The times. [volume] (Richmond, Va.) 1890-1903, 1890-01-12
GENERAL ASSEMBLY.
GOV. M'KINNEYS MESSAGE ON
THE DEBT PROPOSITION.

~. submits the Matter 10 Both Branches
s.h,ect 10 their wisdom and Discrimi-
nation-The DOCUMENTS In Inli-Houtin'
Proceedings.
In the General Assembly yesterday
message was received from Governor Nc
Kinney submitting for action the PROPOSE
tion of the council Of foreign bondholdcrs.
The Governors message is as follows
have the honor 10 transmit 20 you
letter from Mr. John Lubbock, chairman oi
the council and committee of the foreign
bondholdcrs in London, bearing uale nc
cember 23d, 1889. and addressed TO the "o'-
ernor Of Virginia. The letter expresses ,l'e
hone that the Governor will take an early
opportunity 10 bring TO the notice ol inc
Legislature the earnest desire OF the bond
holders 10 nut an end 10 the proiracied con-
test between them and the state ana al
leees that the points In divergence, upon
which the negotiations IN 1871 lahed' are
not so great as 20 preclude a hope ihat lhe
question at issue may DE adjusted, etc' e,''
The communication expressed the de-
sire that i'm order 90 preclude the possibility
Of a similar miscarriage 10 that Of 1887, De-
fore formal negotiations are fcOpcned pre-
liminary understanding shall Dee aNOWcd at
as To the general principles that shall govern
such deliberations. IL suggests mat ac-
credited representatives of the state 70
carry ont aud conclude matters at issue hc
sent 10 London, but II IL should not he DEEM
ell practicable to meet this suggestion, then
the council and committee of the foreign
bOndholders would be prepared % SEND .
commission 20 Richmond, Va, Win iull
power 20 conclude an equitable COM
promise.
MFR. Lubbock assures us in the meantime
81 f.ffi .u
and committee To cooperate IN bringing
about an early and equitable adjustment
which may afford a permanent settlement
acceptable to all parties. lie says mat we
NAV with perfect confidence rely that any
agreement made by the state with the
council and committee would be a perlna-
nent settlement so far as the bondholdcrs
are concerned.
deem il proper 70 say TO the General
Assembly that would be greatly gratiiied
il the question Of the public dcbt oil VIZ
rinia could be settled i'm such manner as
10 satisfy all parties. and retire "a from the
courts, from the legislative halls, and from
the politics of the state. From my knoWl-
edge of the financial condition of the people
of Virginia. and the action they have hereto
fore taken upon this subject, 10 is clear %
me that we are not able 10 offer 90 our bond
holders a more liberal settlement than that
embodied i'm the settlement known as the
Riddlebergcr bill and that any considerable
departure from the prov Of that PM
would be- contrary 20 the expressed VIII OF
the people and 10 The pledges made 10 them
by the party in power.
| see no good reason why we should send
commission TO the city Of London TO con.
fer with the bOndhOlders. We have offered
them under the RiddlebCrgCr bill terms as
liberal as the financial condition Of the
State will allow. That bill has been alr
proved repeatedly by each political party in
the state In the conventions and ratified 10y
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
20 by increased annual appropriations 20
the luuatic asylums rendered necessary Dy
the distressing increase of lunacy; by the
increased criminal expenses caused 10y the
unfortunate increase Of crime; bN the adop-
ton OF n pension law TO afford some little re-
lief 10 the disabled soldiers and 20
the widows OF those who lost their lives in
the late war; by the appropriations to the
Female Normal School az farmNille, the
Colored Normal School at Petersburg, the
free school in connection with W lillian and
Mary College, and the Soldiers Home since
>then, and whilst our annual cN-
,)enses have increased. cur resources
have diminished materially. The decision
of the supreme Court in regard 10 licenses
required Of sample merchants, cut OF some
$1,000 annually, and the sum derived nom
merchants licenses has largely diminished,
the farming interest having been depressed
for several years, consequently diminishing
the volume of business done by the mef-
chants. by which their licenses are reguia-
ted. We are not, therefore, in as favorable
"A condition now as then 10 offer more liberal
terms 20 our creditors. and il all the bond
holders were 10 accept its provisions 10
would ncccssitatc an increase IN the rate OF
taxation unless assessments this year show
a considerable increase In the value Of tax
able property, or unless We can ma new
subjects Of taxation.
would advise that we stand by the Rid
dleberger hin and amendments. But if the
bondholders propose different terms not ma
ferially increasing the principal or ntercs;
a. ascertained by that bin. and 10 would be
we'll 10 require as an indispensable condi- /
ton Of considering any sueh proposition
that II should embrace a bona iide tender of
~ large proportion Of the consol and ten /
forty bonds as Ia guarantee settlement Of
the whole debt. il 10 should be accepted.
beg leave 20 submit the letter herewith /
10 the General Assembly ior such action as i
It's wisdom and discretion may dictate.
The message was laid ON the table /
and ordered TO be printed.
Ink (OlNtli = L.
The letter is dated Council Of Foreign I
Roudnolders. L. Noorcate street, london.
y. c., December p, $50, and Is as follows:
sir.--On behalf of the Council 81 Foreign
1ondhoidefs. aud ofthc English Committee
81 Nirginiau Bondholders acting with them.
Ibeg 10 offcr the congratulations Of ihc coun-
en- and committee 10 your fxccllcncy ON
your accession 10 the highest Office in thc
kfate Of Virginia. and IA doing 80. I would
venture 10 bfiug TO your tAcclicncy's notice
the iong-pendiuX question OF the Virginia
state debt. which. no doubt, has nlfcady
been a matter OF your careful and anxious
eorsidemtiOD. and which. trust. under your
kxcellencys auspices, may be thought 10 "a
conclusion satisfactory alike - The State and
1he bondhoidcrs
venture 70 thlnk that this question is one
Of the most important matters which can
anoct the prosperity OF toe stale OF Virginia.
and that a permanent aud satisfactory SET
tlemen; OF II would render your tXccilency's J
term of ONCE notable M The annals Of fhe
Commonwealth
The council and committee trust that your
Fxceiency Will take an early opportunity OF ,
bringing under The notice Of the Stale Itgis-
Safue their earnest desire 10 put am cnd ~
the protracted contest when has proved 30 ,
detrimental Ia the interests Of the people OF
Virginia, ms well a. 10 those OF the bond. I
holders.
The points Ia divergence on which The ne
gdt;a'ion An 49, failed are not 40 great 10 10
preclude. NJ Inc council ventures to hope
the nd1us meni Of the questions "a Issue es- j
p>claiiy bearing In Wow the Increase m tiA- !