The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-03-21
The COMPROMISE.

we Yesterday stated what we tnought 70.
he the condition 81 The public mind and she.
tendency os-pubisrierling IN virg.nin with
regard 10 the public obligations. Our rep
resentation was far more truthful than agree
able. We depiore the sact that so many per-
sons in Virginia should have drifted sofar
away from the faith OF their fathers. THOSE
fathers never would have made concession
from their high sense Of public and private
honor. Nothing less than full acknoW y
edgement OF the obligations OF the Common
wealth aud the ultimate payment OF the
same would have satisfied their minds.
We desire to say few words OF the So
called compromise agreed upon at the close use
OF the recent session. The Legislature was
elected By the people OF Virginia under
Their present views OF the public faitn,
which we have described as so far different
from those recognized as morally and po-
litically orthodox by our fathers. 80
The members OF that body met with one
another, many OF them for the first time,
entertaining views not we'll digested and
cutie discoFdant. Crude differences soon
manifested themselves. Men differed nard-
" Knowing why. But soon, as is common
amongst men, through the cunning OF some
a line Of division was marked of. Some
assumed the name OF s'iorcible readius-
ters,' and the remainder adopted that OF
"reidjnstcrs.'' The former proclaimed
that they would adopt a plan of readjust-
mei,t which would compel the bondholders
or public creditor to acquiesee. The latter
would endeayor to arrange plan that
would tighten the public burthens yet leave
it optional with the public creditor whether
he would agree to tier not.
Everybody knows the fact that the fund
ing act, with its tax-receivabie coupons,
stood an obstacle in the way OF the "forci-
Bile readjusters," and, as it turned out, the
Executive Of Virginia was another obstacle
to any compulsory measure OF these re-
adiustcrs. All know that during the ses-
sion Of the Legislature the =" forcibles :"
adhered with tenacity to their ideas, While
the . optional" readjusters as tirmly resist
ed them. The "forclbles," numerically
strongest in the House, passed their Dill,
and a Few members Of the Senate, desiring
to bring the questions raised in that bill as
to the iconstitutionaity OF the funding ACT
at once before the Supreme Court OF APP
peais, voted for the bill. There being
majority in the Senate against the bill, the
change in voting for this reason caused it
to pass, and it was at once placed before the
Governor. This bill proposed to exclude
the tax-reccivable coupons OF the funding
act to a certain extent. But the Governor
vetoed this bill Commonly known as the
BARBECUE bili), apd it was thus arrested be-
fore it reached the Court Of Appeals.
This presented 4 perplexing situation OF
things. Manifestly nothing could be done
as long as the "forcible adiusters" adj
hered to their policy. To do nothing-to
remain i'm a state of obStruction-Was de-
plerable. For time the two principal di-
visions CT the Legislature remained firm.
But as time passed the true Virginia feel
ing OF public devotion and the bravery OF
manhood got the better Of mere party irr!-
tation, and what is called the compromise
bill was passed by an overwhelming ma
iority in the House and by like majority
in the Senate.
This bill was approved by the Governor,
and Is a law. 1t is not in the line Of COM
promise between debtor aud creditor, but
rather in the light OF Cancellation between
two divisions Of the peoples representa-
tiyes which had been, it was feared, ire
concilably opposed to each other.
The conciliatory step was hailed most
Justly by the public as happy event for
the State, since it showed that the repre-
sentative body 0; Virginia was capable Of
yielding personal opinions and preiudices
to public welfare.
We desire to say nothing offensive to any
OF the gentlemen who showed their public
spirit in this noble proceeding; yet it is
but fair to say that the bill that was passed
was altogether void Of any compulsory fea-
ture, and therefore not liable TO any insu-
perab!e objection from the Executive. Nor
had it anything that could originate case
for the courts. The act was creditable. 1t
showed that Virginians will be Virginians
still, and it threw bright ray over the
State, to the JOY Of the people generally.
Now as to the act We have said that it
was not in theTexact line OF a compromise be-
tween debtor and creditor. but certainly its
provisions iustifes the hope that it is the
basis for settlement at probably the next
meeting OF the Legislature. We believe that
had the act provided forcoupon bonds, and
made the coupons receivable for dues to
the, Commonwealth, the public creditor
would have accepted it. What matters it
il coupons are so receivable when the rev.
enue of the Commonwealth is equal to the
demand upon her ? 1t is Of no earthly con-.
sequence further than it gives an assurance
imparting to the bond greater credit, and
thus enhances its,value, TO the interest OF
the State as well as the bondholder.
But the main point in this matter is that
the State in this act offers to pay for eighteen
years; an interest Of about 500, and for.
thirty-two years an interest OF about 4.66.
That is not far from an interest which we
have been given to understand the public
creditor would, under the circumstances, be
willing to take. Whether he would still de-
mand the security OF the, taX-receivable
coupon or not, we cannot say. But we
think that's matter that there will probably
be no difficulty about. The public creditor
can certainly be no less DESTROYS than is the