The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-04-09
nnr Credit Abroad.

Our Credit Abroad.
A paragraph, originating ID Staunton, Is
makjar lis rounds in the newspapers, Whlcn
,ays "that Major JEp. HoTcHxIss OF tha'
town, who has recently returned from pro-
Ior ,yed say in England, states that the cnar'
&C ter of Virginia legislation III relation W nea
o nb,ic obligations has seriously anec'eo sae
G sedit of the State In that co9ntry.
Tb, Major states but the truth. The as
sau,t en- the public credit In the late Legs
1s,ure was positively infssaons- 1t NOT on'y
tended to ruin the reputation OF the state
abroad. bat It tended to destroy the 1etegr''y
Of the Conservative party, which has saved
yarsinia from cslsmiy appalling to think
OF.
A minority of that party, led by dema-
rogue, fraternized with the representative
element Of the negroes, and carried PROPOSE
tions in the popular branch of the 'Leg'sia'
ture, that not only impaired the public cre1t'
but proposed TO forfeit the public honor ana
force the State to resist'the.decrees of her own
government. We do not know how a'rePre-
sentative body could go further TO Involve
the State in disgrace, and invoke upon hef
the contempt Of aal4civilized public opinion.
The State was nobly Tindicated o. tue
Senate; but the propositions delioefateiy
adopted By the Conservative minority, ali'eo
with The Radicals, startled those whose mo-
:ney we bad borrowed and had expended LOT
our own good. They were, by those re-
1narkabIe decisions Of the popular branch OF
the General Assembly, Fed to feareVen worse
things. The Senate seassured those VINO
have trusted Virginia somewhat. 'bue the
fact that Virginia bad reached day wnen
a msjority Of her House of Delegates could
adopt measure the legitimate neanlog ana
effect of which was 10 rob the public creditor
of what Virginiss own Legislature had
pledged the State to pay him, was an event
that no intelligent foreigner had deemed
possible.
Virginia, we all know, stoodin England
before and during the war at the Very high
water ma, of respect and confidence. Eng
.lish capitalists were drawn to Virginia by
her spo,less fame md the intimate relations
which bad 50 long existed through COM
meree in Virginis's staple, and through that
m ost agreeable social intercourse which hiss
80 often been the theme in England as IN
this country of enthusiastic description.
May We not all readily imagine the surprise
with which the news of the Legislation OF
w hich Major HoroHKyss speaks was received
'therep
Virginia sunk down low In the minds Of
men of influence and worth who bad respect.
cd her-men who had befriended us-Who
had lent US their good money, and stood by
us in trou sic, in the Darkest hours that ever
occurred in our history. Had they been
ppealed to they would have done almost
ANYTHING for US. But our Legislature i'm.
meaiately after tbe war assumed the public
de BIT, and bravely proclaimed the'determlna-
ton OF Virginia to pay it. The aetermna-
ton was twice cleary reRffirmed> aud then
we issued the funding act bonds and cou.
pons, the public creditor not being consulted
nor any concession being asked of him.
A fter all this, and ten years after the war,
to repud;ate all these acts and to discredit the
very obligations our people through their re-
representatives. had so soIemnly assumed was
q proceeding amazing to all friends Of the
State who had put their faith in her honor
and integrity.
It was enough to affect the credit Of Nir-
ginia abroad. And should the people of
Virginia fayor the policy of eepudiatng the
Oh bic obligations, and attempt through popu-
Oar impulsiveaess o avoid the debt they just
~ owe, they will open career of misery for
themselves theend Of which ne man canEre.
tendto foresee. I'm proportion 10 the decrease
in the value of the public securities Of their
State will Ike the yigor Of the demands anDu.
al ly made upon her and the efforts TO force
her to pay them. These demands will never
ease until they are,net.
In the mean time the private credit of the
people will have shared the fate of the pub
lie credit. The isitk in Virginia and her
people will be dead. Immigration can never
be lively towards State that don't pay her
debts. Good people have no idea OF settling
down in any community to share its fate of
dishopor and its suiferipgs from suspended
enterprises-a paralyzed industry and a
blighted public character.
AS lorg as the public honor is tainted and
the people lack patriotism aud integrity to
redeem and Yindicate it. will such miseries
fall upon thea and stay with them. II, I'm.
happily, Virginia should bring this condition
upon herself through the mpelicy and in
fidelity Of her children, the time must come
when, through suffering and notification,
they will implore the Legislature to take
measures to vindieate the public honor and
put an end to their distresses.
We do not believe the people Of Virginia
will suffer this great misfortune to fall upon
them. Letthem look upon the public honor
as thing 10 be adored, and let them beware
OF the artful and deusye stories of 6ema.
Gogues who seek alone their own personal
advancement, altogether regardless of the
peace and honor Of the State.
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"Too MUCH PosTNAsrER"- One of the |
Llberaiist lelter.writers from Connecticut
attributes the Republican defeat there to
81 too anuch postmaster ito too much in.
Al