The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-12-15
Gov. HOLIDAYS Message

"o''"o"ee" Y "e 1othete 0nd ff0HSe Or Dete-
/ gates.
-Four years ago the discussion of the State
debt was actively begun, and legislation en-
tered upon looking to its settlement. At the
session of 1877-7S the General Assembly
passed bill having that object in view, which
was returned without the approval of the
Governor, with an assignment of his reasons
This was called the Barbour Bill" and was
one of force upon the creditors
Toward the conclusion of the same session.
another bill was passed without this objection
able feature, and contained scheme of settle
ment, In the nature OF a proposition and
submission to the creditors for their accep-
lance or rejection. This | regarded as the
only proper mode in which fair honorable
and satisfactory settlement could be reached,
and had so stated in response to a resolution
OF the Senate. No question had then or has
since been raised as 10 the validity of the debt
In its creation. Every dollar had been OBJ
tanned from trusting creditors before the war.
by the State, through her constitutional au-
thorlties, and had been invested in values
which survive to this day, and are now Gu
Joyed by her citizens, increasing their wealth
and comfort, and the power of the Common
wealth beyond computation.
felt that then, for the first time during the
session, the proper course was pursued, and
approved the bill, looking upon it as propo-
stion to the creditors and the basis for further
negotiations. This was called the "Fow Ter
Bocock Bill"
AS soon as the General Assembly adjourned,
proclamation was issued according to the
terms OF the bill, and | entered into CORES
pondence with the creditors or their represen-
tatives, in this and foreign countries which
resulted IN responses from them and PROPOSE
tons, which | submitted in my annual mes
sage of December, 1878
The General Assembly had already adopted
the most rigid and severe measures Of econo-
my and reform, and had reduced the expenses,
as 1t supposed, to minimum 1t now went
TO work with the greatest energy, and, after
much conference and deliberations adopted
what is called the 10-40, or .'McCulloch BILL
by large majorities Of both houses. 1t seemed
that our troubles were about to end and the
debt question to be finally taken from the
held OF politics, in which it had no business,
and into which it ought never to have been
dragged. 1t met with widespread approval,
and was generally regarded within, and uni
versaiy, as far as | know, without our own
borders, as a reasonable, honorable, and fair
disposition of the troublesome issue
Agitation, however, was ut once begun by
lis enemies in the State, and at the next cleo
ton they were successful at the polls Not
wlthstanding the assaults made upon it, in a
few months the sum of IS, 1871 ,9S181, nearly
one-third of the debt, was funded under it's
provisions. Of course, the agitation and its
result stopped any further proceedings.
Its defeat regard as very serious calam-
lily. showed, in my last annual message,
how complete was, and would have been its
success in restoring Virginia once more to
quiet and prosperity From the tables then
given, it WAS manifest that, had it not been in
teriered with, its working would have lifted
US, under the present rate of taxation, entirely
mt tNf ,t,,,
interest, the costs of the Public Schools and
the expenses of government, would have left
IN the treasury more than three hundred thou
sand dollars
The bill remains still upon the statute-book,
out OF course imperative by reason of the ac-
ton of the General Assembly.
me state debt was again taken up at its session
OF !sf9-'o0 and the opponents of the "McCulloch
BIZ having q majority of its members adopted
what they styled "a Bill to Re-estabish the Public.
credit commonly called the ''Riddleberger BILL
repeating therein former laws for the settlement Of
the debt This bin, by stroke of the pen, selimi
thlfd OF the hitherto ascertained debt admitted and
reported by every fiscal officer of the Government,
convened since the debt was contracted II ssel,ni
mates one-half of the promised interest upon the
resldue-lndeed, proposing and pledging itself to
pay no certain amount of interest but only such
sum as may be in the treasury after future General
Assemblies have disposed of what may seem to
thein proper-1n Its own language, "that may. not
be otherwise appropriated; - 1t then sselminates
nearly If not quite, all may be eft by subject
ing 1t to the State, city and county taxes,
When reflected that this treatment was inflicted
upon debt for every dollar OF which consideration
had been received; when reflected that that con
sioera1on mad been Invested by our fathers,
pure and knisatly men as ever lived, in elexating
ana making strong Commonwealth which they
loVeq 70 alteration, promising that they and their
children would honor ana pay it: when reflected
toat IL survives to us and makes Virginia what she
is when reflected that she had, through her rep
resentatlves, renewed the promise from year to
year, through her organic law and legislative enact
ment was constrained by the obligation OF my
oatli, ana by every reason that could prompt intel
ilgent and honorable action to return the bin to
sne pody IN which 1t originated, without my appro
val because believed it to be in violation OF the
constitution of the State in violation CoIsti
luton OF the United States in violation OF the spirit
"nich mas ever moved and inspired the traditions
OF the Commonwealth, and made her name so dear
70 nef own citizens and honored among men.
am not willing now TO revoke blot one word of
that utterRnce.
=, The bill failed to become a law for the want OF
the requisite majority over the Governors veto
u Is very 1af from being grateful duty to exer
else this constitutional power 1t would be far
more So to agree with the coordinate department
Oh the government. / have scarcely thought 1t
cessary TO notice the frivolous charge that have
usurped powers which belong to the legislative
VIII OF the people. expressed through the major
ity of the General Assembly. Made by the Consti-
eution the representative OF all the people of the
State, without distinction of party and sworn to
use The veto power to protect its provisions need
nos say una, could hardly be guilty of the base
ness as well as folly Of its surrender 1t is very
true that the Legislature la the proper body to set
Tie Inc debt question l will state it even more
stroneiy 1t Is the only body that can. But it must
pc done within its constitutional limitations: and
NOSE very Limitations provide way in which the
veto may be overcome
mist the exercise of this power Ia not grateful
~ Is not now practicf lily any cause Of regret Had
lhe puis peen approved by the Governor they
Nouid nor have stood the test OF the courts ana
more IMAM ever we would have been at sea rhe
GROUNDS upon which the vetoes were based have
NJ. ouly oeen approved by the highest State eonrt
ut more recently still by the unanimous decjsio,,
save one Justice disssntingl of the Supreme Cart
81 the united States. Our own conrt had said earh
no,iored name and high credit secured tn a Sta+a h
uoIokeh Iatth, even in adversity will anart y,o,
an other considerations be worth more to ba o ~
~ morethan the eomparatvel
y olsHlncant amount Of the interest On y,ortts
M ls p.tolc deot, enjoyed by breach OF contrs
Gta e uecislou OF the supreme Court OF tho
states quotes these as swords full Of r;sdS
a,us Ihe court thus OK pressed a great tn
al lust men appreciate that theirs 10 no
power equal 10 that which ultimataiy
s nsaie when IN all her engagements sIa
t .s unbfoken." Have we reason 10 T.
si1tss me supreme Court has received M
ts ny from The coordinate Departme
ments ~ pioiotsfi'i
l TOW stand tie finances nova
IN me AUDITOR OF Public Account
90 ''''ehehes of their condition.