Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1884-08-20
NEX ANDRIA GAZETTE AMI VIRGINIA AWTRIlS
Vrginia's Finances-A Message from Governor
Camerou

Virginia's Finances-A Message from Governor
Cameron.
Governor Cameron sent to the General
Assembly yesterday message in which he
lays before that body numerous facts in
relation to financial matters, and makes va
rous suggestions and recommendations
He first refers to the succession Of yeXatious
suits brought against the State since the ad-
iournment Of the Legislature in March last,
none of which, however, resulted in seri-
Gus interruption of public revenue. The
collections have been satisfactory, and es-
labliSh the fact that the income under the
present rate of taxation will be ample for
all necessary purposes, including the re-
dcmption of all coupons, semi annually, Of
the bonds created by the act of February
II, 1882 lie does not believe, how.
ever, that the cash balances are sufti.
Gent 10 meet these current objects, and
ut the same time cover the expenditure
of 100000 monthly in the purchase of Rid
dIrberger bonds. The effect of that policy,
while depicting the treasury, has not be- n to
stimulate the market value Of State securl-
ties. He TIN :reure suggests that u 9 month
" purchases be limited to $25, 900. Such
outlay he thinks will establish sinking fund
more than proportionate to the amount of
the new IS now funded or likely to be. The
continuance of buying at the present rate
will emharrass the treasury, and should
sales become necessary to restore cash bal
ances, Il decline in the price of Riddleber-
ger bonds out of all proportion to any ad
vantage of the purchase will follow, also as
flowing from that result cessation of
funding of those classes of bonds which fur.
nish the only obstruction to the conclu-
sive settlement of this controversy.
referring TO the treasury, the Governor
says there is at present over 81 100000,
which will not be materially increased be-
fore December next. This amount is sub.
ject to heavy deductions before it can be
made available for the uses of the Common
wealth, including $l35, 900 deposited in the
Planters and Mechanics Bank, of Peters
burg, recently failed, credited to the fund
for use, but not now available. He
suggests an amendment to the present
law authorizing the government to &C.
cept United States bonds at par or Fir-
ginia - double the market value as security
t;'r State deposits. He renews the recon.
mendation made in his message TO thelegis.
Iu.ure in December last in relation to
amending certain clauses Of the Riddleber.
ger debt law. Recent events emphasized
the necessity for some further legislation on
the subject. Referring to the recent decis-
ion Of Judges Hughes and Bond, that cou.
I,olis Of consuls or 10 40s, could up to the
period of maturity be- funded into new 3s,
dollar for dollar, the Governor says the At
trrney General has taken steps to take an
appeal in the case. He, however, recon-
mendS immediate legislation, so as 10 place
The spirit and letter of the act beyond the
possibility of misconstruction in this regard
He recommends the following appropri-
atoms $4,000 for the female normal school
ut Farmville, SIG, GOO to complete the color
ed lunaIic ASYLUM ct Petersburg, $50 900 to
cover the deficiency in current revenue and
for repairs to the Western Lunatic Asylum
ut Stanton, and $l0,O 900 to enable the State
10 make :: proper exhibition other resources
1T the Worlds Exhibition at New Orleans in
December next.