The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-03-28
s,.,e D.nt-Governor,s Message.

Governor KEXrER on yesterday sem, ~
sha 4 legislature a message on the SUBJECT Of
the public debt, which will be found IN tnls
,ncrninas Despatch. A memorial OF 'ne
foreign bondholiers accompanies the mes'
sage. and to that the Governor in's'es 'n'
attention of the Legislature.
This message in very clear manner pre-
.on,s the distressed condition OF virginia
r,,,m the toss of property aud the diSorSah''
v,,;on of her productive labor. Prossra'e
and IMPOVERISHED as she is, she cannot, Tue
C.,.ornnr contends, now meet her o2iiSa-
t;o,s pa: he argues that for the prescr''a'
ton Of her honor and the TRANSFORMATION OIL
her physical interests, some measures mus nus
Ia ,sscn to impart confidence TO the puohe
c-sd;tor and to pave the way for the u'tl'
mate redemption of her plighted faith.
waa. are these measures: The placing OIL
the whole public debt upon the same plat
form, giving no form Of bond the prefer
eace, and making all equal. This can only
be done By agreement with the bond-ho'oefs
who hold that form Of bond which has the
preference for the reason that It's coupons
are receivable for taxes. That matter ar
ranged. the State shall go on to provide Tor
the interest on two-thirds of the debt, pay
Ing as she is able, and giving certificates for
unpaid interest. By increasing the means
Of paying as her ability increases, the interest
will in a short time be paid and the accrued
interest absorbed, placing the State credit in
good condition, and giving life to resources
at present dead, and reviving hope and en-
ergy everywhere. .....
To carry out the plan Of cqu1lizipg the
debt the Governor proposes that the
State shall appoint two commissioners to
confer with the bon6holders, and make with
them al arrangement with this view. lie
offers good argument to show that the
holders of bonds issued under the funding
act have really little or 10 advantage, rs is
shown by the value Of their. bonds relative
to that of others, and he believes they VIII
surrender the supposed advantage they have
for the sake Of an arrangement which VIII
make their claims secure, and assure the
steady payment of interest upon them.
The Governor earnestly expresses his OBJ
iections to the funding act, and asserts that
it is the cause of great present embarrass'
nlent to the State finances, and that relief
from the obligation compelling the State OFF,
GERS to receive the coupons Of those bonds in
payment Of taxes is absolutely necessary to
the Inauguration of an efficient system for
rryiying the public credit and ultimately re-
eleemins the public faith.
The Governor before concluding his mos
sage asserts that ain view Of well.Settlcd
principles Of public law it is demons;rably
"true that the United States by in,erposiDg
" between us and our creditors, and dividing
"and destroying The original entity OF the
" Commonwealth, became liable for at least |
much OF her debt as is due TO non-rcsi-
" dent creditors = and he adds:
"When the present financial panic shall
pass away, it may be reasonably expected
mat the common government, which re-
ceyed wealth and power from the munli'
cence o; Virginia in the past, will, at the
MS. aid Us With Tue ineaS re justice OF
loan Of lis bonds, or credit to be USED in Sc
curiag and distinguishing the pubic debt"
We trust that the Governor has some en-
.olrag ment with reference to the DISPOSE
ioa of tie bondIoldcrs that las not been
manifested publicly. We have seen nothing
La, would lead us to hope that those who
awe an advantage under the iundlng act
Mil very readily surrender it.
Nevertheless, the Governor makes 4 strong
lzc to show why they should d. so.
For ourselves, we say what We are con-
WINGED is true when We say that the funding
.ct has greatly demoralzcd public senti-
mcnt, and that the de,estation OF it is so
treat that many gentlemen seem determined
10 10 nothing in tie WAY OF increasing the
,ub!ic revenue lis long us the holders OF inc
bonds issued under that act stand at the door
of the Treasury inlercepling the money that Is
flowing towards it. ..-. .@ ..s |
We think that the bondholderS would bet
Ter clear away this bad temper anu the I'M
it eDgenders. 1t WoGid put
their relations with Virginia, we aIe sure
on a better footing. But vii! they be rea-
soned into this idea? ,-.ls 81, Il ="
We would rather the Governor had been
4 little more emphatic us to one point,
and that is: no matter what arrange
ments there may be with the bondhold-
crs, the people must acquiesce in decided
measures for maintaining the public Gre
dit That cannot be revived without
such an earnest disposition to pay as can
alone he afforded by paying. And we would
rather that the Executive of Virginia should
suggest nothing about aid from the Federal
Government. That may induce DISPOSE
,ion to relax exertions in the hope of help
that We believe will never come. The Fede-
raj Government acknowledges no oblga.
tons to the South where the obligation costs
any thing. The ready answer will always be
"you brought all this on yourselves"
Nevertheless we know how patriotic he
is and how devoutly he prays for the main
senance Of the honor of Virginia. That he
makes the suggestions that arc in the mes
sage inspires the hope that he has lights
which are not seen by others to lead him
along his way.
The Moieties Swiudle