The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-06-26
Credit Of the State.

81; 1t was not surprising. but very logical,
that aur contemporary of the Norfolk
ysdccr should wonder 1T the propositiea OF
a regulator OF The public obligations to
borrow money upon the credit OF the PEG
pie OF Virginia TO build a railroad. TO pre-
sumo that there could be folly enough IN
men who have the control OF money TO lend
to people who have no respect for puoiic
faith is downright nonsense. When Mr.. Full
KERsoS, Of Washington county, talked about
borrowing money to build the Cumberland
GAP railroad, after he has eXertea himself for
several sessions to repudiate the obligations
Of Virginia, he could hardly have spoken
earnestly. He is too intelligent to suppose
that the people, after the injury tie State
credit has sustained from the war OIL Inc
FULKsRsoNs. BARBouRs, ETC., could COM
mand money to build any road. He could
not have made the suggestion to the people
with the idea that it was possible. and the
people of the district whom he addressed
must be fools indeed il they think such
thing possible.
Nv the bye, this Cumberland Gap road is
the project that General MALONE supported
so zealously when he was elected president
OF the Atlantic, Mississippi and Ohio rail-
road, and which jealous support gave nm
the votes OF the people of Southwest Virgil
MIA. So the scheme which. at later
period, he secuted with such contempt
contempt OF its feasibility and its value.
He threw it up and deprecated it in
manner altogether inconsistent with what
he said OF it when he became president.
Furthermore, he defeated the proposition
made in the Legislature, that in throwing
off the obligation to complete the Cumbcr-
land Gap railway he should place in the
hands OF q trustee the three millions OF dol
lars Of bonds which the charter required
him TO set aside for the purpose OF COM
pletins the Cumberland Gap road. at is
we'll to remember these things in this con-
nection. The gentleman who now proposes
to borrow money to build this same road
co6perated in the general policy that per-
United this fund set apart to build it to be
altogether withdrawn from that purpose.
But to return TO the point. IN the specta-
clio OF a party leader who denies the obiiga-
ton OF the State to pay its debts proposing
to borrow money to build this road there is
presented strong case for public cohsid-
Grafton. We have generally credited the
repudiators with q sufficient degree OF in-
telligence and forecast to teach them that it
would beimpossible to borrow money upon
the credit OF dishonored State. We have
not supposed that they hoped to borrow any
more money for public uses. We did not
think them considerable or consistent, but
thought them too sharp to expect TO borrow
money upon broken faith and repudiated
honor. Nor do we take FULKERsoN's pro-
position to borrow money to build the Cum
berland Gap road as proof that he believes
that thing so impracticable could be done.
He wanted to caiole the simple voters of
scquestered region: that was all.
But we wish to draw the attention OF the
people to the point presented by the Wash
ington Senator: The question whether
dishonored State could have credit and re-
spect in the business world. An, people OF
Virginia, when once Virginia commits an
overt act of faithlessness to her obligations
there can be no more credit for her in the
financial world. Nor can any citizen be
justified in supposins that the calamity OF
public discredit will not reach private
credit. a fate so disastrous as the public
dishoncr viii react upon the private repu-
tation and interests OF the State in q manner
that will produce injury and distress in adj
dition to general modification.
Let the people Of Virginia contemplate
such state Of things and ask themselves
how they like it. Without dilating upon
the private effects OF public dishonor, let
them consider now they could stand the
DEGRADATION OF their mother Commonwealth.