The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-10-09

,sS..1or zronono,n ssMiae1sfcvous n.
rancin1 ruslkuctfonv Cfitlciscd BY
4 Forxser Nswspaper Advocate.
wien the Virginia Republicans slirrcr-
dered IN convention 70 General Mah0ne,s
Readjusters the New York Ereni1y Fosf,
high-toned Republican paper, indorsed
the surrender. But the speech OF MI. MI
hone before the New York Union League
seems to have disguised the Posi-, and IL
cditorially thus criticises what II terms his
"mischieyous financial instruction !"
"As Senator Malone has become the
financial guide Of the colored voters IN
Virginis, the doctrine he produced before
the members OF the Union League Club on
Tuesday evening deserves the serious at
tontion of Republicans as specimen OF his
teaching. Hardly anything more mis-
chieyious or misleading in the way oil imam
ciai instruction could be communicated TO
body OF supplemented and ignorant yo-
tiers than the assertion that the rate OF in
terest paid by State on its loans Is
regulated by its resources, or, In other
words, that the poorer a country Is
the lower the interest II has to pay,
and that, therefore, II has only to talk
poor to Justify scaling" and repudia-
ton. IL seems hardly possible that Mr..
Malone does not know that the richer
country Is the higher its credit-supposing
its honesty TO be unimpeachable-and the
better the terms on which 1t can borrow;
the poorer Il il, or pretends to be, the
higher the rate OF interest 1t has to pay.
We arc bound TO presume, however, that
when he said that this had been the
experience OF England, France, and Rus
STA, he was expressing his honest BELIEF,
and that he really thought that England,
for instance, being very rich, paid 10 or
II per cent. on its debt, while Mexico,
being very poor, paid only or ,.
But one who holds such beliefs
is hardly person whom northern
businessmen can afford to send back
TO southern communities Endorsed and np-
proved as Trustworthy financial authority.
Here at the North we should consider any
State in an exceedingly bad way In which
majority Of the voters were under the con-
troll Of anybody holding Mr.. Mahone's
peculiar views OF the conditions OF public
credit. We have been fighting for fifteen
years, aud sometimes very hard, to protect
northern States against any such calamity,
although no northern State oilers nearly
such promising material to crazy flnanclers
rs Virginia and other southern Sta'es 40.
We have no right, then, TO help to inlet 1t
on any southern State. We cannot afford
anywhere to put up with or encourage
unsoundness in finance in consideration OF
soundness in something else. Finance Is
the basis Of public morality. II is the me-
dunn through which a State reveals the
possession Of conscience. TO diilusc hazy
notions OF financial Obligation is to attack
public morality at its source. General Ma
hone owes it, we think, to his northern
friends to leave his financial baggage at
home when he comes here. We are too old
and have been through too much to care
for those fairy tales OF his about the coun-
tries where rich people ply high rates OF
interest and the poor low rates on account
Of their poverty and the worthessness OF
their security. He should reserve these for
the Virginian stump"