Remarks of Governor Holliday about the current situation of Virginia

Communicating with the General Assembly, Governor Holliday of Virginia spoke about the dismal financial situation of the Old Dominion. According to The Washington Post he declared “he could find no excuse for the denial of the debt' and that the state was “bound morally and legally to pay this debt.' In response to calls for a constitutional convention to solve remedy the situation, he thought it would be a negative thing to do. His solution to the debt crisis was sacrifice and perseverance.
The importance of the governor's speech was that he advocated more taxation on property and items in Virginia. However, the public, though concerned about their debt, was more concerned about higher taxes. Therefore, when measures like the Moffett Liquor Laws, taxes on tobacco, and others were introduced; public sentiment was not in favor of the Republicans or Democrats. Parties like the Readjusters were able to capitalize on this dissatisfaction and parlay it into political success during the fall elections of 1878 and 1880.