The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-01-11
The state Debt.

We understand perfectly the Read,us'-
err theory Of the debt. They propose 70
/" eliminates - per cent. Of the consois'
and sst per cent. Of the peelers lor 'ne
R,ppt xBxaoER bill Of last session did, on
the ground that the Legislature o. ie,t
and Governor WALKER, and other of'iciais'
issued bonds for more money than 'ne
state then owed. We call this "elimina-
tiono Reputation for reasons wnich we
have often set forth and the existence on
which no Readjus.er will deny. Let us
again look into the matter.
The bonds now out were al! issued oy
the states owl, agents. twill be impossi-
BILE for the State to issue any bonds binding
upon her in law II those now outstanding
are not such bonds. They were issueu
under law passed by her own Legislature
hearing the sign-manual OF her own Gov
crnor, and which law has since been de-
clared by her highest court TO have raised
n contract between her and her creditors
which she is bound TO respect. Ii the pre-
sent Legislature shall pass law author
fzipg new bonds to be issued, and thls
law shall bear Governor CAsERoN's sigma
ture. and shall be declared valid law
by the Court Of Appeals to be elected this
winter. the new bonds hereafter issued
under that law will have not one single
claim 10 be considered binding upon the
State which was not possessed by the BONDS
issued in 1871. II the State can repudiate
thirteen millions OF her bonds at this late
day on the ground that the Legislature OF
1871 and Governor WALKER had no right
TO issue them, she can In 1892 repudiate
thirteen millions Of the RIDDLEBERGER
bonds on the ground that the Legislature OF
1881 and Governor CAMERON had no right
10 issue the bonds they now propose and
purpose to issue. Mr.. Massey and Mp.
TURNER may claim, as other and better men
have claimed, that the Federal Government
ought to pay virginia's debt, and that she
owes none OF il, being conquered pro-
vince and having had all her slaves taken
from her by force; that the property upon
which the debt was based having been
stolen by our conquerors. the debt ought
to be paid by these concuerors. This plea
would be as full justification for the repu-
diation OF the RIDDLEBERGER bonds ten
wears hence as the claims set up by the Re
adjusters are for reputation OF the bonds
issued ten years ago.
Does anybody suppose that the State viii
nav the RIDDLEBERGER bondsif she ge rid
OF the WALKER bondsy Will the new set
Element preclude further agitation? Will
there be no new leaders to raise new re-
volt and declare for the reputation OF all
but ten millions OF the debt ?-nay, all OF
itf II the State really owes, principal and
interest, only twenty millions OF dollars,
and pays twenty millions. there will
have been no compromise in her
favor, and no abatement whatever OF
any part Of the creditors demands. The
new leaders will ask, Is Virginia able
to pay her whole debty Is she not entitled
to have some portion Of it stricken off in
Of her poverty, her losses du-
ring the war, and the forcible emancipation
of her slaves, which last measure destroyed
hundreds Of millions Of dollars Of her pro-
perry? Why shall there not be such new
MAHoSEs to lead new party clamorous for
a more perfect and more righteous read
iustment?
Are these fears chimerical? Look at the
case OF Louisiana. The Chicago Tribune
SAYS that the original debt was scaled 40
per cent, and it was then announced that
the State was able to pay only per cent.
on the reduced principal; that the State
pledged herself to pay this, and the pledge
was incorporated in the revised Constitu-
ton which was adopted by the people; and
that now the Legislature in extra session
has passed revenue bill which appor-
tions only one mill to the interest fund,
though it has been demonstrated that q
levy on that basis will not raise more than
two thirds Of the interest on the debt
promised to the creditors. The New Or
leans Picoyune calls the bill the "last ditch
of shame left to our State" This is ex-
actly what may be expected in Virginia.
" Revolutions never 60 backwards" We
shall be on the broad road to the repudia-
ton Of the entire debt Just as soon as the
RIDDLEBERGER bill becomes law; and we
shall almost certainly travel that road to
the end IL we thus begin the downward
march.
Death of Colonel George w. Munford.
xr,..--...t- L.. ~ ...l.lo aox, i., Tho donfh Of