Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1848-12-13
GOVERNORS MESSAGE.
IL The General assembly Of Yirginia:

q. GENTLENEN--In my last annual message, IN
formed you that the balance in the Treasury on the
30th Of September lS47, available for the uses OF
the then existing fiscal year, $l27 ia OF, and
that there would be probably in the Treasury on
the first day Of October, 1913, the sum Of l45,OOO
but, as will DO seen from the Treasurer's report,
tho actual balance is only SlO4,25l 81. This APP
parent deficiency, however, does not actually exist
there being in the hands Of the various State agen
cies connected with our internal Improvements a.
bout $50, 900 while the payments from the Iroa-
sury to reads authorized by the last Assembly are
larger than in the year preceding In fact our State
is steadily Improving in population aud wealth, our
revenue having been increased about five per cent
within the past year, not by an increase in tho rate
Of taxation, but by an increase IN the number OF
subjects upon which it has been assessed. here
with communicate table prepared in the First
Auditors Office illustrating this pleasant and a
preeabls fact IN which the number Of almost every
subject of Ia xation, and the amounts collected on
EACH for the three last years will appear In fur
ther illustration of these conclusions, herewith
communicate the First Auditors annual report, TO-
gether with tabular statement OF population, &c;
and also the Treasurer's annual report
This condition Of our revenue, highly gratifying
as il must be to every Virginian, will not enable
us, without some new provisions of law, to meet
the heavy liabilities which have been authorized
by the General Assembly at their two last sessions
The General Assembly, at its session of 1867,
OF which, up 10 the first day of October last, SS49,
453 50 cents was paid. OF the remainder, it is
highly probable that about $26l 600 will not he
quired $744,000 of the loan to the James River
Company is provided for; leaving ST. ,O32,166 Al
of those appropriations for which provision must be
made at an early day. At your last session vari-
Gus acts were passed authorizing liabilities TO the
amount of ST. ,90S, $50. Of this, about $4,000
has been paid and upwards of 100000 will GER
tainly be required. OF the residue, amounting TO
about 81 3OOO 900, it is highly probable nothing will
be called for except the appropriations to the New
Shenandoah Company, and the Alexandria and O.
range Railroad Company Two Improvements OF great
importance to the country through which they pass
and to one Of our principal towns. So that the al
most certain demands upon the Treasury, under
the various laws Of your two last sessions, will
mount to not less than $4,000, 900, exclusive of
. the loan to the James River and Kanawha Compa-
ny of which large sum about ST. 800 ,OOO will be
required in the years lS49 and 1850.
How is this very considerable amount to be oh
tanned The law now directs it to be raised by
loans; but am satisfied that we cannot rely upon
that means alone, punctually To meet our engage
mens. 1t is to be remembered that State bonds, to
the amount of about $500, 600, have been sold i'm
this market during the two years preceding the LIST
day OF October last that the James River and Ka-
nawha, and other companies, now hold for sale,
bonds tn the amount of $228, 900; and that the
James River and Kanawha Company have now
right to demand, and will have at different periods
or before the first day of January, 1919, State
bonds tn the aggregate amount of 1874 900 all of
which will seek mar ket In the face OF this ear
ly demand upon the surplus capital of our citizens
by companies actively engaged in prosecuting their
works, can it be prudent to rely upon loans on
ly to meet our Stale engagements2 To do SO, and
actively press the sale of our State bonds, might
not only impair unsullied credit, but seriously
injure companies we have undertaken to aid
al, Stota hon Ic i LoIl
by own citizens, and nearly all the recent in
vestments therein have been made by them and it
is of great importance to prosperity that this po
Icy should be encouraged, which in no way can be
eftectually done as by keeping the supply short
of the demand thus giving an assurance TO those
who invest in stock, that it will not depreciate
l do not think that safely rely upon loans
for more than 100000 per annum--the Treasury
spare, for the of the next year, about $500,
GOO, and can see no other resource but taxation,
or the sale of Bank stock, when it can be made at
par, for the residue, amounting to about 50 600
Our Bank stocks now in fine credit, and pro-
ducing handsome dividends; and deem it inds-
pensable to the proper support of our State credit
that the Second Auditor should be clothed with the
power of disposing of them, when necessary, to
meet any public eXigency. If the companies in
which the State has embarked, and the works that
she has undertaken her own account, proceed
with the spirit with which they have commenced
I
that will suffice to meet the public engagements up
to the end of the year 1850. And to prevent an
enlargement of this sum, you will have to pass an
act similar to the passed on the 18th of March
1910, entitled can act directing the suspension Of
surveys and subscriptions on the part of the State;
which earnestly recommend
In my former annual communications, present
ed to the General Assembly The importance of d
costing system Of internal Improvements which
should be confined to two great ralroads-the in
dispensable necessity of deierrng all secondary
works until those should be completed-the Ger
tainty when that period arrived of realizing an in
come sufficient rapidly to complete every work il
which private capital would engage-and appeal
cd to the pride, patriotism and wisdom Of your pre-
decessors for the adoption of this policy, but APP
pealed in vain. County roads, sectional schemes
improvements that properly belonged to the past o
the future, found favor with the General Assembly
fhereby absorbing to great extent the resource
OF the State, without contributing essentially to he
improvement, or advancing in but slight degree, i
At all, to the completion of the great works inds
pensable to the attainment of that high destiny t
which she is properly entitled.
1t has long been a cherished object with me- t
extend the Louisa Railroad to the Ohio river, and
as far practicable, in northwesterly direction
When in the Senate pressed this policy, whic
also received the sanction of the General Assembly
The President Of this Company, when ncrnbe
OF the Senate and in his present official character
also actively co-operated in securing the success
this policy shall ever regret, as great publ
calamity, that this gentleman and the private stock
holders of this Company should have changed thei
views, and against the opinion of the Board of Put
lie Works, should have turned their road in di
ferent direction under the authority of an act whc
it is positively certain, would never have been pass
ed, had the construction that put upon it, bee
anticipated.
AT your las, session an act was passed, providin
for the extension Of this road on the route original