The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1885-12-10

fiscal year. 1t appears That Tie available
funds and convertible property now in the
treasury reaches in fonNd numbers, the
sum Of 81 .6f5. 2i3.s9 The report from
the financial officers Of the government
herewith transmitted furnish all necessary
details as to the sources of the receipts and
the manner Of expenditures Of the public
monies.
AS to the system u accounts obtaining
in the baseme lent Offices. resent events might
seem to suggest the need oil (. change; but
as the legislature at its last meeting ap-
pointed a special committee to consider
and report upon that subject, hesitate to
forestall their conclusion by any recon-
mendation. 1t seems right, however, for
me to say that the losses heretofore coming
to the Commonwealth through the partic-
ular department referred to, have occurred,
not so much through any fault in the
system of checks and balances, as in the
fact that the law had been allowed to be-
come dead letter.
This brings me to deal with The most
momentous question which viii or can
occupy your attention.
THE PUBLIC DEBT.
On this subject have no new views to
advance. On the 9th January, 1882, when
accepting from the people of Virginia
what | believe to be the highest trust in
their gift, | expressed my matured con-
yiction as to the rights and duties of the
people Of Virginia in that regard. The
views were condensed into the act APP
proved by the governor on February 14th,
1882, commonly known as the Riddleberger
bill. That statute, in my opinion, de-
clared and demonstrated the amount of
obligation which should and would be
TpnOmDiucl bu tha Or1y llthnrifxy IN tho
face of the earth capable Of settling the
question, the voters and taxpayers of the
Commonwealth of Virginia. This act of
February 18th, 1882. was. / repeat, only
declaration to the public creditors of the
terms upon which Virginia was willing to
settle, and thought then and think now,
that every consideration, moral and legal,
was met by the proposition for funding
made in that statute to the several classes
of b0ndholders. / never have considered
and do net now consider that any pledge
made as to the execution of the Riddle
berger bill preclGded any citizen of Vir-
gina from thereafter advocating any leg
islation necessary to carry it into effect.
In the governors message OF December
18th, 1888, to which reference is now made,
the attention of your bodies was called to
the fact that no legislation had yet been
taken sufficient to give effect to the Rid
dleberger bill. OF the two collateral acts
passed by the legislature of 1SS1-'82. in
aid of that statute, that of January 14th.
1882, notoriously neglected to require any
equitable allowance OF principal, or in
terest, for refunding of that class of bonds
known as ten-forties and the act Of jan
uary Goth, 1882, raised before the ultimate
courts OF the country an entirely new
question. Experience having shown, after
q trial of those measures, that they were
Tot sufficient to accomplish the objects
desired, | have no apology to make to the
people of Virginia, or any portion Of them,
for lending my counsel and approval to
remedy $50 far as it was done) what had
been shown to be insufficient.
1t would i'll become me to insist on any
policy to be pursued by the executive and
legislative officers chosen by the people Of
Virginia to administer their affairs as the
Successors of myself and my political as
sociates. AT the same time, feel forced
to sound the signal note of danger. En-
crosehments have begun to be made upon
the rights guaranteed to this Common
wealth by the constitution of the United
States. In raising this voice of warning,
[ only find it necessary to call attention to
the opinion delivered by four dissenting
justices Of the supreme court Of the United
States in the case of PoiEdexter Us. Green
how, decided April Goth, 1885, and other
Virginia coupon cases. Pursuing this
line Of thought. would with modesty re-
new the suggestion made in my message
of 1882 '34 in reference to the public
debt, and would also recommend the pas
sage of an act. to take effect at once, that
no coupon shall be received or cashed at
the treasury of the State, or accepted by
any collecting officer thereof. unless ac-
companied by the bond of which it is the
product. to prove its genuineness and
identity
The amount of the public debt outstand-
ing, other than Riddleberger bonds, by re-
ports Of the auditing officers is as follows
Principal and interest to July LIST, 1882,
s28, 020, 5S2. So interest subsequent to
July 1st, 1882, to and including July 1st
1885, So, T31, 500. 49; making outstanding
October LIST, 1885, $50, 752, 1925
There has been funded up to October LIST,
1855, 81, 517 ,03271 Of the old indebted
ness principal and interest, and the amount
of b0Eds and certificates issued under acts
OF February IA, 1882, and November 20,
1884, in lieu thereof, was $4971 ,590.66, of
which the State holds by pure base and
otherwise as follows:
BY purchase by the commissioners of
the sinking fund, $2,030, 943.10; by the
tt..D tyOA fll
fhe literary fnnd of VIRGINIA COZ ON no.
w 1850 w - ~ 5!il',
received IN selIiemehG OF Indebtedness TO
the State and cancelled from the Rich
mond and Danville Railroad company.
$448, 899.45 from the Upper Appomattox
$40, 1854 90 : from sureties of de-
fanltinG officars on aooount oe indobtod-
noss tha Gts+o Go SEQ 90 1aa,-;,es
ness 10 the Stdte, Slz,zoo.5o leaving IN
the hands of the public creditors $780,
5I4o2
11tH ovsqI7i3 Ann .ErNnP1sn o1rrerrors
- = - '-i' ANA ~ 20 totN''
c;noo 7e5- +aora hoe 100, aonsto+
olHco 100! IHeie ndS peeu Il conSlanI |
drain upon one OF tie largest resources of |
Vir0inia1s wealth nv the ahsoIpta do
= -. = !, - -. - 'Toi'eo W
SuuCtion VI Hei oyster peus' IL WAS not |
enough tEat the property OF our people |
shnuld be taken without remedy. or re- |
=, ,1ooro4io,, ~ o;t;zone oe o+bor' Cto+as |
nluileidtiol Ny VitlzehS u otHeI otates. |
Our laws were deHed. Treaty obligations |
were NOT regarded. and the very seed of |
HE nrodnct, Of orr waters was stolen Tn 1890 |
ID "a fl,e IaoisIatuTa 10 ,1oss soron Mi oi,Jin
tba evecntiye 1,rotant the SAFE
interest. The result was the act approved March |
~ ISsfnot arfect br9 an M .,rao4
leal better Than no law Of ali The esfinoae