The democrat. [volume] (Weston, W. Va.) 1868-1874, 1874-04-06
The Virginia Debt--.Goyernor
Kemper's Message.
RIcuMosD, March q.

Governor kempcr to-day sent Of
messageto the General Assembly in re-
la.ion 10 the State debt. The Grst half
Of the message isa review Of tie past
financial history of tue State, together
with It's pFesOptreyenpcs. and resources
The Governor says the real situation is
not understood abroad, and has been
greatly misrcprescntOd, II fair In
yestigatioa causes surprise, it will not
be on account of what tho State has
failedto do, but what she has, III tue
face Of unprecedented difficulties ac-
cOmplished. Notwithstanding any err
rors Of the past resulting from haste,
transient excitement or public lisircs
a fullinyes,igation is bound to satisfy
the world Of Yirgipia's willingness aud
purpose to perform all her Obligations
to tho utmost of her ability. Inregard
to The net Of March 80, 1871, known us
the Funding act he says: However
uawlsO or prccipita.e its enactment, it
were idle now 10 question its validity.
1t was tho act Of competent authority
Under it the bonds OF the State have
been executed and delivered, and We
cannot go behind them. To the extent
to which its provisions have been exc
cuted it is undoubtedly a binding con.
tract between debtor and creditor, and
y is incapable Of being modified with.
out tho concurrence Of the contracting
parties. Nevertheless our outmost re.
sources arc insufficient for tho prompt
aud complete iulGllnsnt Of oil its terms,
aud to that extent its obligations are
impossible of performance at this time
Hocxpresses the opinion tha. were the
recommendations Of his inaugural mes
sage carried into effect much would be
accomplished toward raising the credit
of the State, and meeting the immediate
demands Of tho Treasury. The State
credit is PROSTATE, and until it is estab.
lishtd on q sound basis capital will
surely shunrthe State. The relief, he
says, lies in the restoration Of conf.
deace between the State and its crcdi.
tors and sush settlement Of the public
indebtedness as will restore respect for.
OutgOOd faith. Ills certainly in our
power, II We now enact q Just and eff.
cieut system oftaxation, and prudcntly
husband our resources, to pay hcncefor.
ward four per cent, per annum on the
entire debt intending TO be assumed by
tic funding act. 1t is believed that an
understanding can be had with the cred.
itsrsb by which We might guarantee with
certainty the regular aud panctaa! pay.
munt in semi. annual installments, and
at conYenien. places, Of two.thirds Of
tic accruipg interest for the present,
giving proper certificates for The do.
ierrcd interest, and providing for the
payment Of tic full interest, together
With tho arrcarages on the interCAt ac-
count, as soon US our steadily increas-
lug resources shall permit. II is be-
li6ycd that fair and deliberate confer
ence between tho State aud her credi.
tors will result substantially in the set.
Element now proposed sediment
for the payment OF such re.
duccd interest for the time being as
may correspond with our reduced
means, and for such greater interest
hereafter Us will steadily cnctease with
our increasing population aud resour.
COS, 50 that the whole debt us hereto.
fore assumed, together with tho full
interest as now agreed, will be dischar.
red ultimately, and just as quickly us
lie best ability Of tho State will per.
nit. II would bind US to do now what
NO arc able to do, and it would post
pOnc 50 much Of our undertakings Us
Nc are unable 10 perform. 10 do less
on our part is reputation. To do
more is to plunge tho commonwealth
into the abyss Of bankruptcy.
The Governor recommends the APP
pointmcnt Of two Commissioners on be.
half Of the State, representing it best
financial skill aud experience, to be
charged with the REIMBURSEMENT Of the
public indebtedness by conference with
such agents ny may DO dcpu.ol by tho
creditors to meet them. lie further
suysit is not Improbable that an addi.
tional arrangement might DO made for
further securing the debt and relieving
ourselves, in view Of the we'll settled
Of public law. It is demon.
strablc true that tho United States, by
iatorposiug between us and our crcli.
tors, and dividing aud destroying the
original entirely Of the commonwealth,
became liable foe atlcast SO much Of
her debt as is due to nonresident cred.
TORS. When the present financial pan
ic shall pass away it may be seasona-
Oly expected that the common govern.
I,ient, which received weslth and power
from the muniacCnco Of Virginia ID the
past will at least aid US with the mea.
gre Justice of a loan Of bends or Is
credit to DO used 10 securing and OK.
.iugushiug the public debt.
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