Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1878-12-06
THE LEGISLATURE.


THE LEGISLATURE.
GOV. HOLIDAY ON TIE STATE DEBT
PROPOSITION FROM THE CREDITORS,
&C., &C., &C.
The Virginia Legislature met on We'd
nesday. In the Senate joint resolution
was offered by Mr.. Koiner. Of Augusta.
for the appointment of committee to re-
port on the statats of this session, Gov.
Holiday having issued proclamation,
Tuesday evening. calling the body togeth-
er. and it being question whether this is
a called or regular session. A resolution
was offered to get information about
Judge Rives' recent action. Gov. Holidays
message was read. He urges that the in
tegrity of the State shall be maintained,
and says:
Ours is new country, thinly settled,
much of it entirely uncultivated, or cultl-
waited under greatest disadvantages Tor
want of capital, a labor system in complete
Discrimination, the whole land for four
wears an immense battle field, every square
mile of which was pressed by the feet OF
contending armies the surface of the coun-
try swept Of well nigh every vestige OF the
denominations of generations in the shape
of material wealth or evidences of higher
culture and refinement. The people had
to 90 to work again, and not simply repair
but restore, bearing at the same time the
responsibility of Large debt, but none the
less just because large.
Yet between the assumption and pay
ment of tina. debt and it's denial in any
Go,,,, or roy,,Idiafio thpra ia and c9n b0
no choice. Better for us as people to de-
prive ourselves of the comforts of life and
invite the debt into our houses to partake
of our daily bread, than to ignore or re-
nounce it. Even then we would DO no
more. nor so much, as our ancestors and
brothers have done to give US the heritage
of which we are 50 fond OF boastlng. The
first Revolution closed after eight years,
duration; those who fought through and
endured it's trials imposed upon themselves
in addition to other taxes, tax OF one
dollar and fifty cents on the one hundred
dollars in value of real estate, and dedica-
ted it sacredly to the payment OF the pub
lie debt of Virginia, incurred in the vlndl-
cation of a principle, and afterwards pro-
tested against it's assumption by the Fed
eral Government under the pres emit Con-
stitution. / need not Say to men who
know it as we'll as [, and whose war re-
temptations, that when the whole truth
comes to be written, the annals OF no ma
ton show the cheerful surrender OF SO
much money, property and precious life for
cause believed to be true and in value
above price. They cannot now barter 1t
for the saving Of little gold.
Scornfully denying such an imputatiOn,
it is said that the people of the State can
not bear any INCREASED taxation; otherwise
the sources of the power OF paying any
thing are destroyed. and the Common
the burden, and, instead of growing strong
er, will lapse into greater weakness. In
other words, they ground their non-pay
ment on inability. This is an argument
that demands and is entitled to dn audi
ence. Not that even inability gives a
State the right to repudiate it's just obi
cations: certainly not, even for its own
preservation, till it has made fair and
honest effort to adjust amlcably with us
creditors. do not believe tina State,
any more than an individual, by the mere
asserted exefcige of what she pieaseS to
call her sovereignty, can afford, to over
ride the fundamental rlnciples Of justice
and fair dealing, if she wishes to preserve
tine respect of her own citizens and her
place among the nations OF the EARTH
Whilst it is undoubtedly true that self
preservation is the first law of nations as it
Is of nature, by its very terms ills never to
be appealed to save in the last resort, and
as means when moral u-ethods have
failed.
If the State Of Virginia, then, is not
able. to pay the debt or the full interest
thereon, and ultimately the principal, she
ought to have recourse to the other meas
ure this side of force to which [ have re-
ferred-an honorable and amicable adjust
ment with her creditors. On the 14th day
of March. 1873, the General Assembly
passed bill. which became law, making
a proposition to the creditors, having in 1t
no principle of force, but simple propo-
sal of settlement. By the terms of that
law, as the Executive, issued my pf0cla-
nation and thereby announced its provis-
ions. I published it in leading papers in
this and other cities, and sent it by mail
to bondhoiders and prominent men OF bus
mess in this country and Europe. urging
consideration of It's contents and fe-
Spouse. Of course, could not write to,
or hope to reach, the HUNDREDS OF th0u-
sands of bondholders, large and small,
scattered over the civilized globe. hoped
to reach rather those, who by virtue OF
their standing controlled in their own or
others right, great amounts, or who iDde-
pendently, in consideration OF their known
0XpCIlcuC6 dlu W1cAoAA "oAO OCAoi W "a Ia
huence In this extensive correspondence,
and in interviews llaye had, have not
found the States creditoSS ''Shylocks. "
and men filled with cupidity ,anG meanness
and grasping cruelty as they are So graph
acally described by many who want to take
away from them their dues. have foun{.
them gentlemen who are willing to listen
to reason, aud consider and weigh every
statement made to them in good faith.
The result of this correspondence and
intercourse are recommends ations from the
most powerful corporations and houses.
and the most respectable and Influential
business nlen in the world. These I now
lay before the General Assembly.
The first is from the Council of Foreign |
Bondholders, London. England, presided |
over by the Right Honorable Edward |
Fleydell Bouverie, and with a membership !
from among the most promiGent and po- |
tential gentlemen, in social, business and |
financial circles, in the kingdom, This
contains general proposition Of Ger
cent. in gold upon the whole debt, princi-
pal and interest funded, exempt from
taxes, with coupons receivable foT all taxes.
debts, dues, and demands due the State.
with sinking fund, the proceeds of the 4
per cent. to be distributed by the creditors
among themselves, Sc IS to make the law
effective.
The second proposition is from l.. G. &
8. C. Ward, signing for Barring Brothers
L Co.: August BELMONT signing for :aim-
self, and on behalf of the Messrs. Ba
Rothschild of London and Paris, Brown.
Brothers & Co., Richard Irwin 4 Co.. and
oE fha