The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-01-22
lrI,u,olla |lspan'|ll'..
rr,Rsn As 81. Il, SUARY % 1873 si,

TUESDAY SrJAF9 Y, 1875 ~
nfr. Barbour's Bin.
That frank and fair journal she Peters
burg Post has the following pregnant para
graph. concerning 1fr. BAaBouR's Dll.'
80 ;,,,out discussing or having digestea
s.,,c m fhe features or merits OF the Dili, as
: res dfnseer we arc frank TO say thar, 40 ou.
nssin;on. IL contains one feature waiea Y
Ssfai fo the whole plan --rauelys fhree pet
rSnf. interest. why not say four per cent
and settle the question {" s#!1
Exactly /. why nots 4 bill for tne pay
,nent A. four per cent. would probably pass
without elaborate debate, ana It's sase 70 .ne
Executive Department could be prom l.,
ascerta,ned. Should the character OF tue
nil he sueh as to meet the Executive ape
proval, and at the same time present no -
sue for adjudication in the Court OF Ap7
meals, we can all rest from the moss annoy
ing question that ever agitated the Yira.ni u
public:
I Is is idle to shut our eyes to the d'fncuity
that may arise as TO the provisions OF COM
promise bill relating to the interest on the
public debt. The taN-receivabie coupon
bonds have a security for the payment OF
interest upon them which Is substantial.
The question arises whether in changing
the amount of interest upon the bond the
public creditor shall sacrifice a part OF the
security he has for the payment OF SIX per
cent. Afr. BROOKE, a conscientious ana
high-snirited gentleman, is OF opinion that
there is neither moral Oh Legal riShI on
the part Of the State to take away from the
puhllc creditor the security he possesses.
But AIr. BROOKE, we infer, goes into the
consideration of the question in practicai
and statesmanlike manner. he really dc-
s;res the settlement OF the debt question.
This is evidently his first point. Proceed
inp from this he seeks a plan that will most
probably meet the approval OF all classes OF
bondholders and place them upon an equai
footing. He has struck the exact PROPOSE
] ton to accomplish this purpose ii any plan
J Droposing a reduction OF interest can. he
I proposes to continue the security Which
I they already have to the holders OF the tax
receivable coupon bonds; the argument
being that they would not consent TO take
an inferior bond bearing third less inter-
est than that they now hold. s
This is the point where the shoe pinches.
viii the Legislature pass u bill upon the
lust and honorable principles of that pro-
posed by Mr.. BROOKE? :,
"A bill devoid OF them would probably
fail OF accomplishing the main object-the
only object which Legislators OF Virginia
should have in view that Of settling the
State debt to the honor Of the Common.
/ wealth and with due respect to the rights OF
the creditor, bringing the debt at the same
time within the capability Of the State witt,
her present taxation. Should such bill
pass this grand object might be defeated.
The bondholders would have the option OF
funding in four-per-cents or not, and If
theydeclined to do so things would remain
rs they are.
Such bill would probably end in settling
nothing. As it would not have an obiiga-
tory feature the Executive might find no
question for debate as to signing 1t; and as
it would present no issue of judicial cha
racter it would sleep in the enrolling case
and not be heard Of again.
These are matters for the legislators that
will trouble them more OF less:in proportion
as they honestly desire to settle the question
OF the public debt.
To us there Is no real difficulty in the way
The public creditor, to the amount Of $780,:
100000, holds bonds secured by the tax-re-
ceiyable-coupon feature. That security he
holds under authority OF law, sustained by
decision Of the highest judicial tribunal OF
the State. Men inveigh against the act OF
giving him this security; but what practical
!; question could grow out OF it if the State
had the money to pay the interest thus Sc
cured? None whatever; and the agitation
OF the matter in that case would be absurd.
Now the reduction Of the amount Of inter-
est upon the public debt removes all doubt
;of the immediate ability OF Virginia to meet
the accruing interest Ipon her debt. There
fore the extension of the security to cover
the diminished interest can operate no in
convenience whatever to the State; and the
objection to it has no ground OF practical
nature to stand upon.
IF, then, we may suppose that constitu-
tional majority OF the Virginia Legislature
frankly and with proper public spirit de-
sires to settle the debt question, it may be
SO settled in very prompt manner. If
there is not such q majority there can be no
settlement. q.
No practical measure for disposing OF the
public honor and the rights OF the public
creditor that forcibly impairs either can, we
think, reach maturity and become opera
tive That the question may be settled
without even attempting such thing, and
easily and with entire success, we pro-
ioundly believe. It only needs the condi-
tions OF earnestness and public devotion in
the mind Of the Legislature. That Is all.
A;Voice from West Virginia.
WAIrHAN IT. WILEY, Of Morgantown,
Monongalia county, was a man OF distinc-
ton in Virginia and a prominent Wing be-
fore the war. He was the brother OF the late
WILLIAM J. WILEY, OF Marion county.
wban VIRGINIA saeeded the brothers took