National Republican. (Washington City (D.C.)) 1872-1888, 1880-03-06
VIRGINIA STATE DEBT.
The Readiustors' Bill Vetoed by Gov
ernor Holiday
Message OF tho Governor Returning the Bill
Ills Reasons for Withholding Ills Sig
nature-The bill Declared Prauu-
cal Ropudiqtlon-An Appeal
to State Pride-Ths Mca-
sure Imprnotioible.
Governor Holidays Veto Message.

Governor Holidays Veto Message.
RICHMOND VA, March 5.-Goyenor Holli-
day to-day returned 10 the General Assembly
the bill passed on Monday, known MS the Rid
dlebergrr bill. together with a lengthy mes
sage giving his reasons for disappearing Of the
bill. Tho Governor in his veto takes high
ground. He notices the title of tho Act to
rc.cstablish tho public credit" rs n misnomor,
its object being really to rcpudia n large part
of tho State debt. ITo holds that tho prctuxts
sent forth in the preamble of the net arc empty
and never heretofore relied on. Indeed, the
people, by repcaic led acts of the Assembly, aud
by tho Constitution adopted in 1869, have
acknowledged us due the entire principal, moro
than $4,000 900 of which Is now attempted 10
be repudiatcd by this bill. In referring to the
MGCulloch bill passed by tho last General AS
sembly, the Governor says That body passed,
by large majority, n bill. which was based
upon the consent of tho creditors, aud was ro'
garlod by tho outside world as honorable aud
fair. No bill of force ever became - law, and
the act of the last Legislature brought the
debt within tho pre- sent rare of taxation. In
my annual message, which | sent a few weeks
ago to your honorablr body, | showed how adj.
mirably tho law worked, and, but for the inn
podments thrown in It's way, it would have
been Il complete success, and with tho prcsUut
revenues would, in short time, have dis
charge d tho annual expenses ofgOycrnmont aud
of public free schools the interest of tile State
dobt, funded In the new bonds, aud left Il large
surplus in tho treasury Tho funding, of
course, has ceased in the presaOce OF this OPP.
position, and n majority of this General AS
sembly propose to abrogats' its provisions and
substitute another scheme, which 1t declared
will secure Il final settlement of this trouble
some issue and take it from the field OF con-
troversy. Abiding to tho present BILL the
Governor says: Asserting that tho existing
ratio Of taxation is tho highest that can DO
borno, and making no promise even to keep 1t
up to that point for the benefit of the creditors;
that the Government expenses must be paid
and tho public school system supported, and
fixing no promised certain limits to the cost
of either, it proposes TO give TO tho creditors
their right to bo paid their Interest out OF any
money in the treasury not otherwise appro.
prated. And this is the interest OH II debt
contracted by your fathers, men who madn
Virginia so great, so respected, so powerful;
the proceeds spent in our midst making our
commonwealth what she is in material dc.
volopmont, half the payment of which is tho
pledge of the State to provide sufficient funds
and for this purpose to levy sufficient taxes.
l simply put these declarations side by side,
without argument or comment.
Another provision of the bill is that collect
ors of taxes shall receive only, gold, silver,
| OulltN pN'tJCo hOttSi HhNluuhl Duu IN
currency and temporary loan certificates
therein provided for, excluding tax-receivablo
coupons for the receipt Of which the promise
of the State hud been given, and which the
highest courts have decided frequently aud in
uncquivoCal tcilns cannot be avoided without
u breach OF organic law to say nothing OF the
faith of the commonwealth. This the bill
implicitly admits; for not satisfied with va
eating these obligations in terms, it attempts
by legal ingenuity to escape the bond by de-
nying the remedy given by its own Legislators
aud laws affirmed by the highest courts, nd
mtting tho obligation aud that II can and
will be enforced, The bill, by legal machinery,
attempts tn defeat 1t by limitation of the rem
edy. Tho State is made to play tine part OF an
individual in the getting of the money and
tho putting of its fund in legal form to Sc.
cure its repayment, and then, assuming the
robes of sovereignty, trying TO avoid its re-
| suOnsibilty by denial of relief or its limita-
| tiVn to such an extent as to mako IL dcfoat its
own proiessed object. To accomplish this end
it goes further, and to compel the creditors
to yield their evidences Of the States indebt.
edness offers a bonus by throwing upon tho
markets vast amounts Of what arc called
loan certificates" which II proposes to soil TO
| tho taxpayers at htty cents on tho dollar, thus
destroying 0ne-half the revenues that tho In.
terest of the creditors may be wrecked. II Is
IL fearful lesson for Republic to teach Its
| creditors how to break, not to keep, faith, and
it must return ono day in disastrous import
| Could these things be done and bo pronounced
in accordance with the State and Federal
constitutions, both OF which declare that no
law shall DO passed impairinB tho obligation
Of contracts, would 1t accomplish tho end at
which the bill processes to aim? IL eliminates
more than Sl3,000,OO0 of hitherto acknOwl.
edged principal by ono stroke of tho pen. 1t
| eliminates OnO.half of the promised interest
upon tho residue. Indeed, il proposes to pay
no certain amount of interest, but only such
sums rs may be iu the treasury, after future
general assemblies have disposed of what may
seem TO them proper. 1t then eliminates
nearly all that may be left by subjecting IL 10
stale city and county taxation, and thus hold
crs of state obligations abroad aud ut
| home are treated worse than the civilized ma
tions in Uh, latter days treat public enemy.
| In conclusion the Governor says: 81 may say
ms we have over done that the State Of Nir-
| guia does not mean 10 ropudille, but these
declarations will not avail; the charges will
DO brought aud fixed; Vlrgnia's history will
| be stained with II deadly virus which no
us, can erase and for which no future repont.
amcc can eyor atone. With these Views and
convictions | cannot put my signature in APP
| prOval ~ this bill. | respectfully return il
to your honorable body, in which IL originated
because | believe 1t to be in violation of the
constitution OF the State; in violation OF the
| Constitution OF the United States; in viola
| tiOn Of tho spirit which has over moved and
| inspired tho traditions of the commonwealth
ana made her name so dear TO her own cti'