Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1853-12-10
GOVERNORS MESSAGE.
Genttemen Of the Senate

teHestsof the commonwealth.
The circumstances that surround US, ooth stale
and nationa are peculiarly gratifying Every
cas- Of productive industry IS prosperous ana our
citizens are contented and happy. For these co'-
tiuusd blessings, we should be grateful TO an ever
kind Providence, as becomes the most highly IaVof-
ed people upon earth. Under such auspices, am
pleased 10 meet you; aud in compliance WIN an
INJUNCTION of the constitution, communicate tue
condition Of the commonwealth, and Recommend
such measures as in my judgment are caiculuteu
10 promote her permanent interest,". - q.
'i'h. new constitution, which 1t was Inc privilege
nf your immediate predecessors to put into pTactcal
operation, may, think after u;al .ot nearly
two years be regarded as iudicous anu successiul
experiment. Doubtless, tune and experience VIII
nTnye that it has imperfeciions; but If the hops
If the most sanguine have not been tully Iealzeu'
The fears Of the most timid have certainly oeen aSS
pated and confidence has taken the place oil uouot
and diStrust. The new nndlmpoItahl leatuIe OF out
oryanic law, which conferred upon the people Tue
election of the judiciary; particularly exclt-
ed the npprehensions OF many oil our most enllght!
ened and patriotic citizens. The distinguished
gentlemen, however, who have been CHOSEN 10
compose that branch Of the government, have CIV
q en- ample evidence of the fidelity with winch Inc
people have performed this new duty; and II TINS
may be regarded as a test OF the int liSenee and
fidelity with which the voters Of this common
wealth are capable of exercising the elective nan
j chse nlI apprehenSions from the extensions oil
This n iyileg. may be dismissed. am glad to be
able, therefore, TO inform you, That lhouSn some
Of its provisions might be improved, and ny luCl-
cous legislation, more efficiency given to Others
our constitution has worked well, gwen sa'lsIac-
tiun 10 the people, and bids lair TO ulhl the reason
able expectations Of the public,
The last session of the general assembly was
distinguished for the Importance oil lis meaSnr $.
The change Of our constitution rendered necessary
n reorganization of almost our entire domestic
policy. Much new legislation was, Therefore,
necessary and many of their acts could but be re-
,gaTded ns experiments, 10 be approved, altered OF
Tepealed as your wisdom, assisted by the light oil
experience, may dictate. Coming, as you uo' iEeSh
from your constituents, where these measures have
been discussed, and their practical operation mas
been felt, you are peculiarly Qualified to judge oil
their merits, and to remedy The evil, where any
exists 4, therefore, ask fer them your early at
tenton. -r....f.-l.t.
. In examining into the finances OF the state, it is
gratifying to find them in prosperous condition.
Il IS true that conSide. able addition TO our debt
has been made during the past fiscal year. anu that
within tie nextIwo three years the la bhtleS M
CURED under various laws will be still iuTther IN
creased But when we refect that the conStitu-
ton requires the leg Stature to set npart lnnu Ior
the REDEMPTION of The debt existing on The lSt
January, 1852, and provides that no new debt
shall be created, unless similar fund be created
for the payment of the interest and redemption OF
the principal within thirty four years. we may
safely liner that the people will not Permit laDlll-
ties 10 be incurred which cannot be llquidateu oy
such taxation as they might be Wiling 10 oeat.-
held by the state, will be found sufficient TO meet
all her engagements, and no expedlent apPtopna.-
tIonS will be deemed eXtTaYagant or waSIeIul,wnlCh
will he met by taxation, against which there IS no
word of muunur. But the truth IS, mere Is no
necessity to provide for the payment OF interest ot
a large portion of the commemorative debt. a
considerable part Of it yieldSnn interest equiVa-
lent to that 10 be paid and the premiums re,
ceived upon Ihe loaGs effected, constitute no smSll
item in reducing the amount to be missed ior inter-
cot a eid.FnblA nnFtiOn OF the Debt was III
Cured Tor subscriptions 10 various 6anks-to put
them 10 operation, or to increase their capilalS.-
The commonwealth received from the banks Tor
the money subscribed, certificates oil STOCK At
their par value. Upon these certificates she is re-
ceiyIng dividends more than equal TO eight per
cent; for besides the dividends declared, she re-
reiyes the bonas exncted for The prVileg oil bank
Ing and tax upon TIE dividends 10 stockholders
other than the state The value OF this stock is
much more than equivalent 10 the debt incurred.
Each share Of stock IS considerably above par,
and meets with ready sale IN the market, ana
the state will be emitted TO her proportion
of the surplus funds of the banks at the ex-
uiration OF their charters. No debt thus prouuc-
iiy. can be considered burthen to the common
wealth. Another portion of the productive stocks
Yields an interest Of per cent? enong 10 pay the
interest upon the debt and TO lay aside per cent
for the purposes of the Sinking fund.
The aggregate outstanding public debt on the
3Oth OF september last the termination OF tue
fl cal year, was SIS,04I,TT5 so! The common
wealth now holds large amount Of stocks yield
ing interest. The par yalu: OF her productive IN
yestmenIs is So, 256,1I 90. Some oil the stocks
nrntIuce SIX per cent1-Some more, and others less
tIar, sir per cent The interest thus produced
INV he safely said TO represent an amount oil capl-
taI equivalent 10 that which would yield that
amount al SIX per cent. This is lalr mode oil ar
rIying at the value OF these stocks. Estimating
them by this standard, their value would be 49,
12l 500 being less than thrir par value. If these
prn6tabe stocks were sold i'll the market. they
would probably yield the amount at winch they are
estimated; and thus afford fund sufficient to re-
deem that amount Of the state debt- Buff they
nTt; not sold, and the operations Of the Sinking
fund pTogTeSs, in very shoIt time, in Comparison
with The existence Of state, the debt for which
they ssuel will be liquidated, and the state VIII
be in possession Of those subsequently, entanc-
ed in value, alfording her so much capital to aid
in injecting her other liabilities constituting
fund for her future Improvements. III this amount,
then be deducted from the aggregate outstanding
d-bt II would leave a balance OF unproduchve
stocks on the 3Oth September last amounting to
SgS2O,2I5 so. .s.,
, -D.slring, however, to make full exhibit OF our
hnanc.s, that our credit may stand unimpeached
and unimpeachable, it is proper. to stat that the
amount Of actual subscriptions, appropriations and
loans authorized by law and remaining TO be paid
alter Tie. 3Ot September last, is 81, T50,739 TO-
II e much GIT alter part Of Ihis amount was incur
I'd tor subscriptions, in the proportion of three
GIths on tile part of the state TO two-fflhs on the
part of Othes, TO be pal1 pun PaSSu Win inc pay
tnent ,f individuals and co porations. The whole
amount, therefore. cannot be called for at once,
but only as The works progress. # Is estimated
That there will probably be demanded, between
the sOtL September 1888, aud the same period i'll
1896, about Sc, 500, ooO leaving the balance 10 be
c,I.ed GJr. after years. II the whole sum, how
ever, he added the amoUt will be st1,6T1, OLA IS.
Besides the subscriptions, appropriations and
Ioans actually made, the subscriptions authorized
10 be made to companies of whose organization no
Inflammation has been received, and of which many
perhaps may never be organized, amount to 2,9lO,-
ESQ. But this is a contingent and not actual liza
bIity: il may OF may not become realj it depends
mon the rTaclacllcabilIty Of routes to he deter
mined by surveys not yet made; upon the lorna
non Of companies not now in existence, and up
ON subscriptions by individuals or corporations, the
lie far which have not been and may never be
- = No AUGMENTATION is necrsSarY in meet the