Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1885-12-11

bly, has not reached such an ex-
tent rs to seriously disturb the adj
ministratiou of public affairs
Notwithstanding that strenuous
efforts have been and are being
made to deny and destroy the con-
stitutonal right of the State OF
Virginia to be sued in her own
courts in the manner prescribed by
her laws, and there and thus alone,
it is gratifying to he able to report
to YOU that for the fiscal year here
in treated the amount of coupons
forced upon the Treasury in pay
ment of taxes and other dues was
Sl22 900 less than for the preced-
ing fiscal year. 1t appears that the
available funds and convertible
property now in the Treasury
reach, in round numbers, the sum
Of 81 ,Gl5,2l3.S9.
A CHANGE NEEDED.
I'm this connection the Governor
says: AS to the system OF ac-
counts obtaining in the basement
offices, recent events might seem
to suggest the need of a change
bat as the Legislature at its last
meeting appointed special com
mittee to consider and report upon
that subject, hesitate to forestall
their conclusion by any recommen-
dalton. 1t seems right, however,
for me to say that the losses here
tofore coming to the Commonwealth
through the particular departments
referred to, have occurred, not so
much through any fault in the sys-
TEN of checks and balances, as in
the fact that the law had been al
lowed to become a dead letter.
This brings me to deal with the
most mOmentOus question which
will or can occupy your attention.
TILE PUBLIC DEBT.
On this subject he says he has
no new views to advance. He re-
fers to the position he took on the
debt question in 1882, and thinks
now, as he thought then, that ev-
cry consideration, moral and legal,
was met by the proposition for
funding made i'll the act Of Febru-
AIRY 1lth, 1882, to the several class
es of bondholders. never have
considered, and do not now con-
slider that any pledge made as to
the execution Of the Riddleberger
bill precluded any citizen of Vir-
ginia from thereafter advocating
any legislation necessary to carry
it into effect.
In the Governors message Of
December 9th, 1888, to which ref
erence 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 RIddle6erger bill. The act
Of January II, 1882, VIGOROUSLY
neglected to require any equitable
allowance of principal or interest
for the refundlng of that class of
bonds known as ten.fortics; and
the act January 20, 1882, raised be-
fore the ultimate courts of the
country AN entirely new question.
Experience having shown, after IA
trial of these measures, that they
were not 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 approx
al to remedy, so far as it was done,
what had been shown to be insult
ficient. 1t would ill-becOme me to
insit 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 associates. At the same
time | feel forced TO sound the sig
nal Of danger. Encroachments
have begun to be made upon the
rights guaranteed to this Common
wealth by the Constitution of tho
United States.
In raising his voice of warning
the Governor calls attention to the
opinion delivered by four dissent
ing Justices Of the Supreme Court
OF the United States in the case of
/ PointdeXter rs Greenhow, decided
April 20, 1850, and other Virginia
coupon cases.
With modesty he reviews the
suggestions made in his messages
Of lSS2-'oj-'Sl in reference to the
/ public debt, and would also recon-
mend the passage of an act, to take
! effect at once, that no coupons
shall be received or cashed at the
treasury of the State, or accepted
! by any collecting officer thereof,
unless accompanied by the bond OF
which it is the product, to prove
its genuineness or identity.
PUBLIC DEBT OUTSTANDING.
The amount of the pablo debt
outstanding other than Riddleber-
ger bonds, by reports of the audit
ing officers, is as follows: Prluci
pal and interest TO July LIST, 1882,
| SIS, 020, 532 50; interest sub ,eQuent
TO July list. 1889, to and including
July lst, 1888, 81, 73l 500. l9-mak-
ing outstanding October LIST, 1888.
$50, 30, 1922. There has been
funded up to October LIST, 1855,
S7,j17, 032.7l Of the old indebted
ness, principal and interest, and
the amount OF bonds and certif-
Gates issued under acts of February
18th, 1882, and November 10Th,
1881, in lieu thereof was $i,97l,-
800. GG, of which the State holds by
purchase and otherwise az follows
BY purchase by the Commits
sioners OF tho Sinking Fund, 81
03O,9l3.lO; by the Board of Public
Works, Sli3,2O0; and by the Lit
crary Fund of Virginia, S9i, 900;
received in settlements ofindebted-
4 fr,,,,