Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1878-02-19

by the Legislative, executive and Judi
clal departments of our own govern
ment? Our friends from Lynchburg to
the Tennessee line, representing the
magnificent Southwest, when they come
from their beautiful homes with the
speed of the steam-engine to this Capt.
tol, and see their cattle from thousand
hills, and all the varied mineral and
agricultural productions of their region,
unsurpassed in beauty and fertility,
rapidly transported to the great COM
mercial centres, formerly so inaccessible
to them, surely will say, We will never
forget the benefits conferred upon us by
the expenditure of the money of those
who relied upon our good faith and
loaned us the vast sums which have built
our roads.
Richmond has been sneered at because
her representatives have spoken in
tones not to be misunderstood. She
would have recreant to every sentiment
of commercial honor and fair-dealing if
she had been silent or had taken any
| other than the manly stand which she
| voice, too, ought to be most potential
when it is reelected how large por-
ton of the revenue of the State comes
from her citizens.
honor her clergy, too, because they
have lifted up their eloquent voices,
and warned their people, and denounced
the immortality of reputation. They
would forget the duties of their. holy
calling and the teachings of their great
Master if they did not use their infiu
ence and exert their abilities to keep
the State from the preparation of this
great wrong
| There is one other view which I de-
sire to present, but will be brief as my
time is passing rapidly. take it that
during the last canvass many of us took
the same ground before our constituents.
When the cry came up from all the
land that the people were oppressed
with taxes and that the State was groan-
ing under a load of debt we said, If
| proper measures are adopted and earnest
exertions are put forth, we believe that
we can adjust the debt honorably and
fairly with our creditors We promised
to make that earnest effort. We pro-
fessed to stand upon the platform of the
Conservative party of the State adopted
by the great convention which assem-
bled in this city in August last. That
platform Earnestly Urged upon the leg
islative and executive branches of the
| $Vf tAC liz POI bc1hCC VI using eeiA
lust and honorable means of bringing
about an adjustment of the obligations
of the Commonwealth, which will bring
the payment of interest, upon our entire
Indebtedness within the resources of
the State derived from the present rate
of taxation, and do equal justice to all
classes of our creditors" 1t farther
urged upon the Legislature the impor-
lance of cutting down the expenses Of
the State government. This, I have no
doubt, we all promised that we would
do, to the extent expressed in the ex-
pressive language of the gentleman
from Amelia of stripping the State to
the skim in the way of retrenchment.
Have we made this effort at honorable
and friendly adjustment, and have we
as yet, above all, done anything toward
cutting down expenses? l am satisfied
that, If we will only make the necessary
advances and show the proper spirit,
our creditors will agree to fair terms OF
compromise and adjustment. | feel
!, great confidence from information which
] I have received from various sources
3 that the debt can be adjusted in way OF
friendly compromise, SO that in the fu.
! ture it will bear but four az per cent
interest. I hold in my hand now [hold
: ing up letter. a letter received a few
! days ago by the Governor of this State
from gentleman in Europe, enclosing
/, CODY of letter from a prominent
' banker of the highest position and grea
i influence in financial and commercial
circles, containing the assurance tina
# many ofthe foreign holders of our bond.
: would receive in exchange for our pres
. ent six per -cent. bonds other bonds bear
ing four (4) per cent, for the sake o
having a final adjustment of our debt
# The same assurances have been give1
e to various gentlemen here by prominent
6 and influential bankers and capitalists
= in the northern States. So, too, many
: of our own citizens who are bondhold
S ers have expressed a willingness to d.
d the same thing. Two years ago dis
f tinguished gentleman who was interest
y ing himself in the financial condition
of Virginia addressed letter to thu
: chairman of our Finance Committee
which during this session has beer
+ printed by order of this House and lai,
q upon our tables, affording evidence O
= the Willingness of our foreign creditor
q to make compromise with US. Yet
: sir, we say here we will listen to non
# of these things; we will have no con
- sultation or friendly conference will
# our creditors either at home or abroad
4 we will not make the effort which Tia
n platform requires and the people de
mand, but we will settle in the arbitrar,
- manner indicated by this bill, or W
!. will do nothing.
- I ask members from all sections if the,
- are willing to forego this opportunity tt
y compromise and adjust our debt? Ifw
d make q false step now this opportunit.
- will probably never occur again, and
-, venture the prediction that, if this bill
Z becomes a law, Virginia will neye
hereafter be able to obtain re-adjust
=, ment of her debt For myself, l an
70 anxious to see the debt adjusted, and
=, win DO all that can in honor, accord
" ing to my perceptions Of right AM
II wrong, to secure such 8 consqmmation
10 and my constituents will not justify M
% in doing more. Mr.. Speaker. in m,
= view, the first thing that we should hay
50 done, and should still do, Is to go car
l. nestly to work to see how far we can Gu
ID down our expenses, now greatly in ex
ofi cess Of what they ought to be. Weshoul
y at the sams time, by q careful revision
Y of our revenue laws, gee whether we can
= not materially increase our revenue
l. without adding any farther burGena i
ID the way of taxation on property. az
ISL sure that great change can IN TINS wa.
it be produced in our condition and i'll GU
ct ability to pay. When we have don
st this, let us go in a kindly and fran
"A spirit to our creditors, make an - ZONES re
b and fir exhibit of our condition. an
h my word for it, sir, the difficulty vii
y soon be settled, aud in g way which vii
n not ba damaging to oEr credit end TAI
e name. rho people Of this State vii
8, never, when they fally understand thi
/ question, give their SANCTION ii6on to an.
j, forcible and arbitrary settlement Of th
y obligations of tie State. They demanl
y that every effort possible on our part a
honorable men shall be made to adjust
e and if, after this honest effort, we 'fail
Of then !. will be time to, look tor relic
lei otherwise. That is all of it. But W
y will not Eai.., unless we do as this bill
;. would have US 90, assume the offensiv,
II towards our creditors, and force them t,
: resort to measures to enforce their lega
e rights and demand the enforcement O