The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-12-07
sloysrnor Keasaessa essage.


sage with cheerful view Of the political
situation. he hopes the present struggle
will result in vindicating the will OF the
people and In the supremacy OF the civil
over the military power, when the country
will enter upon a new err Of reconciliation
and enduring prosperity. IL wrong md
usurpation triumph he assumes that Yir-
ginia will join In every legai peaceful, and
constitutional effort TO rescue the liberties
Of the country, and will never despair OF
the republic; and since we are about to
have the period Of repose which follows q
presidential election the Governor hopes
that our united and pesolute labors will be
giYensto the domestic interests Of the State. /
~ Public Credit, Finances, and Debt form
an Interesting chapter in the message. The
importance Of maintaining the public credit
ip order to maintain private credit is strong
~ presented, It says - In the eyes Of the
g monetary world the government, is flnan-[
" cially and morally the reaexof its con-
|" stitueney. That. which impairs the,
i" pighted faith OF the government destroys
!" confidence in the people and paralyzes IN
" divldual credit and enterprise. The effect
ssis to alarm and repel capital, which Is ever
!" sensitive and timid,n It's stated that'in-.
yestments Of large sums in the State have
been driven away--that emigration Of our.
own people has been stimulated and
the gains Of enterprise and industry
have been diminished by the unsettled
state OF our public finances; and the
Governor urges that the yeXed financial
controversy be speedily settled and put
behind us as the surest means Of check
ing emigration, and inviting both. immi-
grafton and investment. The number Of
persons who have gone from:the State to
seek success elsewhere is large. At the
date OF the last census 92O,S31 natives OF
Virginia and West Virginia were residing
in other States. Aproyident craftsmanship
and the establishment Of the public credit
would be a great check to this drain upon
the Virginias. If it were practicable to re-
pudiatc any OF the public liabilities, the
Governor says such Reputation would en-
tail losses greater in amount than the debt
itself. ~
The amount of the debt, says the message,
is magnified by counting the 1928, IA
which was set apart by the funding bill as
"West Virginia's third; "for which, %.
says the message, @ this State neither ac-
knowledgcs nor intends to assume any liza
| bility." Another error, says the message,
is in treating the sinking fund as part OF
the debt proper. This sum amounts to
| $780, 100, and is made up Of bonds re-
deemed by the State but it pays interest,
which interest is used in buying other
bonds to be cla>scd with them, and thus in
crease the resources OF the State to make
further purchases OF bonds, and in til at way
continually to reduce the aggregate debt OF
the State. :" The larger the sinking fund.-"
therefore, g the less the actual debt" The
literary fund is analogous to the sinking
fund The annual income of SS3,907.G4 is all
that ever can become payable thereon.
The entire debt of the Commonwealth is
put at S33. OOO.16O.73: Counting some re-
sources from loans to the Fredericksburg
and Danvillc Railroad Companies, and the
stock of the State in the Fredericksburg
Company, the Governor estimates the debt,
after deductins the aboye-named amounts
from it, at sos, ,942.5o.
Since the funding act took effect the
interest borne on the public debt has
amounted to 49, 1892, 23707, and yet the State
has so near met the accruing interest that
the entire outstanding debt of to-day is only
1851 ,414.24 larger than it was FIVE years
ago. Remembering the condition OF the
national finances and industry during the
period in which this has been done, the
Governor thinks we should take heart and
60 forward with the task OF restoring the
public credit.
Governor KEMPER discourages all hope OF
obtaining money from the United States
Government upon what he calls the equi-
table claims" OF Virginia in virtue Of early
grants and concessions in behalf Of the
Union. TO depend on aid from that quar-
ter only tends towards reputation.
The Governor felictates the public upon
the fact that the last years expenses Of the
government were less than any other year
since 1869, and less than the average an
nr1al expenditure of the last six years by
Sos, 9OG.44.
The message discusses at length the ques-
lions OF taxation and economy, INDUCING
flattering hopes as to the reduction of ex--
pendltures and increase OF resources. The
present oyster-law yields nothing, and its
amendment is urged upon. the Legislature.
The Governor renews his recommendation
of a tax on liquors, estimating that tax of
hall cent = glass would yield to the State
S750,0oe. ~. 49,. :, 80 ',.,'''
In urging special taxation the Governor
says the Legislature must choose between
such taxation and increasing general taxa
ton for in touching the crisis Of our fnan-
cial fortunes imperative necessity requires
us to choose one alternative or the other.,
: The Governor hopes for economy from
biennial sessions and the shortening OF the
Legislative period, and for an increase OF
revenue from the constitutional amend
ments. A slight increase Of taxation will,
he says, rid the State of the financial incubus
which weighs down its energies, ami will
produce blessings far in excess of its bur
dens. isiI .ttiAGy "atti@ 2ii ,.,'t. -s,''
The Governor urges. economy in the cost
81 prisoners in iails, which is from three to
four times as much as in the penitentiary.
Then the costof conveying convicts and lu-
nqtics is unnecessarily great. He urges the
cutting down Of cost in these matters.