The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-04-22
Can Virginia ReDudiat 2


The regulators, conceaIing their real Oh.
jc.; under the name "antilunderS,' are at
tempting TO do an impossibility. The name
tIey adopt is deceptive. There is no ground
Cor .ucu name. The question Of funding
the debt in bonds with taXrcceivable cOu
y'on- is dead one. There is no prc'cXt for
forming PARTIES for and against such fluid
jig unl">>, Indeed, Il party is to be raised TO
PESTS: tie Government Of Virginia: and II
tina, ,arly : - pc arraycG before the Com
mon wealth, let all know il. We should think
fnerc are enough # good men and true to
bling merl:cd L,f,at AMI Shame upon any
such party.
But can Virginia rcpHdiltc: At the time
when The Legislature Suspended the issue o!
bonds beat ing the rcctiyajiltty coupons about
sixteen millions Of dollars Of pubic debt had
lcen converted into those bonds. The high.
cst judicial authority in the State has decided
that the State il bound 10 take thee coupons
In Daymtut of taxes. Therefore tao pablo
etiicars cannot refuse them, nor can the Legs
ltturc in any manner reduce them in value
soas 10 make them Of lower value than :. law
ful money" in the payment oftaXes. There
i no way OF evadiGg these coupons except
T.. viola.ia. the authority Of the State and
bringing upon her, in addition TO ds,honor,
tue disgrace ofncompetcncy to maintain her
ON authority-anarchy.
so Is to the sixteen millions, there is 10
G, apv. The question Is: Snail the State re-
rul.a.c the other ten millions: Shall she
S,ranE ore set Of bondholders and pay
s,nc'lor set: Is the weight Of obligation ill.,
GU. q hy the remaning ten millions so great
toa is Reputation will be better for the
sm ic fame and welfare than the payment
G. This is question for the people to
& der.
ot. to speak further Of the public debt
q tc1dipg operation under the funding
s.' IA only been suspended so far as con.
&c II me receivabity clause. The public
si'icr.s are still issuing bonds from which
1he lcceiVability clause is eXpunged. They
gre called "peelers -; those with the receiya.
t';ily clause are called +" consols." There are
salSo scme bonds changed from registered -
Snto consols under the privileges of the
Funding ACT, which authorized the issue of
registered bonds to those creditors who pre.
ferred them with The privilege of converting
fhc same iato "consos at the pleasure of
Che holder. All such bonds issued during
ahc year after the passage of the funding act
anti i. was suspended as TO the "receiya.
biiity" clause are entitled TO the same rights
with the consols.
The whole number Of bonds issued in hi,
manner-the original "consols" and thu
~peelers,-are DOW little over twenty mil
Aons, as we understand. There remain bu
about ten millions more to make up Virginia,
t~o-tnirds OF the whole debt. Tina,
amount, we fell satisfied, will he all that Vir
GINA will ever have to pay.
We repeat that We think this is good
bargain, all things considered, for the State
f. make with those whose money she has had
aud expended for her own good. After the
war she assumed most formally her respon.
sib!ity for the whole debt; and through
ehc peoples representatives she solemn, re-.
Gil med her obligations. After that, to c,lu-