The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-04-04
,he Defeat OF Virginia Regulators

Governor Holiday, Of Virginia, and the
friends Of honesty WHO have battied With
him against the repudia,ors, are to be con-
graduated. Their victory over those who
would defraud the creditors and cover the
State with lasting shame is the more valuable
because it has been won after long and
arduous struggle. The victory ends Bit
ter political fSAt, and cannot but have the
best effect upon the prosperity OF tho Com
monwGalth. Hs.'.." G''.@ ON 80 .
= Perhaps in no State Of the Union has
there ever been 30 fierce and persistent an
effort to shirk the pavement OF just oDlga-
lions as this one now happily terminated in
the Old Dominion; The fight has gene on
from year to year and from election to cleo
1ion." Every phase of the question has been
debated and in one way or another. direct
~ or indirectly, been acted upon by the peo-
Die. At times it has seemed MS though the
rushing currents Of Reputation were too
powerful for the honesty element to combat.
Butthe end has shown tina. integrity has
been more than match for rascality; that
honesty, even in the face of what has often
appeared insurmountable odds, has tri.
ulnphed over dishonesty. Under all. the
circumstances of the case, and bearing in
mind che fatal tendency Of thc''South To-
wards total reputation, we repeat that
Virginia is to be congratulated upon her
deliyeraace from the quacCllre OF hlianclai
disgrace:into which she came so near being
irretrieyably sunk. She has had narrow
but fortunate escape. Her credit is saved,
her char acter improved, and her hopes OF
the future. immeasurubiy quickcned.
In the longrun honesty Is The most ec>-
nomcal policy, as well "a tile best whether
for q long or short term. The southern States
and municipalities which have been cap
tured by regulators are fast finding out that
even from the low standpoint OF pecunlary
considerations it doesn't pay. The sur
render OF charters, as in the cases OF Mem
phis and Mobile, for the purpose OF avoid
irg the payment OF honest debts has led TO
no end OF trouble in the courts. The spec
tacfc OF repudiating Tennessee being re-
fused dollar in any money market OF the
world stamps disgrace upon every inch OF
her soil besides entailiDg serious embarrass-
ments, The recent crash in New Orleans
and the hopeless condition OF the finances
of Louisiana are further illustrations OF the
wretched work of reputation. Looking
at the question from whatever point that
may be suggested, it would seem the South
had eXperimented quite enough with Ibis
sort OF thing. 1t costs something to be
honest, but regulators arc fast finding out
that it costs more to be dishonest.
Take the case OF Virginia, and what is the
gain of the repudiators in comparison with
the loss? The State has been kept in fer
ment for years, business greatly embarrass-
ed, improvements checked, the name OF The
Commonwealth rendered Kissing and re-
proach, and local animosities famed to- Il
whitehead. Expensive campaigns have
been fought on this issue alone and the Bit
ter seeds of strife sown broadcast. In the
end, however, the architects OF financial
ruin have been dismissed and their disgrace
full work demolished. And the only gain
has been in keeping honest creditors out OF
their interest money for few years. But
IN no event could the regulators have done
otherwise than fail-their' success would
have been their greatest possible failure.
There is a failure which Is better than sue
cess, and there is success which is worse
than failure. Hence the regulators should
be congratulated upon their failure nclcss
than the honest men upon their. success.
This final triumph Of integrity in Virginia
should call halt to every repudiator in the
outh.-ADany Evcntng journal. F." ,s.2
=