Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1880-03-09
The Governors Veto Message

The bill entitled "a Bill TO re-estab
lish the Public Credit" Is before me.
This is Il most captivating title and
ought to arouse in the breast of every
citizen Of Virginia the profoundest in
terest The subject is OF vast importance
as any that has engadcd their attention
since colonial times, not only on account
of the magnitude of the material inter-
ests involved, but also because it is
freighted with moral Issues which no
State can be obliyious of and survive.
II is not amiss for us to remember,
that neither States nor individuals can
give their own definition of terms and
expect them to be accepted by the world,
and applied as they themselves may de-
sire or dictate. Neither can they by
their own will decree, that their acts are
right by reason of their mere sovereign
ty or power, and claim recognition from
Others by simple declaration Of their vir-
tue. The exercise of might does not
make right; nor the proclamation of
honesty establish that confidence, which
springs from both profession and expe-
riencc and Is the fountain of all credit.
No State can dcspise or neglect this
ElNsii IIlllNllllts II vi ~ 10 tIllS Nlltll
above everything else gives it a position
among the peoples of the earth, and
throws around its own citizens that char
acter and protection which makes them
fair competitors for the prizes after
which civilized men over the world are
now contending. In this race science
and art have brought the inhabitants Of
Chrislend0m In close rivalry, and the
shadow of dscredit thrown over a State
by Its own acts, casts blight upon the
efforts Of its citizens, and fatally retards
their growth and prosperity.
More than this: the citizens them
selves are ever inspired by the genius
of the State under whose agis they live.
One rule governs both. 1t is n desper-
ate blnnder to suppose that u State,
though 1t may have or assume the pow
err, has any more the right to violate the
rules which control human conduct {;
and when II does, holds out an example
to its people, which when carried to its
Legitimate results, will pull down the
pillars of the government itself
am sure no one will deny these
truths. Have they any application to
the condition Of affairs in VirginlaY Is
her public credit lost, and how does this
bill propose to re-esiablish IL.
For many years our Commonwealth
enjoyed 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.
| The time came when activities operating
| all ,nu an,ltnA. I.f hn Inn
PEELED her TO arouse herself, lest with
her resources she should he left behind
In the march of material development.
She lnauguratcd u system of internal Inn
provcmcnts, and for the purpose of eff
icctlng them, went into the market and
borrowed large sums ofmOncy, Of which
she expended more than $3i.O00.000 IN
! their construction within her present
borders. For these sums of money so
borrowed she executed her bonds, and
as the basis of credit M far back rs 1893,
pledged "lhe faith OF the State to pro-
vide sufficient funds, and for that pllr-
pose TO levy adequate taxes"
This was the origin OF the debt--the
consideration Of which survives to this
day IN our midst, increasing many fold
the values of the property; indeed, with
out which great portions of Virginia
would be waste. IL VIII not be denied
that It's origin was most laudablo and
wise, aud worthy Of the faith The noble
Commonwealth hae pledged. She had
no trouble IN getting the money, for the
part abe had always played Ia peace and
war gave her name the very synonym
Of honor; and that attached to her clIi-
gems wherever they might travel,
She fuldllcd her promises, aud paid
the interest ns II fell due ill the war
came, and with IT, rs attendant devasta-
lions and woes. Whilst Il lasted she
was cut of from Numbers, of her credl-
tors who we're scattered IN this country
and Europe aud the interest failed TO be
met A portion Of her territory was sew
cred and a new State formed ont OF it,
Hut no sooner was peace proclaimed
than n general assembly composed Other
best cltilrna--mcn of the old regime
unanimously rc-aillrmed the obligation
This was repeated IN one form or nnotll.
er not lcss than four tlmce, For several
ycnrs ahc was under military rule, but
when pcrnltlcd 10 vote she adopted, by
mn imincnae majority, 2l0,bSO for o, l3O
nrnlnet--.nboni ~ ~ la constitution
which fully admitted the aanctity Of the
debt, and IN many clauses provided foi
ita nayment. The nrllrsi general aa-
ecmhly under that constitution made
nroylslon for ". aud passed n Iundlng
bin which likewise recognized u In W.
entirety. 1hls bill, M ~ ono Of It's fen
urea. was repealed NJ The next session,
but without dsputing IN any way the
amount Of the debit 80 events uldcd ON
with frrulcnt repetition OF these Views
llll the flill Of 1877, general assembly
VIVA elected solely on this issue. They
went diligently tn work, and during the
fret saaeion settled over again after long
able aud heated discussions, those moot,
cd questions the war aud reconstruction
interest and the qHontHR OF the debt
and nj lls second session pissed, by
large majority, n bill, which was based
unon The consent or the creditors, ant
wnp regarded boy the outside world Us
honorable and fair
No him of force ever became q law
and the act Of the last Legislature
btoueht the debt within the present rat,
oftnxation. In the annual message aen
frw weeks ago 10 Your honorable body
| I shnw how tie law was working. admir-
ably, aud but for tile ltnpcllmebt'
thrown Ia W. way, would have been
rouplcic cutrrss, and With the prcscn
revenues would. IN short time, hay'
discharged the annual expense. OF th'
government, aud of tile public free
sehonla, The mtcrrsi on the stale Deb
y ~.uiai IN ihepew bonds. and len sur
n wittfla,kR.NsluAt
+ your r,,rcl 'Eee nv. v y ae2, ,',a,. y
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