The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-02-26
A Saving.

The Wig in the earnestncss OF IFS sinl-
plicity and in the simplicity OF it's earnest
ness breaks out rs follows:
"Tbe whole actual saving undertake re-
adjustment bill, as cotnpared with The bro
keis' bill, for the forty years, is $l4 ,000, eco
In principal, and near S30, 100000 IN iuier-
est-makng total saving OF $4,000 900,
or over S1,000,000 year."
That is OF course said in speaking Of the
new funding bill. These new fuDders
might make better showing than that if
they would withdraw their new funding
bill and substitute dill repudiating thirty
three millions Of dollars. The annual saw
ing in interest would be more than Il mil
lion OF dollars, and the saving as to the
principal would be thirty-odd millions !!
Here were saving worth Boosting Of.
II an individual makes a negotiable note
and puts it upon the market, and allows it
to pass from hand to hand as calling for its
face value in dollars aud cents, the eeurts
will not permit him afterwards to plead that
he received no consideration FOR the note.
He is bound to pay it. And IL he refuses
to do so, or takes the benefit OF the home
stead law to get rio Of 1t. he will ever after
wards be accounted a dishonest man in any
commercial community. Or, in the ease OF
a single bill, or bond, he will be hOOted at
il he pleads that his agent to whom he en-
trusted it had no right TO let the bond pass
out OF his hands. He will be told that he
ought to have taken steps immediately to
make known the facts; that AFTER silently
looking OIL for years whilst his bond was to
his own knowledge bought first by one man
and then by another, his tardy plea will not
avail. He ought to have spoken sooner.
Why should State be exempt from the
same liability? II sOblesse Obtige. surely a
body-politic that cannot be compelled to meet
its Obligations ought TO be constrained by its
very ability o repudiate to do nothing which
would look like reputation. Here are Virgil
niabonds which have been bought and sold
In every city 10 the English-speaking world !;
which have been passing from hand TO hand
for nearly ten years; whose coupons have
been received for taxes due the State for
all that time; which have been declared by
the highest Judicial tribunal In the Com
monwealth to constitute a Binding obhga-
tion upon her; which have been and are
still recognized by that high tribunal and
by the Governor OF the state rs a Just debt !;
which have been bought by colleges, uni
versities, academies, executors, administra-
tors, widows, orphans, and al, classes and
conditions OF men upon the faith OF a State
which bad never before dishouored her
obligations, nor failed 10 meet Der pecuniary
engagements; and now, at this late day.
when the bonds are all in the hands OF in
nocent holders. we are asked 10 concede
that it IS not onls iuslifable but prasewor
thy to repudiate AZ per cent. Of their face
value.
VINO car be deceived by such arguments
as are employed in favor OF this scheme Of
repudiationS Those only who are willing
to be deceived. or who are unable to,eome
to correct conclusion upon the subject.
The men who form the public opinion Of
the community cannot be thus imposed
upon. Their verdict will brand esery legjs-
iatar who votes tor such a scheme AS a ,re-
DAdiatOr,