The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-03-06

Pl1.SONal AZ ~
The following message from the Governor
.rs, sent TO The Senate yesterday:
To the Honorable The Senate;
The bill entitled "a bill to reestablish the
nuhlic credit " is before me.
This is a most captivating title, and ought
N arouse in the breast OF every citizen Of
yirginia the pr6fountest interest. The
sutiect is Of as vast importance as any that
has engaged their attention since colonial
times. not only on account OF the magnitude
az the material interests involved, but also
becsuse II Is freigbted with moral issues
which no State can be oblivious OF and sur
yive.
II i not amiss for us TO remember that
neiiher States nor individuals can give their
own definition of terms and expect them 10
be accepted by the world. and applied as
they themselves may desire or dictate.
Neither can they by their own will decree
that their acts arc right by reason OF their
mere sovereignty or power, and claim re-
cogpiiion from others by simple declaration
Of their virtue. The exercise Of might
does not make right, nor the proclamation
OF honesty establish that confidence which
spfings from both profession and expe-
rience. AID is the foundation OF all credit.
No state can despise or neglect this great
principle. For ii is this which above every
thing else gives il a
POSITION AMONG THE PEOPLES OF THE EARTH,
snd throws around its OWE citizens that
character and protection which makes them
fair competitors for the prizes after which
civilized men over the world are now con-
tenGing. In this race science and art have
brought the inhabitants OF Cbristendom in
close rivalry, and the shadow OF discredit
thrown over Stale by its own acts casts a
blight upon the efforts OF its citizens, and
fatally retards their growth and prosperity.
More than this {: tbe citizens themselves
are ever inspired by the genius of the State
under whose 9gis they live. One rule gov
erns both. II Is a desperate blunder to sup
pose that State, though IL may have or as
sumo the power, has any the more the right
to violate the fundamental rules which con-
troll human conduct; and when it does. il
holds out 40 example to its people which,
when carried TO It's legitimate results, viii
Dull down the pillars of the government
itself.
am sure no one Will deny these truths
Have they any application 10 the condition
of affairs i'm Virginia? Is her public credit
lost, aud how does this bill purpose to re-
establish iti
For many years our Commonwealth en-.
loved the rich bounties OF her climate and
soil. satisfied that her people should live in
Inherited comfort and refinement, and that
her sons should be the leaders OF political
thought upon the continent. Toe time
came when activities operating upon othel
sections OF the country impelled her t'
arouse herself, lest with her great resources
she should be left behind in the march o
material development. She inaugurated
system of internal improvements, and 10
the purpose OF effectng them, went int
the market and borrowed large sums o
mouey. Of which she expended more thar
s3i 10000 in their construction within be
present borders. For these sums OF none,
so borrowed she executed her bonds, ant
"a the basis OF credit as far back as 1898
pledged "tbe faith Of tie State 10 proyid
sufficient funds, and for that purpose Il
levy adequate taxes"
THIS WAS THE ORIGIN OF THE DEBT,
the consideration OF which survives to thi
day In our midst, increasing MANIFOLD th'
values Of the property; indeed, without
which great portions OF Virginia would b.
awaste. 1t will not be denied that its ori
OF the faith the noble Commonwealth hat
pledged. She had no trouble in getting To
money, for the part she had always playet
In peace aud IN war gave her name tn
very synonym OF honor; aud that attached
10 her cIiizsns wherever they might travel
She fulfilled her promises, and prompt
paid the interest ss il fell due till the wa
came, and with it its attendant devastation
and woes. Whilst IL lasted she was cut oi
from numbers OF her creditors who wer
sestifred In this country and Europe, AM
The interest failed to be met. A portion o
nef territory was severed and new Stat
formed out OF IL. But no sooner was peac
proclaimed than General Assembly, com
posed OF her best citizens men OF the OLE
fegsne- unanimously rtafiirmed the obi
gallon. This was repeated Ia one fornl 0
another not less than four times. For seye
raj years she was under military rule, bu
when permitted TO vote she adopted, b.
an immense majority, 2l0,5S5 forto 9.l3
agalnst-about 20 10 La Constitution
which fully admitted the sanctity OF tb
ae0', and In many clauses provided for 1t
payment. The earliest General Assembi
nncer that Constitution made provision 10
~ and passed funding bull which likewis
recognized II In It's entirety. This bill, a
10 one Of It's features, was repealed at tn
next session, but without disputing 10 an
way tbe amount OF the debt. So event
tafd On, with frequent repetition OF ihes
views, till the fall OF 1877 a General Assem-
ply was elected solely upon this issue. The
went diligently 10 work, and during til
my session settled over again, after Ions
sDif, and heated discussion, those moote
qufslons--the war and reconstruction II
sseicsf and the qudntum Of the debt-and
~, ~ second session passed, by large ma1ol
siLi WHICH WAS BASED UPON The c0SsEs
or rus CREDITORS.
ana was regarded by the outside world
honorable and fair.
40 bin OF force ever became law, az,
tne act OF the last Legislature brought u
otof within the present rate OF taxation.
tue apnuaI message sent few weeks ago
Jour honorable bodl ] show bow the u