The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1874-12-10
GOVERNORS MESSAGE.

GOVERNORS MESSAGE.
| COMMONWEALTH OF VIRGINIA.
| GOVERNORS OFFICE,
RICHMOND, I'd, December, 1874
| Gentlemen of the Senate and House Of Del
egates The course of the year, now drawing
to a close, has been marked with events which
import good, not unmiNcd with evil to the fu-
ture of the Commonwealth.
Every where the laws have been peacefully
executed. Crime OF most kinds has scnsibly
diminished. Offences of the higher grades
| have been of rare occurrence. Exciting politi-
cal contests have occurred, and yet no single
collision between races OF opposing parties has
interrupted the general peace. The stability
of this government, its capacity, and its will to
maintain order, to enforce equal justice and
protect personal rights, have been habtually re-
cognized and trusted by all races and condl-
tions of the people. The general health has
coresponded with the rare salubrity Of our eli
mate. The interest of public education have
continued to prosper. AS far as executive a,l-
| thority can extend, unnecessary expenditures
are being Topped off, and just administrative
reforms advanced. Sucll changes in the body
Of the organic law, as may respond to the de-
manuS OF experience, Will complete Tue elHCleu-
cy of the domestic government.
On the other hand, the material interests OF
large portions of the State are still profoundly
depressed. In many sections. agriculture has
again contended witch unfavorable seasons and
prove unrenlunerative. The laboring classes
have not yet reaped the prosperity their tolls
deserve. The growth of our citiss and towns,
and the revival Of trade and commerce, are re-
tartled by the same causes which depress the
| off In \ H.
inc still pcrva,leS most departments of business
and they SITTER from the want of circulating
medium sufficient for readily moving crops, ef-
fecting sales of property, and adjusting current
| transactions Of internal trade. AT the same
time, dsproportionate and erroneous revenues,
in the shape of special taxes upon several OF
the leading industries, are being drawn from
they drain some of the sources of her prosper
ity.
1t is in the face of these and other obstacles,
within and from without, and it is by aborions
struggles, that Virginia is emerging from the
disaster of war. In view OF our genial sou
and climate our unsurpassed agriculture MN
ing manufacturing, and commercial resources,
it cannot be questioned that at some flltae pc
Rod either near or remote, this State will cnl-
brace rs great wealth, prosperity, and power.
rs any other equal erea Of either hemisphere
of the globe The full development OF those
resources depends greatly upon the wisdom
and cXertions Of our own people 1t Is, large
measure, for ourselves to determine, by the pol
icy and the practice both OF the government
aud the people, whether the coming era 81
prosperity shall dawn upon the present, or on
~ upon the future generation. Undlshearten-
! ed by past calanities or present embarrass-
nents cheered and strengthened By the virtue
| of people whose courage and honor nave en-
| durcd without hurt the stcrnest proof ). above
f,htNnn
Whose help orr utmost labors are vain let ,ls
address ourselves to the task OF evlsing all the
relief which good government can afford an m
povershcd State.
/ FINANCES.
In the proceedings of the late conference
with Dor 1holtlers, herewith transmitted, vii
be found an elaborate exposition OF tie debt
taxation and financial condition Of the Com
!. monwealtll, which addressed to that body
As IL repetition of its contents here woult
serve but to consume time and to duplicate In
Dor, reference is made to that paper for suc'
detailed statements and suggestions, in relation
to the finances, as would otherwise appropriate
ly appear in this message. The reports OF pub
lie officers for the last fiscal year, submitted
herewith, furnish all the additional informa
ton requisite for a clear comprehension OF the
! condition of the public finances.
When che contents of all these papers arr
considered, it will become manifest that tht
most guarded economy in every appropriation
and the strctest care of every possible source
of revenue, are necessary in order to carry thu
State successfully through the difficulties O
the new fiscal year.
CONFERENCE WITH BoNDHOLDERs.
The conference, convened pursuant to thu
authority conferred at you last session, was wei
attended; and, Of the debt held both in thi
country and in Europe, a large proportion wa
either directly or indirectly represented
As this was strictly business meeting be
tween the agents of the state and the. bondhold
ers, convened to consider interests so delcat.
and sensitive as the public faith and credit, tt
enquire into entangled finances and adjust tn,
discordant interests Of different classes of cred
itors, it was deemed best, and so determined
by the conference itself, that the freedom of it,
consultations and discussions should be .lisem
barrassed of needless restraints by being con
Quoted in private; but no creditor was excluded
and members OF the general assembly AM
heads of departments were invited to join in it
deliberations.
The action of the conference was unanimous
and it was us satisfactory us the most sanguin
OF its Originators had predicted or hoped for
1t has done much towards vindcating the in
tegrity Of the state, land to introduce confidence
good feeling and spirit of cooperation in TIL
: relations between the government and the pub
. lie creditors. Already the obligations of tn
state are considerably enhanced in marke
value.
If legislative action shall give to the Plan pro
posed by the conference the nature of a con
tract between the state and the public credi
tors, or any large portion of them, then to tn
extent of such REIMBURSEMENT it will duly pro
4 portion present liabilities to our present re
), sources; and it will postpone the residue @
5 unpaid interest until the increasing ability o
the state shall be sufficient to meet it. It i
recommended that effect be given to this pa
by appropriate enactment, to continue in opel
ton unless, and until, it may be superseded b
= still better adjustment.
DECENTRALIZATION OF THE DEBT.
A recent correspondence between this off1c
and the accredited agent Of the American Bono
Il Funding and Banking Association, limited. G
t. London, is herewith communicated 1t will
+ seen that the association offer to retire and re
;. capitalize the newly-assnmed debt proper +
= new uniform obligations, payable i'm tbirt
years, and bearing an annual interest of fou
: per centum, sterling. The details of the pla
are embodied in the draft or bill which form
n part of the correspondence. They are stringer
l. and without doubt would ensure punctual con
plianee with the new obligations. OF couo.
e the bill should be amended in many minor pa
ticuars-such as the one subiecting the stat
to suit in a federal court, and others wl1c
>. might be mentioned, But its provisions. bein
" thus amended, :nrolve no important stipul
tions, no REIMBURSEMENT of authority, no REM