Republican vindicator. [volume] (Staunton, Va.) 1849-1857, 1855-12-08
Governors Message.

governor Joseph Johnson was read in the
Senate Of Virginia after its organization
on Monday last It's great length, pre-
cludes lis publication in full in our columns,
and hence we are forced to give such ex.
tracts as are OF most interest and value 10
our readers.
Tie Governor opens his message by
reference TO b'snbial sessions, and COM
mends the operation of the new Cons,in-
ton He then notices feelingly the afilic-
Eve dispensation upon the unfortunate
cities of Norfolk and Portsmouth,. lie re-
minds the Legislature of the magnitude OF
their duties, and proceeds TO notice .he
financial condition OF the State. 1t will
be seen that lie gives very clear and
elaborate statement Of the affairs Of the
State in this respect, which we copy in
ful:
| regret that the situation Of the finances
OF the commonwealth will not enable me
to present taem as IN a prosperous condi-
ton. But while this is undoubtedly true,
no apprehension need be felt that ample
provision will not be promptly made TO
meet every liability, and to place the
treasury hereafter in position not TO be
jeoparded by unforeseen contingencies
The people of this common wealth place
too high an estimate upon tie necessity OF
redeeming her plighted faith ever to OBJ
ject to the taxation necessary to meet her
engagements, aud their representatives
will with alacrity provide the revenue to
! meet the emergency.
From the reports Of the accounting off.
GERS, you vii! perceive that there has been,
during the last fiscal year, considerable
deficit in the treasury. To supply which,
it was necessary TO resort to the power
vested III the executive of raising By tenn
porary loans, on the credit of tie State,
the amount required by the wants of the
treasury. This amount was readily fun
isi'ed b the Bank Of Virginia, the Farm
ers' Bank, the branch of the Exchange
Bank al Richmond. the Merchants and
Mechanics Bank at Wheeling, and the
Northwestern Bank OF Virginia The in
terest on these loans has been paid out of
the civil contingent fund.
The entire receipts o! revenue into the
treasury, exclusive of the Internal inn
provement fund and the Literary fund. as
shown by the exhibits of the auditor of
public accounts, amounted to S1,746,958
%, which, with the balance in the tyeasu-
~ al the end Of the preceding fiscal year,
of $50, 891 09, makes total Of $1,707,-
849 II. The warrants drawn on the
treasury, for disbursements during the
same period, excluding the same funds,
amounted to So. IS2, 1858 10, showing an
actual deficit of $3.50 81, which, as
before stated, was provided for by tenn
porary loan of $500 coo. The treasurer,
under the provisions Of the law. executed
bis notes TO the banks, payable on the
10Th instant. But as the revenue of the
State is not payable until that lime, and a
sufficient amount cannot be received BY
that day, it will be necessary then that
these notes be renewed. This accommo-
dation, it is understood, the banks will
not hesitate TO extend.
In addition 10 this de felt exhibited by
comparison between the receipts aud
disbursements, ii is proper to state, that
sundfy appropriations made BY law, and
which werc TO have been paid within the
last fiscal year, have been deferred, in con-
sequence of want of funds. These amount,
IL the aggregate, 10 about $3.50, 900 and
will reqn.re an additional amount to be
provided to pay them during the present
year.
During the months Of December and
January, large portion Of the common
weslth's revenue is payable, and will be
received, amounting, il is estimated, to
ST, 1870 600. The interest due Oil the pub.
", Is $727 eco. While, therefore, the
amount ~ the two months " i'll be largely
more than sufficient for :he payment OF
the interest, and !or the ordinary expenses
OF the government, yet as it is necessary
10 meet the interest punctually. the trea4-
urer has been authorized to negotiate a
further temporary loan for ahateyer a.
mount may be requisite.
1t may be ASKED, what circumstances
have produced this extraordinary deficien-
cy in the revenue' The estimates of re-
ceip,s and disbursements for the last two
years were made by the legislature OF
1888, aud ol course upon the circumstances
then existing and upon contir gencies
which had existed before, and hch had
not previousl, proved ialIacious and were
therefore tal!y relied on. but which, under
the condition of the country, and its mon
etary affairs since, have entirely faled.-
IL is known to the general assembly, that
the surplus revenue Of the Fund for inter
nal improvement, derived from the profits
upon its productive stocks, and all premi-
ums upon the sale Of State securities, are
required to be paid into the treasury. As
the Board of Public Works were author
lied to subscribe a large amount of works
of internal improvement and to negotiate
the sale Of State bonds to meet these sub
scIip.ions, and these bonds were then at a
premium Of five or six per cent. a con-
siderable sun was estimated 20 be received
from this source. 1t was with equal Ger.
tainty supposed that the companies, which
had heretofore punetually paid the interest
upon The loans made 10 them by the State,
would continue to meet their engagements.
But this they have not been able to do,
and this resource has failed. Some of
these companies. which a, the time OF the
estimate were paving handsome dividends.
and had been so paving for many wears,