The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1874-03-26

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reduced interest, for lifetime being as may cor
respond with our reduced means, and for such
greater interest hereafter as will steadily increase
with our increasing population and resources
so that the whole debt as heretofore assumed to-
gether with the full interest as now agreed will be
discharged ultimately and just as quickly as the
best ability of the state will permit It would
bind us to do now what we are able to do and it
would postpone much of our undertakings as
we are unable to perform. To doless on our part
Is reputation to do more is to plunge the com
monwealth into the abyss of bankruptcy
Creditors accedng to the proposed plan would
get all the means possible to be applied by the
state to the debt, and more than they now receive
or can receive under any different plan. They
would receive with certainty and punctuality
larger payments than those irregularly made in
the past. The execution ofthat plan will estab-
lish practicable'and just understanding between
the state and her creditors and will confer posi-
tive benefits upon both; it will restore the sunk
en- credit Of Virginia, mpart new life to her. dead
resources, advance the standard Of her reputation
to the highest possible position of Financial integ
rity, entrench the government in stable and per.
manent policy, and lnaugurae a new era of pros
perity to be felt by every interest and enterprise
in the commonwealth
With such wise forbearance the part of
creditors their own best interest dictate, time
will restore to the state all her strength and rem
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
metropolis alone, will ina few decades suffice to
discharge the unpaid interest and cover the pres
ent deficiency in the treasury.
/ respectfully recommend the appointment of
two commissioners on behalf of the state, repre-
senting its best financial skill and experience to
be charged with the readjustment of the public
Indebtedness circumference with such agents as
may be deputed by creditors to meet them
Such conference would be Inexpensive, and 1t
is not apprehended that our commissioners would
be called beyond the country. Nothing worthy
of being styled conference with pubic credi-
tors 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
off than we are, while we should at least have
the sustaining Consciousness of having dischar-
ged high duty to both the commonwealth and
her creditors, and of having deserved if not COM
manded, success.
1t is not improbable that an additional arrange
ment might be made for further securing the
debt and relieving ourselves. In view of we'll
settled principles of public law, it is demonstra-
bly, true that the United States, by interposing
between us and our creditors and dividing and
destroying the original entity of the common
wealth. became liable for at least so muchs OF her
debt as is due to non resident creditors. When
the present financial panic shall pass away, it
may be reasonably expected that the common
goyerment which received wealth and power from
the munifcence Of Virginia in the past will at
the last aid us with the meagre justice of a loan
of its bonds or credit to be used in securing and
distinguishing the public debt.
AS german to the general object Of this mes
sage. herewith transmit a communication from
the attorneys Of Messrs. Barring, Brothers & Co.,
asking repayment of the amount advanced by
that house for the state on account of interest on
the debt. The transaction was one in which
Messrs. Barring, Brothers s. Co. had 10 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 favor-5
able action.
The good fortunes of Virginia for many years