Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1853-12-14
GOVERNORS MESSAGE.

Gentlemen of the Senate and oftAe House
of Delegates.
| welcome the general assembly to this
CITY, and earnestly invoke their co-oPera-
ton in doing everything that may be cal
culated to elevate the character, develope
the resources and promote the interest OF
the commonwealth.
The circumstances that surround us, both
state and national, are peculiarly gratIiing'
Every class of productive industry Is pros
porous, and orr citizens are contented ana
happy For these continued blessings, we
should be grateful to an ever kind Provl-
dence, as becomes The most highly favored
people upon earth. Under such auspices,
/ am pleased to meet you; and IN comph-
ance with an injunction of the constitution
communicate the condition of the common
wealth, and recommend such measures as
in my judgment are calculated to promote
her permanent interest.
The new constitution, which it was the
privilege OF your predecessors to put into
practical operation, may, | think after a
trial of nearly two years, be regarded as
iudiclous s successful experiment. Doubt
less, time and experience will prove that 1t
has imperfections; but if the hopes OF the
most sanguine have not been fully realized,
the fears of the most timid have certainly
been dissipated, and confidence has taken
the place of doubt and distrust. The new
and important feature OF our organic law,
which conferred upon the people the cleo
ton of the judiciary, more particularly eX-
cited the apprehension Of many OF our most
enlightened and patriotic citizens. The
distinguished gentlemen, however, who
have been chosen to compose that branch
of the government, have given ample evl-
deuce of the fidelity with which the people
have performed this new duty and II this
may be regarded as test OF the intelligence
aud fidelity with which the voters OF this
commonwealth are capable of exercising
the elective franchise, all apprehension from
the extensions of this privilege may be dis
missed. am glad to be able, therefore, to
inform you, that though some of its provis-
ions might be improved, and, by Judlclous
legislation, more efficiency given to others,
our constitution has worked well, gwen sat-
isfaction to the people, and bids fair to fulfill
the reasonable expectations OF the public
The last session of the general assembly
was distinguished for the Importance OF Its
measures. The change of our constitution
rendered necessary reorganization OF al
most our entire domestic policy. Much
new legislation was, therefore, necessary,
and MANY of their acts could but be regard
ed rs experiments, to be approved, altered
or repealed, as your wisdom, assisted by the
light of experience, may dictate. Coming
L. fra.
where these measures have been discussed,
and their practical operation has been ieIt'
you are peculiarly qualified to judge OF their
merits, and to remedy the evil, where any
exists. | therefore ask for them your early
attention.
In examining into the finances OF the
State, it is gratifying to find them IN pros
porous condition. 1t is true that conSld-
erable addition to our debt has been made
during the past fiscal year, and that within
the next two or three years the liabilities
incurred under various laws will be still fur
ther increased. But when we reflect that
the constitution requires the Legislature to
set apart fund for the redemption OF the
debt existing on the 1st OF January, 1907,
and provides that no new debt shall be Gre
ated, unless similar fund be created Tor
the pavment of the interest, and the re-
demption of the principal within thirty-four
wears, we may safely infer that the people
will not permit liabilities to be incurred
which cannot be liQuidated by such taxa
ton as they might be willing to bear. The
present rate of tax, with the productive
stocks held by the State, will be found SUI
ficient to meet all her engagements; and
no expedient appropriations will be deemed
.xtrayagant or wasteful, which will be met
bv taxation, against which there is no word
Of murmur. But the truth Is, there IS no
necessity to provide for the payment OF IN
terest on large portion OF the common
wealth's debt. A considerable part OF 1t
Yields an interest equivalent to that to be
1a;d-and the premiums received upon the
loans affected, constitute no small item IN
REDUCING the amount to be raised for inter
est. A considerable portion OF the debt
mas incurred for subscriptions to various
banks-to put them in operation or 10 m
crease their capitals. The Commonwealth
received from the banks, for the money SUD-
scr;bed certificates Of stock at their par val
a.. Upon these certificates she is recelv-
;no dividends more than equal to eight per
cent . for besides the dividends declared
.he receives the bonus exacted for the PRIV
,lege of banking, and tax upon the difi-
dends to stockholders other than the otate'
The value of this stock is much more than
equivalent to the debt incurred. Each share
of stock is considerably above par,and meets
v;tb ready sale in the market, and the
state will be entitled to her proportion OF
the surplus funds of the banks, at the eNPl-
ration of their charters. No debt thus pro-
dmct;ve can be considered burthen to the
ro nmonwealth. Another portion otthe pro-
ductlve stocks yield an interest OF per
cent, enough to pay the interest upon the
debt, and to lay aside per cent ior The Pur-
noses of the sinking fund. ,,.
The aggregate outstanding pubic DEBT on
the 3Oth of September last, the termination
of the fiscal year, was SlS'U4l l'ILo oo'-
The commonwealth now holds large a.
mount of stocks yielding interest Inc par
value Of her productive Investments Is 30
is5i7I 6s. Some of the stocks produce
SIX per cent. Some more, and others less
than six per cent The interest thus pro-
duced may be safely said to represent an
amount of capital equivalent to that Whicn
would yield that amount at SIX per cent
This is fair mode of arriving at the Vaiue
Of these stocks, Estimating them by TINS