The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-12-07
GOVERNORS MESSAGE.
COMMONWEALTH OF VIRGINIA, }
GOVERNORS OFFICE,
LOW, 9Th December, 1876.

Gentlemen Of me S'"''' '''''' iA0 = 'S,' &
"a ha's S,rceting your return to the Capitol
,'.,,,;y recognize our renewed Obligations
q, =" Almighty God for the order, peace,
noolth and material Improvement which
hove marked the progress OF the common
wealth through another year.
while the poitical excitement being felt
t,ronrhout the general country Is pro-
tnnndiy to be deplored, let us remember
that its causes and consequences are oeyono
nmr control. Any untimcly intervention OF
oct;on on The part OF tho State would tend
-otbnr 70 anrrayatc than to altay the evil.
If aS we have a right 10 expect, the present
STRUGGLE shall result In vindlcatlng the VIII
q, the pcople. in the supremacy OF tue CIVIL
over military power, and in the return OF
pcacc with justice to all sections, states,
and men. then we shall enter q new era OF
reconciliation and enduring prosperity,
and we shall not fail to Ss@naltze the hour
a victory with such moderation, calmness,
and prudence as become the lmmcmorlal
Character of Virginia. But il wrong and
p>urpation overcome fora time all attempts
- arrest them. this Commonwealth, so long
tried Nv the 1iercest ordeals OF adversely,
will not only join in every legal, peaceful,
lies oI the country, but will know how to
nrrSrrvc lis traditional composure and for
t;rudc through every vicissitude OF the
f,furc No contingency can come, and
none can be conceived, in which Virginia
vii! despair OF the Republic. .~
Looking forward hopefully to peaceful
solution OF the diScord pending outside our
borders, trusting that the quadreunial con-
test between national parties Is about TO re-
sui! in the customary period OF repoSe, let
us direct resolutc and united labors TO the
great domestic interests which are especially
committed to our responsibility ana care.
TIE PUBLIC CREDIT. FINANCES, AND DEBT.
The one duty resting upon Us with para
mount obligation at. this time is to reestab-
lish. n the earliest possible moment, the
credit OF the Commonwealth. Assuming
that the national excitement will pass away
with none but constitutional results, more
suspicious opportunity than the present Is
not TO be expected for settling our financial
policy upon stable and enduring founda-
ton. The monetary panic which settled
down upon the general business Of the
country three years ago has, for many
months. been ri>ibly reccding. The reve-
mics OF the state are ScnSibly and steadily
increasing. while the general expenditures
are benz corrcSpondingly reduced. a
further and important reduction or the
latter i, about to result from recent changes
q the Constitution. Valuable improve
1ncuts cngraitcd on the revenue system ut
vn1Ir last session did not operate in time to
affect Tic returns Of the then current fiscal
wear: but already they arc developing eX-
celcn; results, and they guarantee further
and material increase OF receipts at the
treasury Ia future. While our progress is
necessarily slow and laborlouS, ii is lmpoS-
>ihic to resist the multiplied evidences
around lis which attest 4 steady ana pro-
yrcssivc Improvement OF the taxable re-
sources and the permanent revenues OF the
state. \ cautious and wtli-c0nsdered cal
cuiation demonstrates that with the re-
trcuchmaat OF certain useless expenses, and
with further and reasonable improvements
upon the revenue system, presently TO be
mentioned. our resources Will be equai. to
ali demands upon the treasury, including
interest on the debt, without increasing the
general taxation. Realizing all the embar-
ra>sincnts which heretofore made it impos-
Siblc 10 carry on the government and at the
same time satisfy the Just claims OF credl-
tors. do not hesitate TO say the time has
arrived for preparing to pay full interest
upon thc debt proper 1t very early day.
As the one measure OF greatest possible
relief 10 our own people, as the one most
vital 10 the development OF the struggling
Commonwealth. it is demanded that all con-
troversy over tile debt shall be settled and
nut behind Us without loss OF time. The
worst internal obstacle to the relief OF all
classes, from the depression OF the past,
is to be found in the financial poilcy, con-
temporaneoriS with the funding act ana Its
execution, which wa, at first rash ana then
I'll .t,,1 hnth
and private credit in dlstrust and dlsrepute
Public character is but the sum OF the lndl-
vidual characters OF the people. In the
ewes of the monetary world, the govern
mcnt is financially and.morally the reflex OF
its constituency That which lmpalrs tho
plichted faith OF the government destroys
confidence in the people and paralyzes lndi'
vidual credit and enterprise. The effect l;
10 alarm and repcl capita! which is ever
sensitive and timid. The facts could bt
cited to show that, in the course OF the las1
ten wears, large sums OF money Whiet
sought investment in Virginia, in enter
Drises CAPABLE Of adding greatly to oul
taxable wealth, were driven Off by the dis
covery Of our intestine agitations in connec
ton with the debt andthe continued default
OF the State TO its creditors. In some cases
by reason OF the same discovery, promising
enterprises actually begun were abandoned,
ana investments wholly or partially made
were withdrawn. '".".. -. ....ffI.4,..,s
But other and more fearful losses are
about to be brought upon Us by this vexeC
controversy unless it Is settled speedily and
forever. It is not only repeliing the capital
which seeks investment from without, but
il threatens to Danish better capital from
within. Unless settled, it win impair the
life OF the Commonwealth by the depletion
OF lis population, 1t il, manifest that the
gradual return OF healthy monetary condt.
tons. which for some time has been visible
over the general country, is calculated TO
increase and not to avert The danger I'M
pending here. Unless the benefits OF the
general improvement are made available to
our people by organizing permanent and
healthy financial policy OF our own, it will
serve but to increase the disparity and make
broader the contrast between the condition
OF Virginia and that OF other more pros
Porous and enterprisng States. We cannot
hope to share the prosperity which is
returning outside the Commonwealth, IL
financial disorder shall continue to reign
within it. II we fail to keep abreast with
other States in the march OF improvement,
il while business is reviying around us
stagnatiou shall be the rule at home, then
our OWN supincnesS will more than all else
reinforce the evils which deplete our popu-
lation and drain our wealth. 1t is always
the case during prolonged period OF local
depression, arising from whatever cause
when the avenues to profitable employ
mcnt aud enterprise are d closed--that
many of the most valuable classes OF the
people, Including the more vigorous youth