The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-12-03
The Governors Msssage me
Finances. \, So s7.51

fsssss E1fSsSSsCe5s &.
IS, we pnblisS iliis morning GoFsTnor KIN:
PMS message ID Tho Lsgislatufe. together
with fuli reviewer all the documents ahas
accom papy Ii. We haze not room for "a ar
anslysis of the web. written message. Tue
Governor always writes we'll 80 So
The most interesting point 10 the doen.
ncnt IS is paragraphs concerning the pupi y.
debt and the resources Of the State. az VII
besseen that the Governor fayors sne pan
adopted by The meeting Of bondhotders, 70 Q
8 the effect that q portion OF the revenue
should be set apart TO pay two per cent.
interest semi.annualIy Oh The puol'c3, detpt'
and that certificates for the unpaia interest
should be issued, which certificates may be
psrable al the pleasure OF the State at any
time within ten years. If no. paid in that
fine 10 be fundable In four per cent bonds bonds
we think the State has had enough OF
funding accrued interest and pa, ling interest
thereupen. 1t Is the rapid way to baok;-
ruptcy. But there will be trouble to
mature the plan binding the State after ten
years as to the fro per cent. Will the hold
ers OF the coupon bonds now receivable ID
taxes consent to such q modification OF their
claims? Can they be gotten together, or,
their consent secured and made binding!
We see nothing but difficulties In the mat
ter. The bondholders' plan is hedged with
them, and the plan proposed by Mr.. MAchT-
NON, as that of the bondholders, we think
altogether imprac,icsble. There is very lit
tie difference between paying full interest
and full debt at maturity and MAchiNNoN's
plan. In very practical way We migbtsu
scst that there is little to be accomplished BY
adopting new schemes after the several efforts
a. paying interest. However sincere the
General Assembly may be, ut all times We
have seen in its action the signs Of changing
public opinion that hold out no very strong
hope that, circumstanced as we are, reliance
in be placed upon the faithful fulflment Of
any pledges that may be made.
II we could diseniaDgle our present tinan-
cial tanglement how do we know that we
may not get into another? AS for Mr.. MAC
KlsSoN's plan, its enactment into law
strikes us rs not altogether consistent with
proper selfrespect on the part of the State,
while the faithful performance OF the obiga-
lions that would be thus assumed by the
State may be regarded as of doubtful pract-
cability. Governor KESPER sees its objec.
tionable character. Even with his suggested
amendments we cannot regard 1t as plat
form upon which the State can with wise
forecast safely stand.
Every way you look at it, the subject is
full of trouble. That we must ultimately
pay out, as the only way to get out OF our
troubles, we suppose most people are COM
PEELED to conclude. The question is, Can
the Legislature at this time, with all the un-
certainties surrounding it, fix the way for
this: They must decide the matter. But
one thing, We hope, will be avoided. If we
can't pay the interest let there be no more
funding interest TO bear Interest.
There needs to be for the public welfare
great deal of calm and wise elaboration on
this subject. Whatever determination the
Legislature may arrive at, we hope there will
he no attempt made 10 eXtricate the State by
class taxation. That would end in increasing
our domestic troubles and impairing the
public resources.