The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-03-28

OBSERVATION-DISCLOSURES
can be had With creditors by which we might
guarantee with certainly the regular ana
punctuaE paymers, in sepi'annuai insIal-
meutssnnd at eohyeniant places, OIL TWO
thirdsof the accrring mlerest lot Inc pre-
ss interest. ana providing for the pay
nnant-. az fall interest, together with all
oTrearages on Interest account, as soon as
our steadily increasing resources shall per-
NIT.
-. Creditors asserting to- this adjastmest~
would be paid two.thirds OF. their tax-piy-
ins coupons punctuaIly at maturity they
would be restrained by express stipulation
as we'll as interest from resorting to the cir.
cuitous and expensive process OF passing their
coupons into the hands OF the tax collector
and suficiency of revenues in money for
The support Of the government would be
certainly and permanently assured to US.
In such adjustment it ought to be stipula-
ted that all our outstanding obligations, in
Guided in the numerous and confused classes
and grades before enumerated, should be
made tirst.class debts of uniform terms and
character. They are all equally just, and it
is not reputable that we should favor any OF
them with special advantages, or make any
distinctions between them. Many Of the
least favored creditors are our own needy
and worthy citizens, who have always been
indulgent and liberal in their dealings with
the government.
1t will be easy to secures the proposed
payments upon interest, and to invest the
new arrangement with absolute confidence
and certainty, by the passage of law en-
bodying in ir our stipuEtions with credit
ors, which would set apart specified and
permanent taxes to be dedicated to the pub
lie debt, and to be applied regularly
and directly by the proper officers or
the State in payment of the interest as II
shall fall due. Such q law would be self
executing. It could neither be suspended
nor interferred with without the concur.
renee of the contracting parties. 1t would
obyate the necessity for further legislation
in the premises, and it would forever extri.
cate our finances from existing agitation and
uncertainty. It is believed that fair
and deliberate conference will result SUBJ
stantialy in the settlement now pro-
posed-a settlement providing for the
payment of such reduced interest for the
time being as may correspond with our
reduced means, and for such greater interest
hereafter as will steadily increase with
our increasing population and resources,
50 that the whole debt as heretofore assumed,
together with the full interest as now agreed,
will be discharged ultimately and just as
quickly as the best ability of the State will
permit. 1t would bind us to do now what
we are able to do, and it would postpone so
much of our undertakings as we are unable |
to perform. TO do less on our part is re- |
quotation; to do more is to plunge the Com
monwealth into the abyss of bankruptcy.
Creditors acceding to the proposed plan,
would get all the means possible to be APP
piled by the State to the debt, and
more than they now receive. or can re-
ceve under, any different plan. They
would receive with certainty and pune |
tuality larger payments than tnose
irregularly made in the past. The execution
of That plan will establish practicable and
Just understanding between the State and
her creditors, and will confer positive bene-
tits upon both. 1t will restore the sunken
credit Of Virginia, impart new life to her,
dead resources, advance the standard OF her
reputation to the highest possible position
of financial integrity, entrtnch The Govern
ment in stable and permanent policy. and
inaugurate new era OF prosperity to be tell
by every interest and enterprise in the Com
monwealth. ..s....-.
With such wise forbearaDce on the part
of creditors as their own best interests
dictate, time will restore to the State
all of her strength, and render the
purthen of the debt easy to: be borne.
If the wealth and population of the
single city of Richmond shall continue
to increase In the ratio OF the past,
the mere increase of revenue to be derived
at existing rates OF taxation, from our metro
polls ;Honr, will in few decades suffice to |
discharge the unpaid interest and cover the |
present deficiency in the Treasury.
[ -pectfuly recommend the appointment |
OF two commissioners on behalf OF The State,
its best financial skill and eX-
perlence, to be charged with the realjust
ment OF the public indebtedness by confer
cnce with such agents as may be deputed
py creditors to meet them. Such con-
ference would be inexpensive, and it
is not apprehended that our COM
missioners would be called beyond the coun-
try. Nothing worthy of being styled con-
ference with public creditors cln be said to
have been us yet held, and if the proposed
effort failed of satisfactory and tiual settle
ment, such failure would leave Us no worse
OFT than we now are, while We should at
least have the sustaining CONSCIOUSNESS of
having discharged high duty to both the
Commonwealth and her creditors, and OF
having deserved if not commanded success. {
1t is not improbable that an additional ar ,
might be made for further Sc
curing the debt and relieving ourselves. In I
view Of well settled principles OF public law,
t is denoustraby true that the United States, q
Dy interposing between US and our credi- d
org, and dividing and destroying the origl.
lal entity Of the Commonwealth, became liza
Die for at least so much OF her debt as is DUE !,
o nonresident creditors. When the present i
inancial panic shall pass away. IL may be
reasonably expected that the common gov 4
eminent, which received veal h and power L
rom the muniicence Of Virginia in the past,
sill at the least, aid us with the meagre JUS b
ice OF loan OF its bonds, or credit to be
lsed in securing and exlinguishing the pub
ic debt. -4s.-e.,'.
AS germane to the general subject of
his message, l herewith transmit a
from the .attornies Of ,
Messrs. Barring Brothers s. Co., ask
ny repayment Of the amount advanced
BY that house for the State on account of in
.erest on the debt. The transaction was one
in which Messrs. Barring Brothers & Co.,
bad no pecuniary interest; the sum due
them is not larger than the State can at once
pay, and It constitutes debt Of honor which
is commended to your favorable action. .
Tue good fortunes OF Virginia for many
years to come depend upon your wise adj
iustmeut of her tinances and debt. Without
firm and timely action on your part the gov
ernment may be very soon in want OF the
means necessary for its maintenance.
Measures are now urgently needed which
IL i'll uielu preater reyaanas nv enlarginu the