The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-03-24

THE 'tBoURB0Ss DErESpEp FROM THE
cHlR0E or RErupIArIox- WEST vrnGISIA's
RgsPoNsIpILrTY.


THE ssB0uRB0xs " pEYEYpEp FROM THE
cHiR0E or REPuDIATIoy- WEST vrnGISIA's
RESPONSIBILITY.
To the Editor Of the Herald: A
Your editorial IN this mornings Herald
headed " Debt Paying does very great In
justice 10 the people VI Virginia who have
been struggling TO make their State pay her
public debt. You say that there Is only o
difference In degree between the so'called
Debt.Payers and General Malone; that
they are both repudiators. j suppose In
speaking OF those who claim to be Debt
PAYERS in this way you intend 10
brand them because they favored a
release OF the State from the third OF
tue debt which you would say was
repudisted by the funding act OF 1871. III
YOU will consider the circumstances think
You will hardly say that they are liable to be
so spoken of. for this reason: The public
debt OF Virginia was incurred prior to the
war, when the State consisted OF the present
Stale aud also the State OF West Virginia.
I'm 1871 the principal and interes. unpaid
during the war and the period Of reconstruc-
ltion amounted TO the sum Of Si5,0G0,00
During the war the State was divided.
When the first Legislature elected In Viz
ginia after reconstruction came 10 deal with
the subject OF the debt, it thought that as
one third of the territory and population
which had borrowed The money and got the
benefit OF IL had been forcibly taken
away and created into a new State,
this new State should pay one third OF the
debt which 1t had helped TO contract. The
funding act OF 1871 therefore offered the
creditors Virginia's new bond for two
thirds OF the old bond, making the payment
OF interest on this new bond absolutely GER
tain, and leaving them 10 look TO West Vlr-
ginia for the other third. IL those who
supported this measure are TO be, therefore,
termed regulators OF debt, it is because
there is some principle OF morals which re-
quires one man TO pay another mans debt.
I'm the recent case OF Hartman Us. Green
how the Supreme Court OF the United
States has expressly endorsed the morality
and Justice OF this law. Let it be noted,
also, that the act contained nothing what
ever TO compel the creditor to give up bis
old bond and take the new. II ne did it, it
was because be chose voluntarily to do so.
There has been nothing done or advocated
since by the DebtPayers OF Virginia upon
which the semblance even Of a charge OF
Reputation can rest against them.
1 have spent the last seven years OF my
life in one continued struggle for the hold
ers of VirgiDia's bonds. Ii has been from
no interest of Il pecuniary nature. but solely
to save the fame and fair name OF my native
State. i have ruined myself financially in
that struggle 80 far as TO be compelled to
come here in the hope Of lettering my col-
dition. In that struggle have been a hum
bic unit IN a band composed OF the best
citizens OF the state. General Malone has
given his express endorsement to various
acts OF straight-out reputation. The last
was the Iiddleberger bill. which repudi-
aled more than one thrd OF the principal
outright, and rerudialed one half Of the
annual interest upon the rest. Nirginia's
bonds are not owned by her people,
but mainly by people Of the North and Eng
laSd When persons like us receive from
those for whom we have been fighting the
recognition which your article OF this morn
ing gives TO us we may very well begin 10
reflect whether or not il Is our duty 10 con.
time a struggle any longer in behalf OF your
people. For one, | fee! disposed TO say,
" Well, il General Malone and his policy
suit the holders OF Nirgiuia's bonds, in the
name OF God let them have them and we
viii stand aside" We will not, OF course,
under any circumstances whatever. be ac.
CtsSOIl " ui7 Biah' w iNBbuiN-
ton. but do not see tbat we are compelled
to keep up the strife If we are to be de-
nounced and he TO be applauded.
should have stated in giving an account
OF the funding act OF 1871 that Nlrginia's
highest court, the judges OF which were
elected by those whom you denounce as
Bourbons, decided that, parted and rayaged
as she had been, she should pay all OF the
debt. West Virgnia's as well as her own
part, which the Supreme Court OF the
United States, looking on her with more
mercifuI eyes. said she need not do, and
that those same Bourbons hailed the deci.
sion OF their court and prepared themselves
manfully 10 abide by the result. In that
same funding act she expressly contracted
with the creditors to secure some settlement
with West Virginia OF her third.
WILLIAM l.. ROYALL.