Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1873-02-27

Lie iSiiOHliSo 10 tho o'St1dl hCcSttSc
Of Coy " alker to the General Assem-
hly, sent to the Senate and House OF
Delegates
Executive CHAMBERS,
RICHMOND, February II, 1873
Gentlemen of the Senate and House o.
Delegates:
The unsettled condition of our own
State finances and the want of certain
statistical information deferred me from
laying before you. in my last annual
message, some suggestions upon sub
iect of the highest Importance to the
whole county, and especially to the
people of Virginia And while the
causes for that delay have not been
entirely removed yet the magnitude OF
tie questions involved and the grow
ing necessity for their early solution
rem Ter longer postponement Of their
consideration both unwise and impoli-
Tic.
The present condition of the country
anl of public sentiment justifes the
opinion, that the opportune moment has
arrived when the real merits of the sub
ject to which I refer mag be candidly
and inpartially discussed and wise and
patriotic conclusions reached.
This subject embodies two PROPOSE
tions, distinct in character, but harmon
ious in the results sought to be obtain
ell. They are, first, the assumption and
payment by the United States govern
ment Of all the present legal indebted
ness OF the several states; and, second,
to prevent the recurrence of d necessity
for similar action hereafter, the solemn
agreement by and between the States
to abstain from contracting any debts in
the future except such as may be found
necessary to the legitimate and effective
execution of their governmental func
lions, OF, as may be required 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,
OF the Federal constitution, which will
require the concurrence of three-fourths
of all the States. I am aware that
grave objections may be urged to both
Of these propositions, but the immense
advantages which would accrue from
their adoption appear to me to far out
weigh them in Importance. They may
be opposed because of the great inc
quality in the amount of the debts ofthc
several States and the consequent I'M
equal distribution of benefits and bur
thens which might flow from their
adoption But this difference is more
apparent than real, especially if the
present market value Of State securi-
ties be taken as the basis of computa-
ton. And, further, while some of the
States owe large debts and others COM
paratively little Or nothing, yet, when
the amount which each State contri-
butes to the Federal revenues and the
great impetus which relief from a large
proportion of State taxation would give
to commerce, manufactures and produc-
ton Of all kinds, and everywhere
throughout the country, are taken into
consideration, it will be found that this
objection dwindles to little Importance.
And these considerations, to some ex
tent, apply to another and more potent
objection which may be raised, viz: the
increase of the national debt which the
assumption of the State debt would
cause and the deleterious effect upon
our national credit which might be
! thereby produced.
Let US examine this objection care
fully, ascertain if it has any substantial
foundation.
THE DEBTS OF THE SEVERAL STATES,
yeekoned at par at the beginning of the
present year, and the amount of the
sinking fund or assets available for the
reduction of the principal, as ascertain
ed from their executives OF chief fnan-
cial officers, were as follows: