The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1873-02-20
Finances Of Virginia Special Message sof
Governor walker.

Finances Of yirginla--specialM Message sof
Governor walker.
Governor Walker, on Monday, 17th iu-
slant, sent special message to the Legisla-
turo upon the finances of the State, in which
he refers to a subject, the real merits Of
which. he says, should be candidlJ and i'm
partially discussed, aud wise and patriotic
conclusions reached. This is subject which
embraces two propositions, distinct in char
acter but harmonious in result. They are
6rst, the assumption and payment by the
government OF all the present legal indebt-
edncss Of the several States; and, second, to
prevent occurrence of the necessity for SINH
lar action hereafter, and tho solemn agree
ment by and between the States to abstain
ftom contraction OF any debts in future, ex-
cept such IS may be found necessary to the
legitimate and effective execution of their
governmental functions, or as may be re.
quired by sudden and great emergencies.
The former of these propositions must be
accomplished by an act of Congress, while
the latter can be achieved only through an
amendment to the federal constitution, which
will require the concurrence of three-fourths
of all these States.
The Governor says these propositions may
be opposed because Of the great inequality in
tho amounts of the debts of tho several
States, and the consequent unequal dlstrbu-
ton Of the benefits and burdens which might
flow from their adoption. But this difference
is more apparent than real, and especially if
the present market value Of State securities
be taken as the basis Of computation and
further, while some of the States owe large
debts and others comparatively little or noth-
| ing, yet when the amount which each State
contributes to the federal revenues, and the
| great impetus which relief from large por-
ton Of the State taxation would give to COM
merce, manufactures and production Of all
kinds, everywhere throughout the country,
are taken into consideration, it will be found
that this objection .dwindes to little impor-
tanoe; and these considerations to some ex-
tent, apply to another and more potent OBJ
lection which may be raised, viz = the in
crease of the national debt, which the as
sumption Of the State debt would cause, and
the deleterious effect upon our national
credit which might thereby be produced.
The Governor next submits = detailed
statement of the total Indebtedness of all
the States which, if assumed by the federal
government, would increase the national
debt three hundred millions of dollars, if
taken at par, but if taken at the market value
it would be much less This sum, at five
per cent. interest, would annually require 6f.
teen millions to pay the accruing interest,
aud to this extent, and no more, would the
burthens Of the federal treasury be increased.
The Governor claims that this compare.
lively small sum would cause no embarrass-
msnt, nor necessitate any increase Of federal
taxation, as the present revenues of the gen
eral government are sufficient to meet all cur
rent expenses, including the interest on the
public debt, aud leave balance Of nearly
one hundred millions to pay on the principal
Of the national debt, and that too before
maturity.
The adoption of these propositions, instead
by the Withdrawal Of all State securities from
: the markets of the world, leaving the nation al
DO rs the sole American security known. l,
would check the growing danger of repudia-
ton, and place the national debt upon so sue
| a basis that in few years it might be funded
into bonds bearing no higher rate Of interest
than the debt OF England, reducing the In
terst upon the public debt, and lower rates Of
interest upon all other securities. TIE
wealth Of the country would be employed in
the development Of its resources rather than
in Specializing upon its necessities.
1hs Governor says lie knows Of no meas.
4 ura .yh ri could ho 3ar;xaf3 of mora oeuera
advantage to the people or more beneficial t
their interest and we'll being nor one whicf
would terd ia an equal degree to unite ant
hlmoniz, the whole country and obliterat.
che last vestiges of national differences snt
antagonisu.
g G: The Governor recommends the Genera
Assembly to invite the. corporation Of all til
States to secure the adoption of these propc
sitIons.
Resolutions, en- the same day the rnsssag
was received, were introduced in the Leg;s
ture to carry out this recommendation.