Year: 1878

~


TUESDAY MORNING,
rowed this money, and with It furnished
them with the means OF taking the bountI
| full resources OF their rich land to the mar.


kets Of the world? Shall it be said here
after that the representatives OF these coun
| ties have forcibly adjusted the public deb
by impeding the execution OF the contract
made with the creditors, and by refusing
forever to comply with the agreement so
Iemniy made with then.-n contract anG
agreement which have been approved cen,
firmed, and enforced by the Legislature, eX
ecutive an d judicial departments OF our own
government /? Our friends from Lynchburg
to the Tennessee line, representing the
magnificent Southwest, when they come
from their beautiful! homes with the speed
OF the steam-engine to this Capitol, and see
their cattle from thousand hills, and all the
varied mineral and agricultural productions
of their region, unsurpassed in beauty and
fertility, rapidly transported to the grea!
commercial centres, formerly so inaccessi-
BILE to them, surely will say, we will never
forget the benefits conferred upon us by the
expenditure of the money OF those who re-
lied upon our good faith and loaned US the
vast sums which have built our roads.


Richmond has. been sneered at because her
representatives have spoken in tones not to
be misunderstood. She would have been
recreant to every sentiment OF commercial
honor and fair-deaIing if she had been
silent or had taken any other than the manly
stand which she has taken on this debt ques-
tion. Her voice, too, oughtto be most po-
tential when it is recollected how large a
portion OF the revenues of the State come
from her citizens.


honor her clergy, too, because they have
lifted up their eloquent voices, and warned
their people, and denounced the immortality
OF reputation. They would forget the du-
ties Of their holy calling and the teachings
OF their great Master IL they did not use
their influence and exert their abilities to
keep the State from the preparation OF this
great wrong.


There is one other view which desire to
present, but I will be brief, as my.time is
passing rapidly. take it that during the
last canvass many Of us took the same
ground before our constituents. When the
cry came up from all the land that the peo-
pie were oppressed with taxes and that the
State was groaning under load OF debt we
said, II proper measures are adopted and
earnest eXertions are put forth we believe
that we can adjust the debt honorably and
fairly with our creditors. We promised to
make that earnest effort. We professed
to stand upon the platform O. the Conser-
yative party Of the State adopted by
the great convention which assembled
in this city in August last. That plat
form earnestly urged upon the legislative
and executive branches Of the government
the Importance OF using all just and honor
able means OF bringing about an adjustment
of the obligations OF the Commonwealth,
which will bring the payment OF interest
upon our entire Indebtedness within the
resources OF the State derived from the pres
sent rate of taxation, and do equal Justice
to all classes OF our creditors" 1t farther
urged upon the Legislature the Importance
OF cutting down the expenses OF the State
government. This, have no doubt, we all
promised that we would do, to the extent
expressed in the expressive language OF the
gentleman from Amelia, Of "stripping the
State to the skin - in the way OF retrench-
ment. Have we made this effort at konora-
BILE and friendly adjustment, and have we
as vet, above all, done anything towards
cutting down expenses? I am sat-
isfied that, if we will only make
the necessary advances and show the
proper spirit, our creditors will agree to
fair terms Of compromise and adjustment.
feel great confidence from information
which I have received from various sources
that the debt can be adjusted in way OF
friendly compromise, so that in the future
it will bear but four (4) per cent. interest.
hold in my hand now [holding up letter.
a letter received q few days ago by the
Governorsof this State from gentleman in
Europe, enclosing q copy OF letter from
a prominent banker Of the highest position
and great influence in financial and COM
mercial circles, containing the assurance
that many of the foreign holders Of our
bonds would receive in exchange for oui
present six-per-cent. bonds other bonds
bearing four (G per cent, for the sake
of having a final adjustment OF oul
debt. The same assurances have beer
given to various gentlemen here by
prominent and influential bankers an6
capitalists in the northern States. So, too
many OF our own citizens who are bondhold
ers have expressed willingness to do the
same thing. Two years ago distinguished
gentleman who was interesting himself II
the financial condition of Virginia addressed
q letter to the chairman OF our Finance


Committee, which during this session ha


been printed by the order Of this House ant
laid upon our tables, affording evidence o.


the Willingness Of our foreign creditors t
make compromise with us. Yet, sir, W.
saw here we will listen to none OF tbes


things; we will have no consultation 0
friendly conference with our creditor


either at home or abroad; wewill not max


the effort which the platform requires ant
the people demand, but we will settle in th


arbitrary manner indicated by this bill, O


we will do nothing. ..
I ask members from all sections il they ar


willing to forego this opportunity to com
promise and adjust our debt? III we MAKE
a false step now this opportunity will pro
| badly never occur again, and venture tn
prediction that, if this bill becomes law


Virginia will never hereafter be able to OBJ
| tain readjustment OF her debt. For my


self, am anxious to see the debt adjusted
and I will do all that can in honor, accord
| ing to my perceptions of right and wrong
| to secure such a consummation, and m.
constituents will not justify me in doin!


more. Mr. Speaker, in my view, the frs
thing that we should have done, and SHOULD
still do, is to 60 earnestly to work to SCI
| how far we can cut down our expenses, nov
greatly in excess of what they ought to be
| We should at the same time, by care
| full revision OF our revenue laws, se'
whether we cannot materially increas


our revenues without adding any fal
.ther burdens in the way OF taxation


on property. l am sure that grea


change can in this way be produced in ou


condition and in our ability to pay. Whe


we have done this, let US go in a kindly an
fr.nI, snirit to orr creditors, make an homes