Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1877-10-30
Card Of Mr.. Geo. Seawright.

Having published the article of the
State criticising the position of Mr.. Geo.
Seawright, we comply with his request
in publishing, "without notifications"
his reply, though we think he does him
self injustice in prohibiting "modifica-
tions," and in allowing his feelings of
resentment to cause him to offer an in
suit to the Editor of the State, who is a
gentleman" in the full sense of the
term, who would not consciously do a
wrong to any one. The point made by
the State was, that there was no parallel
in the policy adopted in England and
that advocated by the forcible re-adjust-
ers of this State, as in the former case
the bondholders had the choice Of receiv-
ing the payment in full of the principal
and interest due them on the old bonds
or of receiving new bonds at reduced
rate of interest. whereas in the latter
the forcible re-adjusters Of this State
maintain the policy of giving the credi-
tors new bonds at reduced rate of in
terest without offering them the alterna-
tive of receiving payment of principal
and interest due on the old bonds.
The following is the language of the
State. England gave notice that she
would pay off; in cash, all her bonds, OF
pay the holders in new bonds at lower
rate of interest. The holders accepted
the new bonds instead of the cash.
Mr.. Seawright proposes to initiate Eng
land by cash payment, and leaves the
cash out" 4.. 'I.
If the credit of Virginia were as good
as that of England, land it might have
been if her citizens had not impaired it
by manifesting disinc1ination, and pro
claiming their inability to pay,) she
would be able to borrow money at low
er rate of interest, and, like England
could offer her creditors the alternative
of receiving the cash in payment OF ole
bonds or new bonds at lower rate o.
interest. Then it would be here as in
England, and there would be, in the
language of Mr.. Seawright, "no how
about reputation, for there would be
no Reputation.
If the bendholders, under the circum.
stances supposed, would decline to &C
cept the cash in payment of the old
bonds at this time, they could not do SO in
1881, as the bonds are payable in 10 and
"a years from their date. -9
If the credit of Virginia should be suf-
1iciently good to enable her to borrow
money at a reduced rate of interest in
1881, she could then pay off the old bonds
and her creditors would have no right to
decline payment. Then she could, like
England, offer her creditors the alterna.
tive of receiving the cash for the old
bonds, or new bonds at a reduced rate OF
interest. This would be honest and in
with the contract, and
no stigma would rest upon the fair es.
cutcheon of Virginia, such as would be
stamped upon it by attempted repudia.
ton or "forcible REIMBURSEMENT" which
could infiict disgrace but render no RELIEF
to the State lanch her check with
shame and paralyze all her branches Of
finger of scorn to point at, and her name
a by-word and reproach. :.2'
Every lover of the fair name and fame
of Virginia. and every one desiring to
promote her interests in all respects,
should labor earnestly to protect ,hel
credit and defend her honor, and should
vote for such candidates as favor policy
of honorable and fair dealing with hel
creditors. Honesty is the best policy"
A correspondent of the State tersely
says: Preserve our credit preserve OH
honor, and in a few years our vacant
fields will be full of immigrants, our
State securities will command the high.
est market prices, and our treasury ILL
ell with money in abundance. Destroy
our credit and immigration will pass us
by; we can borrow no money at home
or a broad our merchants will be unable
TO carry on their business; our agricul-
turists will be unable to improve their
lands" ~ ila '4'" 20 i4