Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1866-12-14
Governor Peirp0int's Message


Governor Peirp0int's Message.
He thus states the financial condition of
the State: Assuming the income of the last
year as the basis for the estimate of this, there
will be received into the treasury during the
year ending on the Both Of September, 1867,
$1,228, $40 80. Adding to this the amount
on hama 1st of October, 1866, 1884 COZ Sc,
we have the aggregate of 81, 1858 1856 IS.
He estimates the expenses OF carrying on the
government up to LIST Of October, 1867, at
1910, 900. This. would leave balance in
the treasury of 81, o53,2s6 Sc.
The estimate of expenses is liberal, inclu-
ding appropriations for carrying out certain
recommendations contained in the message.
The public debt, with the interest funded,
will amount on the lst day of January next
to 43,383,679 81. Deducting amount
owned by sinking and literary funds, ST.
377 ,6S1 so, leaves balance for which in
terest is to be paid Of 81 ,005, 1897 Co.
The Governor urges that provision be made
at once for the payment of this interest at all
hazards. He says It will require an addi-
tional assessment on property, real and per-
sonal, Of about As cents on the 500, which
added to the IA cents on the 800 now as
! Aessed, will make so cents on the 800 re-
quired to pay the expenses Of the government,
necessary appropriations and interest on the
public debt The Governor combats vigor-
ously the idea of sealing or repudiating the
public debt. Barring the morality ofehe act.
he says, "no step would be so prejudicial to
all our future interests as serious discussion
of the subject 70 commit the deed would
be to cut off all private credit from without
the State and erect bar to the future influx
of capital" He adds If SO fatal step
should be taken, no gentleman would here
after be particularly anxious when abroad to
be recognized as Virginian."
We extract the following paragraph in re-
gard to railroads:
II attack no value for revenue purposes
to the stock held by the State in the James
river canal, turnpikes and bridges, and in
railroads commenced but not completed. The
State owns about fifteen millions of dollars
in stocks and bonds of railroads in active op-
Grafton. These roads, by prudent manage
ment ought to yield dividends in a few years
sufficient to pay the interest on that amount
of public debt. | have no doubt that if the
General Assembly will authorize it, in the
course of two Or three years, the stock and
bonds held by the State in these roads can be
exchanged for their full amount in the stock
and bonds of the State, and [ unhestatingly
recommend the passage Of law authorizing
their sale. The act should authorize the sale
of the stock and bonds of the Virginia and
Tennessee. Southside and Norfolk and Pc
tersburg roads together; and Of the Rich
mond and Danville and York river roads to-
gether. The Orange and Alexandria and
the Virginia Central roads might be sold sep
arately. All these roads, under the manage
ment OF private companies, would soon yield
handsome dividends and make the investment
profitable"
He thinks that by proper legislation, the
oyster tax can be made to yield an annual rev
enue Of more than 5000. 600.
OF the militia, he says that there are one
hundred and thirty regiments of militia
of the line, of which number one hundred
and seven have been organized; the remain
ing twenty-nine are III process of organiza-
ton. lie makes recommendations in regard
to the Penitentlary, criminal charges"
the vagrant law, and registration Of freed
men.
He thinks all laws interfering between
creditors and debtors subject to objection,
and says:
!" There is danger in passing stay laws that
look to long postponements Of executions, that
they may be construed by the courts to come
under the constitutional prohibition against
impairlng the obligation Of contracts | be-
lieve the Legislature has full power over the
subject of priority of liens, and I think the
great error in the law of last winter was in
failing to abolish the priority of judgment
liens and placing all creditors on an equal
footing. The law, as it stands, has only
provoked suits by the more important credi-
tors But we must now look to the future
and it strikes me that it would be wise, and
perhaps the courts and creditors would con-
cur In the measure, to direct the further stay
of executions upon the payment by the debt
or OF the interest and twenty-five per centum
Of the principal within ninety days from the
first day of January, 1868, and q like sum,
with the interest each ensuing year,
His recommendation on the subject of i'm
terest is that, where no contract is made, six
per cent. should be the legal interest, but
that higher rate be allowed by contract in
writing.
He recommends the repeal of all laws in
regard to county roads and county levies,
and that an act be passed to place the burden
OF the county and poor levies on property Ii
ahte 10 State taxation, Ns.