The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1873-01-14
STATE FINANCES.
Governor Walkers View of the Ei-
nanciai SituatiOn.
COMMONWEALTH OF VIRGINIA, }
l,vpcurtvr TuAnUrna


nanctai Situation.
COMMONWEALTH OF VIRGINIA, J
EXECUTIVE CHAMBERS, I
RICHMOND, January 49, 1873 }
To the Senate Of Virginia:
| have the honor to acknowledge the
: receipt of copy OF resolution agreed to
by your honorable body, viii CHI is in these
words, viz:
"Reso1ued, That in view of the late de-
cision of the court of appeals, the governor
Of the commonwealth be requested to give
to tho General Assembly his views at the
rliest moment, as to the best mode of
raising money to pay the interest on the
public debt and defray the expenses of the
state. and the increase of taxation neces-
sary."
L take pleasure in responding to this
courteous request of the Senate, and if
the views hereinafter expressed shall con-
tribute to the proper and satisfactory solu-
ton of the important question involved,
the time and labor devoted to their con-
sideration will be amply rewarded.
The resolution embraces two distinct in
quiries: First-'As to the best mode Of
raising money to pay the interest on the
public debt and defrav the expenses of the
state - and Second, "the increase of taxa
ton necessary AS to the second inquiry
l desire at the outset to express confidently
and unhestatingly my opinion that if the
views hereinafter stated are adopted by the
General Assembly promptly and fully, no
increase whatever in the rate of taxation
will be necessary to meet the full interest
upon the public debt and defray the cur
rent expenses of the state government.
These views which will constitute the
answer to the first inquiry, summarized,
may be arranged under three different
heads, or expressed in three propositions:
Enst-The reduction Of the principal or
sum total OF the public debt to the lowest
amount possible by applying our non-pro-
ductive assets to its liquidation.
Second-The reduction of the current
expenses of the state government to the
lowest degree consistent with its proper
and efficient administration.
Third-The assessment of all the pro-
perty in this commonwealth in accordance
with the mandates of the constitution.
I will briefly elaborate these propositions
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 following assets:
Second mortgage bonds of the
Am. & o. r. r. Co. ....$4, 900 900
First do. r. & d. r. r. Co... $4,000
oapitai STOCK IN the H., =.
"; Il. K; Co...;,......;..:..... 270,2OO
Capital stock IN the Y. d y.
Il. Il. oo......,.. ...........,..';.. 2,0l4,OOo
capital stock IN the Roanoke
Navigation Co... 10000
Capital stock In the Upper APP
:, pomattoX Co....;.........;..::,... 1880
Bonds OF the washington Ohio
H.. Il. Co....,,.. $4,000
Making sum total ot.... $6,Sl9,200
The state also owns the following turn
pike stocks, viz:
Berryyille - 71so 10
Valley 2e5 0oo 90
Northwestern Xxi O00 0O
JAnd tbo orn,or,, o,a n,,l,;.
rrana n 'ii :; q AN o;t anu p1oilI warehouse
p pl;pg ~ sno s,y VI V iInone anu
n,a;ah s asai.is' oeiueu, i.'eIs :" 70,
o "o noIuoL1o' pappersy, alu oi iil arg
s95fl 200 IN oos hnI Nv woa 4h paooaoly pins
~ ~ oAN'i, guy ti1oo arc iioe iiioiu-