Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-07-30

THE FACTS.
/. I denv that the public debt of Viz
Cinia has ever been repudiated though
many think 1t ought 10 have been. And
2. deny that tho commercial world ]"
is against us for that or any other reason.
actual or iaucled.
By the liberation of the slaves in Viz
ginia $3.50. 600 $50 III property was lost, aud
Still more in the value of their labor. by
the ayuslon of West Virginia Sl2O,0O0,0OO
of taxable values was taken away; making
a total loss of S350, 900 900.
Both these acts were violently unconstitu-
tional and. in the opinion Of the people Of
this State. thev shifted the responsibility
Of the public debt to the shoulders OF the
United States, who had committed and
permitted those acts OF robbery against
their own express guarantee.
But on grounds not of justice, but OF
policy, the people of Virginia were willing
to pay her proportion OF her antt-betlam
debt.
WEST vIRGINIA's PART.
Accordingly apportioning the whole sum
To the respective territories sho assigned
one third to West Virginia and assumed
the remainder. But this last sum
was enhanced by fraudulent mode Of
statement and forced on the State by
bribing the Legislature (in the act of March
80. 1871.
The coupon feature, the most objection
able part of the law, was repealed by the
next General Assembly, but was retained
by the usurping DEGREES first of the Viz
gina Court of Appeals and then OF the
Federal courts; and the people of Virginia
have been fighting their enemies continu-
ously in these courts ever since, 4. 2. for
more than nineteen years-tO wit, from the
eth of March. lS72-and generally with sue
cess.
NOT REGULATION.
The assigning of one third Of theSwhole
debt TO West Virginia was not reputation.
Nor was the Riddleberger blll, which
Topped off one third. when 1t should have
lopped of two thirds, from O fraudulent
claim.
So far. then, from repudiating, Virginia
has offered TO pay more than she owes.
That her action in this regard has Lad no
effect on the credit Of her citizens this very
simple comparison proves: According Ia
MIR. Royal, Virginia has impaired our Gre
dit by q proposed reputation OF one third
of her debt. But the other southern
States. whose debts aggregated some sail
900 900. reduced that sum To about SIS
900 600. thus repudiating three tourths OF
what was claimed as due. And their credit
Is good.
WHAT OTHER STATES HAVE DONE.
To be little more specific: Geor-
eias ante and pOst-belium debt was
s22. 500, 900. of which she repudiated
AZ, $50, 54-say so per cent. Alabama's was
SIS, 100000, of which she repudiatea
S27 ,03s. S3O.-say 10 per cent. We know how
these States have forged ahead since repu.
diation, in those industries which demand
foreign capital, until Alabama, the largest
repudiator Of the lot, now produces an.
nually moro iron than Pennsvlvania. u
And to-day the South alone makes more
pig-iron than the whole country did II
is7O." IL these facts are worth anything II
that line they show that the greater the re-
pudiation the better the credit.
HOW ABOUT VIRGINIA.
II is not true that the unsettled condi.
ton Of the debt of Virginia has hindered
DEVELOPMENT. Thin is shown in the follow.
inc figures, which am willing to verify
OF the capital invested IN Virginia from
1850 to 1890:
Coal iron, and iron ore. 2.05C
Railroads. Observation-Disclosures. 29oO4,UOu
Banks. ......................... o'3oo,oV,
s50,268, 1850
OF this It Is certainly fsir to estimate a.
coming from outside
Coal aud iron industries, 60 per
cent. OBSERVATION-DISCLOSURES. b,Ot3IN
Railroads, 80 per cent. ............. 23,sO4,0OC
Banking, 90 per cent. 2,ooe,OOt
s35,552.77C
The fact that the Norfolk and Western
railroad has mortgaged its properties fol
| Sl3, 900, 900 confirms this entire estimate. oI
rather proves It to be below the mark. and