris, and Berlin, if
Virginia were to repudiate her debt? Mis-.
sissippi had good reason for refusing to pay
her debt; yet see VIII 1t stigma still attaches
to the name Of that State. Illinois once
partially repudiuted debt that she thought
was intolerable, but Der people in few
years found that it would be far easier to pay
taxes than to stand up under the burden Of
inlamy which had borne upon their Shout
,lers from the very day that they tried to
cast off an honest debt; and those people
demanded ia public lass.meetings held at
their county.seats that they should he taxed
to pay the debt. If the debt of Virginia
were rcpudiatcd this winter 1T wouldn't
slay repudiated. Year after year it would
haunt the General Assembly, 1t could
never be quoted except by payment. Fifty
YEARS hence it would still he knocking at the
doors Of the capitol, if not paid before; but
tbG result would be its rea,sumptica within
mhch less than fifty years. So thatehonesty
as to public debts, like honesty as totprivate
{ mes, sis the best policy"
Would the members of the General AS
}, ,mbly who advocate this bill to diseredit
&C uppns take similar methad of getting
no. of the payment of the interest due upon
The ir own private Indebtedness Ifanya ne
4 them had, as the State of Virginia has,
, rol verify worth ten times as much as tie
u uount ,ef his debts, would he dream of try
n to shfk the payment Of either the princi-
"a OF the interest Of hisdebts-the coupons
Dr. the bonds themselyess Not one of them,
we believe, would. Aud I'VE cannot under
stand how such men haze allowed their
judgments TO be clouded. and their mental
vision, to say nothing of their consciences, to
be blinded to the real nature ,of the measure
which they are favoring. Better, we repeat,
far better do nothing than to do such an act
us this. If We cannot pay We can, at least,
refuse to resort to unworthy subterfuges in
order TO avoid paying.