The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-10-06

In pursuance OF the announcement made
Yesterday. General James A. Walker, Con-
scryative candidate for Lieutenant-Goy'
ernor. addressed the citizens OF Richmond,
The Virginia Opera was selected foI
the purpose, and the building was well
filed with many OF our business. men and
prominent citizens. Among the gentlemen
who were upon the stand were ex-Gov'
ernor Walker, General Wise, Hon. A. Nd
Kelley, Mr.. B. c. Gray, and others.
Mr.. Kelley introduced General Walker in
one OF his chaste and happy speeches; after
which General Walker addressed the meet
ing on the State debt as follows:
Fellow -Citizens,-At the State Conyen'
tion I had the honor to receive the support
Of a large majority OF the delegates repre-
senting the city of Richmond. complimen,
of which was justly proud. For the warm
generous, and almost unanimous approva
which my utterances and conduct since my
have met at the hands OF this
people, as shown by this expression here
am deeply and profoundly CRATE.
fuI Had consulted alone the dictates oi
calculating prudence, l would have re-
NAMED silent on the questions now aglta'
ting and dividing the people OF Virginia,
anu SIlQcu Quictlg aipus, o"pPoA'~N ~ "'
the discordant elements.
But with no desire on my part to make Q
canvass, it was my fortune, or misfortune,
perhaps, to be called upon by the cltlzens OF
Wythc and other counties to address them
on the question OF the pubic dept, ana In
obedience to -honored custom OF Flr-
ginia, and believing that the people mao tne
right TO hear the views Of their candidates
for Office on all public questions, L yleldeo
to those calls and frankly and freely gave
my views with candor and without conceal'
ment.
The views which I entertain and which
have expressed have been challenged IN
some quarters as not in accordance Wltn
the views OF the Conservative party as pro
nounced in the platform adopted at kicn'
mond. That men may honestly dlfer as te
the meaning and construction to be glVeI
to that instrument is to be expected, anC
until some authorized tribunal gives an OIL
cial Interpretation to the disputed clause:
we all have an equal right to our own YER
sion.
So far from spurning the platform from
beneath my feet, as has been said in every
speech made by me, have in express IAN
guage declared my adherence to it.
fore increased tdJdtion," then | have mis-
it. II that platform means re
pudiation in any contingencv-proXimatt
or remote, by any means, direct or lndi
rect-then l have misunderstood it. II il
means forcible readiustment, by approach
ing the creditors with offers OF compromise
in one hand and with the alternative of re-
pudiation in the other. in case they refuse
to accede to our demands. then l am not II
sympathy with that sentiment, either ii
morals or in policy.
But il it means that "we scOrn to repudi
ate the past obligations Of the State" by
any means, direct or indirect; il it means
that we care resolved to preserve inylolate
the public faith and credit" under all cir
and for all time; il it means that
we are to "use all justand honorable means
OF bringing about an adjustment OF the OBJ.
legations Of the Commonwealth, which will
bring the payment OF interest upon our en-.
tire Indebtedness within the resources OF
the State, derived from the present rate OF
taxation, and do equal Justice to all our
it in every particular.
These issues are clear, simple, and we'll
defined, and on one side or the other we
must all be found.
But we are told that nobody favors repu.
diation-and / am glad to believe that there
are few indeed who really do so, and know
many good and true men who dissent from
my views, and would "scorn to repudiate
the past obligations OF the State" Yet
fear they are innoccntly and unlntentlon-
ally following path which leads to the
same destination with the rcpudlator. ask
them to pause and consider well the result
of their policy before they go further, toi
fear they may be following syren lighted
with the voice of the charmer indeed, and
with face and breasts OF maiden beauty. bu1
declinin. into foul and scaly serpent
armed with deadly sting sting OF re-
pudiation.
But, fellow-citizens, to come to more
and business-like questions touch
Ing the public debt of Virsinia-a subject
upon which ! cannot hope to say anything
new to the people of this city.
The first question which we desire to de-
termlne when we come to meet our imam
cial difficulties face to face is how much dc
we owe. The State debt to-day is
Consol bonds ..$20.237,O1:
PeGler bonds .......................... S'Z92:SdS
Arrears OF Interest ;................'. 3,SdU,o01
Arrears TO other funds. 2OO.OOu
Making a total .$33 ,l99,32c
which the State owes, exclusive Of sinking
and literary funds.
This debt was contracted prior to the war
and not one dollar has been added to oul
debt since 1860 except by accumulation o
interest. In fact, our State debt is not a:
large to- day rs it was before the war. Al
the beginning OF the war Virginia oweC
Of
Six-per. cent. registered bond. S2l ,S65.51
Fiyerper- cent registered bonds. $4,000
Six percent. coupon bonds. ......... 11,l0s,u0t
Fivc-per-cent. sterling ponos..''..'''' i'ooo'oo'
Making a total of........-..... ..S34'90l,57s
Thus, while our sister southern States
since the war have had their debts doubled
and uuadrupled, and in some cases, as II
Georgia, increased tiity-fold, Virginia ha:
escaped without an increase.
The debt Of Virginia, too, was created by
her own people, acting through their choser
and with their full knoWl
edge and approval.
Il was created upon the solemn pledge OF
Virgnia's sacred honor-not only lmpl'ed,
but EXPRESSED in words. In 1888. when the
State was Just beginning her works OF inter
nal improvements and seeking to borrow
money, her Legislature solemnly enacted
and placed upon her statute-book law
which will be found in Code OF 1S49, chap
ter G799. In this act, after pledging the IN.
come OF the works OF internal improve
ment for her borrowed money, she says
" And If such stock and income shall be in
adequate to the payment Of the interest and
final redemption OF the principal, the Gen
eral Assembly pledges the faith of The State
to provide sufficient funds, and for that pur-
pose to leuy adequate ta1eS."
This law remained on the statute-b books
OF Virginia until 1860, and until the State
had borrowed all the money she now owes.
The money thus borrowed on the faith OF
the State was every dollar honestly expend-