The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-02-02
SPLENDID ADDRESS
OF GOV. SWANSON
conllnlled frnm llLghth PnGe.l

(ContniIed from Eighth Pnge,)
the wlsc provisions Of the new constltu-
tion, new and Just sources OF revenue
have been created ind we now have u
substantial surplus ,of revenue which
can bc utilized to Nhc bettermeft of
this state in all directions. On the 3oth
OF September of last year, after deduct
Ing all charges anu appropriations .nl-
ready made. we lnd. IL surplus IN our
treasury OF s2SGGl3.ao. The Auditor es.
Inmates our revenue tile current fiscal
year Mt "a. 253 i0i o. and our expeudi-
lures under existing law, $s,naoakIo,
giving us an annual surplus of s5Iy,foloV
which cnn be appropriated for new p'ir-
poses. AZ
Tnis annual surplus next year VIII be
further Increased to tile extent OF ABOUT
Fs4,005I5, when the taxes are collected
on the new assessment OF real estate.
Thus the treasury will have, under eS-
listing expenditures, an annual surplus -.
$685., 60, and the present accumulated
surplus Of s6.613.39 The financial AZ
fairs OF the State are most favorape hio
have surpassed the expectations OF the
most sanguIne. But because the re-
sources Of our treasury are abundant II
n not time for reckless expenditure,
Vrostefu extravaganza or doubtful ap-
preparations. Nations. like Individuals In
the time Of prosperity and abundance.
must exercise caution and prudence. or
else they will undertake ventures which
bring bankruptcy and disaster. would
feel derclict In my duty, false to my high
trust II should fail to impress upon the
present General Assembly the necessity
for strict economy and the utmost care
In the expenditure Of public money. But
neither pairing parsimony nor the dire
forebodings of the timld should restrain
n
81 progressive policy OF Improvement and
bettermcnt. a portion OF this annual sur
plus should be used to reduce our bonded
Indebtedness. A wise debtor. when Inc
finds himself possessed of n surplus over
current expenses, prepares for an extin-
punishment of IL portion Of his outstand-
ing obligations. The act Of February.
1892. under which our State debt was
finally settled. provides that In 1910, and
each year thereafter until 1890, there shall
be set apart from the revenues collected
from the property OF the State, an
amount equal TO one-lnlf Of one per cent.
upon the outstanding bonds issued under
this act and the act OF 1882, known as
the Riddleberger Act, which amount shall
be applied by the Commissioners OF the
Sinking Fund to the purchase or redemp-
tlnn OF bonds issued under the two acts
aforesaid
After 1890. the amount thus set apart
shall lbo one per cent. upon those out
standing bonds. These requirements. IL
complied with. will .nsnish tho entire
debt mt maturity ia 1892. believe 1t
would be wisc for us to anticipate these
provisions and not walt until 1910. and
appropriate to our sinking fund now. and
each year hereafter. the amount thus
specified to be Used for the extingush-
mcnt OF our public debt The amount re-
Guircd for tiis purpose would be Sll5.-
357.26. But we have already appro-
priatcd to the sinking fund the amount
OF dividends received by us from our
holdings In the Richmond, Fredericks-
burg & Potomac Railroad. which last year
amounted TO sfe.llI.co The indications
nre that those dividends viii increase IN
stead OF decreasing. Subtracting this
amount from the requirements. as pre-
viously stated, it leaves sf3.2i5.13. which
! Is all the annual additional appropria-
tlon necessary until 1880, for us TO COM
mcnco mt once tile retirement OF our In
debtedness az provided In the act OF set
Element. ] strongly urge this. Prudence
demands that when we are amply able
we should make payments upon and COM
mcncc the reduction of our bonded In
dcbtcdncss. 1t is far preferable that this
should be done on d permanent and sys-
tcfnatic plan In accordance with DIR con-
tract than in an uncertain and sporadic
way. Nothing would tend more to in
crease the credit of our State, nothing
would produce more exultation and pride
among our people than for 1t TO be known
that we were anticipating by many years
the provisions made for the cxtinguish-
ment OF our public debt.
Our revenues are amply sufficient to
do this without impairing our ability
to taxa care of properly the many great
interests and needs of the state. But,
would not recommend any larger APP
preparation for this purpose. Our in
creasing revenue each year, derived from
tile enhanced value of our property and
our great prosperity. will make 1t easier
for us each year to pay this indebted
ness. After making this wise aud pru-
dent provision for the annual reduction
OF our bonded Indebtedness, the residue
of our surplus should be used for the
progress. Improvement and .betterment
OF the state.
First Great Need.
The first great need of this state. the
one requiring our most serious thoughts
and earnest efforts is the Improvement
of our primary schools. Virginia needs
u more thorough. progressive and eff
ficient system of public schools in the
country districts Our rural sections re-
quire better school houses, better paid.
and in many cases. more efficient teach
crs, and longer terms. No marked or
these schools until the money is provided
TO acquire these needs. Virginia can
not afford to let these schools langush,
lecallse dcpentlent llpOn them for edn.