The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-02-22
-, T,aa rrrne Friends Of the Schools.

81 we fully understand and syfnpass1 h a,-a.
with the solicItude which Is felt for euf
pub.ic.school system, and would heatt',,
support aus measure which would give y
greaser efficiency and security. But we
would ask tho friends Of the schools 20 w
l!nerasc wei, and not urge any measures 'a J. :
which would react ipirrioasly upon II.
We refer to the various proposals 70 'hahe
in the proposed settlement an exception -
favor OF the school fund.
1t may be said OF our schools that no eS-
empticn or protection can DO given them
which -sili be worth anything, unless tue
affairs of the State are once more put IN
order, SO that she can meet her obligations
a, the Treasury IS great State should. The
question is not practical one in any event.
Ii the compromise be accepted by the Stare
ana carried out, the reduction OF Interest
will enable her to meet all neT obiigauons
according to their terms; and the needless
ness OF exemption in that case is clear. On
the other hand, il fol-; any reason this com.
promise should not be agreed TO, the Ole
tax-.eceiyable coupons will stand unaffected
by any exception OF this sort, the present
state OF affairs will continue, and it is easy
enough to predict the then condition OF the
school fund. ,-,,
who assert that it will be perfectly easy
matter to "fx" these old coupons so that
they shall be harmless. II this be so, why
sickle about the provisions Of the new ones
1t will be quite rs easy to SILK" them,
should they ever become mischievous. Oh
the methods to be used to compass this end,
we know nothing beyond vague hints. We
dc not believein the efficacy OF any OF them
We do not believe that the people OF Yir'
ginia win countonance any cndeayor to
evade the obligations OF contract. We
know tina: such reputation, ii successful,
would be far more disastrous to virginia
than TO her creditors. The latter would
lose their money, which they could in time
regain; but there is no way in which this
result could be accomplished except by
invoking greater confusion than now exists,
entailing upon the State pecuniary losses far
greater si,an would fall upon the bondhold-
ers, and, worst Of all, involving the forfeit
ure OF her good name.
The only inducemept to be offered to the
holder OF S per cent. bond in order that
he may exchange it for one bearing per
cent. is that the gain in certainty is worth
ms much as the concession he is asked to
make. II the new bond itself, or the act
which created it, should bear on its face
evidence OF doubt as TO the certainty OF
payment, it would Of course be rejected.
The effect of such condition would be
fatal to the settlement.
The friends Of the schools must decide
whether they will protect them in the only
practicable way by working for successful
compromise, or, by insisting upon useless
precautions, insure failure and perpetuate
the condition Of affairs under which the
schools have suffered so much. Their ac-
ton cannot escape the merciless criticism
OF events, and with that criticism the PEG.
pie are certain in the end to agree. Be sure
they will understand perfectly who were
the true friends of the schools.