The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-12-11
VIRGINIA. DECEMBER II. 1879.
THE VALLEY VIRGINIAN
>sTAUNT0N, VIRGINIA.
GOVERNORS MESSAGE.
COMMONWEALTH OF VIRGINIA, I
GOVEpNnR'S OEFTCE


COMMONWEALTH OF VIRGINIA, !
GOVERNORS OFFICE.
| RICHMOND, VA. December 3, 1879.
Gentlemen of the Senate and House of Dele
| gates
| The last General Assembly passed bill
| relating to the funding OF the State debt,
| which became law. Pending its passage
| it received fall and careful discussion, and
was regarded as a fair and amicable SETTLE
| ment between the State and her creditors
| BY large majorlties of both branches of your
| honorable body.
Before the expiration of the time as linn
| tied by the fifth section Of the law, the
| Council of Foreign Bondholders and the
! Funding Association Of the United States
| of America filed their assent and acceptance
of the terms of the act. 1t became a con-
| tract between them and the State, and tile
| Governor, as ordered therein, provided for
/ the preparation of the bonds.
| So soon as possible thereafter the funding
began and progressed rapidly under the
conditions of the law. In little while ag-
itation was commenced looking to its repeal,
| which, OF course, had a tendency to check
the bringing in Of the old bonds-the hold
ers being deferred from so doing by this
| threatened repeal.
+ tDlo lbdGiOIt, uOWtvtEg
they came in such numbers as to exceed the
legal requirements, giving indication, if not
full proof, of the ultimate success of the
scheme. By the limitations OF the law eight
millions were to have been presented in
specified kinds and proportions prior to the
lst day of January, 1880; that amount was
reached before the LIST day OF October, 1879,
and the amount now is So, 49l ,961.94 in
spite of the obstacles to which l have re-
ferred.
AS already stated, this measure received
the gravest consideration and the most thor
ough discussion by your predecessors, gen
tlemen who had the ability to comprehend
and the means of knowing the facts relating
to, and the merits of, the question and both
those who called themselves or were called
Debt Payers and Readinsters, by large
vote, united upon it as just and equitable
settlement, and it was so regarded and re-
ceived by the world. l shall, therefore, not
consume time by rehearsing the history
OF the origin anu growth and completion of
this settlement, save that it was made in
this city after long conference; and the best
evidence that it met the approval of the
creditors is the fact that they have accepted
its provisions with greater rapidity than
was contemplated by the General Assembly
when they were adopted, and the further
home or abroad. So far as can gather, the
outside world regarded it as, under the cir
cumstances, fair and reasonable, and such as
would in no way impinge upon the honor
of the State, which was matter of vital
import in any settlement we might make il
we would preserve Virginia's place amons
the nations of the earth.
Agreeable to the creditor, approved by the
opinion of The world, why should it not be
accepted by the people of the State as in
every way desirable conclusion of ques-
ton whose agitation has cost far more than
the whole sum involved to the material in
terests Of the Commonwealth? My views
are very clear and decided, and have been
frequently officially expressed, that the
money represented in the interest or even
principal of the debt, large as it is, is of bnt
little import in comparison with the States
credit, and that nothing save inability can JUS
tify or excuse its non paymen Its amount
has been over and over again acknowledged,
and it's consideration admitted by the Gem
eral Assem- bly, from session to session and
from year to year, and promises made to
pay it,and people who lave in the past
undergone SO much and so many things in
consideration of principle, cannot allow in
comparison slight and trivial Inconvenience
to stand in the way OF the performance of
their plighted faith.
And this excuse of inability, by reason of
the devastations of the war producing great
impoverishment, is at last the fundamental
argument OF those who oppose It's payment,
and such is the end to which all arguments
haye tended that have hitherto been made
in previous Legislatures and no one Is
more fully acquainted with those devasta-
lions than am or can more honestly admit
them yet hear OF none who advocate the
reduction OF the present rate Of taxation, all
admitting, that the people can stand that, and
opposing the settlement manly upon the
ground taat its terms cannot be complied witch
under the present rates. l am not of those
who believe that heavier rate cannot be
borne to accomplish SO grand an object as
the fu,fiment OF the States obligation and
the preservation Of her credit-objects
which, in republic like ours, far transcend
every private consideration indeed, which
elevate private considerations, and make
them partake OF the strength and virtue of
the Commonwealth itself. The investment
of more taxes in such use would yield
far greater revenue than that invested in
any war ia which our ancestors ever en-
gagged for the vindication of the right, both
in the material developer emf of our resources
and the hardy, robust, and honest growth
of our peoples character. That increase,
however, need not be resorted to now. " it'll
the present laws properly enforced, the
reveL ues will meet the r, quiremenss of the
act, and leave handsome surplus in the
treasury.
This was asserted by the Auditor prior
to and after its passage, and before it began
fully to work; experience has verified his
statements.
In the last annual message had the hon.
or to submit to the General Assembly l
showed that under the old funding bill there
was an annua! deficit OF $40, SOB 33-in-
Guiding interest on the literary fund, an an.
nual deficit of 1854 ,952.97; and that to meet
this would require an increase of from some
thirty to forty cents on the one hundred dol
lars of property as now assessed. At the
same time laid before the Assembly sun
dry propositions for settlement, which
would have also required small increase OF
the rate of taxation. These were not &C
cepted, but one was agreed upon, embodied
in the existing law, which the proper Of
ficers of Government and the committees
having the matter in charge thought could be
carried out with the present revenues.
Experience, though so short a time has
elapsed, has verified these views. The fol-
lowing tables, compiled from data furnished
from the offices of the Auditors will show
the disposition of the revenues, and the
condition of the finances, under the opera
ton of the new funding law, and what that
condition would be were it in full operation
and its provisions carried out according to
| their meaning and intent:
STATEMENT NO. i.
| Showing from what sources revenue is derived,
based upon the assessments and returns for the
| year 1873, the assessments and returns for the
| year 1879. not ha wing been received in full and
| the expense OF government for the fiscal year
| 1878-'.9.-November2 20, 1879.
| Total value of real estate as assessed
| with taxes for the year 1873, $244,-
| 563,7l7.47; tax on same at so cents
the 500 value. 81 ,222, 1913 So
| Back taxes assessed 654 II
| Total value of personal property, as
| assessed with taxes for the year 1878,
$71,0l3 1885, tax same at 30 cts
| on the 800 vaIue...... ........ s55, os5 So
| Fractional gains. 213 80
| Value of incomes exceeding in each
case $500. oil; tax same
1per cent. NEUTRALITY-SUSPICIOUS.. 29,7l2 So
Captation tax:
| N u N white m e persons over
| twenty-one years OF age, 175,97O;
| number colored male persons over
| twenty-one years OF age 100, 4O1-
| 255,37l: tax on same at 81 per capita 285371 90
| Licenses assessed May and No
vember, 1878: