Year: 1878

Ties upon WUtCu silS pIcSSlIS UcI piopVSttious
1T is policy, sir, which, il properly pur-
sued whilst dealing with q question Of such
grave import, will, in my opinion, better
subseryc the interest of both Virginia and
her creditors than that adopted by either of
the extremists. And il the members OF
this Legislature who have been intrenching
| themselves on this line have the good for
tune not to be driven from their position,
which I regard as the Gibraltar OF our
strength in this great crisis that now wears
such frowning front, I feel that we can
return to our constituency conscious Of the
fact that we have been guilty OF no act that
will fix a stain on Virginia's honor, and
with warm assurances that the work,
which ssee have performed IN these halls
wears the seal and impress OF an honest
peoples appreciation. But, sir, IL we have
mistaken the wishes and the wants Of that
people-if we are mistaken in the belief that
they want settlement, and that it shall be
lust to the creditor and honorable to them
selres-we can still return without fear, but
with shield about us that is stronger than
an army-a clear conscience, which no man
can make afraid. Believing, however, that
they want no settlement that is not fixed
upon principles of equity and justice,
have pledged my every energy to aid in the
accomplishment Of that end.


Sir, ] am not one to believe that settle
ment honorable that is procured through
the medium OF violence or the influence Of
threat; nor am to be classed among those
who believe it dishonorable to effect COM
promise upon the mutual sacrifices OF the
parties to the contract. And / have an
honest conviction OF my own that the cred
itors Of Virginia would greatly prefer fewer
evidences OF debt, or a bonded principal
bearing lesser rate Of interest than that
which now prevails, provided they had
some positive assurance OF It's prompt pay
ment when due, than to hold the present
OF interest that puts it beyond the abil-
ity Of Virginia to pay. And [ be-
lieve, sir, that an honest declaration
on the part OF Virginia to keep her faith in
the new contract, coupled with some tangi-
BILE assurance on the part Of her representa-
tives that they will, by system of retrench-
ment and economy in the administration OF
the government place in reserve fund
that has been heretofore devoted rather to
extravaganza than to legitimate purposes Of
government, repeat that some such tan
giblc assurance as that will enable her to
effect settlement that will dispel the
shadow of distrust that has crept in upon
the glory of her good name, and restore to
her credit confidence which will make her
securities second to none in the markets Of
the world.


Sir, in proposing compromise we should
plant our proposition upon the broad, old,
and venerable maxim ssthat if we would
ask equity we should do equity "-that is
to say, that the sacrifices which we make
should be commensurate with those asked


of the creditors. And, sir, Hold that the
bill reducing the pay. OF members OF the
General Assembly that was passed by this
House few days ago, coupled with other
and kindred measures, which / trust will
soon be advanced upon the calendar, will
be sufficient evidence OF our purpose to
keep the new obligation, and Infinitely


more potent to preserve the integrity OF
Virginia than sentiments embodied in burn
ing phlippics against the taint Of Virginia's
honor, with the suggestion OF no measures
to maintain and uphold. Why, sir, if SEN
timent alone could pay her debt and keep
her faith unbroken this cloud would long
since have been lifted from our sorrowing
land. Ii sentiment were receivable for
taxes, would there be spot OF her grand


domain that would not bring its tribute to


her altar? Her very streams that nestle in
and gladden. her old bosom would be bur-
! thcned with the songs OF her glory;
her grand old hills that TEEN with
illimitable and ineXhaustible wealth would
| bristlc with thousand tongues to tell OF
her unbounded fame; whilst the waters OF
the great Atlantic that lave her seaboard
would resound with an eloquence that
would crystallize with attributes OF I'M


mortality her honor and her glory. But


whilst we are attempting to transform that


sentiment into a sort of legal tender with


which to pay her debt, that debt still con-


tinues to accumulate, until its mighty atti-
tude oyerlooks and frownS upon every in


dustry, and throws chill into every en-


terprise. Mine may not be the voice Of
prophecy, but unless some such compromise
| is effected as contemplated by this bill, and


then with the blade Of retrenchment we


prune this government OF all OF It's eX-


travagances, / hazard the prediction that


this Legislature will pass away, leaving to


the next succeeding (who will ride into our


places on a wave Of popular sentiment,


guided by no hand Of moderation) this


Gordian knot, whose increasing intrlcacy


they will sever by the more dreaded blade


OF reputation. But, sir, we are told there


is more dreaded element in Virginia to


encounter-an element that embodies the


idea Of force in the settlement OF this ques-


tion-that force that drives the creditor
1


new obligation OF its most vital and essen


tial element-that OF mutuality. Yet, sir, L


cannot believe for q moment that there
is senator on this floor who, after


careful consideration Of the element
| OF force would entertain or tolerate
| the idea for moment, because force In the


settlement of this question means reyoll-


ton, and revolution begets anarchy, from


whose black and malignant womb must
come the child OF communism, who Will


smite this land with curse more terrible
than the revolution of '93 that struck down


poor bleeding France with the red hand OF
Republicanism and made her the victim OF
the rabble. Sir, to entertain such an idea


might serve well the purpose OF the dema-


gogue who by cringing servility creeps
into public favor and maintains an unhal.


lowed position by inflaming the passions oi


the multitude. 1t is a mighty lever in the


hands Of the fawning sycophant OF power


to pave his way to an elevation into


public confidence which the littleness


OF his soul cannot comprehend after he
has attained it. But for us, who stand upon


the higher plane Of principle and honesty,
clothed with the condolences of a generou;
people, the trusted eustodians Of their most
| vital interest, there is higher and noblel
duty for us to perform than to fan the pas
, sons of the people into a storm OF deli.


rum from whose bosom no plan OF settle
ment can spring save that which is commu
nlstic: The duty, sir, to stand in these
halls, consecrated by the wisdom Of ages
rich with the memories of our patriot fathers


and within whose hallowed precincts M
foot should tread whilst polluted with th'