Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1879-03-05
Gen. Hahone's Speech.

Hcn. .1&uVnVs oPtCtds
Mr.. President and gentlemea Of the
Craving your indulgence,
desire briefly to express m Y views up
on the great question whichhas brou Sht
us together. l say briefly, because the
subject is one which inyolvds the con-
sideration of stern realities, circum-
scribed by facts and figures. and not to
be disposed of by sentiment or theories.
When in July, 1877, presumed to lay
before the people Of Virginia my views
upon the debt question, it was not until
alter had given the subject thorough
investigation. Nothing has transpred
since to change the convictions then
expressed.
/ regard it as Of first importance to
the interests of this Commonwealth, her
peace and good order, her fair name and
credit, and to the best interest OF her
creditors, that settlement should be
effected upon the basis of certain
ability of the State to maintain its pro-
visions and give repose to the subject.
Investigation had shown that this
State was then unable to pay full IN
terest on the debt, as ascertained by
the Funding Bill $3.50, 100, 9O3.Sl, which
embraces what is known as the debt
proper and the principal of the Literary
fund.- We are now confronted with the
same condition of aflairs-where two
thirds of our creditors absorb all the net
income of the State and intercept a
large portion of the current revenue
dedicated to education and necessary
to the support Of her charitable lnslltu'
tions, to exclusion, the injury and the
wrong of other creditors equally merlto.
rieus. and whose claims are OF equal
dignity with their own.
While this condition of affairs has eX-
listed. we have seen accumulate over so
600. 900 arrears ofinterest, with no pro
vision made either to pay this prodgIcuS
deficit or prevcntlts overwhelming ac'
emulation in the future. On the con-
trary. it is generally conceded that oul
resources and means Of payment are
limited to the revenues OF the state
derived from the existing rate OF tax
alton. This condition OF affairs, coupled
with daily increasing feeling OF JUS
resentment aud soreness at the de-
monds and eXactions of the Funding
Bill. all seemed to me, unless arrested
Inv prompt and vigorous legislation, tC
point to one inevltabls result-absolutt
reputation.
IA the State, l held, and still hold, that
il IS necessary to re-adjust Der indebted
ness on the basis OF an annual interest
liability within the certain means OF the
State to pay. If l have ever held more
or less than this, 1t has escaped my
memory fl have ever withheld OF
concealed these views, it was not de-
sirnedlw if | have expressed then
boldly and openly, 1t was because
believed it my duty as good citizen tC
sneak out. even at the risk OF mlscon-
ceptlon or Misrepresentation, and tC
press for a speedy end to this veXee
question. on a practical basis, rather
tban reach the same end by long ant
tOrtuOus route OF sentlmenlallsm.
In determining what legislation Il
now proper.we must look at the record;
Of our income and liabilities. and what
evor other factors IN the sum may be
nnascertsined, Certain it is that with
ont the express sanction Of the people
no obligations should be assumed whicc
necessitate an increase OF the present
rate oftaxatlon. The platform OF the
Conservative party on this point Is toe
clear Tor argument. The pledges oithe
members of the Legislature, who were
elected on that platform, were too dis
tnct: and the will Of the people on thai
question is 100 well known to justify it,
/ respectfully submit, in making any
settlement which shall necessitate al
increase of the present levy. Then, II
whatever calculations we make, oul
future income can be very nearly ap'
preximated. Nor am left to my ewr
deductions on this point, for shall
deal with the statement OF cur affairs
brought up TO the LIST of January, 1879
verified by the Auditor OF Public Ac'
counts. and wherever doubts exist il
those estimates have given the State
the benefit ofall, preferrng a sanguint
to gloomy view Of cur future con
ditiOn.
l propose to consider the proposition
now pending before the Legislature o
Virginia in the light OF these statements
And what do they disclose?
lst. That the nett revenue from
all sources IL }',4V@'a%'''
2nd. Expenses Of Government
(estimated) after Giscopntlng
estimated savings from 6Ien-
NAL sessions, aud in the costs
of criminal proceedings. 20. @0,cW
Proportion Of nett revenue
due 10 the public schools 1885, 81 l,47,4 42.5
Nett revenue. Sl,lA,9sl.2
3rd That the principal OF
the debt proper, inclu-
ding bonds held by the
Literary fund Of 81 49,
245. is ~, ~ V1.o
4th That arrears Of in
terest on the debt thus
stated Including $685.
4481O due on bonds
held by the Literary
fund.- amount to $5,255,31343
Less matured coupons
outstanding which