The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-10-06

1t enables the poor and desnised man to
come on equal terms into controversy
with the rich and powerful. 1t en-
ables the humblest citizen to stand
free and erect before the Government
itself. "The Judge Is often called on
to pass between the Government and the
man whom the Government is prosecuting,
and to prescribe limits to legislative power
itse1f,n But could the law answer these
noble purposes il the Judiciary was de-
pendent on the will OF any earthly power?
Let Judge stop to inquire what decision
policy demands and he is driveller If he
cannot find a pretext OF law to support it."
Chief.Justice Marshall, whose words ought
Ito he oraces to every Yirginian, has said:
II have always thought, from nay earliest
youth till now, that the greatest scourge an
angry Heaven ever inflicted upon an un-
grateful and a SHINING people was an Igno-
rant, corrupt, or dependent1u judiciary
and we would ask those who talk OF attack
ing our courts to ponder we'll these words
OF wisdom, and bow with reverence to the
decisions OF our courts until they are re-
versed in legal and constitutional manner:
But, ielloW-citizens, If we were moved
by no higher motives, the dictates OF a
sound financial policy makes it to our in
faith and credit" The most costly way Vir-
ginia can rid herself of her public debt is to
repudiate It, and by reputation I mean q
wilful failure to meet her obligations. Such
q course strikes blow at all credlt-public,
corporate, and Individual; for public and
private credit are intimately blended and
associated together. Capitalists will not
trust their money to the people OF Virginia
il the State is unsound; for the distance be-
tween public bad faith and private bad faith
is but step.
AS an illustration OF this in our own his
tory, we have only to turn back to the panic
OF 1912, when Mississippi and Pennsylvania
and some other States OF this Union failed
to meet their State obligations. The United
States Government at that time was an ap-
plicant to borrow money in Europe, and so
unfayorably had the failure Of these States
acted on the credit Of the General Govern
mcnt that, with all her resources, she could
not borrow few millions OF dollars in all
Europe; and private gentlemen travelling
on the continent of Europe were so humill-
atcd at the reception they met that, to avoid
unpleasant scenes, they passed themselves
off as Englishmen. How is it to-day with
our private credit abroad?
| have been shown 4 correspondence be-
tween Maj or DreWry, the able, efficient, and
active president of our State Agricultural
Society, and the firm OF Gilliat u Co., OF
England, which shows how our private
credit is affected abroad. The State Society
owed some twelve or fifteen thousand dol
lars, on which they were paying high rate
OF interest. 1t was proposed to borrow
the money on the most undoubted security
at four per cent. OF Gilliat d Co., with
whom Mai or DreWry had most pleasant and
friendly relations, but that firm declined to
the loan, and based their refusal on the ex-
press ground that until Virginia showed q
better disposition to meet her obligations,
and her people ceased to talk OF repudia-
ton, no more money would be placed IN
the State.
And old Virginia is so low in the money
market that it IS with difficulty she eau get
credit for S200,0 at home or abroad on
ninety-day note, and l have heard Virgin
ians laugh and exult over this humilia;lnS
spectacle.
What Virginia needs and must have be-
fore she can realize that measure of pros
perity which we hope for, and which we
ought to attain, is capital and immigration
capital to build up manufactures and work
shops and furnaces and rolling-millS, and to
fill them with skilled mechanics to develop
our mineral resources bring to the doors
| of our farmers home-market for their pro-
| ducts. Before we can borrow the money
needed for this we must restore confidence
in our good faith at home and abroad. Cap
italists will not come among us to invest
their capital so long as we continue to make
war upon those who loaned Us money 10
build up our internal improvements. Truly
the dearest and most expensive way we can
get rid of our public debt is to repudlate 1t.
But we hear much said about the onerous
taxation in Virginia, and in our present
condition it is true our taxes seem heavy,
but we are not more heavily taxed than our
neighbors. From the census OF 1870 it seems
that only three States pay less aggregate
taxes than Virginia.; while some states
land especially in the West and NorthWest)
pay double, and in some cases nearly thriD-
BILE, the amount we pay.
1t is true, we have to endure evils in TINS
land of our fathers, but this is the common
lot. Old Homer beautifully expressed this
idea when he wrote these lines:
"Two urns by Jove's high throne have ever Stood
The source of evil one. and one OF good:
| From these the cup of mortal man he nils,
| Blessings to theSc-to those distributes Ills.
| TO most he Iningles both. The wretch decrced
To taste the bad unmixed is cursed indeed.
Pursued by want, by meagre famine driven,
| He wanCers outcast both of earth and HeaVen.'
We have not been decreed to taste the bad
unmiyed. A kind Providence has mingled
but few ills and many blessings in our cup,
and we are favored above most people and
most nations. With bright skies above us,
n fertile soil at our feet-with 4 mild and
healthful climate, an abundant harvest
with peace and plenty in the land-We have
nothing to complain OF but our poverty.
We are poor, but I trust we are honest.
IT. as some say, the State is bankrupt, then,
in the words of that noble old Firglnlan,
Governor Giles, of Amelia. I answer: "Our
bankruptcy is in cash, and not in morals or
in principles and if we prove true to
ourselves, cit must follow as the night the
day we cannot then be false to any man."
Let us inscribe on our banners, "TaXa-
ton before repudiation," "Poyerty rather
than dishonor"; and that other homely old
proverb, "Honesty is the best policy" ;
and then let us have fath-faith IN our
selves, faith in our future, faith in our
State. and faith in God, and all will be well.
Let us cling to the honor Of Virginia " as
the mariner clings to the last plank when
night and the tempest close around" let
us work together for the preservation OF
this honor, and we will bring her up out OF
the dark shadows which have fallen
around her, and place her in the bright
sunlight of prosperity and progress,
crown her with fresh bays and green lau.
rels, and love her and honor her as none but
Virginians can love and honor their State.
| CHURCH DEDEcATIoN.-The basement OF
the First African church, corner Broad and
College streets, having been completed, will
be formally dedicated on Sunday. Rev. R.
Wells, OF Ebenezer, will preach at II A. II. ;