The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-03-27

} sunken credit of Virginia, impart new Ii
9 to her dead resurces, advance the stan,
D ard OF her reputation to the highest poss
BILE position of financial integrity, entrenc
, the government IN stable and permaner
! policy, and lnaugurate new era OF pros
perity to be felt by every interest and er
, terprise in the commonwealth.
With such wise forbearance on the par
OF creditors as their own best interest
dictate, time will restore to the state al
her strength and render the burthen of tn
debt easy to be borne. If the wealth ant
population of the single city of Richmond
Shalt continue to increase in the ratio O.
the past, the mere increase of revenue tc
De derived at existing rates of taxation,
from our metropolis alone, will in a few
decades suffice to discharge the unpaid inter.
est and cover the present deficiency in the
treasury.
l respectfully recommend the appoint
ment of two commissioners on behalf OF
the state, representing its best financial
Skill and experience, to be charged with
the REIMBURSEMENT of the public indebted
ness by conference with such agents as
may be deputed by creditors to meet
them.
Such conference would be inexpensive.
and it is not apprehended that our COM
mssioners would be called beyond the
country. Nothing worthy of being styled
conference with public creditors can be
said to have been as yet held and if the
proposed effort fail of satisfactory and
final settlement, such failure would leave
us no worse Oft than we now are, while
we should at least have the sustain
ing consciousness of having discharged a
high duty to both the commonwealth and
her creditors, and Of having deserved, if
not commanded, success.
1t is not improbable that an additional
arrangement might be made for further Sc
curing the debt and relieving ourselves.
In view of well-settled principles of public
law, it is demonstrably true that the United
States, by interposing between us and our
creditors and dividing and destroying the
original entity of the commonwealth, be-
came liable for at least SO much
OF her debt as is due to non-resi-
dent creditors. When the present
financial panic shall pass away, it
may be reasonably expected that the
common government which received
wealth and power from the munifcence of
Virginia in the past, will at the least aid us
with the meagre justice of a loan of its
bonds or credit to be used in securing and
extinguishing the public debt.
AS germane to the general object of this
message, herewith transmit a commune
cation from the attorneys of Messrs,
Barring, Brothers a. Co., asking repayment
OF the amount advanced by that house for
the state on account ofinterest on the debt.
The transaction was one in which Messrs
Barring, Brothers e. Co. had 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 COM
mended to your favorable action.
The good fortunes of Virginia for many
years to come depend upon your wise ad-
justment of her finances and debt. With
out firm and timely action on your part,
the government may be very soon in want
Of the means necessary for its maintenance.
Measures are now urgently needed which
will yield greater revenues by charging the
subjects and by re-distributing and
squalizing the burthens, without increasing
the present rates of taxation.
Deferring respectfully and unfeignedly to
your collective ability and sagacity, invoke
the highest exercise of both in legislation |
which will at once keep untarnished the |
public honor, and remove the great evil |
which sits like an incubus on the para
yzed energies of the commonwealth.
JAMES l.. KEMPER.