The Daily times. [volume] (Richmond, Va.) 1886-1889, 1889-12-05

| sessions nave been ntius iuo at'hhiui"-
tiou Of iaw-giving labor will, am sure, he
disposed Of 1t this regular session.
| The State looks with confidence to the
members of the General Assembly, who
have been rpened by legislative expe-
rience In the past, to lead the way In care
| fully guarding her reserved constitutional
rights, in enftrciDg. whenever necessary,
her legal powers. aud in protecting al all
| times the liberties Of her citizens. Her re-
lance is placed upon the fidelity Of al her
representatives with a resoufe falth mat
| In everything they will be guided by an en-
| ligbtened and steady view Of the pubic
| good
Laws laid in lines Of wisdom by one
branch Of the government, and put in force
with firm, humane and just exercise OF
authority by TIE two others, must soften the
rage Of the political tempest and contribute
to the glory Of the Commonwealth.
| Progress and peace, hand in hand, VIII
then walk within her borders, and prosper
| it's and promise, arm Ia arm, will be the
propitous scenes painted upon the picture
| Of the future. at is history that teaches us
| to hope" as you take your seats to perform
| the great work assigned 10 you by the law.
| IL is claimed with confidence that, during
the past four years. the star representing
| Nirginias statehood has grown brighter
| Public education has made great progress
The foundation Of the states seminarles OF
learning are broader and deeper, ana elee-
mosynary inititutiOns are accomplishing
the ends for which they were erected, while
/ the wheels Of government are everywhere
| running smoothly.
But if towns have been erected on vacant
| fields, and cities have replaced villages,
while the depths Of the mountains have CIV
sn I'D their riches to our railroads, whose
tonnage has constantly increased, ana THIS
mineral wealth has found its way to our
| rapidlv growing terminal ports; and while
| If 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. and the
hum of manifold industries is heard IN new
places. il must also be remembered that
| there are other localities where fortunes
hand has not been extended 50 generously,
| and that there are millions Of acres OF un0c-
cupied land, upon which the weight OF tax
I4tion is pressing but which yield no reve-
nue., and which would not bring, IN the open
market, their assessed value.
| Owing 10 the unsettled condition Of agri-
| cultural labor, and the close competition
our farmers must now meet with western
grain and cattle, the farming interests in
some localities have been depressed.
| II will not do, therefore. TO make, IN the
! immediate future. estimates upon increased
values, for, while there may lac in one place
| a healthy increase. i'm another there VIII be
decrease of such values.
STATE DEBT.
The first subject 10 which direct your
attention. as it is the first in importance, is
the present condition Of the state DEBT.
| This subject should receive your careful
| consideration and calm deliberation. Its
solution brings peace, plenty, and prosper
ity to Virginia: its agitation. misconcep-
/ ton miscOnstructiOn, ana costly litigation
| 10 all concerned. IL is the one weight on
the wheel of State which retards its sue
| cessful revolution. Ii is the rock against
which breakers may dash in the future, but
whose removal will leave a calm and IN
troubled sea, into whose depth the anchor Of
/ GOOD fortune can safely and securely rest.
| fall of the outstanding obligations of the
| state were funded under the act approved
| February 18th, 1852, with the "Wlckham
amendment attached. except the bonds
held by institutions of learning, the inter
est upon which is now paid by special
/ legislation. AT the rates prescribed by sald
act, namely: COnsOls, at 50: ten-fOrtles, at
90: pealers and the old unfIInded debt, AT
o.; the principal Of the debt would be
;2l. s3j, sl2.7f the annual interest upon
which would be SGjj,0I4.39.
The consol coupons outstand-
Ing from July. 1879, TO jan
uary. 1890, which are de-
barred from being funded 10y
this "Wickham amend
m6nt." and which are not in
cluded in the foregoing estl-
mate. amount to ...... s3,74O,Ol9 o.
Ten-iorty coupons for same
period, namely: July, 1885,
TO January, 1879, amOnnt to sC3,S2l 30
Making total face value OF. s4.6O3,siO 30
The number of coupons received into the
| treasury. on judgments, for taxes during
| the fiscal year, ending September Both, lS>.i,
amount to S2l4.jS0: during the previous
year the amount was, S2jS,93s. This in
dchtedness of $2l, $50, sl2. "A can be reduced
| by the following items. viz:
Bonds held by the Commits
sioners Of the Sinking Fund
purchased under the prOyi-
siOns of the law. and which
can De cancelled ........... S2,2sO6S %
The stock held by the state in
| the Richmond, Fredcricks-
| burg and Potomac Railroad
can be sold and with the
| proceeds, new per cent.
bonds can be purchased to
| the extent OF . ........ SJ9,J26 A.
| The sinking fund has in cash,
including the dividend re-
Gently declared 10y the Rich
m0nd. Fredericksburg and
Potomac Railroad. and 10 be
paid within a few days.
$l26,OlI.2S. which viii pur-
chase Of new threes, at IS. 1898 II
The stock held by the state in
the Chesapeake and Ohio
Railway, it il thought, can
be sold for Il sum which Will
purchase of new threes Si9,sis SO
The United States holds old
unfunded bonds which, with
interest thereon. funded into
new 3 per cent. bonds, repre-
sent ..............'..'... 1854 50
| The state has a claim against
the United states which will
offset this Indebtedness. and
therefore il need not be pro-
yided for. II is estimated
| that old bonds and interest
thereon have been lost, and
will not he presented. repre-
seuting in new threes the
sum Of. .................... S3i.si4 rs
! The total aggregate OF the
above amounts 10. ........ 8 5.OJG, - 90
| Deducting this from ..... 81. 81, Sl2 "A
| There viii De left ......... l6,1l9,639 "A
Which will carry an annual
interest at 3 pef cent. Of 500. $50 20
These figures would therefore represent
the principal and interest Of the act Of isS2
if all classes of debt were funded under that
act, withit amendments. into the3 per cent.
bonds, except the bonds held by institutions
Of learning, should the state dispose Of its
assets.
In my message Of December :, 1887, sub
mitted a detailed estimate Of the annual ex-
penses Of the state. Since then these ex-
penses have increased by the adoption OF
the Pension bill increased appropriations 10
the asylums, made necessary by the lamenta-
bic increase of lunacy; TO the Agricultural
| Bureau, and 10 schools, as well as the in
creased cost of criminal prosecutions, all of
which will be seen by reference Ia the de-
tailed estimates, accompanying this mes
| sage.
Ifthe present appropriations are contn-
| ued, the amount available 10 pay interest up
on any settlement Of debt, viii be $50, 260.OS.
| In view OF the financial condition Of the
state, as shown by Il carefully prepared esti-
mate OF receipts and expenditures. it is ap-
parent your wisdom will be taxed 10 provide
Tor the payment of the annual interest,
should the act of 1852 be accepted by the
creditors. Any careful examination of the
I tnunsgs A tho ~fufp shnulI Ia MI IN