The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-03-06
SPEECH OF GEN. MALONE


AT THE RE.ADJUsTERs' CONVENTION.
At the afternoon session of the Re adjust
ers' Convention which met in Richmond on
the 25th, Gen, Vim. Malone having been
voeiferous)y- called for, read from manu-
script the following remarks on the debt
question. We publish it as a matter OF In
terest to the people. and in respect to those
of our readers who may agree with what he
says:
Mr.. President and gentlemen of the Con-
vention Craving your Indulgence, desire
briefly to express NY views upon the great
question which has brought us together.
say briefly, because the subject is one which
involves the consideration of stern realities,
circumscribed by facts and figures, and not
to be disposed Of by sentiment or theories.
When in July, 1877. presumed to lay be-
fore the people of Virginia my views upon
the debt question. it was not until after l
had given the subject thorough investigation.
Nothing has transpred since to change tile
convictions then expressed.
regarded 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 a
| settlement should be effected upon the basis
of certain ability of the State to maintain
| its provisions and give repose to the sub
| ject.
| Investigation had shown tnaG Cnls otale
was then unable to pay full interest," on lne
debt, as ascertained by the FUNDING BIZ
| tS30, 722, 9O3.3l, whicn embraces "naC Is
known as the debt proper ana the pfihcipa'
of the Literary fund.- we are now coz
fronted with the same condition OF anairs-
| where two-thirds OF our creditors ABSORB all
! the net income of the State and intercept a
| large portion OF the current revenue dedi-
| Gated to education and necessary to the sup
! port of her charitable institutions, to the eX
( clusion, the injury and the wrong OF other
| creditors, equally meritorious, ana whose
claims are of equal dignity with their own.
Willie this condition OF affairs has existed s.
| we have seen accumulate over So,O0O,Ooo
4 arrears of interest, with 70 provision made
! either to pay this prodiglous deflclt or prevent
| its overwhelming accumulation III the iu-
ture. On the contrary, it IS generally con-
| coded that our resources and means OF pay
mert are limited to the revenues OF the state
derived from the existing rate OF s"2a.ioh.
| This condition OF affairs, coupled with
daily increasing feeling of just resentment
and soreness at the demands and exactions
of the Funding Bill, all seemed to me, unless
arrested by prompt and vigorous legislation,
to point TO one inevitable resuit-aDsolute
reputation.
| With view to avoid sucn calamity To
the State. L held, and SILL hoia, that IL is ne
cessary to re- adjust her Indebtedness on the
basis of an annual interest liability wltnin
the certain means OF the state TO pay. II
have ever held more or less than TINS, IL mas
escaped my memory; II nave ever WIFI
held or concealed these views, IL was no'
desIgnediy' II nave expressed thein WI! !.
iy and openly, IL was because peIieseu IL
my auey as soou c'IiZen 70 speaN ou', W"
at the risk OF mlsconception or m'srepre
sentatlon, and to press Tor speedy emu 10
TINS veAed question:, oh pia1taeai o ia.',,
rather Iii@h feac" Inc sa.io CIV W oH
and tortuous route OF sehtithehIaism'
In oe.er,,,snS oo M az ,ha racords of o"r
p'oPoi' We nun. aooN ~ 5 IL ,h,n,,on -.+har
| income ana liabilities, ana "hAteVeI otnoi
factors in the sum may be unascertalned.-
Cart.i, II - that without the express sane
| oSit -, 20 80 - .t,;..,;..,o oho,ld ho
| lion Ci LIE peoPics ho ooiS"V'o"o oho'o ~
assumed wnlen neeess'.a.e an h ,no n1stsorm
~ tho conservative marty on this point is too
" ~ Mt ,,lodaos - rho
clear Ior aISuLHeH.' AHo pAouSeo "a WY
nenosls ~ 'n ni,.fnrs' ,rara FOO di.tinct
eieS'eu oll S,'@S 49, anas,ion
is too we'll known to justify 1t, respect
| ell, s,hn,it in making any settlement
which shall necesstate an increase VI the
present levy. Then, in whatever caicula'
t;o,c mo ,ol,o our fnture income can be
Twins w ' - -, NJ on, loft
very nearly appropriated. NOR am leit
shalI deal with the statement of our affairs
| T.,
brought up 10 LIE ISL VI oauuai ~ !o'o, 'oi
flied by the Auditor OF Pubic Accounts,
|
anu wherever uouo1s eAie.e ~ 'nose H'' -,
| all. preferring a sangnine to a gloomy view
| 80 n,.r f,,t,ru con1,tion
u oui iuouio eon '1N..,. r,,;,;o, ro,
propose 10 conslueT tue proPositIoh nv"
pen(liug before the Legislature OF virginia
| =, +ha i;,ht of thesa STATEMENTS And what
IN the lignG OF Inese s.a'enieh's' Anu "A'''
lot That the net revenue from
all sources is................. s2,4s2,42s.7'
I'd. Expenses Of Go 2vanntin
Estimated Estimated savings from be-
ennial sessions, and in the seo ,oo
costs Of criminal proceeal dgs 000'oOo
to- mn bic Schools 4e7,4 IS BAT, 44a 81
- =; -, 40, .,
Net revenue. si'is''S0i'S'
5rd. That the principal OF
ding bonds held by the
Literary fund OF $i428.- .., ~. j,