The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-12-08

State debt was actively begun, and legisia-
ton entered upon looking TO ITS settlement.
At the session OF 1S77-'1S the General As
sembly passed bill having that object in
view, which was returned without the ap-
nroyal OF the Governor, with an assign
ment of his reasons. This was called the
- Barbour Bill" and was one OF force upon
the creditors.
THE FOwLER-BOcOCK BILL.
Toward the conclusion OF the same ses-
sion. another bill was passed without this
objectionable feature, and contained
scheme OF settlement. in the nature OF a
proposition. and 4 submission to the credi-
| tors for their acceptance or rejection. This
regarded rs the only proper mode In
which a fair, honorable, and satisfactory
settlement could be reached, and had so
stated i'm response TO a Resolution OF the
Senate. No question had then or has since
been raised as to 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 constitu-
tional authorities, and had been invested in
values which survive to this day, and are
now enjoyed by her citizens, increasing
their wealth and comfort, and the power OF
the Commonwealth. beyond computation.
| I felt that then, for the first time during
the session, the proper course was pursued,
and approved the bill, looking upon 1t as
proposition to the creditors and the basis
| for further negotiations. This was called
the "FowIer-B ocock Bill"
As soon aS the General Assembly adj
journed. proclamation was issued accord
| ING TO the terms Of the bill. and ! entered
| into correspondence with the creditors or
their Representatives, III this and foreign
countries, which resulted in responses
from them and propositions, which | sui
mittcd in my annual message OF December,
| 1913.
THE M'CULLOCH BILL.
The General Assembly had already adopt
ed the most rigid and severe measures Of
economy and reform, and had reduced the
expenses, as il supposed, TO a minimum.
II now went to work with the greatest en-
erpv. and, after much conference and de-
! liberation. adopted what is called the 1910.
or "NcCuloch BILL" by large maiorities OF
both houses. 1t seemed that our troubles
were about TO end, and the debt question
TO be finally taken from the field OF politics,
/ in which il had 10 business, and into which
il ought never TO have been dragged. 1t
met with widespread approval, and was
generally regarded within, and universally,
aS far ~ know. without our own borders.
rs a reasonable, honorable, and fair diSpo-
>ition OF the troublesome issue.
Apitation however. WAS ut once begun
bv lis enemies in the State, and ut the next
election they were successful ut the polls.
Notwithstanding the assaults made upon
If, i'm few months the sum Of IS, ISL ,9Sl.Sl,
nearly one-third OF the debt, was funded
under its provisions. OF course, the agi-
tation and its result stopped any further
proceedings.
Its defeat ] regard rs very serious ca
lamity. | showed, in my last annual mes
sage. how complete was, and would have
been it, success in restoring Virginia once
more to quiet and prosperity. From the
tables then given, it was manifest that, had
il not been inteifered with, its working
would have lifted us, under the present
rate of taxation, entirely ont of embaTass-
ment, and. after paving all interest, the
costs OF the Public Schools and the ex-
pcDscs OF government, would have left in
the treasury more than three hundred
thousand dollars.
The bill remains still upon the statute
book, but of course imperative by reason
of the action OF the General Assembly.
THE RIDDLEBERGER BILL.
The State debt was again taken up at it,
session Of 1S79-'SO, and the opponents Of
the " McCuloch Bill" having majority
OF it, members. adopted what they styled
- Bill TO RecstabIiSh the Public Credit"
commonly called the " Riddlebergcr Bill, y
repeating therein former laws for the set
Element of the debt. This bill, by 4 stroke
of the pen, "eliminates," to Use its own
gentle phrase. more than one-thrd OF the
hitherto ascertained debt, admitted and re-
ported bv every fiscal officer OF the Gov
crnment, and approved by every General
Assembly that has convened since the debt
was contracted; il eliminate" one-hall
Of the promised interest upon the residue
indeed, proposing and pledging itself TO
nav no certain amount Of interest, but only
such sum as NAV be i'm the treasury after
future General Assemblies have disposed OF
what may seem to them pr0per-in IT. own
language, "that may not otherwis he ap-
propriated -: il then eliminates nearly,
il not quite, all that may be LETT, by sub
jecting il to the State, city, and county
taxes.
WHY he VETOED 1T.
When reflected that this treatment wa,
inflicted upon 4 debt for every dollar OF
which consideration had been received ;
when reflected that that consideration had
been invested by our fathers, rs pure and
knightly men us ever lived, in elevating
and making strong Commonwealth which
they loved TO alteration, promising that
they and their children would honour and
nav il: when | reflected that ii survives ia
us and makes Virginia what she Is; when
| reflected that she had, through her repre-
sentatiyes. renewed the promise from year
, TO wear, through her organic law and lcgi>-
latiye enactment; was constrained by the
obligation OF my oath, and by every reason
that could prompt intelligent and honora-
bic action. TO return the bill TO the body in
, which it originated, without my approval
! =. because believed ii 10 be in violation OF
the Constitution OF the State, in violation
Of the Constitution OF the United States, IN
violation of the spirit which has ever moved
and inspired the traditions OF the Common
wealth. and made her name so dear 10 hel
own citizens and so honoured among
, men," / am not willing now 10 revoke OF
blot one word of that utterance.
The bill failed to become a law for the
want OF the requisite majority over the
Governors veto.
II is very far from being q grateful duty
to exercise this constitutional power. II
p would be far more 30 TO agree with the CO.
ordinate department Of thu Government.
have scarcely thought it necessary to notice
. the frivolous charge that l have usurped
powers which belong to the Legislative
branch OF the Government, and have
thwarted the will of the people. a cx
pressed through the majority OF the Gene
raj Assembly. Made by the Constitution
the representative Of all the people Of thu
; State, without distinction Of party, ant
sworn to use the veto power to protect IT.
provisions, | need not say that / coulC