The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-12-03

!
hlsh ID virginia, Including over Of 2 peg ,ooc
paid as Internal revenue and as 'erll. Also
that so far from taxation az the rate OF lorty
cents Oh the one hundred dollars sGmeing 90
support the Government ard pay six p ssE
cent. interest on the original dept of $50
i5iS.1i9T3, an addition OF tWenty.Iye Per !
centnm to tliatrate of taxation Tell lar snoft q
enabling the Government to pay tWo.pn lite
OF the interest on twothiFds OF tne aept :
increased rate of taxation has fallen shork OF
enabling the Government to tay luli interest t
on tWo.thirds Of the original debt by an ave- We
rage annual deficiency of 81, OG2, 51ssV5. -
Governor Kemper then considers W 'llsa, -
best to be done by the State and sher cred.
ltors. lie gives the various plans SPOKEN
Of, including Mr. Mac innon,s, Wh!cn was
described ii this paper seyefat weeks ial ago.
The Governor says: 5 go. 81 80.
rs easy to provide the guarantees Just
allnded to and to render them certainly
effectual. Whatever adjustment, II any, is
| arTired at betwsen the State and her credit.
ors. such adjustment can be embodied IN an
act Of Assembly so as 10 give the nature o. ~
contract to the statute Itself and 70 make "
impossible to be repealed or rnodliied WILD
out the consent OF both contracting parties.
Such act might impose, set apart, anu dedi-
cate specified revenues, of hxea charactef
and amount, to the payment OF Interest,", ana
| provide that the dishurslng officers OIL Ine
Government shon!d thereaete regularly;
statedIy, and punctualIy pay over the same
| TO- creditors 81 thus preel ending pe. pos
| sibility Of any legislative or other inteE'
ference with the fulflment Of the, CONTRACT.
The form, of such an act Is given; but what
the Governor says ekew here of the funding
act-tbat 6 there,are those who have always
6 denied the obligation of the funding act
| 6 and alIege that that act was not only sur.
e prise 10 the people and passed In contra.
6 Yention of their will, but it tied up the
| g hands of the State without the fair consent
of the State "-app plies with fenfold force TO
| am not and never WIS one of those who
resist the execution Of the funding act, but
/ have ever advocated the duty to comply
l faithfully with oil Its obligations. AS prl.
fate citizen, with no sources of information
] but such as were common to the whole pub
] lie, I condemned, what better knowledge
| compels ME to approve, the act suspending
| and modifying its provisions. / have gone
! with those who went farthest In 'upholding
! the public credit, and have held that che
| two Yirginias are bound jointly and seye-
I rally for the whole Of the original debt In
citing the allegations habltually made against
| the execution Of the funding bill, and in re-
speet to the circumstances of its passage ] do
not intend to adopt them as my own. cite
| them as current proofs Of the profound die.
satisfaction will, that act which exists IN the
| public mind of Virginia, and to show that, 10
the distressed and distracted condition Of af-
fairs In this State, unjust assaults upon its
| reputation and offensive threats to coerce Its
| action are calculated neither to strengthen
| those who are striving for the speetiiest pay
| ment Of the debt nor to weaken those who
| resist its payment. ~ 81
claim TO be Of those who realize the obli-
cations of my State as personal obligations.
With knowledge of her people. her condi-
| ton, and her action In the past, affirm that
Virginia has 'doue,ii doing, and Will con-
tinue to do, ali that her best ability can &C:
complish wards fulfilling her Engagements.
But she is no galley.slaYe, to be quickened
With the scourge toithe. performance OF duty.
- go. ,,T.g, ~ IL. ,aI iu,! e.i:lli,...
Report Of John o. Steger to the Cove
ernOr ausa Treasurer. = eia1.
Mr.. Steger is the "expert" selected By the
Governor and Treasurer "to examine and
report upon the condition and management
| of affairs in the basement of the capitol"
And faithfully did he perform the duty. He
found that the deficit OF the late Treasurer
| was very little more than it was reported by
! che legislative committee last winter. He
| thoroughly examined not only into this mat
| ter, but the public debt, the sinking fund;
and the books kept by each basement officer
I and the manner Of keeping them. He Is an
expert" indeed. His report covers thirty
eight pages octave Of rather fine print. He
recommends q number of improvements in
the manner of keeping the books as well as
that new books shall be kept. I'll. y,,...s,..,g
III. Ipu s".EeC,jr'j'sf. ~.
Pran Providing for q Constitutional
| Currency, Proposed by Hon. X. M. II.
Hunter, State Treasurer. ~.
To has Etcellency James L. Kemper, Go
| UernOr: st... j, ~ ,tg,t ~ .4nsIi8.
| At your request I submit the following /:
| Let the State issue $4,000, 000 lin bills Of the
denomination Of 81, @, $40, $40, and in frac-
| lions Of o dollar, with a. provision that the
! holder may at pleasure convert these notes
| In sums of 800, or multiples Of 300, to
draw interest from the State at the rate of
! four per cent. per annum In specie. In ad-
dition to which the holder of this bond shall
be allowed to rtiuYesbi into bills Of the like
| denomination as at first; which bills shall
bear no interest, but shall be convertible and
| recoverable as originally provided. II The
I interest on these bonds shall be. paid semi.
4 annually. unless the holder should convert
| them into currency at q shorter period, when
| interest shall be paid for, the period of its
| existence as a bond. Until the sum of
| 81, 900, 900 has been issued any holder of
| Virginia State bonds shall be allowed to ex-
l change them for these bills at the market
price In; Richmond when sold for 1egal-ten.
ders. And when once issued these Diilsmayi
| be received at par, In payment for half the
taxes Of Any person or corporation who may
/ owe the State for taxes. llGi 9Gl q sreslroI
After purchasing these bonds interests shall
be paid ON them, and, after paying interest
| on the converted bonds, as hereini provided,
the residue shall be invested In State bonds,
/ as heretofore prescribed,1 and the interest
paid to- the commissioners for the purposeso
| this investment may be paid In the whole or
by q portion OF these bills collected for
| taxes. II l.a.3sfhTa ..s!ffs adj d. g's.,S'f
The sinking fund might thus be consider.
| ably increased at but small cost. to the
State, and currency provided iwhici, would
afford great relief to the State If not issued
/ beyond the limit herein prescribed. ItW5uid
perform the most useful functions OF eur.
| rency without encountering the difficulties
| to which currency founded supon the pro: