Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1877-12-04

|
evident to the financial world, I have assur-
ances that then loan may be negotiated ut
four per cent, and in sum sufficient for
retiring tile whole Of the debt. BY taking
this direct road to readiustmcnt, the bur-
then Of the debt will be diminished one
| third in way consistent with the tradi-
tional reputation OF Virginia.
But any reimbursement between the debtor
and creditor conforms to the standard Of
| financial honor which is assentcd to or ac-
guessed in voluntarily by both the con-
| tracing parties. II would be as unwise as
| unjust for either party to seek concessions
| in any other than spirit OF Cancellation or
without an equal regard for the rights Of
| both. Any attempt at readiustmcnt by the
employment Of coercion or menace would
defeat itself; but il either party to a contract
could succeed by such agencies in wrestling
| from the other the surrender or abatement
OF any preeXistng right or security he
would be taking the goods OF another
against his will by putting him in fear.
I will not cOuntenance the suppostion
| that any one could favor 4 reimbursement in
tended to operate exclusively upon the Sc
cond class or nOr-taX-rcccivable debt, so as
to reduce either the principal or interest
| thereof. Such a reimbursement would direct
| itself to less than one third of the debt and
| to the weakest class Of the creditors, con-
sisting largely Of widows and orphans in
our own midst. Such reimbursement would
! illustrate the spirit which shrinks from an
encounter with the strong and traInpleS on
the weak Instead OF so indeiensible a
| policy, every consideration OF justice and
| scli-rcspect demands that we place this
weaker class OF creditors upon the footing
| Of those who are most favored
| The broadcast and highest considerations
only must rule this whole question.
| The credit OF the State and the credit OF
the citizen are parts OF one whole, and
neither can long exist without the other.
| The government is but the reflex OF the
people. The character of the State IS but
an aggregation of their individual charac-
ters: The success of all good and great ell
terprises for the Development and enrich
mpnt OF the community depends, in q
greater or less degree, upon credit. and I'LL
timately upon public credit. No State has
ever broken its faith except at the cost OF
banishing capital, prostrat'ng enterprise,
! ilnpovcrishing its people, ana drying up the
| sources OF its revenue. The preservation
Of healthy sentiment OF State pride and
| honor is the bulwark OF free institutions.
It is the cheapest defence OF order, the
! surcst means OF staying vice and crime, and
| Of giving purity and prosperity to the peo-
Die aud the government. The loss Of that
| sentiment brings with it the Saddest Of all
| calamtieS for Il State-the decay OF its men.
But now that our future financial character
| is to be formed and established before the
eyes of the world, it is upon higher level
| than that Of any merely domestic interest
| that Virginia must stand. 1t IS true that
| the principal Of the debt was borrowed and
l'receyed in gold, or its equivalent, and that
| it was expended in Improvements which to-
| dav confer benefits commensurate with their
cost. 1t is true that il the means thus bor-
| rowed had been unwiscly spent or wick
edly squandered, no complaint would lie at
| the door of the creditor, nor would the OBJ.
| legation OF the State be less OH that account.
| Bit no matter what the origin, or consider
alton, or history OF the debt, no matter who
! Its present holders, it is enough Tor us to
/! know that Virginia, as now constituted, gave
her bonds and plighted her honor Tor its
paymcnt No matter how onQrous the Oh
| igation, yet Justice, duty, right, and faith
demand its fufilment. We will pay the
debt because it is right, as well because the
rep,ldiation Of the least part OF it would
| BLIGHT the historic virtue OF the people and
the inherited glory Of the Commonwealth.
| close my official labors in this connec-
ton with the noble words which John Z.
| Calhoun nttorcd for South Carolina, and
auUpt and apply them, expecting the ap-
proving response which they cannot fail to
| command: Il pledge myself that my State
will pay every dollar she owes, should it
take the last cent, without inquiring whe-
Their if was spent wisely or not. Should |
| in this by possibility be mistakcn-should
she tarnish her unsulled honor and bring
| discredit on our common country by re-
| Pusing to redeem her plighted faith, which
| T hold to be mDossible-dcep rs is my devo-
| ton to her, and mother as she is TO me, |
would disown her."
| FORMS By WHICH TIE TAXES MAY BE RE.
| DCCED.
| Against constant opposition, and IN spite
OF many diScOuragenents, | have, from the
day Of my induction into Office until now,
persisicnty urged that by the enforcement
| of proper reforms the debt could be carried
and the taxes at the same time reduced. In
my inaugural and in all my annual mes
saScs, us well as in repeated special COM
municatons to the General Assembly, !
have strenuollsly insisted upon the adop-
ton OF 4 specified system OF economy and
reform-.:a system which will 90 through
every branch OF the public seryice-a sys-
tenn, not formal or pretentious, but tho
rough, practical, rigorous, and tncXorablc,
which will bring the cost Of the govern
ment down and conform it to the dWarfed
area and resources OF the State" 1t is i'm.
possible any longer TO misunderstood or to
doubt the fact that the people OF Virginia
intend to enforce such 4 system. The con-
fct may be prolonged, but its issue is not
doubtful. Nevertheless, let us fairly con.
slider the obstacles to be overcome.
No matter what measure Is proposed for
the reduction OF public expenses, it is sure
to be assuiled and resisted by the potent
opposition interested against it. In every
such case conflict, which is apt to be acri.
monious, arises between those who pay fol
the support OF the government on the ono
hand and those who live upon the govern,
mcnt on the other. The official corps is
intelligent, compact, and alert. Its moro
active members are Untitled and animated
by a common interest. 1t cXcrts potent pc
litcal influence, either through the columns
OF portion OF the press Or In caucllscs OF
more directly elsewhere, and it moves will
The power and celebrity Of an army in resist
ing every effort to abolish the places or tc
curtuil the cmoumcnts upon which an" o
! IQel UtllDci AuDSlSL. VII lilC oLlcl uailu
the opposing taxpayers are dispersed, ant
from necessity they strive with close con
cert. The relation between these contendn9
| forces is illustrated by "the great advan
tagc which al organized body, such as
government or an army, has over an unor
: ganized ma5s-an advantage increasing wifi
the always increasing difficulty of concer
and cooperation; md this, again, increas
= ip~ vii the number and dispersion OF tho.
J on whose concert and cooperation success
drren0s.' IT is natural that the oGicia
corps, looking to public employment 10