The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-01-07


iourned before II was ready:
COMMONWEALTH OF VIRGINIA.
GOVERNORS OFFICE,
RICHMOND, January G, 1882. )
To the General assembly Of Virginia:
Pursuant to notice Of my election by the
people, received through committee OF
your body, | have taken the oath prescribed
by law, and have entered upon the Office OF
Governor.
The constitutional duty OF communica-
ting to each session Of the General Assem-
bly, the condition OF the Commonwealth
has already been performed by my prede-
cessor in the transmission to YOU of full re-
ports from all the heads of Departments.
But the Governor is also required TO recon-
mend to the consideration OF the General
Assembly such measures as he may deem
eXpedicnt.
This latter mandate / proceed briefly to
discharge in firm faith that the principles
and purposes which have received emphatic
endorsement from the people Of Virginia
will not fail to command the support OF
their representatives.
In use OF the authority intTuSted to me |
have no other aim than to maintain the true
honor and fosterthe substantial interests OF
the State, and in pursuit Of these objects |
know no better guides than the Constitution
and that will which the sovereign voice Of
this Commonwealth has declared at the
ballot-boX.
TIE PUBLIC DEBT.
| recommend the adoption OF measures,
without unnecessary delay, which shall
provide for the discharge Of our public
obligations upon the basis set forth in the
act passed by the last General Assembly
and known rs the Riddleberger bill. No
greater boon can be given this people than
speedy, equitable, and final settlement Of
all controversy concerning the State debt.
Great misapprehension exists rs TO the pur-
pose Of the people OF Virginia in this re-
gard Conflicting courses Of legislation in
the past and statements aS to the reye-
nueS and resources, proved to be erro-
neOus by subsequent events, have tended
to confuse the popular mind and to
produce gross discrimination between the
several classes OF Nirginia's obligations,
though in law and i'm equity the whole
should have been homogeneous and Of
equal value. AS / understand the views
and will Of the people Of this State they do
not intend TO repudiate any Just obligation,
but to assume and to pay that proportion
OF the principal which Is properly chargca-
bic TO the present State of Virginia, and TO
restore all classes Of the creditors TO a plane
Of equality. " are at no loss TO determine
The proportion OF the ante-bellum debt
which this Commonwealth should assume,
for the Supreme Court Of the United States
has adiudicated that question.
With the sanction Of that high tribunal
to the proposition that two thirds Of the
original sum is the Just share thereof TO
be borne by Virginia, the true indebted
ness Of this State can be mathematically
determined
First. by computing full interest TO the
date OF the settlement from the period when
Virginia lost control Of and ceased to draw
revenue from the territory embraced in
West Virginia.
Second. BY crediting against the sum
total Of principal and interest so obtained
the acknowledged payments on both ac-
counts made by Virginia since the parti-
ton OF her territory.
If this shall Ec done and provision made
for liquidation Of the amount 80 found 10
be due, no charge OF Reputation can be
rightly laid at the door OF the people OF the
Commonwealth. In the scheme Of settle
mcnt above referred to different rates OF
funding were prescribed for the several
classes Of bonds. This was necessary TO
equitable application Of the payments here
tofore made and to preserve the well-estab-
Tished principles OF law that equality i
equity among creditors OF equal dignity.
As to the rate OF interest which can and
should be paid on the principal so ascer-
tanned and assumed, all parties in this
State are agreed that the present rate of
taxation cannot be increased. Common
consent on this point in connection with
the last assessment determines, then, the
amount Of public revenue. This revenue
is principally applicable to the support OF
the Government, upon the maintenance Of
which rests the only hope that any public
obligation will be provided for or dis
charged. The Constitution is imperative
that one fifth OF all the tax upon property
shall be appropriated to the public free
school system. The charitable institutions
of this State impose upon the body-politic
obligations and responsibilities of dignity
and priority which the voice Of humanity
cannot question.
With these demands upon fixed reye-
nue. the only question is, what rate Of in
terest can with certainty and pr0mptitude
be paid upon an already-aScertainedindebt
edncsS. And careful estimates establish the
proposition that per centrlm is the largest
rate that can be provided for with certainty
OF meeting the semi-annual payments and
with safety to the other claims above emu
merated. We are supported in this con-
clusion not only by the financial experience
of many years, but also by the fact that the
proposed interest is ~ great rs the average
rate paid by the debtor class OF the world
in pubhc securities at the present day.
These views are advanced in the firm
conviction that a settlement based on the
general principles indicated above, TO be
applied with such details OF method Us
your wisdom will supply, would meet the
sanction OF the people (Which is essential
TO any settlement), would satisfy all the de-
mands OF honesty, and result in eventual
benefit TO the bondholders.
Germane to the debt question is the sub
ject of the public free schools. This syS-
TEN is the object Of special provision by
the Constitution. A considerable portion
of the fund dedicated TO educational OBJ
iects bv the Constitution has been by the
course Of past legislation and administra-
ton diverted TO the great detriment
OF the school system. This course
has been pursued upon the theory
that statutory enactments OF 1871 could
abrogate and nullify mandate OF the
Constitution of 1869, setting apart TO
the free schools at least one fifth OF the
revenues. | cannot sustain such con-
struction, because il ignores the fact that
this portion Of the revenues was solemnly
dedicated to this particular object by the
Constitution, and is the only part OF the
revenues the control and disposition OF
which was taken from the Legislature by
that instrument. believe that measures
NAV be devised and recommend that imme-
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