Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1877-08-01
1lhs 3
The State Debt Question.

The Charlottesville Jefersonian con.
tains the following very sensible illus
tration of this subject, which was called
forth by the recent letter of Gen.
Malone
General Malone has come out in a
letter, published in the Petersburg Pos!
in favor Of readjustment (so-ealled) Of
the debt of Virginia. Whether he in
tends it so or not, it will operate as an
appeal to the lower qualities Of human
nature.
When man owes a large though
Just debt, the payment of which can not
be enforced by suit, whether on the
ground of the statute of limitation, or
any other plea, if he is in much pecun-
larry difficulty, he is in position Of strong
temptation, especially if he has large
means, which are in danger of being
swept away in the payment of this debt.
His creditor IS completely in his power.
He has to rely solely upon the honor Of
the debtor and is under compulsion to
accept what the debtor will voluntarily
pay. We will state a case without
giving the real names of the parties.
Some years ago Mr.. Peter Van Dorsen,
who possessed magnificent estate of
5000 acres of land, conceived the idea
of improving it on grand style. He
had several brothers who were also
quite rich, but their wealth consisted of
money. Peter had no money and
therefore could make no profit out Of
his land unless he could improve it.
He stated his situation to his brothers
and unfolded to them his views of what
he could and would do if he had the
money. He satisfied them and himself
that all he needed to treble his riches,
was the money to improve his lands.
HIS brothers hacing perfect confidence in
has honesty told him to 60 on to improve
his real estate, and draw on them for
the money he required for the purpose.
He gratefully accepted their offer and
made large Improvements through a
long series of years, by means of the
money which his brothers advanced to
him for which he gave them his pro-
missory notes. The improvements
were exceedingly valuable and greatly
enhanced the real worth Of Peters real
estate. But at last a party asserted a
claim to large part of his land. A
long and very expensive law suit was
the result, which not only took very
large amount of money to conduct it,
but consumed so much of Peters time
that he neglected the culture of his
farm, and many valuable improvements,
which he had begun, had to be sus-
pended and went to ruin. After lapse
of some ten years the suit was ended
and Peter, as the result, lost one hal
of his farm, and found himselfin great
pecuniary embarrassment. In the
meantime the promissory notes which
he had given his brothers had run out
of date. He called his brothers to-
gether and, after referring to his
losses. proposed to pay them one-half
of what he owed them. Two Of them
agreed to his proposition, but the third
took time to consider, and while he
was considering Peter withdrew his
offer. Time rolled on and he began to
improve his farm and educate his child
rem, and in the meantime to pay his
two brothers, Richard and Thomas,
who accepted his offer as much interest
as he could; but, though at first he paid
Harry little interest, he very soon
ceased to pay him anything. Indeed,
he could not educate his children, and
improve his farm, and continue to pay
full interest to Richard and Thomas.
He complained and grumbled and talk
ed about bis brothers as ''bloated
bondholders." He insisted that there
ought to be a REIMBURSEMENT of these
debts. That it was highly improper to
pay Richard and Thomas interest on
one-half of their debt and pay Harry
nothing; that Richard and Thomas
ought to agree to REIMBURSEMENT Of
their claims because Harry was not on
an equal footing with them, and because
he could not improve his farm and
educate his children, and at the same
time pay up the interest on his debts /;
that his debts were increasing rapidly
every year. AL the time he was con-
suming in his family large sums Of
money in liquors and other lururies,
more than sufficient to liquidate the an
nual interest ON his entire debts. But
when it was proposed to him to apply
enough from these luxuries to pay the
interest, he refused to do it, but insist
ed that he must improve his farm,
educate his children and have the luxu-
ries besides, and that his brothers must
re-adjust their debts and reduce them SO
that he could pay the interest on them,
and part of the principal every year,
and at the same time educate his
children and improve his farm and if
his brothers would not do this he would
become insolvent and they would loose
their debts. For as to Harry he had
no remedy for his, and Richard and
Thomas under the adjustment made
with them could touch nothing but his
income, and perhaps not even that. O.
New what sort of a man was Peter
Van Dorsen Who will say he was
honest? H 1shga s-. ,a,s.-1.ll
Vrginia's position is just what Peter
Van Dorsen's was. The payment Of
her debt can't be enforced by suit. She
called together her creditors and made
them an offer of composition. Two
thirds Of them accepted her offer. The
rest took time to consider. While they
,yoro oone;Jar;ur ebo Withdraw hnr NJ.