Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1874-04-03
THE PUBLIC DEBT.

MESSAGE FROM GEN. KEMpER-PRoPos
ED REIMBURSEMENT OF THE DEBT-CON-
FERENCE WITH THE STATES CREDI-
TORS SUeGEsTED-THE FUNDING BILL
A FAILURE--PUBLIC FAITH TO BE
KEPT-FEDERAL AID.
&C. &c. sc. &c.
On Friday last, Gen. Kemper sent into
the legislature his expected message on FL
nance. The first half of the message is a
review of the past financial history OF the
State, together with its present revenues
and resources. The Governor says the
real situation is not understood abroad,
and has been greatly misrepresented. Ii
fair investigation cause surprise it will not
be on account of what the State has failed
to do, but what she has, in thesface OF UNI
precedented difficulties accomplished. Not
withstanding any errors of the past, result
ting from haste, transient excitement, or
public distress, afull investigation is bound
to satisfy the world of Virginia's willing
ness and purpose to perform all her obliga-
lions to the utmost of her ability. We give
the points of the message below:
THE FUNDING BILL FAILURE.
, ,
The act OF the 3Otn OF March, ioH, COIL
monty known as the funding act, uncondl-
tionally pledged the State to the regular
and punctual payment thence!orWaro VI
full interest on the dent, when IL PROVIDED
to be newly Iunded IN tne name Oh VIgni-
ia. TINS actlon appears TO nave oe zen ID y;
ken Without que calculatlon OF the ~
unfinished resources of the State and with
out needIul inquiry lnto Che queStlon VI
her aD1llty 10 pear at InlS Clme Inc SIeaI
onrthen !lus assumed. Ohe Oh Inc colse-
quences Is that, although the people are
dlscontehted ana Sn1Ieflng under Existing
taxation; rendered very grievous TO theln
ny ehelr linpoveeIisnea circumstances, ye s
Cile revenues eI the oIaCe lnve IioI en",1lt nv
US 70 lullill oui new oeel.sation'. "a t hne
practlcal opeIaIlon .! sne luilulliS aS' nas
proved equaiiy usatlsaao.9 " o So,,bt Of
toI anu 1aeulLi ~ aIe VI ~ IN,
tne vailoity ~ .l'e az a.se Sc anu +ho v 10.
Wy lo.atiS ~ th .ss IT,
lnplleu IN 1ile teois. a'aoin 'e'o rs p+hst
was suipit.t ~ oua I"dl pstho,,t sucb
was p.oolpisasoM o,or, ana unJersta and
pleyioan ,ho monor,n,s ,,, and her
nrsdt temee s'ch discnvarv Of the situation
such disclosure of the impoverished and al
~
tor class and established usage in like ca
SOS imneratively demanded. The result is
that the new bolds. designed to pledge the
State to the payment of no more than two
thirds of the original debt, maintain no
HIGHER market value than that repeatedly
reached and even exceeded. prior to the
date of the funding act. by the old obliga-
tions which REPRESENTED the whole debit
The result is that while our own people are
more dissatisfied than ever. the complaints
of creditors are increased instead of being
ouieted.
Such is the disposition of the indebted
ness of VIRGINIA. resulting from the fund
ING act and from SUBSEQUENT legislation
MODIFYING or partially suspending it's ope-
ration. that it NAV be doubted if any other
arran cement short of the horrible alterna-
tive of repudiation. could well be worse or
less less satisfactorv to all parties concerned.
| A more uncertain. confused and incongru-
ous arrangement conld scarcely be made
with nnhlic creditors The prjncipal sum
of the debt intended to be assumed by the
FINDING act. the interest pledged upon
Wnlch IL now overdue, Is 9ou,4 o, -; 10, "a
with West Virginia.
NO IMPAlRlNG THE VALUE OF lax FAY
ING BONDS.
TT o+ ,,o s,,,nosod +ho+ o,,, oo+;o,,
W. ;s i,itded ~ ho W
o;4ta. my n1 ~ w ~
otvnTn Eli no ,,resantIu so1,n - tt ba
40 trnc ;ato~osts of al nsrtns da,,and
tho+ auor,- ornnnd of oontrpuorsv and die
E."s+ he een dahtor and cred;fo' should
W o $780, Ins+ead Of
~ ~ tba nra;ndice Of .nv class Of craditors