The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-02-06
~ bllf pi.ac lllcdl repudIa-

sfon. .,ot Moor neal bit practical republic
ton. "a, az o,.e,,,.
ments used against these ., pa,,s .r :, !
strange because Of the source ironI
which they come. Senators tell us py
voice md vote that we don't owe tnis
ieft-fl1at we ought not to pay It, one
fthe Senator from WashIngton) SAYING
lie would be willing to pay fifteen mlii,ons
OF ii, btt not admitting that we owe tiat;
another 1.-THE Senator from Asbemarfef re-
susing to say what we do owe, always quar-,
fyiur every expression that squints toward
paving one cent with the phrase, !" tnat Is,
On what we Justly owe In equity An ex-
nresaion OF the meaning OF which he has
not youchsafed an explanation. l Tear, SIT,
from what he said on yesterday ABOUT MS
r1nwillingness to settle with one-per- cent.
coupon bond, that he gets his definition
from Selden, who said that equity was
measured by the chancellor's conscience
and the chancellor's conscience was mea-
surei BY the chanceilor's foot Fit may De
OF any size; and TINT when he comes 10
measure bis foot it will be with the rod OF
po,cer to get rid Of. and not the ROD OF
po,cer to pay the debt. These senators
complain OF these bills because they 40 NOV,
protccG the pPelel DCIuuoiech9E w
vide sufficiently for them. l repeat it' SIT,
that it sounds strangely.
Sir. I believe we should make fair state
ment to our creditors Of the debt and OF
our resources. We have never done this be-
fore. We should then retrench our expenses
to the lowest limit consistent with efficient
administration. This we have not done; THIS
the Senator from Washington and the Sena-
tor from Albemarle have opposed. we
should then see how much we can pay
but il taxation can be increased Wlthout
making the burden intolerable, we saould
increase it. We should then say to our
creditors. This is all we can do; this we Will
do: and this you will have TO accept, or our
government will stop and you will lose all.
| II tlis. sir. be sneeZcd ut as forclble read
| iustment, by men who talk about three per
cent. on S15,000,00 OF "what we owe IN
equity" or by men who would pay the last
dollar. regardless OF the effect upon the peo-
ple OF the State, am willing to be called
forcible readjuster; or If, when 1t SUITS the
purpose OF the frst-named class to call me
'sfeebIe readjuster," am content with that
so long as keep within the bounds nave
prescribed. Show the debt, SHOW our re-
sources, retrench our expenses TO the ioWest
point, raise all the revenue we can wlthout
ruin to the people, and then, but not III,
then. saw eve can and we will do no more
Then, but not till then, will we be entitled
| TO the benefit of Burke's maxim. which l
quoted once before in this chamber, +" 1t IS
TO the property OF the citizens, and not to
the demand OF the creditor Of the State,
that the original faith Of society is pledged.
The claim OF the creditor is prior IN tune.
paramount in title, superior in equity"
ANYTHING less will bring upon us the stlS-
ma of reputation.
Mr.. President, I will read what others
think of reputation. / read from Sidney
Smith: :" We all know that Americans can
fight. Nobods doubts their courage. see
| now in my minds eye'a whole army on the
| plains of Pennsylvania in battle array
| immense CORDS OF iusolvent light infantry,
regiments of heavy.horSe debtors, battalions
OF repudiators, brigades Of bankrupts; all
these desperate debtors would fight to the
death for their country, and probably drive
into the sea their invading creditors. Of
their courage, l repeat again, | have no
doubt. I wish / had the same conf
dence in their wisdom. But [ believe
they will become intoxicated by the flatterV
OF unprincipled orators, and instead OF
uniting with us into noble competition in
making calico (the great object Tor Which
the Anglo-SaXon race appears TO nave heen
created1 they will waste their happiness and
tlicir money Gf they can get any in years
OF silly, bloody, foolish accursed war, to
prove that Perkins is q real fine gentleman. !"
Mr.. President, hope such words may never
be written of Virginia. But, SIR, we have
| at last made an exhibit of our debt and OF
our resources.
The principal held By others than
The State amounts 10 s29,35O,e26 80
| The literary fund on which interest
| is required By the Constitution
TO be paid. 1.f2o'-fo %
Making on Which interest must be =.
s:::;:; ;S;!i:;; !: # ss5
Total debt. sal, 2ao.752 7e
| Our resources, as shown by the as
| personal, $685., 5G9,631, yield.
ing direct tax Of......,.........5 l.6l2,S4S 10
| License tax, exclusive of the Moi
Estimate the register at now)...... 100000 90
Other sources. 800. olo,ooS D {
2,67o.924 n
Deduct insovents and commits
| stOnS. ZZ1,f1U Id
And we have 4 net revenue of......S 2,699.214 64
The expenses ofthc Gov
eminent can and
| should be paid with. 100000
| Buildings at aSylumS ana
| Agricultural ana Me-
chanical College. 12,5OO
School tax, ................':.... 4Sf1eZ 60
| Interest at per cent. on $780,
| 79,071.61......"......... i,23I'l62 Cd
2.G51,945 60
leaving balance OF S47,26S.95 to be applied
to contingent expenses or the sinking fund.
Next year the item of S123,000 will come
out, and leave S170,26S.95. But suppose
there is error of 500, 900 in this calculation.
I ask If the people OF Virginia are not will
ing to add three cents tax on the 500 worth
of property to make good such bargain Is
there senator on this floor who will say
that the people Of his district won't pay
three cents on the 500 to take the State
debt out of poIitics-where it should never
have been-to bring about settlement sat.
isfactory to her creditors and to save the
State from the stencil which attaches to re-
pudiation among the civilized nations OF the
earth? Sir, believe represent district
willing to bear this burden. l believe my
people have enough Of patriotism in them
to sustain such settlement. II they nave
not want some one else to represent them
in the next Assembly.
But, sir, the three cents can be added
without increasing the rate or amount OF
taxation. There Will be necessary reduc-
ton of county levies in eXcess-much in
eXcess-of that sum.
The counties have been leyying large
sums to pay for schoolhouses. That ends
in some this year; in others next year.
Others have been paving off debts contract