Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1875-04-23
The State Observation-Disclosures.

The Richmond Dispatch contends that the
question of funding the State debt In bonds
with tax-receivable coupons is dead one, and
that there is no prelext for forming parties tor
and against such funding unless, indeed, par
ty is to be raised to resist the Government OF
Virginia. In this connection the Dispatch
says:
1.-The funding operation under the Funding
Act has only been suspended 80 far as concerns
the receivabiity clause. The public officers
are still issuing bonds from which the receiv-
ability clause is expuuged. They are called
" peeIers =" those with the reccivability clause
are called "coosols. !" There are also some
bonds changed from "registered into ICON
soils !" under the privileges Of the funding act,
which authorized the issue of registered bonds
to those creditors who preferred them with the
privilege of converting the same into > con-
soils - at the pleasure of the holder. All such
hoods issued during the year after the passage
of the funding act until it was suspended as to
the recevabity" clause are entitled to the
same rights with the coDsols.
The whole number Of bonds issued 10 this
manuer-the original "coosols y aud the peel
ers are DOW little over twenty millions, as
we understand. There remain but about ten
millions more to make up Virginia. 5 two-thirds
of the whole debt. That amount, We fell sat
lsfed, will be all that Virginia will ever have
to pay ooa h.u.,;, 81, ,h;,os
considered, for the State to make with those
whose money she has had and expended Tor
her own good. After the war she assumed
most formally her responsibility for the whole
\. L. ! ~ nh C
she soemnly reafirmed her obligations. After
thirds of it is what we call good bargain.
LET the people of Virginia think over these
facts. Let them remember that if they were
willing to do so it is absolutely impossible, con-
sistent with the existence Of the authority of
the State, to get rid of the coupons authorized
by the funding act and consider whether they
would not prefer manly and patriotic effort
to vindcate the honor of their State rather
than she should be brought to iuexcusable dis.
honor and discrdit, which would inevitably tall
with disastrous effect upon themselves.
1t is ten years since the war. The power
of recuperation amongst the people has work
ed wonders. Their hopes are brighter than
heretofore. The prospects of better tiines-of
immigration and of enterprise-are greatly lm-
proved, and the reasons for maintaining public
credit, as indispensable to the healthy existence
of private credit, are growing daily stronger ;
and we therefore see every reason why the peo-
pie should rise up in their power and majesty
and vindicate alike theirs and the States hon
or as the only way to secure peace and pros
perity for the msclves.
"Ihey have powerful auxiliary in the
sinking fund, which is DOW steadily absorbing
the public debt We sincerely believe that a
moderate effort on the part Of the people will
place the question of the public debt in such a
situation that it must cease to be cause OF
anxiety and to be the means of denagogues get
tiug Office and emolument."