Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1878-12-10
Our Richmond Letter.

RICHMOND Dec. 6, 1873.
The General Assembly met last
Wednesday, the threats and predic-
tions of dissatisfied parties, nOtwitf.-
standing. The Governor so far yielded
to the teapot tempest that, to put it at
rest. he issued his proclamation call
ing the two houses together. This he
said would set at rest all pretended
questions of authority. This procla-
nation created a sensation. For once
the Wig and the Dispatch were
agreed in condemning it. The Govern
or had signed the Joint Resolution
passed in March, declaring that the
constitution required the session. 1t
was very generally agreed that the
admitted doubt as to the validity of
the Governors first action. But it
soon became somewhat extended be-
lief that the Governor, did not so
much doubt the validity of the Joint
Resolution as he did admit the neces-
sity for silencing all agitation about it.
A very large majority of both houses
were of the opinion however that
there was not only no necessity for the
proclamation, but that it ACTUALLY
complicated matters. OF course the
Legislature meant to meet, and would
meet, and it very soon appeared that
large majority concerned in the legal
ity of a regular instead of called ses-
sion. The question involved was re-
ferred to a special Joint Committee Of
5 Senators and Delegates. This
committee holds IFS first meeting this
evening. 1t simply involves the
question whether the salary shall be
$3.50 or $3.50.
THE GOVERNORS MESSAGE
was kept a profound secret until it
was announced and read from the
Clerks Desk, The Message is too
long for publication in the NeaOS and
ITS substance can be briefly stated. |
There is really very little in it except
upon the subject of the Public Debt
settlement. The reading of it created
profound sensation and no little sur
prise among the members. For the |
first time in years they were content |
to submit to the reading of it entire |
by the clerk. His ExceIIency at /
great length dwelt in an explanatory |
and highly respectful strain upon the
difference of opinion between the Ex-
ecutive and the General Assembly.
He revealed for the first time the fact |
that the bondholders had declined the
settlement proposed by the Bocock-
Fowler Bill Of last session. It will be
membered that bill offered new
bonds with the following features:
Registered Bonds without coupons,
running so years.
Rate, 8 per cent. for Is years. and
per cent. for the remaining 80 yerrs.
Interest past due to be paid at the
pleasure of the Gen. Assembly.
Bonds and coupons to be paid in
currency.
But while the Message revealed the
fact that the creditors were not willing
to accept these terms were willing to
accept a settlement embracing the fol-
lowing features:
Bonds to be payable in gold and to
bear per cent. interest in gold collect
able by receivable coupons, inter
est to be funded, in other words to be
compounded.
The Governor took the wind out of
the sails of the 80 honest men who
have declared it to be their mission to
"preserve the credit of the State" by
stating fatty that to pay full interest
OH the whole debt, there would be re-
quired an increase of taxation to the
extent. not of 90 cts. assent ted by them,
but of from 80 to 40. While he ur-
gently pressed the acceptance of the
offer of the bondholders, he boldly de-
clared that even this would require an
increase, which would yield $500
more revenue per anuum.
These revelations seem to have dis
appointed those members who sus-
tained the veto of the Barbour Bill.
In fact there are audible mutterings
amo q his old friends at the tone of
the Message, and the Readjusters are
correspondingly elated over it. They
consider it good document to circu-
late A large number of those who
have heretofore agreed with the Gov
ernor seem now unwilling to accept
the terms of the new offer. A few of
them are anxious to close with it at
at once and to raise taxation to meet
Il. The Readjusters unanimously OPP
pose it. The object, very properly, as
] think, to the good feature, the cor
responding feature and the tax receiv-
able coupon feature, to say nothing of
the rate.
There is not the slightest prospect
that the Governor will have adher-
ents enough in the two houses to pass
the bill proposed 10y the bOndholjers.
a movement comes already from his
side of the General Assembly to APP
point from the two Houses
A SPECIAL COMMISSION
to negotiate further with them on the
subject, but no action has yet been Ia
ken on it, The result of the Bill pass
ed last session. has resulted, just as I
in strengthening the Read
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