The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-02-20
.,r,,na-Ia4l,t ofxVirginia.

f
GENTLY appointed byeertain holders OF
I,ont,s OF those southsrh States which are
q desaults1net on the 14th instant at the
Fifth-Avenue Hotel, New York, In "secret
session" A daily paper Of that city stated
tba, these gentlemen 6spent the evening 10
Z. considering the debt of Virginia, but did
unot arrive at any definite conclusions"
Doubtless, II we are rightly informed, other
meetings will be held with like results-no
"detinite conclusions" Indeed, 1t Is now
ascertained that the organizers OF TINS
movement were not interested In the bonds
OF Virginia, but lugged them in to further
their scheme orsettiing the "special-taX
debt Of North Carolina. srf
The committee appointed IS composed OF
capable and highly respectable men, who
have had large experience in financial af-
fairs: but the manner Of their appointment
is. howeyer,, "a proper subject of public dis
cussion, and 1t is no personal reflection upon
them to say that most, il notail, are-uncon-
sciously to themse Ives perhaps-being used
in the interests Of holders of a class OF
southern bonds which have in part been re-
undated by the States in whose names the
indebtedness was contracted, and whose
validity as whole is at least questionable.
We therefore do not look to the "bank
presidents y for solution of our debt
question that will be satisfactory to our cred
itors and the people OF the State.
1t is unreasonable to expect that such.
questions can be solved in "secret session"
by gentlemen who probably know little or
nothing Of the Commonwealth. At best
their information is only secondhand, and
relates to the condition of the State at GER
tain periods in the past rather than the pres
ent. Too much prominence hes been given
| to this phase OF the subject even by those
who have devoted most time and thought to
its consideration. Statistics are always valu-
able, but only as they serve to elueidate or
emphasize current facts which relate to the
present status upon which, only, Individual
" or collectively, our people can safely base
any action looking to the payment OF obi
cations. a.t'..
| All are aware that when the public debt
was contracted it represented but tritie OF
the value of the property or annual income
Of the people of Virginia, which was then
one OF the richest and most prosperous
States in the Union. What is her condition
to-days How much does she owe in Tx
form of individual and corporate trust.
deeds What is the indebtedness OF hcl
towns, cities, and counties? II these obi
cations are added to the public or State
debt what percentage would the whole
amount represent of the taxable value Of
the property Of the State? What has been
the average yearly income since 1870 from
mines, manufactures, fisheries, and farm
products? Have theseindustries gained OF
lost during the years named? Are they
now making or losing money?
| Until these questions are fairly met and
satisfactorily answered it is futile to attempt
the readiustment Of the State debt. Any
settlement not based upon the clearest
knowledge OF our present resources and
productive capacity must necessarily, like
all previous attempts, result in failure and
modification. Whenever the debt is re-
funded or capitalized it should be on a baSi:
which in itself is a guarantee Of success
and permanence and OF this there is nc
evidence either in the movement set on foo1
at New York or in any OF the measures tc
which the attention Of the Legislature ha:
they are all dazed with the very first elements
OF the problem. II there cannot be evolved
a measure that is clear and comprehensive
commensurate in scope to the present ant
future needs of the State, that Will b.
equally acceptable to our creditors and oul
people, it is best not to do anything.
Tous there has been recently suggested
some hope Of an adjustment OF this yexeC
question. 1t is now receiving the careful
consideration OF gentlemen skilled in such
matters, some Of whom are applying theil
best efforts to work out q plan for refund
ing the entire debt in uniform bond, anC
the final settlement Of West Virginia's ap
portionment. This is ga consummatioI
devoutly to beiwished." II such measure
be possible it is not likely to be matured fol
consideration during the present Legislative
season; nor is it at all likely that the pres
ent Legislature will take up any scheme re-
Iating to the public debt. So that posi-
BILE plan from the quarter to which we allude
will not probably be embarrassed by any
premature legislation, The financial re
organization Of the Old Dominion, ant
| the complete restoration OF her credit ant
prosperity, achievements worthy the les
exertions of the ablest men in the land, mo-
alone on account Of the benefits which viii
thereby be conferred, upon her own people
/ and the country at, large, but also as al
earnest OF her devotion to principle, which
has its illustration in her history Of three
hundred years Of honesty and unbroker
pledges. 3 s..i@ai. - s.m. 2
T. Judge JAMES 81. Cox died at his resi-
dence, Clover Hill, in Chesterfield county
on Sunday last, in the. sixty-eighth year o.
his age, He had been connected with the
public history of his county for the greater
| r,rt ~ his lifo IIn anta,.ed fha Tepis1atIIrf