The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-02-20
VIRGINIs'S DEBT.
Governor Walkers Message-Pro-
position that the General Govern
meat ns.ume the lie gal Iadebted-
ness Of all the States.

Governor Walkers Messagp-Pro-
peaitaon that the General Govern
meat ns.ame the Legal Iadebted-
ness Of all the STATES
RICHMOND. Va, February l7.-Gov.
Walker to-day sent special message
to the Legislature upon the finances OF
the State, 10 which he refers to sub-
ject, the real merits OF which. he says,
should be candidly and impartially dis.
Guessed, and wise and patriotic conclu-
sions reached This subject embodres
two propositions, distinct in character
but harmonious in result. They are:
Frst-The assumption and payment
by tn. General Government OF all pre-
sent legal indebted ness OF the several
States; and
Second-To prevent the occurrence
Of necessity Tor similar action hereafter.
The solemn agreement by and between
the States to abstain from the corstrac
ton of any debts in future, except such
as may be found necessary to the Legi-
innate and effective execution OF their
governmental functions, or as may be
required by sudden and great emersen-
cies. @
The former of these propositions
must be accom- plished by an act Of
Congress, which the latter can be ach-
ieved only through an amendment to
the Federal Constitution which will re-
quire the concurrence of three-fourths
VI all these States. The Governor says
these propositions may be opposed be-
cause OF the great inequality IN the
amounts OF debts, OF the several States
and the consf qlent unequal dIstr ,bu
tion OF b~nefls and burdens which
might flow from their adoption. But
the different is more apparent than
real, especially il the present market
value OF State securities be taken as the
basis OF computation; AMI urlher, while
some OF the States owe lar,e debts and
others comparatively little or nothing,
vet wheL the amoinr which each Stale
contributes to the Federal revenues,
and the great impetus which relief rom
q large portion oI Sta,e taxation would
give 10 commerce, manu- actures, and
productions OF all kinda, and every
where thro lghout the country. are
taken into cous dprttion, it will be found
that the Objection dwindles to little i'm
porlance and these Considerations to
some extent apply to anoIher and
more potent objection which NAV be
raj sed. viz: the increase OF the national
debt which the assumption Of the
State debt would cau'e, and the delet-
erous effect upon our national credit
which might be thereby produced. The
Governor must submit a detailed state
ment o. the toIal Indebtedness OF all
the States, which il assumed by the
Federal Government would increase
the national debt So ,000OOD if taken
at par, but It taken a. market value
would be much less This sum at 5 per
cent interest won annually r,quire
Sl5 .0OO,OO0 10 pay the accrung inter-
eat. and to this extent and no more
would the BURDENS Of the Federal
Treasury be increased. The Governor
claims that this comparatively small
-um would cause no enhancement
nor necessitate any increase OF Fedora!
taxation, as the present revenues OF
the General Government are sufficient
to meet ali current expenses, including
interest on the nubl'r debt, and leave
a balance Of $l0O,000.000 to pay the
principal OF the national debt, and that
too before maturity. The adoption Of
these propositions instead OF Irjuring
will enhance our national credit 10y
the withdrawal OF all State securities
rom the market OF the worl |,
leaving the national bonds the
,ole American security known. 1t would
check the growing danger of reruir
alton and place the national debt upon
40 secure basis that in q few years il
might be furded into bonds bearing no
higher rate OF interest than that OF the
national debt of England reducing the
interest upon the public debt, and low
er the rate OF Interest upon all other
securities. The wealth o the country
would he employed in the development
Of it's resources rather than in speculate
ing upon its necessities. the Governor
ssys ne knows OF no measure which
could be devised OF more general al
vantage to the people or more beneficial
TO their interest aid well being, nor one
which would tend in an equal degree
10 unite ard harmonic the whole coun-
,ry, and oblrterate tie last v,stage OF
national Differences and artagonism.
The Governor recommends the Gen.
eral Assembly to invite the co-oppera
ton OF all the States TO secure the
adoption OF these propositions.
Resolutions were introduced in the
Legislature to day to carry out this
recommendation