The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-07-19

What the people Of Virginia desire In re-
lation 10 tbs pubic debt Is tha, Il shall be
settled at once and forever. The Demo
Gratis NUT perform this duty next winter (;
and they must satisfy the people OF their
iuiention 70 do so by uttersog no uncertain
sound on the subject IN the platforms OF
their August Convention.
Yes, the public debt must be settled. II
must be taken out Of politics. 1t must no
longer be used AS q means OF getting into
place and power. The State can never be
sure OF her position In the ranks OF the ola
Democratic party so long as this disturbing
question shall be left open. There are so
many hungry ofice-seekers aud so many
ignorant voters that we need not hope for
peace so long as this fruitful subject OF DIS
cord Is at the command Of demagogues.
The RIpDLEBgRoER bill would, ifHshould
become law, settle nothing. Its attempt
TO repudiate thirteen millions OF the puoHe
debt Is foredoomed TO failure. That result
could never be accomplished. II the peo-
ME desire TO have this debt perpetuaily be-
fcre them, let them elect Legislature
next fall pledged to the passage OF the KID.
DLgBERaER bill. An honest debt is one oil
the hardest things In this world TO Rill. It's
vitality Is amazing-almOst unlimited, "beh
the debt IL owing by State A man may
get rid Of bis debts by aid OF bankrupt
law, or by the lapse OF time. But stste
cannot. Her bonds will be hanueu
down from generation 10 generation. Az
its every session there Is before Congress
claim for large sum Of money which Nif-
qioia advanced 10 the Federal Government
seventy years ago. The debt Of Mississippi
was repudiated forty years ago; yet II IS not
dead. Every once In while we near OF ils
revival. ADD OF the probability that 1t viii
be M before the Mississippi Legislature for
consideration. At its last session, the Min
nesota Legislature made provision Tor set
Ting a debt which had been repudiated years
ago. The poorer the prospect is for getting
their money the larger the percentage The
creditors can afford to pay to lobbyists to
get bill passed for its payment. SO that
an attempt 10 repudate begets all sorts OF
troubles and leads the way to the cOrrnp-
ton Of the legislative body OF the very State
which thus endeavors dishonesty to get ria
OF It's debt.
The thirteen millions OF the public debt
which the RIDDLEBERGER bill proposes TO
repudate is not a separate debt. IL con-
sists of thirteen millions out OF the thirty
odd millions which all the departments OF
the State government OF Virginia have re-
cogpized az q debt justly owing by Vir"
GINA. That bill proposes to pay 90 per
cent, OF one class OF bonds and 66S per
cent. OF another class Of bonds. The bonds
from which the Rea6iusters propose TO
strike of AZ per cent. represent now only
66l per cent. of the sum which virginia
owed on them 10 1871 To illustrate Vir-
ginia struck of 1875 per cent, and assigned
that third to West Virginia in 1871, ana
now The Readlusters propose to strike
of about half OF the remaining 663 per
cent. Thus, II widow whose husband
left her before 1871 bond for $1,000 fund
ed under the aet OF that year, sue received
bond for only $1,000. The ReSdiuSiers
propose to reduce her claim now 10 $3.50.
So that instead OF laying her fifteen hun
died dollars, they will pay her only little
more than one third OF that sum. VIII
such settlement as that be acquiesced in
Can there be any reason to hope that Vir-
gIuia can thus secure peace at home aud
freedom from agitation? Of course not.
The creditors OF Virginia will experience
such a sense OF the wrong and injustice
done them that they will never cease their
efforts to procure an honest readiustmeht.
The I4th section of the RDDLEBERGER
bill, as originally reported, provided for the
suits which its authors knew TO be unayoid'
able But what mockery OF Justice That
section was framed for the purpose OF set
ting aside the decisions Of the Supreme
Court OF the United States and the COurt
OF Appeals OF Virginia. Us manifest in
tention was to enable The State to eyade the
obligations witch the courts OF toe country
have laid upon her shoulders. Do Virgin
ians desire thus to annul the DEGREES OF the
tribunals upon whose decisions the title
TO all their own property dependsf Are
they willing thus to provide fer iDnumera.
BILE law suits?
II The people desire to blve the public
debt settled once for all, let them vote the
regular Democratic ticket next fell. All
repudisiing schemes wlll fail to bang us
relief from this disturbing question. We
must treat Virglnia's creditors as We treat
our own creditors. There is not one moral
law for ls Us citizens and another for us as
persons.