Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1879-10-28
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Peace.

astrous agitation be stopped? snail I'M
migration be allowed an opportunity to
flow into Virginia? Shall capitalists have
the assurance that if they invest their
money in this State it will not be stolen
from them under the operation of COM
munistic or repudi ling laws? Shall
money be invited to make its home here?
Shall prosperity be called upon to shake
her golden wings over this honored old
Commonwealth? Shall the people have
rest from the turmoil and strife engen-
dered by place hunters and demagogues?
Shall the community be permitted to
repose in the consciousness that the
State is not to be ruined by a revolution
against the property-holders?
These questions are important ones to
the people of Virginia. "As murder
will out" so a just debt owing by State
will haunt that State forever and a
day" if it is not paid. It were the supre-
NEST folly to hope to end our troubles
by repudiating the public debt. No
man of experience or of acquaintance
with the worlds history can entertain
debt by reputation, even if there we're
no supreme Court of the United Sta ties
in existence. The debt will not down."
Like Banquo's ghost, it will constantly
appear at our table. It will clamor in
cessantly for justice. And there will be
no dawn Of day to drive it to a hiding
place.
Nor can we relieve ourselves of the
public debt by agreement with our cred
itOrs if we refuse to ratify the most IA
vorable agreement made last winter by
our own duly authorized agents Would
Governor Holiday humiliate himself so
far as to ask another conference with
our creditors? Not he. Why should
he? They would laugh him to scorn.
Read the McCulloch bill and see if it
would be possible for q Legislature to
make more solemn and binding con-
tract. Now if the people of Virginia
refuse to be bound by this solemn coven-
ant entered into by Legislatures elect
ed for the very purpose of readjusting the
public debt, what possible guarantee
could they offer to their creditors to in
duce them to accept q new proposition
Would they pledge the faith of the Com
monwealth? Why that has been pledg.
ed over and over again. Would they
authorize the Governor to assure their
creditors that this time they mean what
they say? The Governor has already
given every assurance which he could
give that if the creditors would accept
the terms fthe McCulloch bill he would
do all in his power to secure the success
full operation of that bill. There is no
hope in this direction. A State dishon-
ored is State that no capitalist will
trust. And if the McCulloch bill be
rendered imperative by the act of the
Virginia people on the 4th of next
month, then every bondholder who
shall not have refunded before that time
will hold on to his bonds bearing per
cent. interest and coupons receivable for
taxes. He would be a fool indeed to ao-
cept the terms of the McCulloch bill in
| the face of the hostile action of the peo-
pie for whose benefit that bill was prof
| fered. If he finds that he has got to
appeal to the Supreme Court of the Uni.
ted States, he will. of course, go to that
tribunal with bonds bearing the highest
interest that the State has soleMnly
coveDanted to pay. He will take to
that high bench the bonds which the
Supreme Court of Appeals of Virginia
has decided were issued under a con
tract that binds the State as solemnly as
deed for land binds the grantor. He
will refuse even to negotiate with q dis
honest Common wealth. Why should
he waste time and money in negotiating
with State that has no respect for the
sacredness of contracts, and no sense OF
the shame that attaches to all dishonest
communities?
So there is but one chance for peace,
prosperity, and happiness, and that is
in ratifying the McCulloch bill, and
standing up to the bargain which our
agents have made for US. In no other
way can We hope either to preserve the
name anu fame of Virginia, or deliver
ourselves from the grinding operation
of the funding act Of 1S71.-Richmond
Dispatch.