Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1873-01-23
Gov. MESSAGE.
TIE STATE FINANCES.

the Executive OF the 0late was SenL TO
the Senate yesterday morning:
COMMONWEALTH OF VIRGINIA, Elk }
EcUTIvE CHAMBERS, Richmond,
Jan, -, 1878
To the Senate of Virginia -
I have the honor to acknowledge the.
receipt of a copy of resolution agreed
to buy your honorable body, which is in
these words, viz:
"Resoyved, That in view of the late
decision of the Court Of Appeals, the
Governor of this Commonwealth be re-
quested to give to the General Assem-
bly, his views at the earliest moment, as
to the best mode Of raising money to
pay the interest on the public debt and
defray the expenses ofthe State, and the
increase Of taxation necessary"
l take pleasure in responding to this
courteous request Of the Senate, and if
the views hereinafter expressed shall
contribute to the proper and satisfac-
tory solution Of the important question
involved, the time and labor devoted to
their consideration will be amply re-
warded. 4e. -=,5,, -
The resolution embraces two distinct
enquiries: FIrst-'As to the best mode
Of raising money to pay the interest on
the public debt and defray the expen
ses of the State and second, 1.-THE in
crease Of taxation necessary" AS to
the second enquiry, I desire at the out
set to express confidently and unhesitat
ingly my opinion that if the views here
matter stated are adopted by the Gener
al Assembly promptly and fully, no in
crease whatever in the rate of taxation
will be necessary to meet the full inter
est upon the public debt and detray the
current expenses Of the State Govern
ment These views which will consti-
tute the answer to the first enquiry, sum
married, may be arranged under three
different heads, or expressed in three
propositions: ~.....c.e, - -.
FGrst-The reduction of the princi-
pal or sum total of the public debt to
to the lowest amount possible by apply
ing our productive assets to its
liquidation.
Seco,,d-The reduction of the current
expenses of the State governmental the
lowest degree consistent with its pro
per and efficient administration.
IRird-The assessment of all the
property in this Commonwealth in ac-
cordance with the mandates of the con
stitution.
will briefly elaborate these PROPOSE
tons in the order in which they are
stated; and, first, as to the reduction OF
the amount Of the public debt. The
State to day is the owner of the follow
ing assests:
Second mortgage bonds Of the A., NJ
go. R.. R. Co. $4,OO0Oo0
First do. R. & D. R R. Co. $4,000
Capital stock in the R., F. & P. R.. .
CAPITAL stock in the C. & Ohio R.R. II
c.. ..l 2,Ol4,ooo
Capital stock in the Roanoke Navi-
cation Co. ~. 7 $4,000
Capital stock in the Upper Apo ~, ~
Bonds OF the Washington & Ohio yf,.@ss
r. r. Co. 1 . eiH a' $500
Making sum total of $6,819.20C
The State also owns the following turn
pike stocks, VIII ..s,latf sig.. ~ !,
| Berryvilie. .r,,-s 8, 1850 0C
| Valley ,,t 200, 100 0C
Northwestern ..a.F .e--c IL. 15l,000 OC
land the Armory and Public Ware
house property in the city Of Richmond.
and claims against Seldom Withers &
Co., which stocks, property and claims
are quite valuable, and would probably
bring $3.50, 900 in cash, but these ar {
not included in the present estimates.
The above amount of Sc, $40, 200 is OF
can be made, available in liquidation Of
the State debt. The Second Auditor il
his last annual report states the public
debt to be on the LIST Of July, 1871 (tht
date from which all bonds issued un
der the act of March 3oth, 1871, draw
INTEREST,", the sum Of $55,718,11793
Now deduct from this sum the amount
of the assests above stated ($6;8I9,2O3,
and it leaves but $38, 898,912,22-t two
thirds of which is $25,932,6O89 14-the
annual interest upon which is 81 1855,
$50 48. ,,--5,--
This calculation is based upon the
assumption that the policy of applying
our assets to the reduction of the sum
total Of Che old debt will be continued
But it has been suggested, and with
som reason, that owing to the attitude
of the State of West Virginia upon the
subject. of the old debt, this State would
be justified in applying these remaining
asserts to the liquidation Of the two
thirds Of the old debt, which she has al
ready assumed to pay. IF this y, plar