Year: 1878

Z. "A Few Words ON the Public Debt.
| Editors of the Dispatch: With many
!. thousands of others throughout the Com
/ imonwealth, T desire to thank you for the
noble struggle you are making in defence
i OF the honor of the State, and to save our
people from the shame and disgrace, to say
/ nothing Of the utter ruin, that must follow
Reputation of the State debt. 4


Lay on Macduffi The Dispatch is an ac-
/ jknowledged power in the land, and so sure
1 rs there is a Just God oyerruling and direct
! ing the affairs Of men truth and justice will
prevail over error and the Wiles OF the
demagogue, and in the end your cause will
be triumphant.


With seven tenths Of the secular papers
manfully battling with you, and the reii-
gious press-headed by those noble old Ro-
mans, Drs. Jeter and Brown-discussing
action must take place as the public mind
becomes more enlightened. 1t is only me-
cessary that the truth be daily pressed home
upon the people to convince them that hon.
esty at all times is the best policy. What!
the State bankrupt, owning S320,000,0O0 OF
real and personal proDerty-so assessed
and, as is believed, at fully one third less
than it's real value, with numerous subjects
taxed by license, and cannot pay 6 per cent.
interest on debt of $50, 900, 900, or less than
one tenth Of its property! 1t will not be
believed.


Now, if an individual were to apply to a
court for discharge in bankruptcy, hold
| ing visible assets amounting to $500, 600,
with liabilities Of only 100000, the proba-
bnity is that he would be prosecuted and
punished for an attempted fraud upon his
creditors; and very Justly, too. And yet
this is precisely the case OF the State and
her creditors-the only difference being
that in the one case hundreds OF millions
are involved and in the other hundreds OF
thousands.


! apprehend il an individual debtor were
TO approach Messrs. Barbour, Moffett, Full.
kerson, Massey, OF Elliott as his creditor
with showing like this, and demand q re-
adjustment of his obligation by a scaling
down of one half or one third OF bis debt,
that neither of these gentlemen would lis
ten to his demand, but would doubtless
kick the fellow for rascal, and exact OF
him the full pound of flesh nominated in
/ the bond. Neither can it be said that, in
point of legal and moral obligation to pay
debt, there is any difference between
State and an individual citizen of the State,
for all know that State is but the aggre-
gate OF individual citizens within the limits
Of its territory.


No, Virginia is not bankrupt; but igno-
rant, improvident, and unscrupulous legls,
lation in the past has brought her proud
head low, and judging from present indica-
tions no Improvement the past may be
expected OF the present Legislature. May
God save the Commonwealth from such an
other. o


Mr.. Barbour may as we'll give up his bill
Offering three per cent. interest to the cred-
tors, and save the people the expense of its
discussion in the two houses, for should it
pass it will not be worth the paper upon
which it is written. 1t takes two to make
a bargain, and I have yet to learn that Mr..
Barbour has invited conference with the
bondholders to ascertain their views, but ar
bitrariiy, rs il clothed with supreme legis-
lative and judicial power and authority over
the subject, says to them. take this settle
ment OF your claims-it is the only one
will make. In making this offer of bonds
bearing three per cent. interest Mr. Bar
bour is reported to have said that he con-
sidered it was at the risk of the States
honor to make the offer of even three per
cent. interest.


7 think the honor of Virginia has re-
ceiyed very serious damage already by his
making such an offer. Doubtless many
millions of the State debt is held by our own
citizens, and that portion of the debt thus
held in coupon bonds has been once shaved
one third. These bloated bondholders are
too poor to stand another shave Of one half,
OF even one third, Of their Just dues. They
can't stand the shaves Of such .Bdr6er.
The so-caled readjusterS in the Legislature
know that the Barbour proposition will not
be accepted by the creditors il it should pass.
Indeed, they don't want it accepted, but
rather wish the whole subject should 60
over to another political canvass, in the
hope, Micawber.like, that something may
turn up to their individual advantage. They
care nothing for the interest Of either the
State or her people.


II these gentlemen are really in earnest
in their often-eXpressed desire TO preserve
the honor OF Virginia and deal fairly by her
creditors-and are not repudiators-they
can prove the fact by passing the bill as re-
ported by Senator Brooke, with the single
change in this bill Of the offer of four-per-
|-cent. bonds to bonds bearing five per cent.
interest. In the spirit OF compromise be-
Iieye the hondholders without the State and
most of them within it twould accept such
a settlement as one something like fair. By
this settlement the creditors would OF course
lose one sixth Of their just dues, OF which
one third has already been surrendered,
while the State would gain further reduc-
ton Of one sixth Of her entire debt. Surely
this should suffice.
1t is a remarkable fact that the nobility OF
the State-the taX-paying portion OF her
citizens-With rare exception, are not re-
pudiators but, on the contrary, these are
willing to be further taxed in order to pay
the whole debt, and thus save the honor
OF their venerable and yenerated mother.
They know the debt can be paid, and they
know further that it will be cheaper in the
end to pay every cent Of it than to repudi-
ate any portion OF it.


I was sorry to see that the Richmond
banks had made loan to the State to be
applied to the payment OF the per diem OF
members OF the Legislature. Why not pay
these gentlemen in scrip, redeemable at a
discount of one third when Virginia is able
to resume payment Of full interest to her
other creditors? b.


STAUNToN, VA.