Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-11-27
The Settlement.

action Is here"
Thus we introduce q few considerations
which we wish to present to the creditors
of Virginia, who seem TO labor under the
strange delusion that the plan Of settle
ment which is now before them for ao-
ceptance or rejection was drawn up by
their enemies rather than by their friends.
We said Yesterday nothing which we had
not frequently said before when we warned
the bOndholders that the new plan went
so far towards complying with the terms
they had themselves proposed that the
only alternative was acceptance or
suicide"
In the most friendly manner would we
repeat this warning. SO far as the dispo-
sition OF the people not to be troubled
longer with this matter is concerned. the
situation hasnot changed sincewe notified
everybody that behind the next proposition
TO settle the public debt which had been
made, or might be made, stalked Repudt-
alton. THIS morning we feel fully justified
IN repeating that disagreeable warning.
Behind Rejection stands liquidation.
Argument would be thrown away upon a
people who have been harassed ss those
of Virginia have been. Even entreaty
would avail nothing.
The people have set their faces as flint
against any plan Of settling the debt which
does not meet their appreciation. They
consider themselves as fully justified in
fixing the maximum which they would
agree TO pay at the large sum the new set
Element bonds would represent They
offer TO sacrifice one twelfth If not one
tenth Of all the property IN the Copmon-
wealth in order to effect compromise
with their creditors. Is not this liberal
offer?
Yes, gentlemen. the friends OF the pro-
position you now talk of rejecting are not
Tepudiationists. as you seem TO suppose.
The men who advocate that plan are sorry
to have TO say it, but they feel that it is
their duty TO tell you that they, who know
whereof they affirm, see Reputation grim
ming at you when you talk Of rejecting the
settlement under consideration. How
many times have the tax payers OF Virginia
been told, and unfortunately told by men
who had been misled into making untrue
statements, that the debt was settled? In
1865, under Governor PEBPoSl's advice,
settlement was suggested rather than Ell
fected. The Legislature of the summer OF
that year was willing to agree to almost
any terms. The members vainly fattered
themselves that the people OF Viz
GINA, dreading the conhscatlon of all
their property. would hasten to ratIfy
any scheme of settlement which would
please the northern people. This scheme
proved to be mere abortion. The WALKER
settlement came nexts Governor WALKER
showed the people, as no thought that
they were rich enough to pay over thirty
millions of dollars as their share of the
ante-bellum debt. and in order to make
them pay it whether or not" taX-re-
ceivable coupons were attached to the
bonds But the people were soon heard
from, aud the next Legislature repealed
the tax-receivabls coupon feature OF the
new settlement Then followed the MA
HONE agitation, which ran on until it CEN
tired in opposition to the McCULLooH set
Element. This last proposition was reject
ed by the people. Then the agitators en-
deayored to effect settlement OF their
own. The RIpDIKBERoxR bill was the re-
suit Of their labors. Foolishly did the
creditors reject this settlement. Unwisely,
indeed, did they act in warning upon that
measure, which was as liberal as the peo-
pie behind our legislators would allow
those legislators to propose.
Now comes the GARDEN OLcoTT settle
ment. with the approval of the Advisory
Board and of the representatives Of Vir-
ginia-and with all that scheme could
have to commend it to Acoeptanoe--now
comes this settlement, we say, aud We are
gravely told that it is not the people OF Vlr-
ginia who are to decide upon its acceptance
or rejection, but the bondholders mot the
men who are to raise the money, but the
men who are TO pocket it after It IS raised.
"Oh. foolish Galatians, who hath bewitohed
your" Your friends stand in solid phalsnx,
ready TO do battle for you, and you march
up IN their rear and join the ranks OF the
opposing hostsi Was such blindness ever
before knownf
But we forbear 10 follow mp the argu-
ment II the creditors have not been
"stricken with judicial blindness" to use
General CAss's famous phrase. they will
hasten to accept terms whose rejection
will assuredly be followed by reputation.