The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-12-05

nsnd,nuw f~letstffaf 6ourfe.fsEs-aee a.i,I5se1gg
san,niata s1ssccsss md To- have tfts frstituticn amply
sodp sssisSssssrly iaidl the .spsciaI purposes oftes
a mgEal Sn ,ssse = sg all. that Tie proceeds derived
from the sale OF The congressional land scrip con-
:si s's.s, : s 3 ~ tr rane ss e sp get ss s%1sps Charged asa WITH
prescriied sterms and conditions. The Hampton
acient service in the cause OF education, md TINT
portfon or The 1nterest accruing upon tns ianI-scrap
fund set apartfor the use 1Ild bsnsnL o., Inns us ISL ISL
tuition i have no doabt VIII De JuoAeNousi5 anA ptoi
fTEis brief review Of the character and condition
q n our sssso as tm spaegesii sa aaa and that is that Viz
pfnia possesses educational. advantages equailea ny
few and exceIled by none of her sister suites. Ana
the.e advantages are constantly increasing ana oe-
yeioping, and / entertain the confident hope that
Virginia viii yet become the great edncating sta.e
of the Union. Her climate ma ner Ihfnni ssd Oh h,s Sori-
cal %posItion, VIII all contribute to this desirable re-
suit. Already our higherinstitutions of learning are
frenuenied by students from more than two.thlroS
OF the States ofthe Union. and the time Is nnt far dis,
tant when cur University. " fostcred ana SUSTAINED
as It deserves to be, VIII reckon amor among (, us 81 ma aIriSsd
states. The work of educating and elevating tae
people should he the highest and most rpatriouc
yerrsnl suffrage IS now an established and fund mental
| principle of our Governments. and its modlncau0u
Or restriction. even # desiraS M.i,b Is , 6syo snda afg a5ie
| fact staring US In file face. our duty becomes plain
| and uun,leStioned. If, as has bern said, ana, PC
lieve, truly, that /. the safety of the Republic de-
| pends upon the virtue and intelligence OF the PEG
| ple.n that virtue should be elevated, and that 1nse,s-
gence increased by. every and al Iawiul anu :. eTts
ma;e means andinfIuenceS at our lEat
! country Is best governed which Is least governed
| and . that government Is the best which Is best al,
m an1Ise;Eea Of are Th,i 59i cae only H'h be atta ite through,
the education and consequent mental ana ihorai eic-
Walton of the people.
CONSTITUTIONAL AMENDMENTS.
,h-n, ~-a,l y,,~ "a fhn GpIt-
mission 10 the people at the election In May last of
| a proposed amendment to the Constitution OF Flr-
gfnta in relation to the clause N respect 10 ana 1 ela
| Titled sLsury" has been fully executed. Ile
| amendment was adopted, and proclamation oy the
| Governor making known the result, rs required by
the nth section OF said act. was dn w. lss stson,s z copy ~
| this amendment strikes from the Constitution inc
| inhibition eoutained In the last clause OF inc tenIn
| article OF the Constitution, and RENTS the whole
subject of the rate of interest upon money TO the
| control of the Legislature. The little Interest teit
by The people In this subject was evidenced by inc
fact tlvit less than one-fonrth Of them voted upon
! the subject. and that of a total poll OF e0,Io2, votes,
70, 326 were against the adoption of the amendment.
| Two other amendments to the Constitution we're re-
commended in my last annual message. and events
| which have since TRANSFERRED not only add force TO
the reasons then urged for such action. but suggest
Others of equal or greater coSercy.
The shameless pollution Of the ballot which has
| recently been witnessed In some OF our sister states
forces fore: upon pc Us ist the f gr 9HT s eonalds srd CIVIL Tf flbrid s are
| not being Slapped by corruption, and whether the
| ballot instead OF being the palladium of our llbeT-
ties. is not becoming the instrument Of their de,
should be employed to h l'Ts FRY am maintain N n, y d
| preston of popular sentiment. The imposition OF
! an annual tax Of two dollars upon every citizen OF
the Commonwealth Of twenty-one years of age and
| upwards, to be devoted exclusively TO the support
and maintenance Of our common schools. and pro
liibiling any one from voting until he exhibits a
proper certificate OF the payment OF this tax, would
ton upon prop erty. but would also throw in addi-
| 1ional Safeguard around the ballot-box:
ou ms STATE alttet ofirers In May. 7nstead Of November, 1
still urge upon your attention, and for the reasons
stated fl my lust annual message.
That our fundamental law requires modification
and Improvement in these and some other parucu-
lars our experience has fully dcnonstrated; but
intervention OF 4 conyention as pr!npliE, ana WIN
far less expense, Is a subject OF s ,, gravitS o and ine
and profound consideration.
I have heretofore laid before tic General Assem-
bly, my views upon the subject or our public Gebf.
and the proper financial \ p@ncy 10 10 t ne r purste ,I,o so
again here. Some OF these views have been partially
sanctioned by Legislative action, hut none OF them
each part Of which was essential to the complete
| ness and success Of the whole. The failure 10 adopt
aiI, together with tue modification of some, and the
repeal OF Others in part adopted. and the ~suhstitu-
ton of something else in their stead, has so
mutilated and distorted the original plan as
W IeIluGl II NlIN 1917 49, ~
the whole subject IN coaflsion and difficulty. from
which it will require both wisdom and courage TO
| rxlricatc it. Taxation and finance. ut all times diff
cult and delicate subjects to deal with, come before
you mt this time ,nd,r embarrassment and compli-
cations more numerous and troublesome than ever.
TO dell with these subjects wisely and well they
| must be grasped III their entirety, and broad and
| comprehensive measures adopted and adhered TO.
4 shifting, uncertain. tempcrizing, policy, always
| and under almost al circumstances banelul and de-
| moralizins when applied to subjects of such over
shadowinE Importance as these, intlicl injuries fully
commensurate Nth the importance or tlc subjects
just. and permanent policy upon these subjects, ana
withou; Ii corfusiou, distress, and disionor will be
the inevitable result. l trust that you Will approach
the consideration of these important subjects with 4
| calm, disJGtssionatc but determined purpose TO, so
| far rs possible. equitably and properly adjust our
system of taxation. restore the furnished credit Of
the state. and place 1t once more upon 4 sound ana
healthy basis. e,
Auditors. and the Commissioners of the Sinking
Fund. exhibit IN detail the operations Of their scye-
condition Of tn. treasury and the public debt at its
close Oh tic Goth day of September last.
/ desire, In passing. 10 call the attention of the
General Assembly 10 one or two Items contained In
the very lucid report of the Second Auditor for The
purpose OF d~ispelliug some mlsapprchel>ion which
seems to have prevailed is to the total amount of the
public debt. First, our public debt has not been Ill
creased Que dollar since 1861, except from the accrc-
| lions OF interest. which we have not been able TO
pay. Second, the t't Il T ola He ut laa 41 Gn tl to b., ,S
of July. ISL. after 'cducting payments b. railroads
then or since made, was SIS, !~ls,.12.23, t""-tiirds OF
| which is 530,475 .7ll.s9. on which amount you author
lied the payment Of Interest during your last scs
sion. thus forever silencinS the question OF our ia
bility for two-thirds of the original debt with accu-
| mulated Interest. In my last annual message ]
cNIIr, Sscd the Gpinion that, after the assets OF the
State available for that purpose, consisting prin-
cIpally of railroad Indebtedness ana stocks, were
| APPLIED to the reduction OF the principal Of the
debt tho amount upon. which we should have TO
pay interest undrr tc funding act would not ex-
wOulIbe 81 $50, Gov. These assets consist principally
of a first mortgage upon the Richmond and Dan
upon the Atlantic, Mississippi and ohio railroad for
4,ovo, g9a {; stocks Ia the Richmond, Fredericksburg
and Potomac Railroad Company amounting TO
s.. $40, and In the Chesapeake and Ohio Railroad
Company S2.o;3 9S7.5D: amounting In ali to S6,7G9.-
slJ. So, Some Of these assets ale worth more and
some not quite rs much as state bonds. but u Is en-
tircly safe to say that within twelve months they
will bring their full sum Total in State bonds. Now,
deduct this sum from the :o.ll debt. as given b. the
Auditor, and it leaves a lalance OF only, S%2s,ois,e'2 70,
tso-ttirds of which is s25.0 G5 .5Os.4s, The annual IN
| tercst upon which would be but Sl,S51,oG0.5g. But
law authorizing the sale OF those assets, although
| that law prohibited their sale for less t!an their
market value or for less than their par value IN State
| bonds. Now, from none Of these assets does the
| State derive any Income whatever, except from the
small amount Of the mortgage OF lie RichmGnd
and Danville Company, nor 40 these lntercs:s give
| companies and yet the amount they represent In
| State bonds is certainly accommodating interest
a sIai a,ao 5nf s. ~ in aeu ea sho seS M not tq be- s topped S and
the State relieved from that amount OF burthen. 1t
! appears to ME that 1, would be wise to provide for
their conversion by tie State into State bonds IS
| speedily us possible.
BY the 18th section Of the act In force March Is,
1872, the valuation OF lands, rs ascert:ined In pursu-
| ance OF the act approved July o, 1910, and the acts In
force January 18th and February lst, 1872, was de-
clared to he permanent, and on that basis the taxes
OF 1872 were levied. Now, tile act III force january
81, ls72, was expressly repealed by an act In force
February u, 1877; and hence all taxes levied upon
assessments us revised, aud changed on appeals TO
| fhp cnuDfycDIIrfS hy authority of This latter net. IRE
unauthorized and void. 1t Il probable that nearly
| all the appells 70 the county courts were Leard and