The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-10-12
8, II. 1.rrod,,eed sauch ealamitiess

E r ny. the snirit Of reputation the same in
nc,nIe m that which impelled theIioters.
* annly the inceudinry's torch TO- he de-
Ystructioa 81 their felIow-citizens,,p property :
To It not the same rs that which lies at the
foundation OF communism, and which pro-
duccd its natural and necessary fruits IN
the horrors Of the French Revolution! Is
not the right of property OF the State bond
holder in his bond as sacred and lnvi-
olable as that of the private creditor IN
the bond OF his debter, or as that OF the
landnolder in his land? Has not the
Legislature OF Virginia the same moral
right to declare that no private debtor shall
be compelled to pay his debt, or the same
moral right to take from the landholder bis
land, as it has to repudiate the debt OF the
State, which is to take from the State bond
holder bis bond7 Has not the Legislature.
as much moral right to contiseate one nan
OF the annual rents or profits OF the iana-
holders real estate as to force the sa1e
bondhelders to accept one hall the anhuai
interest on their bonds! Ii part can DC
taken, all can be taken; for, as dlstih-
guished divine has said, "there are no 1rac-
lions in honesty" If, however, II be an
swered that by. the disastrous conse'
auences OF the. war the lanuhoiaer
has SUFFERED. and not the bondholder'
and that the bondholder should now be
made TO suffer. in the same proportions, let
ia see whether at this time the bondholder
or the laudholderf occupies the better posi-
ton: for il it can be shown that the position
OF the landholder is best surely this argu-
ment must fall to the ground. Now, say
that A and b have each $4,000 to invest
Virginia consols are about sixty cents IN
the dollar). A with his money buys $40, 900
in Virginia bonds. The annual par value
OF his coupons on those bonds is 5000, but
the price he can actually sell them for is
only about. $500. which, therefore, is AS
annual income from his capital OF $4,000.
Il spcnds his. money in buying and
stocking a farm OF $50 aeres OF first
rate Albcmarle land $4,000 would be
ample for the purpose. On his farm
he raises 700 bushels OF wheat, and gets for
his crop $500; he raises 1000 pounds OF to-
bocco. which yields him $500; he sells 100
barrels of corn at 50 barrel $4,000, besides
having enough for farm purposes; he raises
so. 600 pounds Of hay for sale at S. cents per
hundred weight $4,000; and be raises
enough pork to supply his farn1-hands.
BIS gross income per annum then Is S2,OOu.
| OF this he pays his six farm-hands Sioo.
and his overscer 5000 (for suppose tins
farm purchased merely az an investment,
and that the purchaser has other means OF
suDport); he pays $50 taxes; and for con-
tingent expenses say S90-total dlsbllrse-
ments, S1,l50, leaving net income OF sSoo,
from the same amount OF capital which
brings the bondholder in $500. / know by
experience that these figures are about cor
rect: and il they do not prove so always it
| is the consequence of idlcness inetficiency,
not the fault OF the property. The land-own-
ers, then, being at this time ina better posi-
ton pecuniarilv thar the bendholders, it can
not be argued that the latter should be made
TO suffer to be even with the former. But it
may then be urged that the negro-owners,
1T least, have been heavy losers by the war,
for which the landowners and bondholders
were as much to blame as themselves, and
it is unfair. that they, alone should be the
losers. But it is clear that If the negro
holders are to be reimbursed for their losses,
tue llndhuIders must bear the burden OF
indemnity, at least in equal proportion with
the bondhoIders; or, in other words, there
is no more reason to plumber the bond
holders, to reduce them to equality with the
negro-owners, than there is to rob the land
owners for the same purpose. 1t may ne
clearly shown, however, that no obligation
exists on the part OF the State to compensate
the slaYe-o owners for the loss OF their negroes,
but as very few persons go far enough to
maintain that position, I shall not take the
trouble TO refute it. 1t cannot, then, be
urged that there is any show OF Justice in
Reputation or. forcible reimbursement; and
let the landholders remember that majo-
rity OF the voters, whom, deuded by dema-
gogucs, they now encourage in their cry OF
"down with the bloated bondholders,"
have no property interests to attach them to
good government and order; let them re-
fleet that a majority OF those who now cla-
NOR for Reputation are ready il ever OPP
portunity should offer to clamor with equal
vehemencc for an equal division OF lands,
and let them beware, lest in few years.
time the cry OF :" down with the boated
andholders" be ringing in their ears while
they groan under yet more burdensome tax
alton. Shall we not no,p, then, rather suf-
fer slight increase Of taxation iii neces-
saryl than run the great risk OF such evils
l., for one, say emphatically eyes"
.zl.E ....s.t :.i.i ,DEBT-PATING Man.