The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-10-04

-
WINS not enough forsal. because supposed
that il the public creditors saw bo1ta.fde
intention to pay the State debt they would
hardly object If they saw that ali, utter sup
porting the, government and. the public
schools, would be given to them, with q
manifest intention to giYe~them more.
when there was more to give, but
would consent to the arrangement, 5be-
cause the people would DE rnore5will-
ing to pay them, and reader to raise
money for the purpose, when they saw that
they, In their turn, were willing to leave
undisturbed the means to educate their
children. The scheme was not tried. and
we know not what. would have happened.
But the supposition, think, was rational.
The thing, however, has resulted more hap
ply ms it is. The interest on the State debt
will be paid: the government and the
schools will be supported without the neces.
sity, as believe. for raising the taxes OF the
people beyond nhat is noao paid. And what
| is now paid we ought to be willing to pay
hereafter to secure the benefits OF this ar
rangemcnt. II the Tappahannock speaker
had charged me with being Readiuster in
the sense OF favoring the McCuloch bill as
reimbursement OF the old funding bill,
with the: proposed assent OF both
parties, I should have made no objection
| to the statement. For I have favored thnt
bill from its adoption, not that l conceived
it to be without objection, but believed
that under it we might pay the Interest on
the public debt and support the government
and the schools. II we owe anything to
the schools we can provide for that debt
very easily, without requiring enough to
be raised from taxes annually to pay the
principal OF this debt every year. You see,
| 7 fn(' t11l iuS I
reimbursement. | have been always sur
prised that the Readjusting party did not
claim this bill as having been won by their
efforts. Their arguments, their Influence,
| their eXertionS, must have contributed
largely to its offer and adoption Had both
parties united upon it, SO as to have pre-
scented the Conservative party OF the State
| entire as it once was, without split or d.
vision, it would have been happy thing
for us all, especially for all the whites
within it. The political warfare upon the
South has not yet ceased. The SUI
preme Court OF the United States is hold
ing it under consideration whether 1t will
claim appellate Jurisdiction over the criml-
nal legislation Of the State OF Virginia.
The thunderS OF Radical denunciation come
annually from that party, in either house OF
Congress, against the South, III no dying
|
from the past, but in the fierce tones OF
living hate. Is this time for division or
recriminatCn Every man must believe
that If we can pay the current expenses OF
the State, including the interest on the pub
| lie debt and the education Of the children,
that it would be great thing to do it,
Surely there is plausible hope Il think
far mole than plausible hope) OF doing it
| with TIC present amount OF revenue, which
we have raised more than once, and can
probably do easily again. Why not try it?
The object is OF sufficient importance TO
Justify the risk which, it seems TO me, is
small indeed.
Nothing can be more dangerous than 10
taGper with credit, public or private. The
mat criai resources OF State are 70 be niea-
Surcd by its property and its credit. Who
ever impairs either Injuries the State, and is
| bound to take heed well what he does. The
credit is more Immediately available some
times than the property, and often lndIs-
pcnsaDlc. both TO progress and national de-
| fence. No great State can get along we'll
! without it. In this view it ought to be re-
mcmbcred that properly and labor are not
the only factors in credit. Public honor is
| an important factor too. How often have
we seen some man trusted for the spirit that
is within him, and thus enabled to raise
himself from deep financial depression-a
| spirit which will accept no defeat without
resistance, and which would perish sooner
| than wilfullv suffer an atalnt upon its hon
OF. Men without honor or character them
selves will sometimes trust such man far
Their than lien upon houses or lands. Honor
to such man, or to State so inspired, is
bulwark and defence of priceless value.
Old England understands and appreciates
that. She knows how to preserve
and to guard it. With the aid OF her
pluck and her credit she maintained
an equal struggle with Napoleon ana
conquered him at last. Thus strongly
| backed, she feared neither the military Se-
MUS Of Arcola and Maren"o nor the lnhll-
cnce OF the star OF Au>tcrIitz. The other
| nations OF Europe, ut some time or other,
all succumbcd before these influences. But
ENGLAND feared them not. Sustained by
her courage and a wel-pre>eiveH credit, |
she braycd them all. and conquered in the
end. So will it be with other nations which
cherish their honor and sustain their credit.
| Orr case is small, | know, compared with
| these great instances OF the triumph OF a
well-sllstained credit; but it is the same in
kind il not in degree. 1t is useless, how
ever. to enlarge upon the importance OF
public credit All must acknowledge its
high value and the great Uses to which It
may be sometimes put. know that reck-
less and giddy nations sometimes abuse it
and waste it in il-conSidered schemes; but
these are things to be guarded against, and
the abuse furnishes no argument against
the proper Use and preservation Of the
thing itself.
Before concluding this letter there IS one
other argument to which | ought perhaps
10 aludc. The coupon feature OF the Nc
Cul!och bill has been treated rs luStiiyin" |
its rejection. Were this an original mea- |
sure my objection would be strong also. |
have always regarded coupon legislation rs
impoitic and highly Objectionable. Nor
am aware that | ever sanctioned 1t by |
vote in nv life. But this is not original
legislation. do not SO regard it, but SIM
ply rs an exchange for the per cent. cou-
pons OF the old funding bill. No 3 per |
cent. coupon is issued, except on condition |
OF taking in and cancelling 6 per cent. |
coupon already out. Now. | should have
10 >cruplc in exchanging per cent. ccu-
pom for one Of per cent, as long a there
was one out binding me. This is the case
with the State OF the old COUPONS OF the
first funding bill. according to the decision
OF our courts. Nor should consider myself
as sanctoning coupon legislation By so do
ing. l; is 4 simple exchange, which Dir. Cal
hCun argued in the case OF the United states
Bank was no sanction OF the original policy.
1t must be remembered that, whilst IN ol-