The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-12-03

s1lCTMExTa Acc01su AaRtHa xs1A
aovERx0R's MESSAGE.
.
procaedlnRp or d Conferences as 20 ENG
pnI,s,c nebf. and AN ExpOsittsl, oI
asse Debt. Finances, and Taxation Oh
! ahe state by the Governor.
we gave at the time as full o report as we
could Of the proceedings OF the conference
held November 10th between the bondhola.
ers and tho Governor and the Treasurer OF
The State. We now give q summary OF the
most important parts Of the Governors az
dress on that occasion.
The Governor began: IS
i The object Of this conference Is to effect 9
mat and mutually beneficial understanding
between Virginia and her creditors. On the
mart of the State 1t Is desired by her authors
ties that nothing shall be bid. A just regard
for the principles OF; good faith always rem.
ders the interests OF debtor and creditor the
sa,1e. There can be no sufficient ground
for conflict or contention between US as long
as both parties intelligentlT understand anu
care for their respective interests. Ihe
wisest policy for the State Is ia. relieve her
self of the burthen of her debt by paying
Il off as East as her best ability will allow.
The wIsest policy for creditors is to secure
what ia due to themselves, and to secure 1t
by belping the State In every honest endea-
yor to comply with her obligations. the
State promises to pay beyond her real. abil:
ity. she either sinks her credit by breaking
the promise at once or, In vainly striving lot
what is beyond her strength. she orings
disaster ultimately upon her creditors,
but first upon her own people, Dy
loading them with heavier taxes than they
can bear. If creditors require more than
the State IS able to comply With, they Sink
the market value Of their Own securities
for their excessive exactions depress the
credit Of the State, and consequently paralyze
her resources and deprive her OF the ability
to make those securities good. II creditors
In any way ipjure or deal uD1ustlJ with the
State, they but impair their own debts by i'm:
pairing her ability TO pay. The Interests OF
the parties to this conference are really fden.
tical, for 1t ID our interest to pay the most
that We can, and yours 10 ask no more. 1t Is
our interest to develop the great natural re-
sources of this State to the end that their
productive wealth may advance our own
well.being il is your interest to encourage
and to help us in that great work, for thereby
you strengthen the security for your debt,
enhance its value, and insure Its due pay:
ment.
What is the condition of Virginia, and
how much Is she able to pay at this time
Looking to her resources, and having the
9iseSt regard for the interests of both credi.
tor and debtor, how much ought the State
now to undertake to pay? -. -. -.
There would be no sort Of difficulty 10
answering these questions 80 rs to satisfy all
minds but for incorrect, confused, and con.
Hicting representations which have gone
abroad. The difficulty lies in the erroneous
impressions thus produced, which stand In
the way of right comprehension of the
truth. / propose to remove those impress.
sions and put them out Of the way OF the
truth. ~ ,.i - =. ,..i..... .'..ls'ft'ta
In fairly disclosing the action Of the au-
thorities of this State In the past propose
to show wherein they have clearly erred,
but without intending to criticise or calf in
question their motives. AS q Virginiani
proud of my State, I should rejoice In being
able to vindicate oil that its representatives
have done in the past. -: "a.
The passage Of the act Of the 30th OF
March, 1871, commonly called the funding
bill the circumstances attending Its pass.
age; the exposition then made to the world
of the resources of this State by those who
stood forth as it's organs and representatives:
these are the causes of all the subsequent
misunderstanding, and Of all the crimina.
tions under which the State has suffered and
now suffers. They are causes which have
inflicted equal injury upon ali parties con.
cerned in the debt and the credit Of the
State. When the incontestible facts are dis.
closed to you they will be found to consti.
tute stupendous and disastrous mistake,
which you are bound to know in order to
protect your own interests. They are the
origin and seat of the disease which this con.
ference seeks to remedy. ~ x. =
The funding bill became u law when nearly
all the experienced public men Of the State
bad been shut out from participation In its
government. They were practically disfran.
Ghised by measures resulting from the late
war;, Those who legislated for Virginia were
generally new men, unused TO public affairs
and called suddenly to the control of the
most important and intricate financial and
other interests. testify that many of those
who voted for the funding bill were patriotic
and incorruptible men, W ho acted on the
purest convictions. ..1' -.
The Governor of the State, himself com
paratyely O new citizen, and then for the
first time connected with its public affairs
undertook the task of disclosing the particu
lars of the financial situation. As the chic
executive officer, controlling official source!
of Information, fulfilling the constitutional re
quirement to communicate to the General
Assembly at every session the condition o.
the Commonwealth he was understood Il
speak authoritatively for the State, and hi!
utterances as to what we could and Ought Il
do were naturally taken, abroad as well as al
home, as conclusive testimony to prove tht
ability of the State to meet promptly all hei
engagements-for they were taken las the
deliberate admissions Of the State agains
herself. 80 @t.s@ - - $500 80 'Hf -
Such information and assurances pub.
lished to the world under such sanction, no,
only exerted q controlling influence over the
minds Of many members of the Leg Stature
not only persuaded many Virginians to be:
lieye that q desolating war of four years. du.
ration had left the State with resources but
slightly il at all Misunderstanding caused
creditors abroad to infer that Virgins
was abundantly able to meet all her obliga.
tions at once and with ease, and that no.
thing but positive bad faith would prevent
their prompt ful6ment thereafter. That the
minds OF foreign bondholders should have
been captivated by such assurances US ;har.
monized with their interests and their wishes
Is not to be complained of. Nevertheless, il