Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1853-12-06
GOyERN0N's ANIMAL MEssAGe'
I-E1;IsLATTRE ow VIRGINIA.

es(bR -
TIE LEt:IsLATURE or yIRGISiA.
,,.n of the Senate and Of the Iolse y DsttsateS:
,coms the G,neral Assembly tn this city, and earnestly
aoka hsir co-operulion III doing everything 'hGt hay
10 elevate churac,e develop the resources an
n,onoots the interests Of the commonwealth. no
The cIrcums,a noes that surround US, both State
,;on, are peculiarly gratifying Every class VI pI
;ndustry is prosperous and our cltzens are h
hanny For these continued blessings We snouu ~
fn no m ever kind Providence becomes inc "oes %
a,ored people upon earth. Under such auspices M W ,Is
ed TO meet you and in compliance Win an ,h nomnon
constitution, communicate Inc conu. IN NV udpman,
wealth and recommend such measures % Az ~! 'e
ara calculated 10 promote her Pefnaoen. RI or,
The new constitution which II was ,;u saIion nnv
Immediate predecessors 10 put into Pracucal opss, y
n, ~, rial of nearly years, be regarded as u'
dcions and successful experiment Donoess. ue aau A.
nsri.nce will prove that it mpertsctons ou Tue hopes
oost aauguue have been fully realized The fears
~ he most tmid have certainly been disspated and cor
ence has taken the place Of doubt and dstrust Inc
mon he people the election OF the Judiciary more
lary excited the apprehensons OF many OF our
eued and patriotic citizens The distinguishes bIsnch Of
however who have chosen 10 compose na Gdsi;tv
the government have given ample evidence o, n,v and
with which the people have performed nlI and de
if this may be regarded OF the go rsnnhe
" with which the voters Of this common rom
of exercising the elective franchise am aPPo ar, ola
the extensions OF this privilege may Vi hnmUh some Of liz
provisions might be improved and by
more efficiency given others, our cons'Io" ~, T6I
satisfaction
the reasonable expectations OF the puoc. ,;,;u;shsd
asssIon of the General Assembly was
for the importance OF lis measures Inc e Almost our
situation rendered necessary Reorganization OF aos ha
enlire domestic policy. Nuch new egstatioh "us,
fore necessary and many OF their acts coulu ou DC
eYnerments TO be approved altered or Tepeaea as you
wisdom assisted by tie light Of experience may dictate
Coming as you do, fresh from your constituents
have been discussed ana y ~
their merits, and 10 remedy the eV, "nctc uhy eA -
therefore, ask for them your early attention. ,;,;n
In examining toto finances oil Tie State IL Is siaye
~ find them 6 prosperous condition 1t true, mat
considerable addition debt has been made during e
past fiscal year. aud thas within Tue n @ Se sill further
increased But when reflect hat the
The Legislature BET apart fund icr lne reoehPo VI
debt existing on the ls of January 1857 and PROVIDES
no new debt shall created unless similar fund ee creaeo
for the payment Of interest and the redemption Vi e
principal within thirty years. we may nch
not be quidated such taxation as they might De "s
10 bear The present Of tax, with the
held BY the State will be found snclen! 10 ha
gagements aud expedient appropriations WIN DC
exIrayagant wascfu, which Will be mel oy , ,U,t
against which there is word OF inufmul ou. '1 -,
is there is no NECESSITY au debt con-
siderable part of it yields an interest w
paid-and the premiums received upon ne iOas h ssd
for interest," considerable portion Oh Inc oeot was
for subscriptions various banks-to put them IN
or 10 increase their capitals The commonwealth reeeea
from the banks for the money subscribed. cehcales Oh
stock at their par value Upon these cerhcates sh is re-
ceving dividends more than equal TO eight per cent o oe
sides the dividends declared she receives the bonus
for the privilege OF banking und tax upon the dividends 10
stockholders other than the State The value o TINS sock
is much than equivalent 10 the debt incurred e
share of stock considerably above par and meets win
ready sale In the MARKET and the State Will be entitled 70 er
proportion Of surplus funds OF the banks ai the eXpa
ton of their charters No debt thus productive can DC CON
sidered burhen the commonwealth Another portion
of the productive stocks yields interest OF per cent?
enough pay the interest the debt and TO lay ASIDE
per cent. for the purposes OF the Sinking iund 49,
Tha outstanding Ol
September last the termination of the fiscal year, was
sl604l,775 50. The commonwealth now holds large
amount OF stocks yielding interest The par value OF er
productive investments III g. Some Of the stocks
produce six per cent Some more und others less than
six per cent. The interest thus produced may be
safely said represent amount of capiia equivalent, 10
that which would yield that amount at six per cent rms
is fair mode of arriving a, the value Of these stocks Es
timating them by this Standard their value wouId DC
500 being less than their par value II these proht-
able stocks sold In the Market they would PROBABLY
WELD the amount which they estimated and thus al
ford fund sufficient redeem that amount OF the State
debt But they not sold, and the operations OF the
Sinking fund progress in very short tlme In comparison
with the existence OF Stale the debt for which they issued
will be qudaed and the State will be In possession OF those
socks-probably enhanced in value aordng her 80 much
capital aid In meeting her other liabilities or constituting
fund for future improvements II this amount ,hen be de-
Quoted from the aggregate outstanding debt il would leave
balance of unproducive the Both of September
last, amounting TO So, 920,215 SO.
Desiring however make full exhibit Of our finances,
tina, our may stand unnpeached and unimpeacable
proper hu the amount of actual subscPtlons
appropriations and loans authorized by law and rensnng
10 be paid after Both of September last is 75O39 A5
The much greater part this incurred for suo-
scrpons in the proportion Of hreehhs on the part OF the
State to twofths on the part OF Others 10 DC pad par
The whole amount therefore, cannot be called Tor al once
but only the works progress 1t is estimated that there
will probably be demanded between the goth OF September
1883 and the same period 1885, about Sc 000 leaving
balance be- called for in after years Ii The whole sum-
however, be added, the amount will be Sl7.67l,Ol4 9'
Besides the subscriptions appropriations ane loans actu
sy made the subscriptions authorized be made
panles of whose Organization no information mas been re-
ceiye and of which many perhaps may be organized
amount S29l00s0. But this Ia contingent and not an
actual liability: It may not become real depends
the practicaby of TO be determined by
yet made; upon the formation of companies not now In
existence and upon subscriptions by individuals corpora
ons the books for which have not been and may never re
opened No appropriation is necessary TO meet me interest
upon such debt, and ia not fair to estimate the amount
debt when il is next 10 Impossible that the entire sum
can ever be- made se II is liberal allowance TO compute
the amount that may DO called for oneha OF the SUM
authorized IT. then the remaining half be deducted the
whole debt utter subacng the productive investments as
before will be 49, 054 g. All of this debt ia denomna-
unpruducvr; and though Is 80 now no one doubts
that of the principal works for which was created
will become, completed highly valuable. Many
fifty and per cent and readily sell for those
sums In The markets and the day Is not lar distant when we
confidently expect such bring their par value and
yield dividend equal the an,cipations Of their ends-
If they do the treasury will be relieved from the payment of
the interest of debt the of the dividends and
the sum now levied for interest may Do converted into
fund for the redemption Of the principal And even with
regard those stocks which may be productive in the
form Of dividends, and which have market value 10
gratifying know tina, the works for which the liability
incurred have been The of upprccatng the value Of
lands n the counties through which they pass Of In
ceasng tho populations; developing the resources augment
ing the taxable propery diminishing the expense OF trans
portaon, and Offering lhoroughares 10 peopc-ndding
their comfort and convenience Thus. in another form
ample will be mace to The treasury jus,yng and
proving the wisdom Of the investment II the entire pres.
reproductive debt, with that which may be called for
under existing laws. amounts as stated TO $40 OBJ vs.
it 10 amount by great in comparison with The
of the State The value Of the whole property Of
the people s estimated by the auditor OF public
5000 00 The be raised for the support Of
government including the payment OF The interest upon the
enre debt as required by the constitution, will be about
81 600 00 If whole OF this raised by al
palore upon all property which might be subjected
axon the rate Of necessary 10 produce the amount
would be eas Than hrty cents the hundred dollars
and il be said that large amount OF The property OF the
people has been exempt by law from taxation and if we
Innate that amount third of The WHOLE yet ii the
whole requisite for the annual wants Of the government
raised 10 Ike upon $500 600 of property he
remaining lhds The Of tax will only be fifty cents
$780, small compared with the magnificent results
attained by the debt incurred But the State de-
rives about half Of her from other sources is