The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-12-06
-, n~ ,tx own record fron, assert.

ing SNch 'is"s- ,.a 70 dino IN fht
,,,h If history to place on record recita
- y;rc;pia's claims upon the equEs OF tux
TT"u;,nf Staies-id(ling then what now re
',nat--,hs, she best way to get heip hon
ts.hnrs ,s first to help ourselves; ana ina
.hc cheapes; and easiest, as well as the only
.,,n,ns Of getting rid OF the debt. Is to pay
il of.
Trc RrtpJvSTaENT OF THE DEBT.
soon after the beginning Of my oficia
.s,,n when The monetary pressure upon thu
,nnntry was distressing. and when the diff
,rrr OF meeting the deficiency in the treas
,,ry was greatest, the General Assembly, or
nv recommendation, authorized = confer
,.nec with The public creditors in order to
adjustment O! the debt. IN recommend
ING the conference, and in comforting will
;hq; body! proposed that all the contract
,nr rartics 20 the debt should agree to re
gdiu.i il h2 poSiponing SO much OF the &C
,rflinc interest as exceeded the then dis
,,osable means Of the State-thns providing
,,r ,he psyrIcn: OF Such reduced iuteres,
for the time being rs would correspond
,,;.h nur reduced revenues. and for such
,,rratcr interest afterwards as would steadily
,nrrnase with our increasing population and
rrsourceS, $50 that the whole debt and
interest, a originally assumed and agreed,
,hnyid i,c paid in full ultimately, and
im., - soon aS the best ability Of the
state would permit" Br this arrange
ntnt il was designed 10 secure every
Ixr>,jbie relief 10 our own people, TO place
all classes of the creditors on the same foot
i1r by paving the same interest to all. TO
,.failis:, relations Of confidence and good
Xill bet,yect! them and the State, 20 restore
he pubic credit, and 10 put sn end forever
% the financial controversy which has al
ready subjected Virginia TO losses far
..rratrr in a,nount than the debt itself. No
coun,cuancc was gwen to the idea that
reduction oil the debt. or the excelsior OF
any mar. OF H. was possible 10 b" enforced
ly the action OF the State without the free
,.7.>cnt 3uG concurrence Of the creditors.
The conference WAS held on the 10th day OF
November. 1874. and it members repre-
.rnted a great and commanding proportion
H.: The pubic debt. After dclberation that
h2iy agreed bv unanimous vote 10 the ex-
act substance OF the plan | had proposed
hat i 10 IA. Il consented TO postpone one
.hjrG O! the interest on the debt Tor ten
yra:S. The action Of the conference was
transmitted. 10 the General Assembly with
~" earne$: recommendation that ii should
b. carried into effect BY appropriate legi>la-
non. But that recommendation. unfortti-
~3."!y. failed. and the debt agitation has
me" eonc "a with increasing injury 10 the
safe.
/. car hardly lie doubted that the State
could obtain from the creditors now the
.,r}e concessions which were rendered in
M, IL thu same necessity existed TO justify
item. Bllt tha- necessity has passed away.
Tn" condition OF the State has improved, is
improving. and will continue to improve
snd have iorUornc TO recommend an in
erase pi taxation simply because the pre-
INT revenue laws. with due correction OF
Directive de;al!s. will suffice henceforth 10
meet al the obligations OF the state.
Moreover. reimbursement which is feast
lie and honorable. and which Is lar better
nan any heretofore proposed, can now be
hal. 50 soon a the state shall proceed to
"a. AZ il can. full current interest on the
,.r,;: 20 soon as its ability and lis will to
.,a&t.nue Such full payment shall be made
..;itrni 10 the financial world, / have assur-
.nc@s that taen I loan may TIC negotiated at
iuU" TER cent. and in Il SUN sufficient for
-.tifing the whole Of the debt. By taking
.hi, direct road 10 reimbursement, the bur
.nan OF The debt will bc diminished one
ftlrtt IN / WAY tUuS!SlcLt VI llu tBc IL dui-
lional reputation Of Virginia.
But any read ustmept between the debtor
and creditor conforms TO the standard OF
financial hoao- which is assented 70 or ac-
,.,lic>ccd N voluntarily By both the con-
tracing parties. l. would be as unwlse rs
unjust Tor either party TO seek concessions
IN shy other than spirit o: conclIiatlon or
without an equal regard for the rights OF
L, -, ,nsNt law ha
,wnl0yment OF coercion or menace would
dr:ca; itself: butt either party 10 contract
Guild succeed hv such agencies in wrestling
from the other the surrender or abatement
o.! any prtcXiSting right or security he
would be i&k.n" the goods OF another
Ig4inst l.> viii b. putting him in fear.
/ will not c2uDtenance the suppositlon
that any on" could favor reimbursement in
;aHled 10 operate exclusively upon the Sc
cpnd class or non-taX- receivable debt. so Is
/, reduce ether the principal or interest
thereof such y adjustment would direct
I.>eif 70 les than one third OF the debt and
"a the weakest class OI the creditors. con-
,i>tjn- largely OF widows and orphans in
1ur own midst. such o reimbursement would
Illustrate The Spiril which shrinks from an
rncoUnt"r WITH the strong and tramples on
lie weak. Instead Of 80 indeienSiblc q
3oiicy, every consideration OF Justice and
.",!re>pect demands that we place this
%raker class Of creditors upon the footing
ii those who are most favored.
The brcad"-t and highest considerations
only must ri.lc this whole question.
The cIcG;t 81 the State and the credit oil
nc citizen arc parts oi one whole. and
neither can long exist without the other
The government i but the reflex Of the
;eunlc Ihe character OF the State is buI
ia AGGREGATION OF their individual charac.
.r!-. The success 81 all good and great en-
,rruTi>e> Tor Tie development and enrich
:a"at ii Ii" community depends, i'll 1
-rratcr or less degree, upon credit. and III
'.aiate.V ur0n public credit. No State Ia,
~vcr broken IL faith except nj the cost o.
Dani>hin2 capital. prostratlng enterprise
mpoycI!.Aing IL people, and drying up thE
.ourcc> 81 IL revenue. The preservation
ID. Z healthy sentiment OF State pride and
honor j. th@ bllwark Of free institutions.
!, i il,. cheapest defence OF order, the
>ure.t means of staying vice and crime. and
q giving parity and prosperity 10 the peo-
III. and the Government. The loss OF that
>autinent brings with il the SadacSt Of FL!
Quantities fer. >tatc-thc decay OF its men.
.iut now tb.: oar future financial character
: 20 be formed sud established before the
EYES OF the world, il is upon higher ieveI
,4an that oi any merely domestic interes;
that Virginia NILS, stand. 1t is true thai
b" principa! Of the debt was borrowed and
received III gold. or IL equivalent, and that
!. was expended III improvements which to,
DAY confer benefits commensurate with their
s9,t. Il i, true THAI ii the means thus Dor.
.pwed A&d been unwiSCly spent or wick.
oily >qua1dered. no complaint would lie 4;
tar door II the creditor, nor would the OBJ.
cation 81 the state be less on that account.
Bat no matter " ha, the origin, or consider.
s'.)n, or history Of the debt, no matter who
T. present holders, II is enough for Us to