Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-09-19

forwards James the Second. 1t Was
case which had been before the public
for thirty-one years IS . subject Tor
complaint and investigation and which
had been in various courts Tor eleven
Years. In that time it had been argued
BY many learned lawyers and judges
and especially by Lord Keeper, after
wards Lord Chancellor, Somers IN zone
Of the most elaborate arguments ever
delivered 10 Westminster Hall" an AT
gument in which he did not deny the
Justice of the demand. but only OBJ
iec,ed TO the form Of remedy; an argu-
ment that formed one Of the articles OF
impeachment afterwards moved against
him in l7Ol because he had decided
AGAINST THE CLAIMANTS.
All this combined with the magni-
tude of the debt aud the great number
of creditors must have called attention.
to the case. Yet at the very moment
Of the acknowledgment Of the justice
and legality Of the debt at that very
moment, one half of it was repudiated
outright. Hargraye, from whom |
hsve condensed the above sketch, saws
he could find no explanation Of the ac'.
Certainly it was not done for want OF
money, as will presently appear.
On the other hand, for the last fifteen
years Virginia, discussing her debt in
senate and forum, has explained that
the debt settlement Of 1871 was inn
posed upon her by fraud; and in the
next year, at the first opportunity, by
a vote Of more than two thirds Of the
people Representatives, she disowned 1t
as corrupt, extortionate, usurious, AMI
destructive of her whole pollti-
cal and social economy. The only de-
cisions by her own courts which claim
any authority of precedent were be-
yond their lawful power and in derogs-
ton of the equal rights of coordinate
departments, as the people know and
assert. The Federal decisions, except
in the case Of Antoni Us. Greenhow,
have been pronounced by the people in
their general conventions and in delibe-
ratiye bodies. and have been proven to
all fair and honest minds by the best
lawyers in the State to be violations OF
the reserved and guaranteed rights of
the State, and violations in some cases
of the plainest principles of law. Yet,
instead Of aiming to reduce this unjust
debt one half, the State has offered, by
unanimous consent Of all her tax
payers, to pay double as much
as she owes-prorided that her offer
shall be accepted in time. The con-
trast is commended to the readers at
tention; and he can draw his own in-
ferences as to the justice Of the objur.
cations heaped by British bondholders
and their agents and tools in this coun-
try upon the heads Of those Virginians
who dare to assert her sovereignty and
to protect her rights.
If any one shall look for
THE DISASTROUS INFLUENCE
on public and private credit of this
English reputation, think ne will fail
to find it. In 1894 the Bank Of England
was established mainly through the
influence of Halifax. This was In
reality an instrument for procuring loans
from the people at large by the formal
pledge Of the State to repay the money
advanced on the demand of the lender.
For this purpose loan of Sl,2OO,OOO
was thrown open to puollc sub
sc,iption. The plan turned out a
perfect success. In ten days the list of
subscribers was full."-Greene's His
tory of the British People, Volume ",
page G5. So firmly was tho public
credit established that it does not sp-
pear TO have been shaken by the per-
fdious confscaion of sum equal to
half the capital of the bank.
Regarding one fact like this, con-
frmed by what we see around us, as
worth a volume of indignant predic-
tons by men who are either stock
iobbers themselves or the victims of
that class Of parasites, | have thought
it might not be amiss to bring it to the
attention of the determined, undinch-
Ing. inhexible patriots of Virginia.
But it is simple justice to state that
the credit for whatever Of pleasure or
instruction it may convey does not be-
long to me. A gentleman learned in
the law, my highly-valued friend, Colo
mel II. Coalter Cabell, called my atten-
ton to it; as a short time before he
had done me similar favor in calling
my attention to the case of IIagOod Is.
Southern, III United States Reports,
SO, and thus enabled me to expose
once more the inconsistent conduct of
Mr.. Justice Matthews, whose casting
vote in Poindexter rs. Greenhow has
made so wide breach in the Constitu-
ton of the United States and wrought
such serious injury to Virginia.
FRANK &. RUFFIN.