The New era. [volume] ([Portsmouth, Va.]) 1845-1847, 1846-12-12
THE GOVERNORS MESSAGE.

dues not eventually prove as strong the little
r,rk" that was hew ed out uf the n,nuniain. and
which will break dnwn all opposition. There is
n clearness iankness. and Garessnsss about it
that d,fies assault, and criticism The writer
has marched directly up 10 the business of the
Slate, which is committed To his charge, and
tells us how it stands. Cavaliers tell us ,ha,
the Governor has hidden motive Cor his recon-
mendations which is pretty well understood in
Richmond" but do no, deign To tell the iynuraut
what is understood there, while others proclaim
such and such recommendations unjust and mex.
pedent. Without troubling ourselves with the
opinions of ihuse learned savans. we shall make
such extracts think Of most Importance
that the people may Judge for themselves of its
merits. and first We will quote that section which
shows our prosperity State.
THE FINANCES
1t affords me great pleasure To Inform Won
that the finances ol State are in a huhly sat.
isfac,ory condition On the first day &c October.
| 1915. The balance in the treasury was SIO6 $50
| 06. On the first day of October of the present
year it was Sl37 ,d33. BY certain laws Of vour
last session. appropriations made from ihe
Treasury. chargeable upon the then accruinr rev.
euue, pnrtiuns Of which estimated To amour, tn
| fiscal year. Regarding this sun, as CHARGE
upon the Treasury and drawn therefrom, there
wond have heen sill left at the period aforesaid
a balance of Si0,433 and this after PROMPTLY
meeting everv demand upon the Treasury and
paving IF S45.676 81 OF the public debt. which
debt was only payable a, the pleasure Of the Leg
iSla,ure. But many Of the charges upon the
Treasury are entirely contingent in their rharac
ter. or such charges many cannot. and none
md hov the ief,c
lnfrm you. that under rate Of taxation annually
decreasing for the last three years after defrayIng
all the charges OF government. and ether perma.
neni appropriations, you will have AT Your com
mand during the present fiscal year an estimated
surplus Of nearly Sl50000.
Z" This prosperous state of our finances would
seem To call for further reduction of our Taxes
Bu, instead of such policy earnestly recon-
mend small increase of them. upon licences, nj
amos. clncks and watches, dividends and upnn
interest. except that pay able upnn our State bonds
- also recommend a r. siOratinn uf the lax ON
money. Money may he regarded as the most
efficient firm of property. Not content " ith or
binary profits, the owners of money generally
h"ld IL for The purposes of usury or speculation
| and | therefore think | may safely assume. that
there is M portion of the property If the Com
m"nwealth that can with much propriety, he
called upon to contribute to the support Of the
State"
His suggestions 10 lay tax on 6. money"
which many have boarded up. instead of invest
Ing II in property, that they nigh, thereby escape
bearing due proportion Of the public burther S,
VIII make many an old gripus vince We
should have liked this section much better if he
had recommended the abolition Of the tax ON the
! printing press, Ia have il so regulated that
something like Justice might be observed in its
collection. and not make all pay alike, no matter
what the income of the establishment may he
as it stands il is an ndirus and oppressive tax.
We proceed now 10 quote his remarks on
THE LITERARY FUND
=" The Literary Fund exhibits the same gene
raj features as were presented by the last Annual
Report. Had the interest upon the loans made to
Emory and Henry. and to Hampden SYDNEY
Medical College been paid. the income would
have amounted to a snm slightly more than iba,
| OF The last year. Although The permanent funds
have received substantially. the usual increase
from fines, forfetures and penalties from sales of
runaway slaves. from escirats and derelict es
tales, from delinquent and forfeited lands, and
from the Bflstoe estate. yet the Repor, will show
The material reduction of S63630-a loss to the
funds resulting from the depreciation of The stock
OF The Bank of Virginia, and now developed nm
der law of your last Session This fund also
sustained heretofore a Ioss of SIS. $50. on u. s
| Bank stock. This fund. since its creation. has
at different perlnds Lust heavily on dividends II
still owns 1857 shares of Bank Stock now worth.
IL is supposed S313.l70 1t Dies seem to me
that this valuable fund, dedicated by your en-
Ilghiened and patriotic predecessors To the intel
lectual Improvement of our fellow citizens should
not be Identified with our monetary system, IL
able To all its LOSSES and without any correspond
ing equivalent. therefore recommend, that the
STATE lake this sl0rk un her Nv u account and nav
| To The Literary Fund perpetual annuity of
SIS.79O, that SUN being an interest Of six per
cent upon The estimated value of the stock afnre-
said or, that The President and Directors of the
Literary Fund he required /" exchange it, as
they can, at par FOR any safe SIX per cent invest
meut.
g The Literary Fund also holds State bonds TO
The amount of S 900 500 So upon hich the
State pays an annual interest of Sol 32S SO
why should this relation of creditor and debtor
between the State and the Literary Fund be-
maintained? Wherein consists its utility The
old IDEA that The SlaIe might refuse to make such
an appropriate Is entitled hui lille considPfa-
lon, and certainly less respect The day is past.
II II ever existed, when Virgin a. unn,ndfuI
Ut her honor and ler duty. would refuse TO nav a
SPECIFIED and ackn"wI edged debt destined loo to
me education Ui her own children therefore
recommend that The bonds in question he snrren.
defed TO The State, To lie cancelled and Ina, the
Legislature pay TO The Literary Fund Tor and ~
consideration thereof. perpetual annuity of Sol,
328 80. The Two suggestions which | have
made in connection with this subject il adop,ed.
will put an end TO frequently recurring and
sometimes announcement enquires--wi to sOme
extent diminish the expenses of managing The
fund, and assuredly contract and simplify lis
accounts"
Is there any demagogaism in the abuve stale
ment We would ask lie wiseacres Of the oppo-
sl'on. II appears that this holy Jnpd has not
escaped the rapaclly o. Banks, bot has suffered a