Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1874-12-02
His Views on the Finances
of the State.
MARYLAND BOUNDARY
Pardoning Power-The Necessity for a
Bureau of Statistics Cheap
Transportation, &c.
COMMONWEALTH OF VIRGINIA.
GOVERNORS OFFICE
RICHMOND, ID December, ISI-

import good, not unmixed With evil to the
future of the Commonwealth.
EVERYWHERE the laws have been peacefully
executed Crime of most kinds has senslby
diminished. Offences of the higher grade,
have been of rare occurrence. Exciting poll
teal contests have occurred, and yet no single
collision between races or opposing parties has
interrupted the general peace. The stability
of this government, its capacity, aud Its will to
maintain order, to enforce equal justice and
protect personal right, have been babltuay re
roupized and trusted by all races aud condi-
TONS OF the people. The general health has
correspouded with the rare salubrty OF our
climate. The interests Of public education
have continued to prosper. As far as execu-
i've authority cap extend, unnecessary expen-
dtures are being Topped off, aud just admins
tra,ipe reforms advanced Such changes 10
the body or the organic law, as may respond to
the demands of experience, will complete the
efficiency of the domestic government.
On the other hand, the material Interests OF
large portions Of the State are still profoundly
depressed. Iu many sections, agriculture has
again conteDded with uutavorablc seasons and
proved unremuueratlve. The tailoring classes
have not yet reaped the prosperity their tolls
deserve The growth OF our cities and toTns,
and the revival of trade and commerce, are re-
tarded By the same causes which depress the
productive power of the State. A money
| famine still pervades most departments OF bus
mess, aud they suffer from the want OF cir
culatinp medium sufficient for readily moving
crops, etfecting sales of property, and adjust
ing current transactions Of internal trade, At
the same time, disproportouate and enormous
revenues, in the shape of special taxes upon
of 10 Iaar md rios heir o
drawn from the State by the Federal govern
ment, aud they drain some of the sources OF
her prosperity.
1t is 10 the face of these and other obstacles,
withiu aud from without, aud it is by aboriouS
struggles, that Eirginia is emerging from the
| disasters of war. 10 view OF our genial soils
! and climate, cur unsurpassed agricultural, mln-
| ing, manufacturing, aud commercial resources.
i it cauuot be questioned that at some future pc
Rod. either near or remote, this State will en-
brace as great wealth, prosperity, and power,
as any other equal area OF either hemisphere
of the globe. The full Development OF those
resources depends greatly upon the wisdom
and exertlunS OF our own people. 1t ls, III
large measure, TOR ourselves 10 determine, by
the policy aud the practice both Of tho govern
ment aud the people, whether the coming era
of prosperity shall drawn upon the present. or
only upon the future generation. Undlsheart-
ened By past calamltcs or present embarrass
ment>; cbeered and strengthened by the viz
tue of people whose courage and honor have
endured withou: hurt the sterDest proofs;
above all relying firmly or that Providence
without W hose help our utmost labors are
vaiu; let US address ourselves to the task of de.
visiug all the relief which good government
Gao affo. IN impoverished State.
FINANCES
In the proceedings of the late conference
with bondholders, herewith transmitted, will
be found au elaborate exposition of the debt,
taxation and financial condition Of the Com
mouwcalth, which | addressed to that body.
AS repetition of its contents here would serve
but to consume time and TO duplicate labor,
reference is made to that paper tor such de-
tailed statements and suggestions, in relation
to the fnanceS. as would otherwise appropriate
Is appear in this message. The reports OF
public officers for the last fiscal year, submitted
herewith furnish all the additional intorma-
tioo requisite for clear comprehension of the
condiou OF the pubic 6DanceS.
When the contents of all these papers are
considered, it will become manifest that the
most guarded economy lu every appropriation,
and the strictest care of every possible source
of revenue. are necessary In order TO carry the
State successfully through the diticultie, of the
new fiscal year.
CONFERENCE WITH BoNDHOLDERS
The conference convened pursuent to the
authority conferred at you last session, was we'll
attended; and, of the debt held both in this
country and 10 Europe, large proportion was
either directly or Indirectly represented
As this was a strictly business meeting be-
tween the agents of the state and the bondhold-
ers. convened to consider Interests so delicate
and sensitive as the public faith and credit, to
enquire into entangled 6napces and adjust the
di>cordaut interests Of different classes Of ere
dtorS, il was deemed best, aud so determined
by the conference itself, that the freedom of its
consultations and discussions should be disem-
barra>sed of needless restraints by being COO
Quoted in private; bu! 10 creditor was excluded
and members of the general assembly and heads
of departments were invited TO join 10 its deli
oeratloDS
The action of the conference was unanimous,
and it was as satisfactory as the most Sanguine
of It's originators had predicted or hoped for
1t has done much towards vindicating the TO-
teerlty of the state, and TO Introduce confidence
good feeling aud spirit of cooperation 10 the
relations between the government and tie pub
lie creditors Already the obligations of the
state are considerably enhanced 10 market
value.
Ii legislative action shall give to the plan
proposed by the conference the nature of a co.,
tract between the state and the public credi
tors, or auy large portion OF them, then to the
extent OF such REIMBURSEMENT it will duly pro-
portion our present liabilities to our present re-
sources; and it will postpone the residue of un-
paid interest until the increasing ability Of the
state shall be sufficient to meet it, 1t is recon-
mended that effect be given to this plan by ap
propriate enactment, TO continue in operation
unless and until, it may be superseded by any
still better adjustment
DECENTRALIZATION OF THE DEBT.
\ recent correspondence between this Office
and the accredited agent of the American Bond.
Funding and Banking association, limited, OF
London, is herewith communicated. 1t will be
seen that the association offer to retire and re-
capitalize the newly-assunled debt proper in
new uniform Obligations, payable in thirty
years, aud bcarlng an annual lotereSt of four