The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-01-27
TFor The Dispatch
Audi Alfernm Partem.

Governor Vance, in his message to the
North Carolina Legislature, speaking OF the
State debt, uses these words: IL.
at is out of the question to attempt to
pay it at its face value. Indeed, l do not
concede that there is any moral obligation
OF us to do SO. Quite one half Of our pro-
perty, upon which our bonds were based,
was wantonly destroyed by consent OF Il
large majority Of those who held them, and
no court OF conscience upon the earth would
permit creditor to destroy one half OF his
security and claim full payment out OF the
remainder"
This is "my thunder "-the precise line OF
argument used by me, and published in the
Dispatch Z few weeks past, wherein it was
demonstrated that the southern holders hav-
ing, in common with their other feilow-citi-
zens, embarked their all, and having lost
all, in the venture OF the war, could have
no color Of reclamation as against each
other. AS to the northern holders, they
volunteered the destruction OF the Con-
federacy, and if in the madness OF pas
sion they did not realize the fact that
they at the same time destroyed their
Investments, they will have ample time to
chew the cud OF bitter reflection. 1t is
manifest that the foreign holders are the
only parties to whom we are morally or
Justly indebted; for they loaned US their
money In good faith, and are in nowise re-
sponsible for the war or its consequences.
But what, il anything, can be paid in the
present depressed condition OF affairs ? Be
it remembered that when the present rate
Of taxation and assessment OF lands was
made, agricultural products were at least
double the present prices; that now all
such products are mach belOD the cost ',of
production J; that our lands are yearly de-
teriorating in productive power from lnabll-
ity to improve them, and are yearly brought
into more. immediate competition with
the exhaustless West; that consequently it
must be a constant progress from bad to
worse for those who are adscripted to their
native soil; that the reassessment Of lands,
the product Of which is no,o below the
cost Of, production and must continue to
their ultimate contiscation: that the
taxes, levied when agricultural products
were twice in value, cannot be endured
much less increased. These are self-evi-
dent, truths, which it is in vain to
assail with argument; and hence resort is
had to q senseiess menace Of the disgrace OF
repudiating debt which has no foundation
in honor, morality, or Justice, except as to
the foreign holders. Network all day, we
work all night" and, at the end Of our a.
bors, the tax-sathe-er sweeps the entire
| fruit Of our Iabors into his Unsuitable pocket.
The best farmers on the best lands find
themselves more slowly but not less surely
devoured, year by year, than their less for.
tunate ,neighbors; whilst we see many re.
duced to actual want and driven forth from
the homes of their childhood Add this so
called debt to the senseless legislation which
has multiplied Offices and salaries toprey on
q people utterly. denuded OF Ell property by
the fhost, tremendous revolution in all his
tory, and the sins of the fathers will not be
expiated even inthe third and fourth gene
ration. if..:,;tst a. N. BERNARD.