The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-10-03
terest Of the debt, or both, one fourth, one
half, or out of existence altogether. 9f. {

YOU part OF the debt you honestly owe him
lis to beg Of him part OF his substance to
force him 10 do go Is to rob him 81 It. There
| is no escaping itAtEis Is what 1t means, 20
natter'in what melIifuous phrase it may De
garnished: . !. s'Es,,,,.. 2,,.., -.
wei, gentlemen jreadiusters, how do you
| propose to accomplish the high purposes of
your noble resolve, and what are your pros
| poets OF success? Let lis look at the, situa-
ton. According to statement which I
have from the Second Auditor the con d1ffon
OF the debt on the 1st Of July last was as
follows: -
Total non-consoi debt. ............. 9I75,ll0.68
Unpaid interest on consol debt re- s sttt
presented by tax-receivabie cou- .,,o,oo
Unpaid Interest on non-consol 80.
debt. o,lSSsoSS.Af
! TRUE WAY oUT-PAY OUT. ~
Now,the holder Of the consol debt, having
adjusted his debt once at our request. BY
throwing off one third OF what was due him,
and being secure in the payment OF the In
terest accruing by means OF the tax-receiv-
able coupons, would be either less or more
| than human IL he voluntarily consented
| to a further reduction in the amount due
him. The voluntary reSdjuster would there
| fore fail with him and il he OF the forci-
Bile" persuasion were to attempt his plan
| he would be simply butting his head against
rock Of granite. The interest. upon. the
.consol debt must be paid; there Is no es-
ca ping it, and it is worse than folly to at
tempt TO delude the people with the notion
that 1t can be avoided il they desire It. But
rs to the non-consol debt and the accrued
interest thereon, that may be the subject OF
readjustment. But is there any human
probability that the holders OF these bonds,
equally meritorious with the others, after
throwing OF one third OF their debt will
willingly consent to take less than the re,
manning two thirds?4 or course not; and
no sensible man entertains such an opinion.
Here again the voluntary readiuster, will
fail. Not so with the "forcibte" readjuster.
Here he can operate This portion OF the
debt it is in the power OF the State to scale
| down or readjust down one third, one half,
or wipe it out altogether. So far as the
question OF power Is concerned there can
be no question. The State can repudiate all
this debt or any part of it; and in principle
the forcible deprivatioA by the State OF any
portion OF the creditors debt, either princi-
pal or interest, is just as much reputation
as the deprivation OF the whole OF it.. Will
she do it? Are the people OF virginia
ready to take this terrible step-ready 10 re-
pudiate their honest oblgations-ready to
cover themselves and their State with dis
honor? For one, say no--a thousand
times no. I have shown that there was no
necessity for it-that the present revenues
of the State, increased as they may be with
ont increasing the burthens upon property,
are ample, with proper economy, to meetall
her liabilities. The true way out OF our dill
ticulties is to pay out. The true readiust-
ment is to readjust ourselves upon the line OF
honesty and good faith, from which, had
we followed in the footsteps OF our fathers,
we would never have departed. .'.'.'' ..'''
OUR ONLY HOPE. ,..,'.'.
Putting it upon the lowest ground-that
of self-interest-and we cannot afford to re-
pudiate. Public faith and private credit 60
hand IN hand. You cannot destroy the one
without ,b1ighting the other: States are
but the aggregations of individuals. Gov
ernments, laws, and institutions, are but
the expressions Of popular opinion and
sentiment. Hence they constitute Just
measure of the mental and moral STA
| tus Of the people. Honest people Will
have honest government, while weak. fnettl-
cient, and dishonest governments are the
highest evidence OF the generalization and
| degradation OF the people themselves. Let
the State Of Virginia attempt the repudia-
ton OF her honest debt, and every one OF
her citizens will be branded as dishonest as
surely and indelibly as was Cain for the
slaughter OF his l,rother. ..@rtE>,
The only hope for the building: up and
development Of the State largely depends
upon the influx OF capital and population;
but how can we expect either If we DO that
which the moral sense OF the world con-
demns? How can we expect the capitalist
| to invest his money in country where the
people refuse to pay their honest debts and
what immigrant would settle among us
with such stain upon our character!
THE BLIGHT OF REPUTATION.
| Capital, always cautious and neryousE
| sensitive, never seeks investment In the
property or security ot'a people who be-
tray want Of integrity either in their, pub
lie or private capacity; and immigration
never seeks q country where obligations
are not scrupulously respected, and where
property rights are not safe and secure.
Repudiation would be- physical nas
we'll as moral blight. Maryland, Penn
sylvania, and Illinois are striking examples
OF this fact. Each attempted reputation, Or,
what is the same in effect, refused TO pay
their honest public debts, ahd each suffered
the consequences--iossE of respect. i0ssi 0f
confidence, the obliteration Of both public
and, private credit, and the absolute de-
struction OF prosperity. But the moment
they made an honest effort and succeededin
restoring public credit, private credit and
prosperity followed in its wakes and to-day
they are three of the most prosperous States
| Of the Union. All we need In Virginia to-
day, is an honest, earnest effort to do right.
:, The increase In the value OF property and
OF prosperity which, would follow q re
stored State credit would far more than
compensate in dollars and cents whatever
temporary sacrifice might be necessary to
accomplish that object. Let US make the
effort. The object is worthy and ttust;
the obligation ato'Tdo SO of the high-
est moral character;a respect sfor the
past history Of the. State, for ourselves and
our posterIty demand 1t. The plighted
faith OF the Commonwealth must be main
tained and her escutcheon kept untar-
nished, or we shall prove, falseito her tradi-
tions and unworthy sons OF noble Stress.
~ coSGRATULATIoSs.
AT the conclusion OF the address, which
was received with applause and courteous
attention, a number OF well.known gentle
men present went up to Governor. Walker
and congratulated him upon his happy eff
fort. go ..,''i -
Observation-Disclosures Of deaths last week,
80. Bright's disease carried of L; cholera
infantum, 2; CONSUMPTION, s; conyu'siorit-,
infantile, l.; debility, n; diarrhtea. z: drop
sy, l.; dysentery, /; erysipclas, Z; fever
Typhoid, ] ; fracture, 4 . astEo-enteritis, /;
heart disease, ! imperfect Development n;
hamilton, ! inflammation ef brain, !; liver
disease, /; inarasmus, 8; pterpersl convut-
~Yo.H, - Ina IL