The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-12-17
Repudiation-A Finality.

missed the real poInt IN tue csso, az" w
therefore call the attention OF the wing 10
that point.
The bankrup, who by law gets rid OF bis
debts. and afterwards, though rolling IN
wealth, refuses TO pay them, can offer Tor
m, conduct reasons which satisfy hi con-
science. The man who by his superior
knowledge OF the probable future state OF
the markets makes money htst by seh'ng
and then BY pu,chasing back the same arti'
Gle. counts himself merely fortunate. lie
has no idea that be has taken adyar tsge OF MS
neigbbor's ignorance. There are nnumera-
Bile tricks OF trade which are for some rea-
son considered permissible which, though
they do not square With strict justice,
are employed by men who deem themselves
conscientious. An unenIlghtened conscience
IL not to be trusted as a mentor. OF course
the Whig knows all this. and viii admit 1t
aiI 10 be true. Aud II so, 1t will not insist
that the RIoDLEBERGER bill Is an honest
measure Of reimbursement merely because It's
advocates conscientiously hold II to be so.
Passion. pride, or prejudice, or even SELF
interest, NAV have stricken them with Judi.
cial blindness.
We want 20 know who Is TO be The judge
OF what Reputation is, the man who is
guilty OF 1t, or other men? We desire TO
know, also, " bat is to be the test OF repudia-
tiony Take the case OF Virginia. Her au'
thorized agents, the Legislature, the Gov
ernor. and Der highest judicial tribunal, bave
all pledged the faith Of the State TO pay her
debt as ascertsined by the funding bill o.
1871. or course the creditors can surrender
as much OF the Debt thus ascertalned as
tney choose to give away. But how
can Virginia repudiate the acts OF her
authorized agents without repudlating
her debt? How can there ever be
ssfinsliiyo II 1.-The people" NAV reprdiaie
the acts OF their agents, and say for them
selves how much OF the debt they will payY
We are now admitting, forthe sake OF argu-
ment and in order that we may understand
the position OF the RIDDIEBERGER ReadIust-
ers. that the State could either In 1866 or
1871 have made much better bargain than
she did with her creditors, and that she was
not bound to pay war interest at all. We
are trying 10 learn bow the buyers OF bonds
In foreign countries or this cOuntry-how
the capitalists in the United States aud else
where-are to know when they may safely
Invest IN States securities II they may not
do so when assured by the legislative, the
executive, and the judicial departments OF
that States government that the debt is
honestly owing and must aud will pe paldf
Upon whom are the lenders OF money TO
depend for informationf
Will Il be said that before purchasing u
States bonds. or lending money to her, the
capitalist must ascertain what "the peo-
pleo think OF the contract which their
agents propose to make for them! "The
pcopIeo are as tickle as the wind. They
NAV be willing to pay twenty millions this
year, and unwilling 10 pay more than ten
millions next year. "Tbe people" here
spoken OF consist In round numbers OF
l80, 900 whites aud 10000 negroes; what
capitalist ever lent money to 100000 yo-
tersf What moneyed man ever bought
the bond OF any State with such an under
stauding2 What would United States 4
per cents be worth to-day IL the contract
TO nay the principal aud the interest>had
vel TO be submitted to the ten millions OF
voters Of this country who constitute "the
peopie"s
oh. no. There can be no fnality"
reached by repudiating the acts OF our only
authorized agents. II we rerudiate their
acts, we repndiate our own acts. A man
may repudiate the acts Of bis agents II these
exceed their powers and do what the laws
will not held their principal responsible for.
But as long as they do only what 1t is the
business Of such agents to do, theE con-
tracts bind their principal. So us to States.
The Supreme Court Of the United States,
In the case II Murray Us. The City OF
Charleston t96,h United States Reports),
save:
estates when they borrow money and
contrac tn pa II back with interest do not
act as s0vereieus. They come down to the
level OF Ordinary individuals. Their con-
tracts have the same meaning as that OF
similar contracts between private parties"
The Legislature aud the Governor are
agents whose duty 1t Is to make all con-
tracts bindlng the State to pay money.
Whoever, therefore, repudiates their acts
repud,stes his own act. No bill providing
for CONTRACTING public debt was ever SUBJ
mitted to the voters VI this State far ratiti.
cation. Virginia has borrowed money over
Asfa mt