Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1853-12-15
GOVERNORS ANNUAL MESSAGE.
TO THE IEaIsEkTURE OF VIRGINIA
GealIene. ellls So n

"a efihe Hoass Of BeIs.ufsss
q welcome The (;eneral Assembly to his ei,v and
eafnektly ~ eff her to-0I Grafton ii doibe ererx
thing that may beeilnnlased to elevate ne ehhrac
ter develop the resources and proote the interests
OF iha commonwealth
The Circumstances that surround rs, both state
and Iatioaai are peculiarly gratifying E{erv class
Of productive Industry PROSPEROUS and our citizens
are cbnten,rd ard ha2pr. For these continued bless
inqs ne should he grateful 10 an ever kind Prori-
dence, as becomes III most Highly favored people
upon sflle Garth Under s8eh auspices am peaseas
10 met YOU and ID compliance with an Injunction
Of Differentiation the condition az the
Commonwealth and recommend such measures as in
ny. judgment are saleulaied 2 promote hfr petma-
! nent interest
Thl;new constitution, which It vas thelprivileec
Of yopr imrned % put intolpractical
operation s,ar VI Il ar 4 tfssl Of nearlyAtssc
years, he REGARDED ~ judicioas and successful ex-
pertinent Doubtless time and experience VIII prove
That il has imperet9ns hnt ifthe hopes Of the most
sangiine haYe not been fllY realized the fars ofhe
most tnid have certainly been dissipated and con-
heence hds taken thelplace Of dopbt and dlsrust;-
/ The new ard important feature of our Organic law,
which conferred upon the people the election Of the
Judiciary, more particularly eiciied the apprehen
sons ot mahy Of our most emil shiengd andlpatriotic
ctizeps The distinguished gettlemen, however, who
have been chosen to compose tat branch ot the gov
ernment haKe given ample evidence Of the fidelity
with which the people have performed this hew daty;
ana y TINS may be regarded test OF tile intelli-
gence and fRety with which The voters ofthis COM
monYealih are capable of exercising tht elective
franchise all apprehension fa the extensions oft this
priyillge may lie dismissed. am glad I'd lie able
therefore to inform you that though bf its pro
visions might be improved and. BY jndicihns leeis-
Aio1. more efficiency given to others, ourteonsti,u-
Hon has worked we'll given satisfaction toll thepeo-
pie and bids tr to felfll lie reasonable xecations
OF the public
The last session oftle General Assembly was dis
tingulshed for the Importance Of its measures The
Change Of our constitution rendered necessary re-
organization Of almost entire domestic boldly
Auehlnew legislation was therefore necessary, and
many Of their acts could but lie regarded as expert
mentS TO be approved altered or repealeds MS your
wisdom assisted BY The light Of experiencea maF die
tate. Coming, you do, fresh from ourlcpnstitu-
cnts where these measures have been discussed and
their practical operation has been fel youare pecu-
arN qualified to Judge ~ their merits ana toirem-
edy the evil where any exists. J. therefore,, ask for
them your early attention.
In examihng into the finances Of the Slate, il is
gratifying 70 find then in prosperous coadition--
II il true that 4 considerable addition to our debt
has been made during the past fiscal year Ind that
within the next two orthree years the liabilities in
eurref under various laws will lie still further in
creased Batwhen we reflect that the constitution
requires the legislature to set apart fund fol the
redemption 81 the debt existing on the LIST of Janua-
~, 1852. and provides that paw debt shall BE GRE
ated, unless similar fund be created fdrthe pay
ment of The interest and the redemption off the prn-
cpal within tIirtv-ohr wears We may safely infer
that The people VIII to-. permit liabilities to he in
CURED which cantot be qri9ased by s,tci taxation
as they might be wiling bear The pgesant rate
Of tax, with the productive stocks held 81 lhe State
will he found sufficient 10 meet all her engageraents
ando expedient appropriations viii be deemed ex-
trayagant OF wasetul which will lie met I'm tasaton,
against which there is nowerd Of n1urnnr. Hut the
truihls there Is necessity 10 provide fol- the pay
mentsof interest on alarge portion of the5eognmon-
weaths debt "A considerable part Of it Yields an
interest equivalent to that TO ID pad-anll the pre-
muuis received unou tie losns Effected constitute no
smat rem III reducing nc amount ftfser Ior
interest considerable portion Of the debt whs in
CURED for subscriptions to the various banks-to
put them in operation to increase theft capitals
The commonwealth received from the banks for the
money subscribed certificates Of stock t4heir par
value Upon these certificates she Is receiving divi
dends than equal TO eight per cent? for besides
the dividends declared she receives the bohus exact
ed for the privilege Of banking and UPON the div
ideDds to stockholders other than tie Statd Thcyal-
Of this stock is much than equivalent TO the
debt Incurred Each share ofstocks Is considerably
,above par, and meets with ready sale in the mar
iket and the State win be entitled her PROPORTION
Of the surplus funds Y the banks 1T the expiration of
their charters NJ debt thus productive cn TIE con
sidefcd burihen to THE commonwealth Another
portion OF the productive stocks yields an snferest of
per cent, enough I'd pas the interest npoh the debt
and 10 lay aside per cent; ct the purTbse of the
Smiling Fund
The aggregate Outstanding putliedebt da Tie gotta
ofStp.enher last fhe termination of the fiscal year.
was S1sO4l5T5 80 The commonwealth NOW, holds
large amount Of stacks welding interest The par
value Of her Fpduc tive investments is SsR56 I'll Co.
some Of the STOCKS produce sx per eng komemore
and Others less than six per cent Te Interest thus
produced may he safely said 70 repT&sen; @n amount
of dapia equivalent to that which Would Yield that
amEint ut six per cent. This is fair mode 81 arri-
wing at these stocks Estimating them by8this stand
ard their vlae woali he S. l2l.50o being less than
their par value If these profitable stQcks werr sold
in kke market they would probably yield the amount
at which they are estimated, and thus afbrd q fund
sufficient 10 redeem that amount Of the State debt
Butf they are not sold, and tile operations Of the
snlng fund progress, in very short tilpe, ircom-
parison with the existence Of State tile debt for
wbih they issued will be Iguidated, ana the State
VIII be in possession Of those stocks-pFohably
haJed in Faiue, aioFding her much capital 10 aid
in, meeting her own liabilities constituting fund
for future improvements If this amount then be
delAlctcd from the aggregate outstanding debt, il
wo4d leave balance Of unproduetlTe stpcks on the
3otA September last amounting to S9,920,2T5 50.
Desiring, however, to make fill exhibit Of our
finances that our credit NAV stand uniIuieaclied and
untnPeachabe, il isproper 10 state that the amount
Of Scual Subscriptions appropriations and loans
theFized BY law and remaining 10 be paid after the
30th Of september last is 81 $50 80 As. The much
greater part of this amount ineurrea for. sub
part Of the State 10 two iitls the part Of others
to lie paidpari PGssg with the paymentsof indlxid-
uals and corporations. The whole amount, there
fora cannot be called for al once but onlv As the
works progress tits estimated that there will prob
ably be demanded between the 30th of September,
1872 and the same period in 1855 about Sc 100000,
eaakng the balance 10 be called for in aAer years.
If The whole sum. however, be added, The amount
Will be $l7,Gzl,0l4 95. Afs
BESIDES the subscriptions representations and loans
actually made, tie Subscriptions autharized TO be
mrie to companies Of whose organisation no infor
NATION has been received, and Of which manY per-
haps may never he organized arnoInttq S29ln,Os0.
Bns,this Is c0Rfagenf and not an a@tlal liability.
II may or may not be real It depends uBoht prac
liability ofronteS to he determined BY surveys not
yet made; upon the formation Of companies not now
IN existence, and upon Subscriptions byindividuas
OF corporations the books for which have not been
apdmay never Be opened. No appropriation Is ne
cssary % meet The interest upon sch ~ debt and il
Is not fair 70 estimate the amount Is Debt when ii IS
nex 10 impossible that the entire sum can ever be
made so. II is liberal allowance 10 compute the
amount that may be called for al one half OF the sum
auidorfzed II then, the remaining half he deducted
the whole debt utter subtracifng the productive in
ytstments As hefore viii be SO l26054 IS. All Of
tAisdebt i denominaiea anproduetive; and though
X IS 50 now one doubts that some of the rrinci-
pal works for which il uas GRATED win become as
/ snon as completed, hiehly valuable MAnf fsfher
ee1 IN their unfinished state are worth more than
20 and - per oent and readily sen f0r those sns
ia The market; and The div is not far distant when
ne may cohidenly expect sneh 10 bring their par
Salae and yield Dividend equal 10 t9 anticination
ef their friends II they do the treasury win be re-
Eerkd from the Payment 81 The interest Of The debt
. tie extent q ihe dirdends and he sum now Ie
WED for that interest mar Be converted into fund
S,r re redemption Of the rrinrin,l ka axei Ir;th