Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1890-01-17
THE Debt TO THE FRONT.
GOV. MKINNEPS MESSAGE.

the letter from the foreign bond
holders touching the state debt
we're pr scented to the General as
sembly, aud after being read were
referred to the finance committees
of the two houses.
They read as follows:
To the General Assembly:
l have the honor to transmit to
you letter from MIR. John Lub-
book, chairman of the council and
committee of foreign bandholders
in London, bearing date December
23rd, 1889, and addressed to the
Governor of Virginia. The letter
expresses the hope that the gov
ernOr Will take an early Opportunl'
ty to bring to the notice OF the leg
islature the earnest desire of the
bondhOlders to put an end to the
prOtracted contest between them
and the state, and alleges that the
points in divergence upon which
the negotiations in 1887 failed are
not so great as to preclude a hope
that the question at issue may be
adjusted, &c.
The communication expressed
the desire that in order to preclude
the possibility of a similar miscar
riage to that of 1887, before for
NAL negotiations are reOpened, q
preliminary understanding shall
be arrived at as to be the general
principles that should govern such
deliberations. 1t suggests that
accredited representatives OF the
state to carry out and conclude
matters at issue be sent to London,
but il 1t should not be deemed
practicable to meet this suggestion
then the council and committee OIL
the foreign bOndholders would be
prepared to send a commission to
Richmond, Va, with full power to
conclude an equitable compro
mise.
Mr.. Lubbock assures Us, In the
meantime, of sincere desire on
the part of the council and com
mittee to cooperate in bringing
about an early aud equitable ad'
justment, which may afford a per
manent settlement acceptable to
all parties. He says that we may
with perfect confidence rely that
any agreement made by the state
with the council and committee
would be a permanent settlement
so far as the bondhoIders are con-
cerned.
deem it proper to say to the
general assembly that l would be
greatly gratifled if the question OF
The pubic debt of Virginia could
be settled in such a manner as to
satisfy all parties and retire 1t from
the courts, from the legislative
halls and from the politics OF the
state. From my knowledge of the
financial 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 a
more liberal settlement than that
embodied in the settlement 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 pow
er.
l see no good reason why we
should send a 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
of the state will allow;
that bill has been approved repeat
eddy by each political party in thi
state, in its conventions, and rate
fed by the people at the polls.
The annual expenses OF the state
are now larger than
at the time of the passage of that
bill, having been made so by the
annual appropriations to
the lunatic as> lums, rendered
necessary by the distressing iu-
crease of lu lacy; by the increas-
ed criminal expenses, caused by
the adoption of pension law to
afford some little relief to the dis.
abled soldiers and to the widows
Of those who lost their lives in the
late war; by the appropriations to
the Female Normal school at Farm
vile, the COlored Normal school at
Petersburg, the free school in con-
nection with William and Mary
college, and the Soldiers Home
since then; and whilst our annual
have increased our
resources have diminished ma
terially. Tue decision of the Su.
preme court in regard to licenses
required of sample merchants cut
off some $4,000 annually, and the
sum derived from merchants
licenses has largely diminished,
the farming interest having been
depressed Tor several years, CON
diminishing the volume
of business done by the IN rchants
by which their licenses are regu.
lated. We are not, therefore in
as favorable condition now as then
to offer more liberal terms to our
creditors, and if all the bondhold.
ers were to accept its provisions it
would necessitate an increase in
the rate of taxation, unless assess
ments this year show consIdera.
able increase in the value of taxa
BILE property, or unless we find new
subjects of taxation.
would advise Juat we stand by
the RiddIeberger bill and amend.