The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-07-09

Ilabla ior oyer fifteen millions. which We call
West Yirginia'a port hon. w ould he say
that III be earnestly desired to see the State
pay oil she is bound for Would he snv
that IL Ire was, trying tn pay the S2o, 600, 300
and its Interest," Certainly no creditors are
now saving so certainly the market value
OF the ~ est Virginia eertt ticates four cents
on the dollar, when tho old registered stock
Is worth thirty.six and coupon bonds fifty
nine cents on tho doilar--don't gay SO: GER
tainly the certificates themselves don't say
so; certainly: the funding bill, mean as 1t Is,
don't say So The facts with reference TO
those certificates are these: When West
Virginia was about being formed-or, as
! Governor Wise expresses 1t, "when that
bastard offspring OF a political rape" was
being brought forth---tbe act OF the Wheel.
ing fYirginia) Legislature which gave the
consent OF this State to the formation OF the
new State made as condition Of that con-
sent that the new State should be response
BILE for fair proportion OF the debt OF Viz
ginia as 1t existed January I, 1851, to DO as
certained in manner prescribed In the
act. The new State was formed under
this condition, and is clearly liable for
fair share Of the debt. She has
never yet assumed it by executing
bonds or by any act OF her Legislature,
but when Virginia came to execute new
bonds for her old debts it was lnanifestiy
not to her interest, nor was it proper, that
she should execute bonds for the whole, "a
the new assumpsit might be construed as
release OF the condition imposed on West
Virginia. True she had no right as against
the creditor to force hiIa to surrender his
old bond and take her new bond for less
amount; but she clearly had right to make
the proposition to do so, and he had r,ght
to accept. She did make this proposition
to give new bonds for two thirds ana a
West Virginia certificate for one third, ana
the creditors were too glad 10 accept IL.
Colouel Il. and his party have Dullt on tnese
new bonds as their f0undation-stones; with
out them they would be without text for
their sermons or beginning for their
speeches and yet the Colonel says this
| West Virginia part was forcible readiust-
ment; yet be SAYS it was reputation. he
berates as perjured, bribed-bribers and
corruptionists-the legislators who passed
and the creditors who accepted the funding
bill, because OF the outrageous burthens II
imposed on the State, both in nature ana
amount OF the debt, and then says the State
bemeancd herself lost her honor and re-
pudiated her debt by this same bill. Gen
tlemen, YOU know he is not dealing fairly
with YOU when he blows hot and cold
at the same thing. Can the same
act repudiate debt which makes it too
larqe? This is impossible. But let US see
what these certificates say, and you can
Judge whether or not there is promise or
obligation on the State to pay them: They
declare that there have been delivered to the
State bonds amounting to so much money !;
that certain sum, part thereof, has not
been funded; that payment thereof will be
provided for in accordance with such settle
mert as shall hereafter be made with West
Virginia, in regard to the public debt OF
Virginia existing at time OF dlsmember-
ment: and that the State holds the bonds,
so far as unfunded, in trust for the holder
OF the certificate. The certificate confines
the promise to pay to such settlement as
shall he made between the States. Until
settlement is made the day OF payment has
not arrived, and when made the payment is
in accordance Herewith. 1t is Just as If
YOU leave bond with lawyer and he gives
his receipt for the same, and specifies that it
is for settlement with your debtor. The
lawyer owes you pothing-you expect him
10 Day 1Uu lULulDS uuGl1 tHS SSb1iSubSA 81
made and the money paid him. So here the
creditor expects notbing-is entitled to no.
thins-until the settlement is made and the
money paid to Virginia. When that is done
she will, hope, be willing to pay in accord
ance with that settlement.
We have ascertained the amount OF Yir-
ginia's debt-principal, S29, $50, S26.2S; ac-
cumulated interest, Sd, 1SS, 14l.33-Septem-
Der 80, 1877. Let us now ascertain def
nitely what Colonel T.. and his party intend
to do with it. What is meant by their
favorite phrase and name. "forclble re-
adjusters u!
He declares the intention OF the party not
to increase taxes above present rates; from
proceeds to provide for the expenses Of
Government land he has ridiculed the idea
OF retrenchment and economy, to provide
for the schools and eleemosynary insttu-
lions of the State, and to pay the creditors
as interest what may be left, and nothing
more, that excess not to exceed six per cent.
OH SIS, 100000. That is to say to the credit
ors there Is half of the debt we will not pay
you, and so 10 shape legislation as to make
good this refusal This, think, is affair
statement OF his position. Now suppose,
instead Of saying 1--WE will not pay you
hail." we should say 'swe will not pay you
any part" what would it be-? Could there
be any difference of opinion as to the meal-
ing or effect? 1t would then be called what
Governor McNutt, of Mississippi, had the
honesty and courage to call it when he
urged the same action upon Mississippi in
1871" reputation" That is an ugly
word. Il has been IN ugly word since
184l, and the gentleman and those who
agree with him take good care to
deny that it applies to them. They
prefer the less expressive name of 'forci-
bic re- Ijusters." Even Colonel F. con-
demns Mississippi's reputation. In q
speech in the Senate last winter lie con-
demned it, and said that Virgina's case
was no parallel to Mississippi, because Mis-
Sissippi repudiated i'll flush times, when she
was wealthy, when she had ali her property
and was in the full tide OF prosperity
property and is laboring under the financial
crisis that affects the whole world Fellow
citizens, Mississippi had better reasons for
reputation than Virginia now has, and yet
not even forcibIe readiuster undertakes to
defend Mississippi. She did not repudiate
when wealthy, nor when times were flush,
nor when in the full tide Of prosperity.
Mississippi repudiated in the terrible crash
that followed the failure OF the United
States Bank and Of all the banks in the
Union; it was after the United States Gov
eminent had withdrawn deposits from the
banks; it was after the United States Bank
of Pennsylvania had vainly attempted to re-
yive the flush times Of 1885 and'36; it was
when there was no money in circulation eX-
cept bank notes, which might be received
one day at par and the next be found value
lesa. If waS when che had borrowed 81 000 :
600 to start the Union Bank OF Mississippi,