Peninsula enterprise. [volume] (Accomac, Va.) 1881-1965, 1890-01-18
Message from Gov. Mckinney
Abont the State Debt.

OF the English committee of Vir
ginia bondhOlderS. Mr.. Lubbock
after congratulating the Governor
on his election and calling atten
ton to the long-pending question
of the Virginia State debt, OK
presses the hope that the impor
tant subject may he brought to q
satisfactory conclusion under Gov,
McKinney's auspices. rendering
his term notable in the annals OF
the Commonwealth.
"The counciland committee, "the
letter continues, sstruSt that your
excellency will take an early OPP
portunity of bringing under Che
notice Of the State Legislature
theirearnest desire to put an end to
the protracted contest, which has
proved so detrimental to the in
serests OF the people of Virginia as
we'll az TO those of the hondhOll-
erS. The points in divergence on
which the negotiation in 1887
failed are not so great as to pre-
clude, as the council ventures to
hope, the adjustment of the qnes.
tions at issue, especially bearing
IN view the increase in taxable
values and The consequent increase
ofavailable revenue"
Mr.. Lubbock expresses the de-
sire that, in order TO preclude the
possibility of Il similar miscarriage.
to that OF 1887 before formal nego-
tiations are reopened, prelimi
nary understanding shall be ar
rived at us to the general princi-
piles that shall govern such dellber-
alions. He suggests that accredit
ed representatives of the State. to
Carry out and conclude matters ar
issue. he sent to London; but # it
should not he deemed practicable
10 meet this suggestion, then the
council and committee Of tho for
elgn bondholderS would be pre-
pared to send "a commission to
Richmond with full power to con-
clnde an equitable compromise.
Mr.. Lubbock, in conclusion, gives
assurance of the desire of the cred
ito,s to bring about an equitable
adjustment which may afford an
acceptable and permanent settle
men, and says, Virginia may rely
wirh perfect confidence that any
agreement made by the State with
The council aud committee will be 4
permanent settlement so far as the
bondholderS are concerned.
Governor Mckinney in his mes.
sage says: Il deem it proper 20
say to the General Assembly that
| wonld he greatly gratifed if the
question of the public dsbt of Vir
ginia could be settled in such a
manner as to satisfy all parties and
retire it from the courts, from the
Legislative halls and from the poll
ties of the State.
"trom my knowledge Of the f.
nancial 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 Riddleberger bill, and that
any considerable departure from
the provisions ofthat bill would he
-cumtrury JU Inc cxproroUu VIII OIL
the people and lothe pledges made
to them by the party in power"
The Governor sees no reason
why commission should be sent
to London, Virginia having offer
ed the bondholders under the
Riddleberger bill, which has been
approved by both political parties
and ratified by the people. as ill.,
eral terms as the financial condi-
ton of the Stale will allow; refers
TO the increase in the annual ex-
nenSes OIL account of educational
and eleemosynary institutions aud
pensions TO disabled soldiers;
speaks of the material elimination
of resources, and says to offer more
liberal terms would mean an in.
crease in the rate of taxation I'M
less there is an increase in the tax
able values by this years assess
mentS, or new subjects of taxation
can be found.
After advising that the State
stand Ivy the Riddleberger bill and
amendments the Governor con
cludes: .But if the bondholderS
propose different terms not ma
lerially increasing the principal OF
interest, as ascertained by that
bill, it would be we'll to require as
an indispensable condition of con
sidering any such proposition that
it should embrace u bona tide ten
der of so large proportion of the
consol and 10.40 bonds as to guar
antee settlement Of the whole
debt if 1t should he accepted.
The Governors recommends
tions have special force in view OF
the fact that he conferred with the
finance committees of the two
houses, to which the message was
referred before sending it in
BALTIC. Sun.
------------------
The House has passed a joint
resolution approving the senti-
f-Tr-rrs.-c-,-,t.nAaond-- Gov -MnIS.::----77
neY,s communication transmitting