The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-03-30
evening state 9ollrnaI.
THE GOVERNORS FINANCIAL MES.
SAGE

TIL GOtEkNOk'S FINANCIAL MES
SAGE
The Governors message contains very
full statement of the present embarrassing
condition of the state and the causes whicl
have led to it. 1t is an able paper, cleal
in statement, ample in facts cited, ant
Astounding with valuable suggestions. TIT
utter inability of the people to meet thu
interest on the various forms of indebted
ness and the current expenses of the stat,
is clearly shown.
This is the first attempt of any public
officer to lay before the Legislature and thu
country the whole truth as to our financial
condition. It is frank and manly utter
ance, and will do far more to protect the
honor and credit of Virginia than any rose
colored assurance of prosperity and com
potency to meet all obligations.
The first step in a settlement is to reach
the precise facts as to the debtors eondi.
ton and ability to pay. The honest debto,
is often deceived as to his own condition.
He exaggerates his ability and thus deceives
his creditors and makes engagements which
he cannot fulfill Thus self-deceived, he de-
ceives others and brings upon himself the
very discredit he is trying to avert. 1t is
for the interest of all parties that the state
should disclose her actual condition, and
confess her inability to meet her outstand-
ing obligations. This Governor Kemper
has done in such measure as the facts
were at his command. We are confident,
however, that if it were possible to obtain
the net annual profits Of all the industry
and trade in this state it would present a
still darker picture than the Governor has
drawn.
We have repeatedly shown in these col
umns, by facts that could not be disputed,
that the Funding Bill assumed obligations
that the people could not fulfill. Without
discussing that measure here, it is enough
to know that it cannot be executed. The
decision of the Court of Appeals upon the
coupon question cannot create money or
work out the solvency of bankrupt.
That decision was n2t only wrong in law,
but it was gratuity thrown to the devil.
1t taught the people of Virginia that
they have nothing to expect from their
highest court when corruption organizes
itself into the forms of law. But it
did nothing to help the state credit, while it
despoiled the people. The Governor
touches this point tenderly, from motives
of official opriety.
The suggestion to invite meeting Of
creditors with commissioners appointed by
the state is a very proper one. 1t can do
no harm, and it aeilI doubtless result in a
more thorough understanding by the credi-
tors and the general public Of the real
difficulties OF our situation.
The responsibility of the general gov
eminent for the state debt, because of the
partition of Virginia and the failure to par
tition the debt, is perfectly clear to US.
We see no good reason why the Governor
should have been silent upon this subject.
He suggests to the creditors an additional
mode Of recovering part, at least, of their
debt. 1t will lead both the state and its
creditors to consider the propriety Of call
ing the attention Of Congress to an act as
unjust as it was impolitic, and which the
American people hare neper approved.
The p6aeer that anaihilated the old Virginia
Is clearly responsible for its Just debts.
1t certainly cannot refuse to consider the
legal results of the partition if respectfully
asked by the commonwealth. We are
sure that Governor Kempers sug-
gestion will have its due weight IN Con-
gress, and if the Legislature will act
promptly upon it, and ask for hearing
before that body touching the partition OF
Virginia, some practical results will no
doubt be achieved to our advantage.
Governor Kemper deserves the thanks
Of the people Of all parties for this effort
to place the state right before the world,
and to relieve the people Of some portion
of their present burdens.