The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-07-09
TME NEUTRALITY-SUSPICIOUS. BE
s.5$ ON CAN IN NE REpUDIATED:
speech OF senator Ptlegar, OF New
bern, rulasIxl, fully q, Hs7s.
Ipenorlsd fo- he pispa, eh.1

IRcportcd for the Dispateh1
Gentlemen Of I'a.dsks Citizens Of Kir-
gieto
s5 Not for aHy advantage that can gain,
nor 10 advance any personal interests, am
here. When Colonel Fuikerson announced
through the newspapers that he would adj
dress you to-day, there were gentlemen in
this county who desired to have the finan-
cial question discussed In different light
from that in which Colonel Fulkerson Is in
the habit OF presenting it, and they, for
reasons best known to themselves, request
ed me to take part in the discussion. There
fore, and therefore alone, am here.
As Colonel Fulkerson has declared that
heis not candidate for Office, his record Is
matter OF small Importance to you or to
me, and will refer 10 Colonel Fulkerson's
record only so far MS his acts or declara-
tons, as recognized leader OF the forcible
readiusters, indicate the tendency and in
tentions OF that party.
AS am not n candidate before YOU, and
DO not intend to be in any future that can
now be forecast, my record Is OF no import
anee to you, and ] shall therefore not at
tempt to defend it.
Colonel Fulkerson has taken some strange
grounds to-day. He says lie is in favor OF
much larger amount OF greenbacks than are
now in circulation-that he Is opposed to
the coinage OF gold and silver because those
metals are required for manufactures and
arts--tllat the sole currency or money should
be paper, with the Governments stamp
upon it and faith to support it. He after
wards tells you that whenever Govern
n1cnt contracts debt or issues an 0DlIra-
ton it is one OF the conditions OF that obll-
CATION that the Government can, when IL
deems 1t necessary, refuse TO redeem It's
promise or make good its cbligation-that
whoever takes the obligation Of Govern
Ynent takes it subject to that condition.
Now, put these two propositions together
and put them into practice, and what VIII
be the result? Your gold and silver coin
will be gone-will be converted into mere
articles OF commerce and ornamem-the
people will hold perhaps Sl,OoO,o0O'ooo OF
Daper currency with no foundation other
Than the promise or faith Of Government
which it is distinctly announced can be
withdrawn and repudiated at pleasure. For
this paper YOU sell your property, your
lands. YOUR all, and then the Government
exercises its right--ayails itself Of the al
legged condition in the contract-and refuses
to receive for taxes or any dues one dollar
OF this paper; repudiates il, and leaves the
people to lose $1,000, 100000, and without
one dollar OF valuable or taN.paying cur
rency. What will then be your condition?
/ say give us money-siye us more money
but give us money based upon silver and
gold and the faith and promise OF Gov
eminent which cannot, dares not, be broken.
Let the people teach their Governments
that they must and shall keep faith and re-
deem promises when made.
,t,o hoHro n or
after the leaders OF the forcible reidtusters
must have been struck with the pertinacity
with which they attempt to increase the
size OF the State debt. II the speakers
ideas are at all moderate. and he would be
willing to pay about $20,000,000. he con-
tents himself with making the debt S40,
100000. II he is little more bloodthirsty,
and, like Colonel Fulkerson, wants to cut
down to S15,000,000 or something less, he
will vaciHate between S45, 900, 900 and $780,
O0O,000; but If, like Parson Massey, he has
been unable, after seven years search, to
lind out whether we owe anything at all,
and is not certain that we should pay even
S1,0O0,000, he must have the amount at
least S53, 100000. The smaller the amount
he wants to pay the larger he declares the
amount we owe. The reason IS apparent
the deeper he wishes to drive you into the
mer OF debt he uses the more he endea-
yors to make it appear that the debt can
neither be paid nor compromised. The man
who sees the debt at $53,000,00O stands
aghast and knows he is helpless; the
man who sees it at $40,000,000 is not quite
so badly denoraiized, while the same man,
il convinced that it was S31 100000 or S32,-
100000, would make fair and determined
effort TO settle it. 1t is equally unwlse when
we are estimating our debt or our difficult
ties to underestimate them. We should
fairly and fully ascertain the extent OF our
obligations and Of our resources; and, like
men, not like babies nor like sharpers, meet
the issue with courage and honesty, not
with whimpering or trickery.
After q most careful examination u COM
mittee OF the House OF Delegates made
report last winter which has never been
assailed, and which, in the Barbour-Bocock
bill that passed by the combined votes OF
both forcible and feeble reiidiusters, was
adopted as fixing the amount OF the debt.
That report fixes the principal debt which
Virginia owes to others at........ s29,350S 36
On which there was accrued and
unpaid interest september 80, ~
lS17...... .....''''.. f,Aco;Af4 90
Total debt due Others s3,53s,o67 II
That is all we owed to others-it is all
we are compelled to pay-it IS all orr debt.
IT'S true the Sinking Fund holds...$ 5,1a5,2?l 90
OF bonds, and The Literary Fund.-. 1,42S,245 20
Making bonds not cancelled. IS 6,573,5I7 10
Interest on these bonds unpaid.... 1,l0S267 30
s7,es1,7s5 O5
which, added 10 the debt due oo -. :,
oihers....,................. 33,63S,967 II
makes the. S41 ,220,752 70
which the gentleman has held up to you as
an impassable mountain. But
"The distant mountains that uprear
Their solid bastions 10 the skies.
Are crossedby pathways that APPEAR
AS we 10 higher levels rise"
The five millions Of Sinking Fund is 10
debt; 1t is really the amount OF debt, zoe
haze paid.
BY the funding bill certain officers were
appointed commissioners OF the Sinking
Fund, to whom certain moneys were to be
paid, and by them invested in bonds OF
the State. They were the agents OF the
State; received States money, and with it
bought States bonds. ANY man of COM
mon sense knows that when his own agent, |
with his own money, buys his principals |
bond, that bond is discharged. The State.
instead Of canceIlng these bonds, left them
in the hands of the commissioners and un- !
dertook to pay interest OH them for the sole
purpose OF using this interest to purchase
other bonds when they We're at discount.
The Legislature has right at any time to
direct their destruction, and whether de-
stroyed or not, the State can never be called
on to pay them again; they are paid, and
what is better, about So, 900 of them
have been paid by assets realized since the
finn Z, hill Co Won goa that five millions