The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-01-28

pleasant.
THERMOMETER SATURDAY: 6 IA. ~, A.;
Q 4. NJ, 40; noon, G3; 3 2. NJ. So; P.
d., 81; midnight, so.
An Address upon the Public Debt of
virginia, Published by Authority of
the Richmond Chamber Of Com.
mcrce.
The Richmond Chamber OF Commerce Is
not \ political organization, but an associa-
tion of persons interested in the trade OF
Virginia, who have hoped, by cooperation
among themselves and with similar, socle-
ties throughout the country, to promote
the welfare and secure the interests OF the
CITY OF Richmond and the people at large.
No mere matter OF political expediency or
party policy could warrant departure from
the purposes Of its formation, but the past
conduct OF Virginia in reference to her
public debt, the present apathy OF many
OF her people. and the aggressive activity
OF those who demand its reputation, either
in whole or in part, have impaired prl-
yate credit to such q degree that the mer-
chants and manufacturers OF Richmond,
in Justice to themselves, are compelled
TO EXPRESS their views upon this vital
.opinion will tend to check the current OF
popular sentiment which seems to be hur-
ryino Virginia to moral and material bank
ruptcy. To this end they appeal to the va.
rious organizations OF a similar character in
the State, and to the debt-paying people in
every county, city, and town, to hold meet
incs. and to invite men whose characters
and abilities will command respect to dis
cuss before the people this momentous SUBJ
icct, and also to beStow their patronage
upon that portion OF the public press that
teaches the observance of law and the pre-
seryation Of order, that characterizes In tit
ting terms that class who loudly proclaim
their want OF honest principles, and OF
whom it may be said:
1.-The good old rule suficeth Them the simple plan,
That they should take who have the power,
And they should keep who cam"
The debt-paying people in this State have
but to place themselves unequiyocally upon
the platform that g honesty is the best pol
icy," and they will form such balance OF
power as will force both political parties to
shape their course with view to their in.
fluence This is peculiarly the time to take
such action when one party is disorganized
entirely, and the other is divided under the
leadership Of two bodies--one ayowedly in
favor Of perpetratiag wrong upon the
public creditors, and the other, il deter
mined that it shall not be done, sadly need.
ing the assistance of all who are in Sympa
thy with that determination.
The debt OF Virginia was on january l,
1866, S41 ,079,935.62. ..FE
Debt, principal April /, S6l..... s34,9 ,969,3S1 3e
Interest thereon to January 1,
1S66.,........ o.l1o'oo4 20
E..-s@ s4I,O79,9s5 6s
The Legislature OF 1866 recognized the
liability of the State for this whole debt
and authorizedHby ayote, il not unanimous
one nearly so, the funding Of the entire in
terest. The Legislature Of 1867 provided
for the payment of part OF the interest
upon the whole principal OF the debt, anC
no subsequent Legislature up to this time
has passed any act assailing its validity
The Court OF. Appeals Of Virginia, in The
case OF Higginbotham rs. The Common
wealth, decided that Virginia was liable fol
her whole debt. 1t is true that unde,
the act known as the funding bill (AIarcl
so, 1871 the State OF Virginia proposed
to her creditors to accept the bonds OF Vir.
ginia for two thirds Of their claims and 0
certificate that the other third should be
settled by Virginia in accordance with such
settlement thereof as she might thereafter
make with West Virginia; but this was 6
proposition OF compromise, and not de
nial OF her liability for the whole. So fal
as the creditors had accepted that PROPOSE
tion, before the State by its subsequent
legislation had deprived them OF the power
Virginia was released Of one third of theil
claims, except such MS they may hereafter
have against her on account Of payment
from West Virginia. On July l, 1871,
when the funding under said act was to
begin, the debt Of the State was:
Sterling debt not fundable under
ras,;,, said act; Is; 2'SS5 '959 oG
Total ................... $46,914,20S 25
The Legislature having repealed the
clause OF the funding bill Of March 3Oth,
1871, making coupons on funded bonds re-
ceivabe Tor taxes, so far as by the accept.
ance and actual carrying out Of its proYi-
sion it had not become contract executed
between the creditors and the State, the
classification OF the debt has been left as
follows: .s.fzr; i GF@t. &3E ~
]. Sterling debt unfunded and not fund.-
able. ; tE'z,tt. - ts-i.f -
>. A part Of the debt not funded at all,
but fundabie in registered or coupon bonds,
but with coupons not receivable for taxes.
Original bonds.) ,,.,.. 4 = ,,.s
3. a part funded since the repeal OF that
feature Of the law making coupons receiva-
BILE for taxes. (Called peelers.) ?a@
4. a part in coupon bonds with taX-re-
ceiyabic coupons, and registered bonds con,
yertible into coupon bonds with tax .receiy-
able coupons. IConsols.) (. - ~ + < II
5. A partin West Virginia certificates, as
described above. (West Virginia deferred. j
The present debt of Virginia, as reported
to the present legislature, including iprin-
cipal and interest on bonds OF the; Lite
rary and Sinking Funds .s41 ,220,7 ,752 76
from which deduct amount due &! isfS5s rs 'sfS
the Literary Aad Sinking Funds. 81
principal aud interest............. ,6Sl, ,5S5 05
Leaves The debt proper. .$33,5SS067 II
These deductions are made because these
two funds are owned nominalfy by these
corporations. but are really the property Of
the the State. Of this debt proper, $50, $685.
967.71, ists2
.re Tne principal $780, 1926 SO
ibe interest," ,lSS,l4l 33
sss,Bss,ss7s7I
Ehe legislature has not only at all times
recognized the debt OF Virginia, but have
been at all times warranted In SO doing: for
Its bonds were sold TO bona fde purchasers,
many OF them at prices above their par
yalne, and the money paid for them was'in.
vested In building railroads. canals, turn-
pixies, colleges, schools, asylnns, prisonss