Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1880-03-19

By the firm and manly course Of Gov
amor Holiday in vetoing the scheme Of
the Resdjusters, the grand old Common
wealth Of Virginia is saved from dishonor.
The Readjusters in plain terms were re-
pudistionists. Every Republican men,
Der Of either House of the Legislature
was R~eadjuster. They sought to re-
pudiate sl3, 900, 0C0 Of the public debt of
the State. The bill was introduced by
one R~iddleberger, and was entitled IAN
Act to Re-establish the Public Credit"
Its practical effect would nave been to
cast an ineffaceable stain on the honor Of
the State and 10 impair her public
credit" down through all the coming ages.
Governor Holiday states in his veto mes
sage that the debt which it is proposed to
scale down from more than thirty millions
Of dollars to less than twenty millions,
was created by the State Of Virginia for
the construction OF works Of internal i'm
p-royement. from which her people are
now reaping the benefit. In order to
raise this sum Of money the State pledged
herself as long ago as 1888 Ito provide
sufficient funds, and for that purpose to
levy adequate taxes, and this pledge has
been renewed since the war and incor-
porated in the new Constitution of the
State. The Legislature Of 1877, more
over, passed a bill recognizing the debt
at its full amount and providing for an
honorable sediment with the creditors.
That settlement was in progress, and
would have been brought to a satisfactory
issue but for the renewed agitation of the
subject in the present Legislature and the
passage Of the Riddleberger bill. The
latter by r~epudiating a portion of the debt
which had been recognized in the Consti-
tuition of the State conflicts with that In
strument. The plea that the deprecia-
ton of property in Virginia justi6es an
enforced abatement Of the debt is regard |
ed by the Governor as having no value,
save $ constituting the basis for an APP
peal to the creditor to release a portion of
his demand Il certainly does not in
volve the moral or legal right to repudiate
the debt The prohibition against receiy-
ing coupons on the State debt in payment
Of taxes. Is characterized as conflicting
with the State and Federal Constitutions.
both Of which declare that no law shall
be passed impairing the obligations of
contracts The bin eliminates more than
$4,000. 600 Of the debt, and proposes to
pay On the interest charge only such sum
IN the State treasury Is may not be other
wise appropriated Nor does it stop here,
but By ~subjecting the bonds to State, city
and c0unsy taxation eliminates nearly
all that may be kft- In conclusion, the
G0vsra0z saga
Vita these rsxs and convictions. I can
nj put my SIGNATURE In approval Of this
ball ! respectfully return il to your hon |
ar1bse body. II uhirh it originated, because
] hsaiere is TO he IN violation Of the Consti-
tzraa2 Of the State, N violation of the Con- |
E1r1raSa NJ IL Cnifed States, in violation
ct zA- sriris zhieh has ever moved and in
ssl-e1 Ia fxkdlz5sss Of the Commonwealth,
and rn3s her nEms 20 dear to her own
sz1zzas AID 80 ksoorsa among men
The h8nsss Democrats IN the Legisla-
azrs have su5rient strength to prevent
the passage Of the bill by the Readjust-
srs and Republicans over the Executive
vz1a- The disgrace VIII, therefore, be
xrer-sl