The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1853-12-06

isntiemeH Of The Eenafc
ARd Of thr H.

L :.
Gsntiemen Of ate Heao1. =
/ ARd Of tie Hou.. n n.
welcome the general S. .....,.'. . - ss.s ...
and earnestly invoke their co' - Inis city,
ing everything that may 81 cais',,s.aa 90
vate the character, develope tha .ss<s. ~ eae
land promote the interests Of tie ssos loes'
wealth. ss asas : eo.l'1on- - Ai
i The circumstances that surrouns :. ~,
state and national, are peculiarly rras; 9o
Every class of productive industry is proa,,s,
i rous. and our citizens are contented and nm
i py. For these continued blessings, we shnats
be grateful to an ever kind Providence q
becomes the most highly favored people upon
earth. Under such auspices, am pleased
to meet you; and in compliance with an in
Junction of the constitution, communicate the
condition of the commonwealth, and recon-
mend such measures as in my judgment are
calculated to promote her permanent inter
| est
The new constitution. which it was the pri-
vilege fyour immediate predecessors to put
into practical operation, may, think. after a
trial of nearly two years. be regarded as jui
dicious and successful experiment Doubt
less time and experience viii prove that it 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
Il =.
of doubt and distrust. The new and ilmper-
| tant feature of our organic law, which con-
| ferred upon the people the election of the ;u-
dscsary, more particularly excited the appre-
hen:ions .! many oI our most enlightened and
palrlotlc eiIizens, Inc distinguished gentle
men, however, "fo nave oeen CHOSEN to COM
pose ina. Dranch oi the government, nave 81.
ven ample eVloence OF the naelify with which
the people have performed this new duty;
and if this may be regarded as q test of the
intelligence and hdehty with which the vo-
ters OF TINS commonwealth are capable OF exs
erelsing the electlve FRANCHISE, all apprehen-
sion rotn Lne extensions OK tnlS privilege may
be dismissed. Il am glad to be able, there
fore, TO inform you, that though some of its
provisions might De improved, and, by judi
clous legislation. more efficiency given to,
others, our constitution has worked well, gi.
ven saf1sfacffon TO the people, and bids fair
to fulfill the reasonable expectations of the
public. BT4
The last session of the general assembly
was distinguished for the Importance of its
measures. The change of our constitution
rendered necessary q reorganization of al
| most our entire domestic policy. Much new
legislation was, therefore, necessary and ma
ny of their acts could but be regarded as ex-
periments, to be approved, altered or repeal
ed, as your wisdom, assisted by the ipnt of
experience, may dictate. Coming, as you do.
| fresh from your constituents, where these
measureshave been discussed, and their prae-
teal operation has been felt, YOU are pecuIi
ariy qualified to Judge of their merits, and to
| remedy the evil, where any exists. /, there
| fore, ask for them your early attention. a
In examining into the finances of the state,
| il is gratifying to find them IN a prosperous
condition. 1t is true that a considerable ad.
| dition to our debt has been made during the
Haoal uao and bof ur.tI
or three years the liabilities incurred under
various laws, win be still further increased.
| But when we reflect that the constitution re-
| quires the legislature to set apart fund for
| the redemption of the debt existing on the lst
| of January, 1852, and provides that no new
| debt shall be created, unless similar
| fund be created for the payment of the
interest and the redemption of the principal
| within thirty four years, we may safely infer
that the people viii not permit liabilities to
| be incurred which cannot be liquidated by
| such. taxation as they might be willing to
bear. The present rate OF tax, with the pro-
ductive stocks held Dy the state, will be found
| sut1clentto meet all her engagements; and
no expedient appropriations VIII De deemed
extraVagant or wasteiui, Which VIII be met by
| taxation, against which there IS no word Of
murmur. bat tne futn is, mere IS no neees-
| sity to proviue Tor the payment OF interest on
{" A"A % " s.-S Setth NCHt.
| considerable part OF 1t yields an interest
equivalent 70 that TO De paid and the premi
ufns received upon the loans eneefed, constl-
tute no small Item IN reducing the amount to
be raised tor interest. considerable por-
ton OF the deDt was incurred ea1orsuDscriptlons
| to various banks-to put them In operation.
or to increase tneir capitais- Inc common
wealth received ffom the banks, Tor the mo
ney suoscriDed' certihcates OF STOCK at their
par value; upon Lnese ceftincates sne Is re-
ceivlng DIVIDENDS more tnan equal 70 elgnt
per cent? ior pesloes lhe dlsiaenos declared,
sne receives the posus eAacted ,of the PrlVi-
iege OF oahKing' anu LaA upon Ine aiVioenas
70 slocKnoidels ouier lliali tne state. 1he
Falue OF Ihis s.ock is nlucn more M thaI equiv,
! aien. 20 tne usp. thcaireu. ii aI Eacn snare OF
sloeA IS eolsiuetao aI apose par anu meets as
WIN uesuy y.;.1d o1 ~ - 'ho her anu .ne
esa.J WIN 80 &c of tha " 4. =. .ne
sarpu .ta;, ot,artars M Al. i stb IT.
tLom y, he sons;do-oS burt, -,
con,,nonweaitb Another nnrt;on Of ~ q ,ra. re
S,n.;ua stocLs v;cid an intarest of ared,t pt.
eno,ob to nav tbe interest unon' 'the f,.ht an1
70 Isy aside ner cent. for the nurnoses Of the
| s;nlring fund 80
| The aopreoate Outstanding nublic debit IN
| the 3ot6 uf Septerober last, the Termination
| Of the fiscal wear, was SIe,041 IT'S so. The
| Commonwealth now holds large amount of
stocks Welding interest. The par value ofher
productive Investments, is ss,a56,l7I 63.--