National Republican., 1875-06-25

and of Virginia at this time, because the for
mer is the only one of the Northern States, II
am not misinformed, whose mstured obliga-
tions have not been redeemed in full, and be-
cause the latter is one of the most prominent
of the Southern States, and because her deal
ings with her creditors have, as has been
stated, created more distrust of American
legislation and American credit than the
course of any other single State"
Speaking of the original settlement OF the
colony, the following ticker is neatly ap-
piled:
''Virginia alone was settled by the English,
who named the colony in honor of England
maiden Queen. Virginia was especially an
English colony, and up to the Revolution It
was the pet colony of the English aristo-
cracy. The Revolution, although it severed
the political ties did not sever the social ties,
that bound her to the Mother Country. The
people of Virginia, in their habits and tastes,
in their domestic economy, and even In their
forms of religious worship, were pre-emlnently
English, and although none of the colonlsts
were more outspokeu and eloquent in their
denuncIations of the sggressions OF the Ihrohe,
than were her fearless and eloquent sons, al
though no soldiers were drawer or more de-
termined and persistent in their resistance 10
British power, than those which she sent to
the field with Washington at their head, there
has ALWAYS existed stronger attachment on
the part Of the ruling classes in England, to
Virginia, than to any other State"
Now, what could be prettier than that 7
Blue blood should hasten its circulation at
that, if anything could accelerate its speed.
"The pet colony of the English aristoc-
racy, ehH 1t was doubtless partially owing
to this fact that the English invested largely
in Virginia improvement bonds before the
war. Anyhow, they are large holders noW'
and they are unable to get satisfaction in
the shape of either principal or interest
Mr.. McCulloch proceeds to recount in his
letter the history of the finances OF the
State since the war, both legislative and
practical. 1t is not worth while to repeat
that here, for every Virginian is familiar
with it. We will just ask attention, how
ever, to his summing up of the present con-
dit1on of the credit of the State in England.
After speaking of the compromise made
with English bondholders and the subse-
uuent reputation of the provision making
coupons receivable for State taxes, he says:
"The result is that the State has two classes
of creditor bondholders instead of one, the
larger class holding bonds the coupons of
which are receivable for taxes, but are not
eashed at the treasury, the smaller class hold
ing bonds the coupons of which are not re-
ceivable for taxes, and on which nothing is
being paid. or course, all parties are dissStis-
fed. The State is dissatisfied because part
of her creditors stand on q different footing
from the others. The holders of the taX-re-
ceivable coupons are dissatisfied because as
the coupons which they hold are only available
to taxpayers, they are compelled 10 part with
them at a heavy discount. The holders OF the
bonds the coupons of which are not receivable
for taxes are not only dissatisfied, but they are
indignant at the injustice to which they are
being subjected in receiving nothing, while
other creditors, more active and vigtlaDt, per-
haps, certainly more fortunate than themselves,
are Icing partially paid"
II this be not practical reputation. what
is ii? Governor Walker begs the General
Government to assume the debt of the
State and take her internal Improvements.
He thus acknowledges the pauperism of
the State and the inability of her sons to
extricate her from her present dilemma.
Both Walker and McCullOch thus indorse
the spirit, if not the letter Of our allega-
tons. In closing our former article we
alluded TO the utter worthlessness of the
vast resources of the State so long as they
were not utilized by the application OF
labor. Upon this point we are corroborated
by Mr.. McCulloch in the following words
srVirginia is in many important respects one
of the most inviting States in the Union to the
better class of English emigrants, but this
class will be repelled from her borders so long
as she fails to make q satisfactory arrange
ment with her dissatisfied creditors. Looking
only to the question in a pecuniary point OF
view, aside entirely from the moral o5liga-
tions which she is under to her creditors, Vir-
ginia is making a capital mistake in permit
ting her former good name TO be thus tar
nished in the house of her friends. No State
is in greater need of emigration and capital,
and these will go to her very slowly as long
as she can be justly charged with unfaithful-
ness to her engagements"
We commend to our friends in Virginia
careful reading of the letter of Mr.. Nc
Culloch. 1t contains words of wisdom,
and the bitter truths are nicely sugar
coated, while the seductive doses OF
fattery by which they are preceded and
followed should prevent all wry faces and
uncbristian comments.