The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1872-01-11
die Smiley Virginiau.
STANTON, VIRGINIA.
Thursday. $50 January IL. 1872.
A VETO MESSAGE FROM GOV. WALKER.

A VETO MESSAGE FROM GOV. WALKER
In the House of Delegates on the End,
message from the Governor was read, announ
cicg his disapproval Of the joint resolution
suspending the funding of the public debt
and setting forth his reasons therefor, as fol
lows
COMMONWEALTH OF VIRGINIA,
EXECUTIVE CHAMBERS,
RICHMOND, Dec. 20, 1871
To the General Assembly
return herewith to the House of Dele.
gates, in which it originated, the Joint resolu
tion entitled Joint Resolution to discontinue
| the issue Of bonds required to be issued by
the Act for Funding the Public DEBIT" with
out my approval
My objections to this resolution are that
1t IS unwise, unjust, and fraught with the
grasest consequences to the public veal
Unwlse, because it would indefinitely postpone
the further operation Of alaw already in great
part executed, and that, too, without the sub
stltulon OF any equivalent, or any expressed
purpose OF Improvement. Unjust, because it
would withhold the benefits of an established
law from minority Of our creditors, equally
II not more deserving than the majority, who
have already ayailed themselves Of its provi-
SONS, and the gravity of the consequences it
would entail upon us have already
begun to be felt in the heavy depreciation Of
our State securities and the loss of confidence
in our integrity as q people The resolution
IS SO drawn that it must be thoroughly anal
yzed to fully understand its real scope and
meaning. 1t declares that the further fund
ing OF the public deb shall cease until the
full accomplishment Of two objects -the first
Of which is tho asccrtainnent Of s,the entire
amount that will be required to pay the cur
rent expenses of the State Government and
the interest upon the State debt as provided
By tie funding act, and the Increased rate of
taxation it may neeessitate should the whole
debt be funded But is it necessary to
stop the funding in order to accomplish this
object: Nlay net the investigation and the
funding 20 Oh at thesame time independently
Of each ether? Is there any necessary or nat
ural antsgonisn between them that the one
must halt while the ether proceeds? Certain
~ not, ifthe solo object sought to be accom-
plishcd is TO ascertain the rate of taxation
necessary to be imposed for the purpose indi-
Gated in the resolution The funding of the
public debt not only ought not to be stayed,
but should be pressed forward with all posi-
be speed. And for the very cogent reason
that it is the NEST expeditions as well as the
most accurate, If not the only, mode of ascer-
tanning the total amount Of the State debt,
and the amount necessary to be raised to
meet the interest ON our proportion thereof.
The total amount of the State debt is TODAY
unknown. The books Of the Second Auditor
show it to have been on the first of July last
S46 ,914 ,208 25. But when it is considered
that cur debt vas authorized by nearly one
hundred different statutes, some of them en-
acted many years ago, and that it is eviden-
ced by almost as many different varieties of
bonds issued by many different officers, it
would not seem remarkable if some errors
should have crcpt into the books of the Sec
ond Auditors Office nor that some bonds
which were properly issued should never be
presented for payment. When We consider
the fact that on the lst Of July last there
was remaining unfunded interest amounting
to the sum of 82,761.79, which might
have been funded and drawing interest for
yer four years under the act Of March 2,
1866, and the further fact that of the 4 per
cent. interest authorized to be paid by the
acts of March 21st and April 23d, 1867, the
sum Of s1O7 us 20 had not been paid up to
July lst, 1871, and large portion of which
has never been called for. Some of the
bonds on which this interest had accumulated
can be accounted for, while others cannot
One design of the clause of the funding act
which prohibits the payment of any interest
except upon the bonds issued by its authori-
ty, was to definitely settle this question and
accurately determine the total amount of the
State debt.
This cannot be accomplished by any exam
nation which can be made. The most that
could be done would be to approximate to it,
and the same is true of the amount necessary
to meet the current expenses Of the State
government.
But this resolution does not even provide
for an examination, although the necessity
of an examination for the purpose Of ascer-
tanning the amount pecessary to be raised by
taxation is put forth as the reason for stop
ping the funding, yet go provision is made
for this, nor is the time limited within which
an examination shall be made. All is left in
doubt and uncertainty, and manifestly means
the indefinite postponement OF the balance of
the public debt. -
But this is not all, even if an examination
shall be ordered and made, yet after all that
shall have been accomplished there is still an
other purpose to be wrought out. before the
fnna;no can be resumed. This resolution
nroyides that the funding shall be postponed,
not only until all these facts can be ascertain
ed, but still longer until "such legislation be
nerfeeted in the premises, should any be ne
cessarv, as the public good may require. p
What does this mean IF by the perfection
Of such legislation as may be necessary for
the fulalment Of our solemn obligations"
which the "publio good" absolutely requires
is intended, why postpone indefinitely the cx-
ecution Of law specially designed to, and
which will fully accomplish that object, if ex-
aouted Is it to be understood from this Lam
on. 20 that no matter what the results of the
Investigation s may be such Legislation may be
nerfected 10 the premises as will maintain the
rrubl;c faith inviolate? If so, why was not