Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-06-30
WEDNESDAY.......JUNE 80, 1856.
Abont tho State Debt.

Some one in London has sent to us
CODY of the Financial Ne@s, OF that
city. containing q letter recently sd-
dressed to the editor Of the Richmond
Dispatch by Mr.. HENRY EVANS. DIR.
EVANS manifestsa commendable spirit,
but not much acquaintance with the
real condition Of things on this side OF
ths water. Particularly does he fail to
appreciate the circumstances under
which Virginia offered the RIDDLE
BERGER proposition as her ultimstum.
Az Mr.. EVANS has chosen to publish
his letter in London, he will no doubt
excuse us for not reproducing it here,
and for making only brief comment
upon it.
We can assure Mr.. EVANS thst the
people of Virginia have not the least dis
position or intention to "defy the Fede-
raj Government" They will seek to
maintain their rights; but they will
take care to proceed in an orderly and
digni6ed manner, and in such way as
not to bring them in conflict with the
United States Government. Mr.. EVANS
quotes literally from several Virginia
documents, but does not seem to have
heard Of the eleventh article Of amend
ment to the Federal Constitution. We
will quote it for his information. 1t
reads as follows:
"Tbe judicial power Of the United
States shall not be construed to extend
to any suit in law or equity commenced
or prosecuted against one Of the United
States by citizens Of another State or
by citizens or subjects Of any foreign
State"
Mr.. EVANS will doubtless be sur
prised to learn that four out Of the nine
judges Of the Supreme Court Of the
United States, one of the four being the
Chief Justice, have given it as their
opinion-and it was given in one Of the
debt cases from Virginia--that the con-
stitutionsl amendment just quoted for
bids any State to DO sued as Virginia
has been sued in the cases which have
gone up to that court from her own
highest court. All the present justices
of the Supreme Court may be called
"war Judges" All Of them, there
fore, may be regarded as prejudiced
against the rights Of the several
States and it is no more than reason
able to expect that as soon as the pas
sions excited by the war between the
States have subsidized entirely, and some
"ncw blood" has been infused into
that tribunal, the Constitution will be
properly interpreted and Virginia be
accorded that immunity from suits in
the Federal courts to which she is en-
titled. Mr.. EVANS will see that he
has threatened us with no new wrong.
Virginia hopes for the best, and will
proceed under the Federal Constitution
to do whatever she may deem necessary
for the protection of her rights.
MIR. EVANS can find in the columns
of the Dispatch day after day aud
week after week the most conclusive
proof that the financial world does not
regard Virginia as regulating State.
On Monday last, for example, RID
DLEBERoER bonds, which bear only
3 per cent. interest, were selling in
Richmond at 6si. Surely that fact IL
totally inconsistent with tho assupap
ton that capitalists look upon the
RIDpLEnERGER proposition as an &C
Of reputation. 1t means muci
more 1t means that capitalists are no
afraid that Virginia will be compelled
to psy the bonds issued in 1871 anC
1879; for il these are to be paid undel
compulsion and because the RIDDLE
BERGER law is unconstitutional, ther
the Riddles ought to be sitting yer!
low indeed, and the consols and ten
forties at higher prices than the Rid
dies bring; whereas the fact Is that o.
Monday last conso,s were selling at 5
Though bearing 6 per cent. interest
peelers at AZ THE same rate Of interest
and ten-forties g, 4, and 5 per cent. il
terest) at Al.
We have no bard words for the bon,
holders. We refer them to facts, an
advise th,m to fund under the RiDDLl
BERGER bill. They need only look {
the prices Of Virginia bonds to-day, an
toe fancy prices which prevailed fc
short time after zach Of the decision
of the Supreme Court in Virginia case
vas rendered. in order to be convince
that it will DO lifelong work, to 50,
the least, for the creditors Of any Stat
10 collect their debts by aid Of tn
Federal courts.