The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-05-28

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& Read what that high tribunal has SO otter
said. .tts -. ..-s &: ss,:.$
Orderly Tendency Of Finance. A
The New York Tribune Of Saturday has
the following remarks in its money article
~ .sThe market. for Government bonds ha:
sbeen active and strong during the week,
stimulated by the success OF the synulcate
in placing 4 the 1four-an d-a- hat perez
bonds. SThe additional call OF S5,0oo,ooo o,
a5:2as of 1866, and the liberal popuiar. SUE
scriptions 10 the new! follr-per-ceut. bonds
indicate an active reiunding OF the public
debt. The demand continues to. be<yery
general from all parts Of the country anc
for all issues" q S1t5i'ssss : ''.1'stf'f's
The placing OF the fifty million four-and'
a-halfper-cent. loan has iastonished the sec
retary of the Treasury as much; we sup.
nose. as ANYBODY else, while The ,gold-wor:
Shippers and strategists, who wanted to OBJ
struct national finance for the purpose OF
squeezing commissions.out OF the Govern
ment, are both grieved and amazed. IT hey
are all Idemoralized, and the Government
finance moves forward with CELEBRITY: l;g
!, To all persons who desire the promotlon
OF the Government credit as the true
way OF strengthening private credit and ad-
yanccing the commercial order OF the coun-
try. it is a. sincere qualification to observe
the good faith OF the people in Government
securities. The demand for the four-per-
cent. bonds is great, and it comes from al
sections. The Government is enabled to
ealIin large amounts Of the 5-2Gs,s and thus
to reduce the interest on the public debt
and diminish the public burthens. How
has this been done but by a policy which
has firmly kept in view the payment OF the
public debt-the prompt payment OF the iu-
terest.in gold, and the resuiar'reducti OF
the principal rs fast as is consistent with
the public means OF the general welfare?
This gives the Federal bonds high repu.
tatfon at home and abroad. Our. own peo-
he are anxious to invest their gains in ma
tional, bonds bearing q lower Interest than
such bonds bore at any former period. All
have faith in them, and when there are 50
many examples of the .faithiessness OF
savings. and other corporate insti utlons,
there is a very natural and steadily iRcreas-
Se'tSSe
OF securities-the national bonds! ! y ~
This state OF things teaches the people a
great lesson. Here in Virginia we have a
party that is trading and specializing upon
the public embarrassments-a& party SO de-
void OF 'patriotism as to take delight in re-
porting the scarcity OF money IN the treas ss
sury. One Of their great leaders in the
Legislature last winter shouted cut ibis
prophecy OF the neariapproach OF the finan-
ciaI catastrophe in Virginia, and proclaimed
his readiness to sit down and wait In any
other mood but that OF sadness, ~,
And yet these people see how the Gov
eminent Of Virginia could, be placed in
condition OF ease and credit by o little cour-
age and. honesty "A slight increase OF the
public burthens would change the whole
face3of affairs, and bring the public credit
to condition in which the State would be
able successfully to adjust her finances, re-
duce the public burthens, and give to her
citizens satisfactory means Of investment
In their own State bonds, entirely undoubt-
ed and satisfactory. - gt
Asitis, Virginians who bold their State
bonds have been taught totregard them as
q dead weight. Yielding nothing, these
bonds cannot be held, and they are SO low
in the market that the holders are reluctant
10 sell; and thus is the citizen kept inpain-
full suspense that is hardly pronnotiye OF
love or admiration Of his State. ~: 81, 49,. :.
Now let the people, like patriots, put put
their shoulders to the wheel, and by small
additional contribution to the. public'trea-
sury lift Virginia out of her ombarrass-
ments. That will enable her to initiate the
example of the Federal Cove eminent by re-
ducing The interest upon her public debt
and restoring her public credit so its former
superior standing before the world.
This would be the proudest day for the
old Commonwealth: To see. her children
gathering about her treasury and buying
her State securities as the best investment
OF the gains Of their industry would be the
prcudest OF scenes. That indeed would
realize the happy dream Of parentage-the
children assembled around the paternal altar
and offering up their blessings.