The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-10-03

cuAMBEn or COMMERCE LAST NIGHT
HE HOLDS THAT THE DEBT is AN HONEST
ONE AND OUGHT TO DE PAID-N0 FRAUD
ABOUT THE FUNDING BILL-FAIk ASSESS
MENrs AND ECONOMY DEMAEDED-wE
CAN MEET OUR LIABILITIES WITHOUT
ANY INCREASE OF The RATE OF TAXA
TIoN "-READJUsTMEET n DEIsUsIv E
pHANToM-noNEsTY THE ONLY HOPE OF
THE STATE.
The announcement that Hon. G. c. Wal
ker would deliver un address on the sub
iect OF the State debt attracted large num-
Der OF the leading citizens and business
men OF Richmond to Association Hall last
night. .... ta.t.,t.s.-. -...i... 49,.
About s o'clock Governor Walker, ac-
companied by Mr.. E. o. Nolting, president
OF the Chamber Of Commerce. and Mr. Il.
+. Blankenship, chairman OF the committee
OF the Chamber to make arrangements Tor
the address, entered the hall and took seats
upon the platform. The Governor was re-
ceived with applause; and Dir. Blanken.
ship, calling the meeting to order, stated
that the Chamber OF Commerce had for
some time considered the propriety OF Sc
curing the services OF one OF the promi-
nent men OF the State to deliver
an address on the subject OF the public
debt, and concludedthat there was no man
in the State more familiar with the subject
or better able to meet the requirements OF
the Chamber than Governor Walker With
this view he had been invited, and had ac-
cepted the invitation. and appeared to-
night to carry ont the wishes OF the body.
The speaker was then introduced by Mr..
Blankenship, and said:
MIR. Chairman and Citizens,-I
appear before you tonight in response
20 the invitation OF the Chamber OF Com
merce to speak upon the subject OF the
public deb: OF Virginia. The compliment
of the invitation, extended to me as it was
by the representative body OF the great
commercial, monetary, and manufacturing
interests of this the metropolitan city OF
the Commonwealth, profoundly appreci-
ate. The vast importance OF the subject to
be discussed, the wide range OF topics to
be treated, in order to reach clear and
comprehensive understanding OF our ability
and duty in the premises, renders the task l
have undertaken one OF no ordinary magni-
tude. ......
Happily at this time there are no other
great public questions to divide and distract
the attention OF the people OF our State. A
policy inaugurated by Virginia in 1869 ac-
complished not only peace and good gov
ernment within our own borders, but, grad
ualy widening and expanding its benet-
cent influence, it has eventuated in bring
ing the same blessings to the entire coun-
try. The Virginia policy OF 1869 has be-
come the presidential policy OF 1877. Armed
soldiers no longer oyerawe legislatures or
make and unmake governors.
The political equality OF the States has again
become the recognized rule OF action, ana
the President confines himself to the strict,
and believe conscientious, discharge OF the
high duties OF his Office. Peace, good or
der, and a growing fraternity OF feeling, as
there always must be OF interest, every
where prevail. AS the natural result OF
this happy condition OF public affairs pros
perity begins to reviye-slowly. it IS true,
but nevertheless surely. Providence has
blessed us with abundant crops; in fact,
everything combines to inspire hope and con-
fidence in our future. And yet just at this
auspicious period, in the midst OF all these
happy surroundings and prospects. we find
one dark and sombre cloud lowering over
our horizon, which imperils the best inter-
ests OF the Commonwealth. - :. .r
WHY SHOULD NOT THE DEBT BE PAID
Already has the State suffered untold mil
lions OF loss in capital, immigration, and
by her equivocal position as to
her Indebtedness The continued agitation
of the subject, the uncertainty that sur
rounds it, the wild vagaries, ignorance, and
which have more or less
prevailed regarding it, have all tended to
t,nsettle public confidence and seriously
impede the progress and development OF
the State. =, 1t is time the question was set
tlcd--withdrawn from the arena OF politics
and placed beyond the pale Of controversy.
But why should there be any controversy
about our public debt !? Was not the debt hon
estly, legally incurred, and did not the State
receive full value for every bond she 1ssuedf
II these questions be answered IN the
Affirmative, as they surely must be, then
why should not this honest debt, honestly
contracted, be honestly paid? No one de-
nies that the entire principal OF our public
debt was contracted prior to 1861, and that
not one dollar has been added to it, either
during or since the war, except. the accu-
mutations of unpaid interest. 1t is not dis
puted that the debt, was. contracted to- aid
public improvements; that nearly all our
railroads, canals, turnpikes, our splen-
did charitable institutions and magnifi-
ments which commemorate the virtues Of
our great dead and mighty past-were the
cause as well as the result OF our public
debt. To these, great objects, which de-
yeloDed, enriched, and beautiied. the State
and blessed all her people, and all OF which
we are now in the full enjoyment, was the
money applied which we borrowed and
solemnly promised to repay with interest.
why should it not be paid ? Does the cha
racter, nativity, or position OF the owners
of our debt enhance or diminish our Just
and equitable liability therefor? Our obli-
CATION is to pay the debt to whomsoeYer
may hold it, and its sacredness is IN no
wise affected or lessened whetherit be held
bv foreigners or citizens, by bankers,
farmers, ricn men, poor widows, or col
leges. Why, then, should it not be paldF
THE LIABILITY OF THE STATE NOT DEBAT-
ABLE,
Is it urged that because OF the division OF
the State and the destruction OF property
hy the war our obligations have been can
celled and our liability annulled! fhere
have been men, am sorry. TO say, pola
enough to make even this preposterous
proposition. The fundamental error OF
this proposition, however, is that 1T has not
the slightest foundation lin either puDiic
law, equity, or morals. Even il as an oerl-
ginal proposition it were possessed OF any
merit, the action OF every Legislature since
the war has utterly superseded and destroy,
ed it. The first Legislature that convened
after the war (that OF 1SB5-'68) recognized
the liability OF the State for the whole debt
by authorizing the funding Of all the past
due interest upon the entire edebt.l The sec
end Legislature, that Of 1S68167 (elected
by the white people alone), provided for the
payment of interest upon the whole prin-
cinal Of the debt: that OF 18T0-17l authpr-