Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1877-03-27

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just none will doubt but 10 make i
sc must take away the pc er of III,
upUn-CreditOr to collect his owr
debt. When the decision was civer
affirming this right on the coiIpun
. creditor circumstances were dittrreuI
from what they are now. Few doubt
Ell the ability OF the State by adli
tional taxation, 10 pay THE peelerI
after tie Government had been sun
ported, the people educated. aud the
upon-creditor satisfied. If any H..
convenience was sustained 10y satisfy.
ing the OupOn-CrcditOr it was borne
only 10y the State, not Ivy all its crcii.
tors. In that case it might be fairly
! asserted that the State should keeI
its word Notwithstanding the lnconve
nieuce to Itself But now experience
has demons rated that she cannot con.
tiuue this privilege to the coupon
creditor except at the expense Of an
other class Of creditors Has she O
right to do this without their cOnse MT?
! Surely not Let us, therefor. at
! tempt IL no longer. circumstances
! have changed, Let us adapt our poli-
! cy to the altered circumstances Of the
case. This is true policy. This is
equ ty. Let Us conform our action
! thereto.
surely the court will consider the
| change of circumstances should the
! case come before them again. When
1t first made its appearance apparently
| no Inconvenience could result exceIt
to the State itself. Experience has
| proved that the privilege cannot be
! irn,l In tn
| except partially at the expense Of the
| - erler" We may repeal it, how
| ever, and do justice to all se ura the
existence Of the government, secure
the adopted plan of education, and
distribute the residue ratably and
equally and justly among all the State
creditors. If the taE-paying coupon
is to continue to enjoy this privilege
then our system of education is in
! doubt, and large portion of our credi-
| tors, as equitably entitled 10 payment
as the taX-paying coupon holder, will
receive no interest. Such at least lies
| been the result to the holders Of peelers
"a far AS experience has proved. Upon
| the system here proposed if adopted,
| the creditor will get more and more OF
our finances until-he will be fully paid
as we may fairly hope.
| will only add that there Is com
mittee of able men and experienced
| tinanCiers from Baltimore, PhiIadel-
! phia, aud New York now anXiCusly
| engaged at the last place 10 devise aud
recommend as impartial Intermediates
some scheme of adjusting the debt
question between the public creditor
and the Southern States as would
make the tleht relations between them
moe cheerful and more hopeful -
Would not some such scheme as is
here suggested prove satisfactory, or at
any rate be Just rs between the State
and her creditors q? If this he So, as /
at least believe. we cannot arrange
| such plan too speedily. These gen
tlemen behave that there il a DISPOSE
zion amongst the public creditors to
make some fair compromise which 1t
might he d 'ngerOus to suffer to pass
away without action. How can the
public creditors complain of this mr.
Tangement, which provides first fer
claims of acknowledged prior Obliga-
tiOu and give them all the rest upon
just and equal terms? 1t cannot he
right to give all To one class aud moth.
ing 10 the other. The literal promis,
To the cOupOn-hOlder was maintained
by the Court Of Appeals when no such
consequence to the other was apprr-
heudeh, but surely the literal perform
~ &c Of the promise would not be en-
! forced when experience has shown
that the ineviiab consequence Of
/ that enforcement would he to take all
from n large portion OF our creditors
: 10 whom we are IA justly and equally
bound. "QHi hTret in libra hRret H.
cCrteT.' In truth, the question OF the
| obligation to adhere to promise is to
be decided by different rules In the
/ case Of an individual aud a society,"
The circumstances of the case rarely
alter much in the case OF an individ-
uai, aud for most part he has little eX-
Clse to depart from his word Not so
much with "a society. Circumstances
In "a government may SO alter as to
make the literal observance of ar
agreement in one case very different
thing from a like observance in an
rthcr. Take the very case under dis
cussion. A literal observance Of the
measure might effect no injury exec {
perhaps 10 embtrrass the Government.
Its other contra t. might still be per
! formed without Injury to any. But
under another state Of circumstances
! he performances of this contract might
destroy the ability Of the Government
To comply with its promises to Others.
| Experience has shown that the per
frman"e OF this promise to one in.
| cviiGhiy destroys the ability to keep
| It's word to the other. which is repu.
| diatiO". Shall the Government break
it's secondary obligation to the re aud
| fulfil its original promise 10 both =
! such Is this very case. Originally no
wrong was, perhaps, perpetrated 10
( any b the fulfillment of its promise !,
tut subsequently it cannot be kept
with one without a reputation of its
obligations to others. II therefore
Justice required The keeping of the OBJ
| legation TO the coupon holder in the
| first instance, Justice to the peeler in
he other would require a reputation
Of the obligation which can only be
| kept Mt his expense. Gentleman,
these are questions which press for inn
! mediate action and decision. May
/ you give fit aud timely solution.
With great respect,
/ -