New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-12

were dictated by other than the kindest senti-
ments. I grateful 10 Virginia for the honor
which she has conferred upon the country. give
to her full credit for the efforts which many Of her
ctizeIs-true scions Of on honorable stock-ars
making 10 restore her former reputation. That their
efforts have not been successful is attributable TO
tho fact that under the reconstruction acts this class
of her citizens have not had the control Of her egi-
lation. Gov. Kemper is an able and high-tOpcd Vir.
gnan. It is true that he carries in his body
a Federal bullet, painful reminder OF his
madness in cndeavOring to overthrow Government
by which Virginia had been greatly benefited and
honored, and which she had done 80 much TO estab-
lish. He ought to have known. what he has since
been among the foremost to acknowledge. that Q
Union which was cemented by blood and in part by
the best blood Of Virginia, could not DO severed.
But although, having been educated in wrong
school the Calhoun SCHOOL, Of politics. he went with
his Stato and was among the last to surrender, he
will be found among the most earnest and influential
workers to restore the relations which existed be-
tween Virginia and the Federal Government before
the war; and if the debt of bis State is not put
upon footing credtabe TO tho State and satisfac-
tory to her creditors the fault will not be Lis.
The repUdaton of her debt by the State Of Min.
nesota, to which my attention has been called has
been 80 thoroughly ventilated" that | bad not
thought it necessary to refer 10 it, 1t was not
only crime, but a blunder-an act that admits
neither of defense palliation. That State like
Minnesota, with soil 80 rich and q climate 40
healthfu-a State which lacks only credit and
capital to make her at early day OF tho most
populous and wealthy agricultural States in tho
CnOn-shoud, for the purpose of Kidding herself Of
the burden of debt scarcely exceeding two millions
of dollars dscrcdit herself with her sister States,
and before the world and thereby prevent tho
A Al. =
any other ground than that her people
were temporarily demented. The facts M I
understand them, are briefly these The State. for
the purpose of encouraging the construction Of rail.
roads through the State, advanced TO various rail.
road companies her own bonds, issued in conformity
with herlaws and the provisions Of her Constitution
to the amount of 1926, 000-taking from these
companies as security for her advances their first
mortgage bonds and also other obligations TO
the payment of the interest the state bonds
which had been advanced to them The railroad
companies having failed to pay the interest on the
State bonds which they had agreed to pay, the State
foreclosed the CAGES which she held as security
for the payment Of the bonds she had issued to them.
and then delivered the property she had acquired by
this foreclosure for petty consideration, not to heR
bondhoders but 10 new corporations The validity
of the bonds and their binding obligation upon the
courts. The bondholders had nothing to do with
the contracts between the State and tho companies
TO which the bonds were advanced. The bonds
were the bonds of the State, and the Safe was
bound legally and morally to pay them whether the
railroad companies complied with their engagements
or not She has not only failed to pay the interest
these bonds the coupons due in June. 1909, only
having been paid but under the false impression that
a reputation which could not be Effected by n State
law could he effected by constitutional provision,
she has undertaken to prevent her people hereafter
from redeeming her credit and doing justice to her
creditors by an amendment Of the Constitution To-
pudatng the bonds, and prohibiting levy of taxes
for the payment of the interest thereon. In view
Of this action Of the Legislature and people
of Minnesota is it TO be wondered az that
her reputation has been destroyed and tLat
a stain has been cast by her upon Ameri.
can credit generality The language Of our dis
tingushcd countryman, Mr.. Evarts, who reflects
honor upon the American name wherever Americans
are known is no stronger referring these bondsl
than the case demands: The maxim that a state
will do justice to its obligations, and will SUBJ
nit to coercion of courts and process. as ieec-
ton upon its honor seems to be put to open shame
by this great and prosperous State Coniessodly.
the only obstacle to the collection Of these bonds
from The State Of Minnesota whose direct Obliga-
tons they are, is the privilege it enjoys not 10 be
justiciabe in any court. No acquainted with
legal principles, susceptible to moral Impressions
can dwell upon the features of this scandalous his
tory of debt repudatcd and trust betrayed without
Indignation"
THE ONO PLATFORM.
The Ohio Democratic State Convention did, ID
seems, adopt resolution in favor of continued il
not increased, issue of legal-tender notes. This
means, of course that the Democracy of that great
State favor deprecated promises instead OF coin az
a circulating medium, and are willing to place tho
monetary power of the country in the hands of Con-
gress Ii this resolution does i'll fact express or re-
feet the sentiments of the stanch old State Rigtts
hard money party, which hOnOred even when OPP
posed il, then indeed may tho Ethiopian" be ex-
pected to change his skin and the leopard his
.pot4n am quite sure it does not. The Democratic
party has always been opposed to paper money of all
kinds, especially to irredeemable notes, and ii
will continue to be SO to the end Of the chapter.
Politicians who make trade of politics, may
change. but the masses adhere to their old faith.
Coy. Alien, whom used to admire for his eloquence
and have always honOred for his personal upright
ness in standing upon q soft-money, Capitalization
platform must feel as Gen. Mcclellan did upon the
peace platform of tho Chicago Convention. | am
anxious to hear how the question Of the currency
upon which | may speak in my next letter moro
directly than | have done is being treated by such
pronounced bard-money men as William Allen, Alien
&. Thurman, aud Henry Is. Paine.
London, July "a, 1873 HUGH McCULrOcH.
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