The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1871-12-21

-''o'' A'ioo - &se W r w puiaieit
, | haye 10 years past, under the most favora
} BILE circumstances, witnessed fair and i'm
partial trial Of the OK pcrment, and it prove
an utter failure. The true interests of tn
colored people themselves demand that the
4 should be provided with separate schools
While they are entitled under our Constitu
ton to an equal participation in the benefit
OF free common-school system, would OK
tend to them inducements and incentives tt
advancement to mental development by tn
establishment of college or university a
above eassested wherein shall be taught al
the higher BRANCHES Of useful knowledge"
FINANCES.
/ Ga the oth of March, 1870, I submitted
to the General Assembly very full statemeD
OF the public debt Of the State its origin
nature, and amount, together with my OWE
views OF the proper policy to be pursued
The opinions then expressed were reiterated
and endorsed in my last sunu4 message; aud
! desire now to say that much study and re-
Election since that time have served but to
strengthen and coufrm my convictions OF
| their soundncss While most of the recon.
foundations were in time sanctioned by the
General Assembly. yet the efficacy and use
tulness OF some of them were somewhat les
sened by the delay in thsis adoption The
Inability OF this State for the whole debt con-
tracted prior to the late war, and the duty Of
vest Virginia to assume her just proportion
u 1t, and pay that proportion into our treas
ury, to be BY us disbursed in liqudating the
principal Of that debt. finds unequivocal sane
lSon q the organic act authorizing the organ
izstion of the State Of West Virginia and the
Constitution adopted by her, as we'll as the
Constitution ratified BY the people o. this
Sta.e IN 1856 and ow in full force But the
course pursued by West Virginia, and the
probable delays Of settlement with her, to-
sether with the intinaton, if not direct
assertion, OF her authorities that it would be
unwIse and mpolitic in her to pay into our
treasury the amount which mis- ht be found
against her in such settlement, and that her
proper course would be to settle with the
original bonlholdcrs, induced our Legislature.
IN adopting the plan idr reorganization of
the State debt, which had recommended
twelve months before, to offer to the creditor
to at once assume and pay by funding into
new oonds such portion of the public debt
as Fe we're nnqucstionably liable FOR, condi-
toned, however, that the original bonds be
surrendered. and no claim made upon US for
the balance due upon them, except Sin ac-
cordance with such settlement as shall here
after be had between the States of Virginia
and West Virginia in regard to tho public
debt OF the State of Virginia existing at the
time OF its disbursement" This action of
he Central Assembly was amply justified by
the peculiar condition of affairs. and met with
my cordial approval, and so far as | am in
formed, with the appreciation Of our State
creditors both at homo and abroad, and of all
honest men everywhere, who understood and
appreciate the subject. Aside from the COM
plete vindication of -ha honor of our State
aud our people. which some affectito sheer at
but which In my estimation is of the most vi
tai Importance, the bcAe6ts in q material point
of view of restored confidence in the integri-
~ OF our people and our government arising
from the enactment of this law cannot be
measured. Not only was the credit of the
State involved. but also the credit Of every
county, municipality, and public and private
corporation, as well as that Of every citizen
10 the Commonwealth,
The State Government is but the repre-
sentative Of the will of the people and must
be obedient to their behests. Wien, there
fore, it fails In its duty-when it ignores or
repudlates its solemn obigations-thc cause
thereof is traced TO, and its effects visited
upon, the source or fountain-hcad of power,
the people themselves. When the stream is
foul its source is presumed to be impure The
dnSfr 0f ho IL.
alton Of private credit, but the maintenance
OF public faith establishes private confidence
The restoration Of our State credit, and along
with 1t confidence in our integrity as a pc,
Pile, which the law has and will accomplish.
will condacemorcto the prosperity Of our PEG
pie and the development of our State than
any other cause or influence which can be
named Capital, always cautious and per-
vously sensitive, never seeks Investment ia
the property or securitieso Of people who be
tray want of integrity either in public or
private capacity and immigration never seeks
u country where obligations are not scrupu-
lousiy respected and where property rights
are not safe and secure With the resora
tion of our State credit and the adoption of
wise and comprehensive plan for the oncour-
agement of immigration, both population and
capital will flow into our STATE, constantly in
creasing its TAXABLE valuations, and constantly
decreasing the rate of taxation in a CORES
ponding degree. We have taken the FIRST
stepin the right direction for the accomplish
ment of this important object, but its conl-
plete realization in large measure depends
upon your wise aud prudent action,
The very tul' and able report Of the First
Auditor, herewith submitted, contains, be-
sides the tabular statements exhibiting the
operations Of his department. during the last
fiscal year, many pertinent suggestions, some
OF which heartily endorse, aud all which
commend to your careful perusa As legal
proposition the interest on the funded debt
must unquestionably be paid. There is n"
escaping it if we would, and | ain confident
there is no disposition to avoid it if we could.
70 DO this, however, without increasing the
rate aud burthens OF taxation, economy in
every branch Of Il e Government must be
rigidIy enforced No expense must be incur
red except such as shall be absolutely essen
lia to the proper administration Of the affairs
of the State, and the taxes imposed must be
thoroughly collected in all cases and under
all circumstances. Iaxation for State purpo-
ses is lighter in Virginia than in nine-tenths