The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-07-09
trepudiatlon + know not what II Is. Forcia
/ bic adjustment Is population 81 the
nus0unt which the creditor may be forced

amount which the creditor may be forced
to lose. f .s.i n
We now come TO discuss the issue pre-
sented :: Shalt ne 'hnye repu dlation or not !?
Three questions present themselves for set
tlement:
1. Is it right,
2.Is it eXpedient 1899 F1s5.s ISL
3. Have we the power
Unless all three questions can be solved
in the affirmative the issue must be decided
in the negative s. s.. s. &.
E Before discussing these three questions L
want TO fix your attention upon the differ
ence between foreible reimbursement and a
compromise with the creditors, or read
iustment by compromise. There are three
ways Of settling d debt. + Is - -
| i. Paying 1t in full.
2. Regulating 1t when the debtor can
manage to bring the power to nls ald tnat
will make good his refusal.
3. Compromising BY agreement OF deDtor
and creditor.
The first is certainly the most satisfactory
way TO honest men. There are some VINO
assert that,it is manly TO induce creditor
by threats of litigation or otherwise to de-
dnct something from debt which is justly
due and which the debtor is able to pay;
but this kind OF manliness does not pass
current among many right-thinking people.
The second plan is illustrated by the man
who pleads usury or the statute OF llmita-
tions, or some technical defect in CONTRACT
by which he obtains the judgment OF a court
in his favor, although the debt was justly
due, and full value bad been received by
him. This relieves him from the necessity
OF. having, but 1t does not relieve him either
In the ewes OF God or man OF the duty OF pay
ing. Though all mankind should assert that
it is right to avoid the discharge OF an hon
est obligation because there is opportunity
or mower to do so, it would not make it
right: nor could mans conscience he
brought to approve it. Tho God of nature
who created us implanted disposition to
confide in one another. which is absolutely
necessary to our social existence, and when
ever that confidence,is violated our natures
are shocked, and an act is done that con-
science will not approve. Why is their
tor despised more than the open. enemy?
Because he has violated confidence. Why
is the adulterous wife hated beyond all
Others? Because she has deceived q hUs-
band and violated the confidence reposed
in her. Society so long as it exists will be
compelled by the laws OF seif.preservatton
to condemn and punish betrayal OF conf
dence.
The third-th OF compromises recog-
nized and justified by all men; it is often
a high exhibition OF confidence. 1t is when
debtor and creditor meet-thc one mas
found himself embarrassed beyond bis abil-
ity to relieve himself-he makes to the
creditor fair and true statement OF bis lla-
bilities and bis assets, and asks reduction
Of the former. The creditor, satisfied OF
a. 49, - bn or nninofa6
by self-interest, either accepts proposition
made by the debtor or names the terms he
will grant. They both agree on the new
terms, settle accordingly, and the debtor
goes to work and pays the amount agreed
on. This is fair, it is right, and it is hon.
orable alike in States and in individuals.
This is resdiustment OF the debt to
which none can object; it is kind OF re-
adjustment to which every man in this
State may give his heart and energies as
earnestly as he would turn them from re-
Dudiation.
Fellow-citiZens. AM not so blind as not
to see, nor so foolish as to deny, the embar-
easements under which our people labor.
I see, too, that the financial embarrass-
ment which peryades this whole country is
seriously affecting our people-the value OF
their products is diminished-the demand
is not equal to the supply-the volume OF
currency, instead of being SIS to the inhab-
liant, as it was in 1865, is possibly less than
S17.50-banking capital in this State is not
equal to the amount Of taxes assessed-net
income, as taken by assessors, little over
the amount of taXes-interest accumll-
struggling to keep it
self alive-private debts being pressed.
When I see all these things recognize the
necessity and the propriety OF compromise
with our creditors. I have labored for it.
will labor for it. l believe it can be ac-
complished. I believe it would have been
accomplished last winter but for the mad
ness OF the forcible readiusters, who deter
mined that nothing should be done until
the canvasses had been made and three sets
OF officers elected on this issue. 1t can be
made with the consent Of the creditors when
ever the State promises and prepares herself
promptly and honestly to meet four per
cent. interest on her debt. This she can
do-this she ought to do; and when she
does this her creditors will be satisfied.
Four per cent. on the present prin-,. g,
Your government was run in 1860
on 5000, 900 allow now.......... 100000 90
Your schools should have..... 42O,0eO W
Observation-Disclosures. $2.451,162 81
required, and amply sufficient with proper
economy to run your State government.
Now, your net revenue has been ayerag-
ing over S2.505, 900 per annum. 1t was that
last year without the Motfett register, and
with the register cannot fall below $780,
900. You will then have margin OF over
$24S, 900 for additional expenses in the gov
eminent; or il not needed there, to defray
the overdue interest. But the gentleman
has found grievous fault with the Motett
register. He says it stops the mouths OF
preachers and teachers who would incul-
cate lessons OF temperance into the minds
OF hearers and pupils; that it makes them
teach their congregations to drink at the
grog-shop that the State debt may be paid.
Fellow citizens, the trouble with Colonel
Fulkerson is not that it stops the mouths OF
preachers, and teachers, and temperance
lecturers. The trouble is this-the register
is yielding tax at the rate OF $780,, 1000 per
annum; it is furnishing the means OF get
ting the coupons out OF the way and re-
leasing other taxes for the support OF gov
eminent and schools, and it is shutting the
mouths OF the .forcible reddjusterS. That's
why the Colonel don't like it.
But let us come to the question: Is 1t
riqht to force our creditors to take less than
the fair value Of their bonds until every ef-
fort has been made to pay them, or, at least,
to compromise with their consent? Let us
consider this question as it affects us-as it
affects the people Of Southwest Virginia.
Let us see what benefit we have derived
from the debt, how much OF it we arc now
paying, and what property we have to pay
with.
The expenditures on the Virginia and
Tennessee railroad were certainly made di-
rectly for the benefit OF Southwest Virginia;
mora thon ono half bf IL UaS Snent in this