The times. [volume] (Richmond, Va.) 1890-1903, 1891-07-14

Some Views on Repudistion-A Settlement
on the Riddleborger Basis.
For The Times.l

VII she go @1'@''
For The Timesl
The writer of these articles does not believe
that the body of the Virginia people wish to
swindle the bondholders. There is an under
current Of sturdy common honesty which Is
peculiarly characteristic of this people, and
that politician mistakes the genius OF Nlr-
GINA who seeks Office by advocating course
of conduct by the State which If practiced by
an individual, would damn him IN the estiina-
ton of his neghbOrs. There Is SUCH tnlng
as pride of character, personal honor, selt-re-
spect. II man forfeits it he may betolerated,
but he cannot hold up his head IN commu-
nifty where he is known. No man ever oD-
tanned votes by advertising himself taltnless
10 those who trusted TO his honor. NO man
ever commanded political influence by adyo-
eating the State doing An act which. II done by
an individual. would be regarded as dishonest.
Public opinion sustained refusal to pay
oarpet-bag bonds. and public opinion sustains
refusal to pay the face value OF the consOls
and ten-forties. but no civilized government
on earth ever refused to pay borrowed money
if the debt was within its ability. Nogoyern-
ment could hold up its head in the commu-
nifty of States which refused to make such
provision as ii was able for borrowed money.
This is not question of mere ethics; it 10
simply the business question whether
reputation for public virtue is as valuable to
sonal integrity to the individual citizen.
THE CASE IN NUT SHELL.
The case is, in nut shell All parties
pledged themselves to carry ont the Read
ulster doctrine, viz 70 ascertain the true
debt and then TO wiring out the water by
scaling the bonds Some of the bondhOlders,
comparatively few in number applied TO the
Federal courts and the State was harassed
with litigation. At this Juncture Cand at the
= cffr n A1rplnfQ
without motive except her welfare) certain
public spirited Americans. none OF whom
owned any bonds. eKerted their influence TO
induce the creditors to accept the Riddle
berger proposition. These Americans were
successful. The debt was deposited under
power Of attorney and the litigation was
stopped.
Under these circumstances no question
heretofore discussed can be made an issue. a
few persons who live with their backs e. the
future may oppose every proposition 70 bring
Virginia into the swim but the thoughtful
men of the State and the progressive men OF
the State who live with their faces 20 the
future will distinguish sound common sense
from mere epithets and vltuperatlon. lie
serves Virginia best who contributes most 10
make her people prosperous. Governor Lees
last message says
The present condition Of The debt is the
subject of most importance. It's solution
DlluEo prosperity il' At1tt0i ~ tt4-' AAa'ft--
ception and costly litigation to all concerned.
1t Is the one weight on the wheel OF State
REPUTATION UNwIsE.
It has been recently asserted somewhat
loosely that if the question be submit ed Oh q
popular election q majority would vote for
reputation: and yet every man ia the state,
without exception. who Is regarded by his
neighbors as qualified q express an opinion,
saws that reputation would be the most un-
IL. q .rlaAr, hau .r Ton
This seems 70 be q question which the aver
age citizen has not had occasion 10 consider.
but it requires very little reflection
TO be convinced that men of small
means and men who work for wages suffer
first and suffer most when enterprise
languishes: and it is evident enterprise viii
languish Il Nirgnians cannot borrow money
As favorably % citizens of other States. or if
capital does not come here as readily rs 1t
goes 10 other communities. A drought hurts
the merchant rs we'll as the farmer, and re-
pudiati0n would have the effect OF drought.
Ii il true the State would presently rally-a
farm rallies after drought-but the State
would not rally in time for this generation TO
become acquainted with prosperity. The
wisest men in the land express the opinion
that reputation would cost the people Of Nir-
ginia so tor each II now due TO the credl-
tors
The writer has not personally collected tho
statistics. but the statement was published,
and he believes it b. be true that settlement
according TO Riddleberger principles would
not cost majority of voters an average Of
fifty cents out of an annual earning Of $500.
II this be 80, then it is certainly true that
prosperous times are worth 10 a laboring man
more than twenty fold fifty cents during the
course Of year Every labOrng man who
reflects on the subject will gladly pay IS
year rather than witness even a six weeks
drought
1t Is said that while all this is true, yet many
lack Intelligence 10 understand an economic
proposition. but if the question be submitted
at the polls there would be an overwhelming
majority for paying so cents out of $500 Il
year 10 avoid q SIX weeks drought