The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-12-04
GOVERNORS MESSAGE.
COMMONWEALTH OF VIRGINIA, }


Gentlemen of the Senate and House OF Dele
gates: -.....
The last General Assembly passed bill
relating to the funding OF the State dept,
which became law. Pending Its passage
it received full and careful discussion, and
was regarded as affair and amlcable settle
ment BET tween the State and her creditors
by large majorities of both branches OF
your honorable body.
Before the expiration Of the time as linn
tied by the fifth section Of the law, the
Council of Foreign Bondholders and the
Funding Association OF the United States
OF America filed their assent and acceptance
OF the terms OF the act. 1t became con-
tract between them and the State, and the
Governor, as ordered therein, provided for
the preparation OF the bonds.
So soon as possible thereafter the funding
began, and progressed rapidly under the
conditions OF the law. In little while
agitation was commenced looking to its re-
peal, which, Of course, had tendency to
check the bringing in of the old bonds
the holders being deferred from so doing
BY this threatened repeal.
| Notwithstanding this agitation, how
ever, they came in such numbers as to eX-
coed the legal requirements, giving indica-
ton, il not full proof, OF the ultimate sue
cess OF the scheme. BY the limitations OF
the law eight millions were to have
been presented in specified kinds and
proportions prior TO the 1st day OF JAN
uary, 1880; that amount was reached be-
fore the 1st day Of October, 1879, ana the
amount now is $S,49l ,96l.94. in spite OF the
obstacles TO which have referred.
| As already stated, this measure received
|
thorough discussion by your predecessors,
gentlemen who had the ability to compre-
bend and the means OF knowing the facts
relating to, aud the merits OF, the question;
and both those who called themselves or
were called Debt-Payers and ReadiuSters,
by large vote. united upon it as just and
equitable settlement, and it was so regarded
and received by the world. I shall, there
fore, not consume time by rehearsing the
history of the origin and growth and COM
pletion OF this settlement save that it was
, made in this city after long conference
and the best evidence that it met the APP
proval OF the creditors is the fact that they
have accepted its provisions with greater
rapidity than was contemplated by the Cen
eral Assembly when they were adopted,
and the further fact that we hear no pro-
test from them at home or abroad. 30 far
as can gather, the outside world regarded
it as, under the circumstances, fair and res
sonable, and such as would in no way I'M
pinge upon the honor OF the State, which
was a matter Of vital import in any settle
ment we might make il we would preserve
Virginia's place among the nations OF the
. earth.
Agreeable to the creditor, approved by
the opinion Of the world, why should it not
t be accepted by the people Of the State as In
: every way desirable conclusion OF ques-
. ton whose agitation has cost far more than
the whole sum involved to the material in
terests OF the Commonwealth? My views
are very clear and decided, and have been
frequently officially expressed, that the
money represented in the interest or even
principal or the debt, large as 1t is, Is OF but
little import in comparison with the States
credit, and that nothing save inability car
i Justify or excuse its non-payment. It's
, amount has been over and over again &C
knowledged, and its consideration admitted
by the General Assembly from session tt
session aud from year to year, and promises
made to pay it, and q people who have II
VI the past undergone so much and so many
things in consideration OF principle canno
allow in comparison slight and trivial IN
eopyeniences to stand in the way OF tn,
Va llCtl SnlSui LaiGus
D And this excuse, of inability, by reaseg
4 OF the deYastations sof the war producing
great impoyerishment, is at last the funda
, mental argument OF those who oppose it
!. payment, and such is the end to which al
arguments have tended that have hitherto
9 been made in previous Legislatures; ant
! no one is more fully acquainted with thost
J, devastations than am or can more hon
! estly admit them yet ]. hear o.. none wht
: advocate the reduction Of the present rat
Of taxation, all admitting that the peopl,
: can stand that, and opposing the settlement
mainly upon the ground that lis terms can
: mot be complied with under the presen
rates. lam not OF those who believe tina
q Lea7ier rate cannot be borne TO accom-
plish so grand an object as the iul6lment O
!, the States obligation gand the preserva
i tion of her credit objects which,
Il lin republic Ike ours, far tran
!, scend every private consideration; in
deed, which elevate private consid'
J, Ierations, and make thsfs partake oil, the
Strength end virtue OF sbhe Commonwealth
Il itself The investment OF more taxes Ia
/ snch "a cause w0nld yield q lar greater
81 revenue than that investe1 10 any war In
taahichn, ancestors ever engaged for ( tas
EYindi ati0n Of the right, both In the mate.
Develop meat Of ous resources, and The
49,.