Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1890-01-17

the general principles that should govern
such deliberations. 1t suggests that accredit-
ed representatives of the State to carry. out
and conclude matters at issue be sent to Lon
don, but if it should not be deemed practicable
to meet this suggestion, then the Council and
Committee of the Foreign BondhOlders would
! be prepared to send a commission to Rich
mond, Va, with full power to conclude an
| equitable compromise.
| MI. Lubbock assures us, in the meantime,
OF a sincere desire on the part of the Council
and Committee to cooperate in bringing
about an early and equitable adjustment,
which may afford a permanent settlement
acceptable to all parties. He says that we
may with perfect confidence rely that any
| agreement made by the State with the Coun-
| Gil and Committee would be permanent
settlement so far as the bondholders are
concerned.
| 1 deem it proper to say to the General AS
sembly that would be greatly gratified if
| the question of the public debt Of Virginia
could be settled in such manner as to satisfy
all parties and retire it from the courts, from
the legislative halls and from the politics of
| the State. From my knowledge of the finan-
| cial condition of the people of Virginia and
the action they have heretofore taken upon
| this subject, it is clear to me that we are not
| able to offer to our bondholders more liberal
| settlement than that embodied in the settle
ment known as the RiddIeberger bill, and
that any considerable departure from the
provisions of that bill would be contrary to the
| expressed will of the people and to the pledges
made to them by the party in power.
see no good reason why we should send
commission to the city of London to confer
with the bondholders. We have offered them
under the Riddleberger bill terms as liberal
as the financial condition of the State will
allow; that bill has been approved repeated
| ly by each political party in the State, in its
| conventions, and ratified by the people at the
polls.
| The annual expenses of the State govern
ment are now larger than at the time of the
passage of that bill, having been made SO by
the increased annual appropriations to the
| lunatlc aSylumS, rendered necessary by the
distressing increase of lunacy; by the increas-
nate increase of crime; by the adoption of
pension law to afford some little relief to the
disabled soldiers and to the widows of those
| who lost their lives in the late war; by the
appropriations to the Female Normal School
at Farmville, the COlOred Normal School at
| Petersburg, the free school in connection with
| William and Mary College, and the Soldiers
! Home since then; and whilst our annual eX-
penses have increased our resources have
diminished materially. The decision Of the
Supreme Court in regard to licenses required
of sample merchants cut off some $4,000 an
nually, and the sum derived from merchants
licenses has largely diminished, the farming
interest having been depressed for several
years, consequently diminishing the volume
of business done by the merchants by which
their licenses are regulated. We are not,
therefore, in as favorable condition now as
then to offer more liberal terms to our credi-
tors, and if all the bondholders were to accept
its provisions it would necessitate an increase
in the rate of taxation, unless assessments
this year show considerable increase in the
value of taxable property, OF unless we find
new subjects of taxation.
l would advise that we stand by the Riddle
berger bill and amendments. But if the bond
holders propose different terms not material