Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-11-28

of Delegates" said Mr.. Massey. II be
came satisfied that the debt, as ther
claimed, was more than Virginia, in Jus
tice. ought TO pay, or than she was able
90 pay. with her resources, at that period
The debt at the beginning Of the wal
was fraction over $30,0O0,OOO. One third
or about one third of the territory OF
Virginia was torn away from her and con-
stituted into West Virginia. After the
war there was a Legislature, provisional
In its character, which calculated the
interest that had accrued upon the public
debt during the war, and capitalized II.
when Virginia was allowed to as
sumo her position in the government
after the period Of her military control
as Military District No. /, the interest
on the debt. on both the interest, which
had been capitalized, and on the original
debt, was again made a part of the debt
OF Virginia, or capitalized, bringing the
debt up 10 about $f7.00OOOO.
I'm 1871 q bill was passed known as tba
Funding BILL" authorizing the fund
Ing OF the debt into new bonds, with con-
pons attached, receivable for taxes. In
that bill authority was given to the credi-
tors Of the State TO change the common
bonds for registered bonds. or registered
for coupon. About 100000 of bonds
were prepared, bearing interest for
thirty-four years, so that the interest
on these bonds or the coupons attached
TO them, aggregated more than double
the amount, or about double the amount.
OF the bonds themselves.
THE TROUBLE WITH COUPONS.
These bonds could not be used until
they were signed by the Treasurer and
counterslgned by the Auditor. The con-
pons attached TO them, however, were
perfect and complete; they did not need
the dotting of an 1 or the crossing of a
to make them passable. At the end of
six months the coupons on all of these
bonds matured
Il saw that there was danger of cou-
pons being used from bonds that had
not been properly issued, and of their
being counterfeited, and introduced a
bill TO protect the State from counter
felt and surrepttiously obtained cou-
pons. While that bill passed the House.
OF which ] was member, it failed in
the Senate.
For several sessions I sought 10 ac-
complish the object which 1 first aimed
to carry out. but found the majority was
always against me- AT the close Of
the session of 1S7S-'79, ! determined that
would not go TO the Legislature again
In the minority; that ! would either
demonstrate to the people of the Com
monwealth the Importance Of carving
the State in conformity with the posi-
tion maintained. or be defeated for the
Senate.
"To carry out this purpose, I can
vassed the entire State l went to every
.4k L. a
while ] was almost solitary and alone
in the fight, / secured a majority of the
Legislature in favor of the measures |
was advocating. In doing this. how
ever. and trying to save the State. was
defeated for the Senate, but was elected
Auditor OF Public Accounts by the Legis-
lature.
AS STATE AUDITOR.
81 found the finances OF the State in a
deplorable condition." Mr.. Massey con-
tinued. There were then $6S,O00 out
standing warrants. The eleemosynary In
situations OF the State had been run on
credit until their credit was exhausted.
anc the State Treasury was practically
empty. The Legislature that had then
assembled, finding the condition of the
Treasury, passed a resolution authoriz-
ing me 10 borrow 10000 to pay of the
aTrearages.
"ln addition to these arrearages that
were then due 10 these institutions and |
for these outstanding warrants, about |
s. $4,000 Of the pMblic-school fund had |
been used for other purposes than for |
II prepared a statement setting forth |
the amount OF revenue that was then 10 |
be collected. the amount that would be |
necessary TO defray the current expenses |
os the State. the amount 1 could rea- |
sonably expect to be paid In coupons |
(which were receivable IN payment OF |
taxes during all OF my term Of service /
as Auditor OF Public Accounts), and the |
amount that would likely be received In
currency.
"Being satisfied that II i obtained the
100000 could pay II back from the reve-
Dues Of the State / carried that state
ment TO Judge W. w. Crump. who was
one OF the directors Of the bank from
which i hoped 10 borrow. After he exam
ined II and became satisfied that II was
o fair statement, and one upon which l |
could rely 70 meet the payment OF the
money, n could secure It. then pre-
scented II TO Colonel w. W. Gordon for |
examination. lie concurred In the opinion
ol Judge crump. l then took Il 10 the
FlantefS National Bank and secured n !
promise ~ the loan which wansed 10
- nacs IA four instruments OF $4,000
e%sn. 10 that ] would not be paying in
s'sest On 9 iarSe sum when would not