Year: 1878

to postpone one-third Of the interest
on the debt for ten years. The ac-
tlon OF the conference was transmit
ted to the General Assembly with


the earnest recommendation that it


should be carried into effect By ap-


propriate legislation. But that re-


commendation faiIed, unfortunate


ly, and the debt agitation has since


gone on with increasing injury I'd the


State.


It can hardly be doubted that the


State could obtain from the creditors


now the same concessions which


We're rendered in 1874, if the same


necessity existed to Justify them.


But that necessity has passed away.


The condition of the State has Inn


proved, is improving, and will con-


unue to improve; and i have for
borne TO recommend an increase of


taxation simply because the present


revenue laws, with due correction Of


defective details, will suffice hence


forth TO meet all the obligations Of
the State.


Moreover, readjustment which


is feasible and honorable, and which


is far better than any heretofore pro-


posed, can now be had. So soon as
the State shall proceed to pay, as IL


can, full current interest on the debt;


so soon as its ability and its will to


continue such full payment shall be


made evident to the financial world,


/ have assurances that then a loan


may be negotiated at four per cent,


and in sum sufficient for retiring


the whole of the debt. BY taking


this direct road to readjustment, the


burthen of the debt win be dimin-


ished one-third i'm a way consistent


with the traditional reputation Of


Virginia.


But any readjustment between the
debtor and creditor conforms to the
standard of financial honor which is
assented to or acquiesced in VOlun-
tarily by both thecontracting parties.
1t would be as unwise as unjust for
either party to seek concessions I'm
any other than spirit of cOncilia-
tion or without an equal regard for
the rights of both. Any attempt at
readjustment by the employment of
coercion or menace would defeat it's
elf; but if either party TO a contract
could succeed by such agencies In
wrestling from The other the surren-
der or abatement of any pre-existing
right or security he would be taking
the goods of another against his viii
by putting him in fear.


/ will not cOuntenance the suppo-
sition that any one could favor a re
adjustment intended to operate ex-
clusively upon the second class or
non-tax receivable debt, so as 10 re-
duce either principal or interest
thereof. Such readjustment would
direct itself to less than one-third Of
the debt and to the weakest class Of
the creditors, consisting largely Of
widows and orphans in our midst.
Such a readjustment would illustrate
counter with the strong and tram
piles on the weak. Instead Of SO in
defensible policy, every cOnsidera-
tion of justice and self-respeCt de-
mands that we place this weaker
class Of creditors upon the footing Of
those who are the most favored.


The broadest and highest cOnside-
rations only must rule this whole
question.


The credit of the State and the
credit of the citizen are parts of one
whole, and neither can long exist
without the other. The government
is but the reflex of the people. The
character Of the State Is but an ag-
gregatiOn Of their individual charac-
tiers. The success of all good and
great enterprises for the development
and enrichment of the community
in a greater or less degree,
upon credit, and ultimately upon
public credit. No State has ever
broken its faith except at the cost of
capital, prOstrating enter
prise, impoverishing its people and
drying up the sources of IT'S revenue.
The preservation Of a healthy senti-
ment of State pride and honor Is the
bulwark Of free institutions. IL Is
the cheapest defence Of order, the
surest means of staying vice and
crime, and Of giving purity and pros
perity to the people and the govern
ment. The loss of that sentiment
brings with ii the saddest of all ca
lamities for State--the decay of its
men. But now that our future f.
nancial character Is to be formed and
before the eyes of the
world, il is upon higher level than
that of any merely domestic interest
that Virginia must stand. It Is true
that the principal of the debt was
borrowed and received in gold, or
its equivalent, and that ID was eX-
pended I'm improvements which to-
day confer benefits commensurate
with their cost. IL is true that II the
means thus borrowed had been un-
wisely spent or wickedly squan-
1ered, no complaint would be at the
door of the creditor, nor would the
obligation of the State be less on that
account. But no matter what the
origin, or consideration, or history
Of the debt, no matter who its pres
ent holders, 1t Is enough for us to
know that Virginia, as now consti-
tuted, gave her bonds and plighted
her honor for its payment. Nomat-
ter how onerous the obligation, yet
Justice, duty, right and faith demand
its fulfilment. We will pay the
debt because it isright, as we'll as be-
cause the reputation Of the least
part Of it would blight the historic
virtue of the peopleandt the inherited
glory of the Commonwealth.


i close my official labOrs In this
with the noble words
which John 9. Calhoun uttered for
South Carolina, and / adapt and ap-
lly them, expecting the approving
'esponse which they cannot fail to
81 pledge myI'elf that
ny State will pay every dollar she
yves, should it take the last cent,
requiring whether II was
,pent wisely or not. Should / i'm
his by possibility be mhgtaken-
should she tarnish her unsullied
lonor and bring discredit on our
common country by refusing 70 re-
leem her plighted faith, which
lold to be impossible-deep as my
levotion to her, and mother as she
s to me, would disown her.


How women Play whist.


u..,., tIo "a Tnuau EarvunI