The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1889-12-12
Virginia Leglslature-The Cover
nOr'S MasaaOa

The session of the General Assembly
opened at noon on the 4th and the Sen
ate and House of Delegates were organ
lied by the election of the officers nomi-
mated at the Democratic caucus. The
message of the Governor was then re-
ceived, read and ordered to be printed.
Following is synopsis Of the message:
After welcoming the representatives
of the people to the halls of legislation
Gov. Lee SAYS: st is claimed with con-
fidence that during the past four years
the star representing Virginia's state
hood has grown brighter. Public edu-
cation has made great progress; the foun-
dation of the States seminaries OF learn
ing is broader and deeper: elemosynary
institutions are accomplishing the ends
for which they were erected. While the
wheels of government everywhere are
running smoothly. Towns have been
erected on vacant fields, and cities have
replaced villages; while the depths OF
the mountain has given up it's richness
stantly increased, and this mineral
wealth has found its way to our rapidly
growing terminal ports. And while it is
true the course of the iron horse has
been laid in many new directions, the
breath of the fiery furnace has mingled
with the atmosphere of fresh localities
where fortunes hand has not been ex-
tended SO generously. and yet there are
millions of acres of unoccupied lands
upon which the weight of taxation is
pressing, but which yield no revenue,
and which would not bring in the open
market their assessed value. 1t will not
do, therefore, to make, In the immediate
future, estimates upon increased values,
for where there may be in one place q
healthy increase, in another there Will
be decrease of such values.
The first subject to which the Clover
nor directs the attention of the Legisla
ture is the State debt, which he thinks
should receive their careful considera-
ton and calm deliberation. "lts sOlu-
ton brings peace. plenty and prosperity
to Virginia; its agitation, misconception
misconstruction and costly litigation to
all concerned. 1t is the one weight on
the wheel of State, which breakers may
dash in the future, but whose removal
will leave a calm, untrOubled sea, into
whose depths the anchor OF good for
tune can safely and serenely rest. II all
of the outstanding obligations of the
State were funded under the act APP
proved February 18th, 1882, with the
'Wickham amendment attached. except
the bonds held by institutions of learn
ing, the interest upon which is now paid
by special legislation, at the rates pre-
scented by said act, viz Consols at %;
1O-40's at go; Peelers and the old unfund-
ed debt, at So; the principal would be
$21, $50. 812.74, the annual interest upon,
which would be $685.. O74.36. The cOnsOl
coupons outstanding from July, 1885, to
January, 1890, which are debarred from
being funded by the Wickham amend
ment, and which are not included in the
foregoing estimate, amount to So, TAG, 019;
1910 coupons for same Teriod, namely,
July, 1885, to January, 1890, amount to
1858, 1921 so, making total value OF
"a, 603. $4,000. The number of coupons
received into the treasury on Judgment
for taxes during the fiscal year ending
September Goth, 1899, amoont to 1914,
$50. During the previous year the
amount was $25S, 1888. This indebtedness
of $21, 1885, 812. IA can be reduced by the
following items: Here follow bonds held
by the Commissioners of the Sinking
Fund purchased under the provisions OF
the law and which can be cancelled,
So, 2SO. 653; stock held by the State in the
Il. g. P. r. r.. which can be made to
purchase 1859, 926.47 new 8 per cent.
bonds; stock of G. & 0. Ry. held by the
State, claim against the United States
and several other items] representing all
together in new per cent. bonds IS, 056,-
173 Deducting this amount from $21.-
$50, 81a.s4 there viii be left $40, 779, $3.50. IA,
which would carry an annual interest at
3 per cent. of $503, 5000. These figures
would therefore represent the principal
and interest of the debt of 1882 if all
classes of debt were funded under that
act, with it's amendments, into these
per cent bonds held by institutions of
learning. should the State dispose of its
assets