The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-12-21
irI,,,,o,tiI lisaatrh
g SATURDAY. .DGcEsiBER u, 1878.
Tsha gsate Debt.

rho fdttey " sa;7 ssttstss y 80 =
Mid very frank position on the DEBT 9 ues'
sson. 81 o,,oses d comp ornise, as follows :
s. q Wa relieve Virginia owes and ought 20
..,.r Ca. 0Da. 900. ii, round numbers, OF pFin-
!as;,,ai. md si0 COO, 900 of accrued interest
Sanreserssng two thirds OF the prtnctpa. ana
aeer,,e,s interest. as ascertsined 70 ba tne
deSt in 1871. TO provide Tor SIX per cent .I..
interest on the principal so Recognised, VIE
nos.interest- bearing eeTfihcate TOT tne "
cfued interest, or four per cent on tue ss.a.
Sa,tsed debt, as stated, we besteve 70 W ~
frty Of the State. We do not pensse s' aas
scann from the obligation In Gay way, ana
Sn.s snr,her believe il is 10 the Interest OF the
State 10 make provision for it, Il ior no
,fher reason than that OF pare Sc sFs'sssesS'-
fn MAGE it upon tue lowest moral grace.
This is in effect proposition TO settle
anon .hc basis OF four per cent, when
seems TO have grown widely popular. Inc
yrqinian speaks truly and sens'biy ~hen
it says:
uThe people are becoming tired OF con-
slant agitation. It Is really costing the stare
moro In the disrrust created, the distuip-
ance OF values, and the consequent nm
drance to immigration aud investments,
which have been occasioned by II, tlian Tue
interest on the whole OF TIC or1slnal oeps
would amount to. The people wan. , ..e
whole matter settled and removed from
the theatre of politics. and they want
IL settled so that there can be no 1mpu-
fatiou OF Reputation Or evasion cast upon
them. The extreme men on Doth SUES
mistake the temper aud purpose OF tnose
most interested in the question: Inc APP
DIication OF honest business sense 10 tue
case is what they demand, and the settle.
mcnt Of the debt complications upon honest
business principles. and in no other way, IS
what the taxpayers and all others VINO ieel
q deep concern for the future OF virginia
desire; and those who may persist In push,
ing forward impracticable propositions ana
adhering to inadmissibie theories, alsre,
garding tue true interests OF the people anu
State on the one side, and the rights OF the
creditors on the other, will find that tney
have mistaken popular sentiment"
This is the plain and simple truth. Both
the State and her creditors should come TO-
getber, determined to take the question out
OF the political arena. II will be periious
to the bondholders to permit the agitation
to go on amidst the demagogues, whose az
tiices have not failed 10 impair the pubic
ideas OF State integrity and oblleatloh.
Leave the debt unsettled and the nood OF
wild controversy to flow on, and the state
bonds will steadily decline, while the deot
increases by the failure to provide TOT It's
payment. The claims OF the creditor VIII
thus steadily drift on towards the condition
which Will hatch new crusade against Tue
public creditor, and that will be somewhat
more alarming than anything we have yet
seen.
The people of Virginia want not THIS.
They desire TO settle the debt. That desire
is general. We entirely misinterpret the
signs il it shall not appear that The present
Legislature is inclined to moderation ana
harmony in its general policy this winter
especially on the State debt. Look at the
almost unprecedented suppression OF all
excitement personal and party-in INC
reelection OF the circuit judges. There
were outglvings that led us to anticipate IN
that election issue upon issue and person
aIities very Objectionable. But before the
day OF election the legislative representa-
tves determined to exclude the issues ana
repress the personal excitement, and never
before was there such an election-an cleo
ton Of all the circuit judges, as it WERE by
reclamation. f..
II this does not show disposition to mar
moniZe in important matters for the publlc
good, what does 1t Indicate? The harmony
upon the election OF judges did world OF
good. 1t gave the people assurance and
hope. Certainly the representatives OF the
people who can for the general welfare sup
press party preiudiccs, political issues, and
personal p, collections in this manner can"
not fail to settle differences by harmonizlng
upon plan that may put an end 10 the agi-
tation OF the State-debt question. The
vital interests Of the Commonwealth de-
mand that this shall be done. She can never
take start in the line OF prosperity, ana
peace, and growth, and increase until 1t IS
done.