The Birmingham age-herald., 1911-04-20
ABOUT CREDIT AND TRADE
By SAY vOYARD

West Virginia was born Into the union by the Caesarian operation. At the time. in law and in morals, she was obligated fer her proportionate part of the public debt of the Old Dominion which had been created prior to the secession of the state of those rebels, George Washington and Patrick Henry. For nearly half a cen- tury Old Virginia sought to collect this honest debt from West Virginia. They went to law over 1t, and few days ago the supreme court of the United States decided that West Virginia owed old vir- ginia about s7,oOO,Ooo principal of the debt. leaving the matter of interest for future adjustment.
 And here comes that rich young parve- vania, and asks Congress to pay her debts. She votes herself mendicant and would billet herself on national charity. Claiming to have more natural wealth" than any other state, she holds out the hat like a beggar, hoping that Congress will prove faithless enough to fill it.
 was one day chatting with party of gentlemen when the late Steve Ellxins ''blew in" It was habit he had, always breezy, always welcome always delight ful. It was in 1896 and we were discuss ing 16 to i. Steve" butted in in char acteristic style, and it was as good a speech as was made that year. It was something like this:
 "Whether for good or evil, and I am not sure it Is for the best, the financial
 world has made gold the standard. and
 the standard 1t will remain, even if Bryan
 shall be president with both houses ol
 Congress in precise accord with him, foI
 in finance, banks are stronger than gov
 ernments There IS nothing to do but to accept the gold standard, for 1t is al stubborn fact as heat in summer or | cold in winter, and we know governments cannot, by act of Congress. send us hunt ing blackberries in January or skating on ice in August.
 There is but one thing to do and that l to pay Repudiation is the worst policy | in the world. frequently borrow money I in New York. When I first became a | ClllZeD Ol NtSt VII 6iiha WoS di cili- c.al of a corporation that needed a large
 sum of ready cash, and I hurried to New York with documents that were conclu. sive evidence that our enterprise promised | big returns on the investment. The bank.
 CTS saw 1t and admitted it., but could gel no money at the rate of interest I fell
 justified in paying, and I was there q 1 r q
 the reason money was so tight for mt was that West Virginia had repudiatet
 her proportion of the debt old Virginis
 owed in 1861. Money talks, and it is sait
 it did not care to make its bed in a re
 rudiation community finally got tht
 money, but at frlghtful rate of inter
 est, and that repudlation has cost Wes
 Virginia what would nave paid her par
 of the debt dozen times over. It is al
 inexorable truth that credit is the foun
 dation stone of prosperity and credit is
 made by payment of debts to the utmos
 farthing in the best money in the world. | As Elkins "blew out" recalled a senti
 ment that grand man of Georgia Henry lG. Turner. incorporated in a speech or
 the coinage questions: It is better to dis
 charge a debt of $1 by the payment of 5 lthan by the payment of half a dollar" l In this connection I shall relate for tn, l third or fourth time circumstance the | facts of which came under my personal observation. It ought to be proclaimed blooming Easter lilies, and the other q