The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-02-19
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4, ,ae ,ecent az bates III the LEGISLATURE
there Was d boldness 10 declaring that svi ~
ainia,s Obligations to pay her bonds were r
yreakeaad 81 the statement that the present
sho,aers al them purchased them at prices
lower than their nominal value. The state
ment Is true. But as to the assertion that
the fact lessons the obligation OF Virginia 70
nav. how stands that when submitted 70 the
moral test that should apply IN the prem
isess?
suppose 4; debtor stretches his conseienc
to cover his default by pleading That the a1le
creditor bought his obligation for less than 'l
its lace represented does he not do that
which morally should afford him no conso-
lasion and at the same Time involve him 70
greater guilt By making him designedty q
qcs,sc9 by his o,or ,prong sss:
The debtor cannot ailege that ne did not
receive the value for which his obligation .
was given, yet he dishonesty endeayors to
convert the injury to the value OF his ,obli-
CATION, caused by himself, to his own BEN e
eft! No upright man would seek to do
such thing, and no honest man could de.
rive comfort from an advantage SO ac nc
Quired. s..
The statement. concerning the deprecaa-
I ton OF the Virginia bonds is true, but 1t
is bad morality that could infer from that ,s'
fac. any diminution Of the obligation OF
Virginia to pay her bonds. She obtained
the money, she built her public works with
1t. and has them now. Nothing can relieve
her from the obligation. To answer the
holder OF her bonds with the remark that
he did not pay for them the amounts they
represented, and therefore must be paid less,
would be public declaration OF her own
dishonesty in being willing to convert to
her own advantage the wrong she had done
her creditor in impairing the value OF bel
own promise to pay! What must be said
OF the Commonwealth who could thus pub.
Iish her own shame:
This idea Of q way to compromise the
pubic honor is too popular for the reputa.
ton aud welfare OF the State in the days in
which we live, and it presents matter for
serious reflection. The most sure way to
reputation is to impair the public credit.
Tie delinquency In legislation in leyying
taxation is sure to cause failure to meet
the public obligations. That is sure to i'm
pair the value Of the public bonds. 1t de-
ponds entirely how far State, through her
Legislature. may go in a deliberate policy TO
degrade the public credit as to how far that
credit may be degraded. The more it may
be degraded the stronger grows the popu-
lar view Of the claims the bondholder has
upon the State, measuring his claim by the
amount he paid for the deprecated bond
he holds. We can readily see that reduc-
ton OF his claim in this manner may rap
idly 90 to almost nothing. This suggests
to the public creditor terrible consequences.
Indeed, the lawmakers of the State, if we
suppose them without the restraints OF
honesty and conscientiousness, may delib-
erateiy proceed to degrade the public Gre
dit that they mag rid the Commonwealth Of
debt upon the plea that her bonds are held
By persons who purchased them after
they were ruined in value by her own de-
fault. ~
/. 1.-THE State is inclined to tighten her bur
thens by dishonesty this is one way Of
doing it. II she is not, let her representa-
tives honestly take steps at this time to stop
the depreciation Of the public credit. That
is the only way in which to give assurance
to the public creditor and to the friends and
admirers Of Virginia that she means to be
faithful to her public obligations, and that
she is determined ITO maintain her public