The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-02-21

~ 49, ssg 4 rrrhaps ho would bel
~. s,.s, ia lSs,shaIl Tsartssian :, and
sss.s, ,,s,.a sya,,k "A I'd a,fss,or
S s1 ss.S'. :,
pNbttc nieessng ~ Issy,sos J,
IN saNss Oh tie ives Ea,inoau assa
aTntsast tes canal. me roaa VII ~.
at by y 20 no sos yasni J. 8 NV, wss,
tons the ~ 'ss = ny, sas.o
seseNss bds faxs 20 y
stsshg hopes tat sesr owl ,.,;i
shtug we DoaY e. s,ss ea.n
sAdsice them 70 It, y.
50 .ssss
35ss R ysrSsag .Aypens..-E Especially 20
Farmers. s5 Ss
s. s.st,e R,snuyyius very Interesting letter ex.
,,la,ns sftseif.. s.S, rs {s8 fsss :
d Jbe sRIfn. Charles u. tYitfiGnaS 49, ts
NV pear Sir.-I have read with great I'M,
serest and profound thank fulness the admt-
n t,Ie rdtiress on State debt issued by the
richmond Chamber OF Commerce. and sign
ed byyourseli end others. The address Is ut
once INSTRUCTIVE and statesmaR6k lie, and, as
40 argument. unsurpassed by anything that,
IN aiJpeared on the subject. / hwe thought
that perhaps you would narden my infiicf-
ing Hpon you Ia few of the Thoughts Wbich
have come into my mind after perusing the
address. .5 as ass 2
a. Let me remind you that IN the years
1871 and 1872, and previous to the panic III
1873. Virginia was crowded with northern
srs and EngIisAmen seeking new homes
and investments. In those years In tine
Sonthsi,le alone the investments OF bona .fde
settlers in realty and personality aggregated
millions. The State debt was supposed to
!! have reached a settlement which acts Of AS
Z sembIy could not lnYalidate, and which the
peopIe would sustain. q 'S3S:3 5 @ /. ,5
AZ. 20 rtnf
anflrenterprise was struck by the revival Of
fine miserable usury law. dusmediately this
was done there was aschange for the worse
i'm the State. AS stated IN my address be-
fore the British Association ii, 1874, Mir.
Murray NJ. Blacker, of Amelia county.
had had placed under his control several
hundred thousand pounds sterling for in
yestment in Virginia, but on the passage OF
She Usury Inv this immense SUN was imme-
lI,afeIy withdrawn. L myself had been, in
structed to invest $4,000 for an English
capitalist, and that was also withdrawn.
These are only two instances Cd the supreme
folly of the usury law; but 4 will add that
B ever since it was passed money has been
Scarcer, and has been loaned ut more eXtor-
fionate rates than before.
s. 8 Year Nv year. as the semi-repudiation-
5 isfs have Gained i'm numbers and power,
yaInes hove been steadiIy decreasing in
VIRGINIA. Farms to- flay cannot be sold for
oneshalf what they would have realized in
1910. when the State debt was regarded as
settled. If the agitation is continued for a
few years longer the results will only be
still more disastrous.
4. It is true that matters have been even
worse in some OF the northern States, ana
notably in New York and PennsYlyanp;
but New York has staggered beneath an
I. immense load of.canai and railroad rings,
political corruption, and commercial DIS
honesty, and Pennsylvania has had to con-
tend with similar burdens, TO which must
he added continuous labor troubles, strikes,
dc, dc. In Virginia we have had no jim
Z FiskS, Jarvis Lords, Boss Tweeds, or Jay
Cookies to overweight us. Even in the
worst of times the Old Dominion has SO
many natural advantages that, come what
viii, her prosperity is certain to compare
faporabiy with that OF the less-favored
States OF the North. Had our State been
solvent, and had we possessed free trade IN
money during the past four years, the pro-
eress OF Virginia during that period wapid
have exceeded that OF say state IN tine
Union.
>. Immigration ana cap,tai :, nave ever
since tne heSoiutlon Deen tue Ma:tn .!a Us
OF success III sne SUITS alu luz .es VI
4 3 A
boats, 1actorles' ana Danks OF america na y,
all more OF less o"eo thelr prospeiit! totle
Denencent employ menu OF foreign caplt ID
1t is only OF late that the foreign capiSalisI
has been denounced When ne desired the
Nsufruct Tor MS money. 1tis ohly recently
that American patr1otlsm mas assumed tue
peculiar phase or plunder. is True tna :,
the drab-coated men. OF fehnsyiva ~ u
once aroused tne satlIs % syun l sinsn ~
their nnanclai proceedings, tpuC Hey speeu-
My ready busted & themselves 10 rigne prince
pies ana pfactlees. - tlde sn ,:Sa ISIS
slppl repadlatea. anu Win Wnat u.sastio ~
consequences Senator Lamar nus aately ue-
monstFatea:,, b9t pTae.lcaL IepuuiaL.oa ON on
tine part OF = . ial Moise, anu .oa
:eyli more poten!,, .eyent tnah ellnel .Ine
.repudiatioliafol Mlssissippl aoE Tue tenI'o-
,..rary tacAesll,oI fennsyiVanla. me mo.
neY invested ~ Tue otate aeoe VI
3 Virginia y mas DOL p Oeeh iost lnrougn
foolisll. banking operations OF "asled III
unproductlVe expenditures. Inc cltlzens
], OF " rslnla are sin aeIual possession snG
daily enjoyment, OF the Duiiuinss efecteo
and the railroads Dmit py the money OF Tue
\ unfortunate sbondnoiders. snouid tnls an
( Gent Commonwealth-the State OF etates-
adopt the policy OF spollation' other etates,
I less famous In history, poetry, and romance;
less noble IN theannals OF Ghlvairy, paeslot-
{ ISM, anu Chfistlantty, ana less noholeu III
The TnaffS ana teXcuaQScSx Tue WOItu,,