The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-02-17
The State Debt.

The WHO exposes its weak points. 1t is
so anxious for the regular Democrats to
ADOPT platform pledgiDg themselves to the
pavment not only of the public debt rs as
cer,aiDed by toe funding bill Of 1871, but OF
G ner cent. interest thereon, that il lind The
D;soatch committed TO that platform in the
following paragraph which it quotes from
our columns. We will reproduce 1t that
the reader may see for bimseli bow The
WHO deceiyes itself. We said, on Tuesday
morning.
The Old Dominion has not yet repudl-
ated her debt outright She still has the
benefit Of all the doubt that exists IN the
Dublic mind rs 10 her intentions in ibis re-
snec,. But she will this year ne asked to
repudiate out-and.Out twelve millions OF a
debt which all three OF her post bellum
Governors have declared TO be a debt bind
ing upon her; which has been named b.
her own Legislature over and over again
a. debt which she had promised to pay;
and which the highest judicial tribunal
in the State has repeatedly decided TO
be debt honestly owing, aud one
which she was bound in honor to
nav. THUS the Legislative, the Executive,
the Judicial departments OF the State Gov
ernment speaking for Virginia. and acting
within the scope Of their powers a. her
agents. have so pledged the faith Of the
Commonwealth for the payment of the debt
as ascertained by the Legislature OF 1871.
that il is simply impossible for her to refuse
10 nav twelve millions Of the debt thus a..
ceriained TO be owing, without subiecting
herself to the charge Of reputation and her
General Assembly TO the probability OF
being besieged for the payment OF those
twelve millions, not only f1r the next
twenty. thirty, or forty years, but indeh'
nitely in The future"
Now we beg leave to say that whilst We
do not propose to repudate one dollar OF
the State debt as ascertalned by her own
aceats in 1871 or 1879, we do propose to try
10 reduce the rate OF interest 10 3 per cent,
and 20 take ten more years to pay the debt
in. That's our platform; andwe wouldn't
mind resoriing to little forcble readiust-
mcnt to carry 1t out; but as we are not au.
thorlzed to make 4 platform for the Demo
cratic party, that party cannot be considered
a. bound BY anything that we may say.
Whatever is the amount OF debt the State
owes, we would pay; but, as the Democratic
party stands pledged not TO increase the rate
OF taxation, we are necessarily compelled to
try 10 get the rate OF interest abated. The
people bad chance to make good
terms when the MCCUMOCH bill was
before Them. and tue Legislature had
another such chance last winter. But
both opportunities were unfortunately
allowed TO slip away unimproyed. And
now the bondholders are entrenched be-
hind the Supreme Court OF the United
States So far as their coupons are con-
cerned; and 1t il evident that II will be very
. Difficult, 10 induce them TO agree to surren-
der their per cent. bonds for any bonds
carrying a lower rate OF interest. The
prices at which the consols are selling afford
abundant evidence that the holders do not
expect TO have TO content themselves with 3
per cent. The Readiusters have themSelves
TO thank for this state OF things. The debt
would have been easily manageable under
the McCuLLocB bill. Anyhow, the State
would have been In an infinitely better con-
dtion with VII OF her bonds bearing inter.
est a. ouly 8 per cent. until 1889, and only
$3.50, 900 OF coupons falling due annually,
than thai In which she now fads herself
with large portion OF her peeIer bonds
still outstanding and having had no interest
paid upon them for years, and 100000 OF
: coupons falling due annually upon less than
one bali Of her indebtedness.
However, We intended only to set the
Wig Alright as to our platform. We don't
take any q per cent. interest in ours. More
IN the same line we shall say Ia good time.
We are tired Of debt troubles. We want
them 10 come 10 an end this year. In order