Speech of Hon. J. W. Stevenson, of Kentucky, on the state of the Union
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Detailed and expanded to accommodate changes in the oil and gas industry, this text is suitable for both industry and academic mediums. The new international chapter is an overview of current international oil and gas accounting and the problems that companies face in accounting for international operations. The new pipeline accounting chapter deals with accounting under the FERC rules as contrasted with GAAP accounting. This revision discusses tax accounting using the most up-to-date tax law changes, and also includes numerous flow charts, diagrams and actual examples. It deals primarily with accounting practices and procedures, and only briefly with topics such as the formation of oil and gas, drilling and production methods. The major emphasis of the book pertains to costs incurred in the exploration and production of oil and natural gas. Accounting for the incurrence and disposition of these costs is presented for the two major accounting methods - successful efforts and full cost. Also, innovative chapters concerning conveyances, joint interest accounting and required disclosures for oil and gas producing activities are presented.
John White Stevenson was the 25th governor of Kentucky and represented the state in both houses of the United States Congress.
Background
John was born on May 4, 1812 in Richmond, Virginia, United States, the only child of Andrew Stevenson and Mary Page (White) Stevenson. His mother dying at his birth, he was taken in charge and given his earliest training by his grandmother, Judith White.
Education
His first formal schooling was provided by private tutors in Virginia and also in Washington where he spent much time with his father. He attended Hampden-Sidney College, 1828-29, before entering the University of Virginia, where he graduated in 1832.
Stevenson read law with Willoughby Newton, a prominent Virginia lawyer, and on the advice of James Madison decided to grow up in the West.
Career
Stevenson began the practice of law in Vicksburg, Mississippi, but in 1841 he settled in Covington, Kentucky, where he made his home throughout the rest of his life. His success as a lawyer was soon assured.
In 1845 he was elected as a representative from Kenton County to the state legislature, and he was reelected in 1846 and 1848. The next year he represented his county in the constitutional convention which met in Frankfort and remade the state constitution. With M. C. Johnson and James Harlan, he prepared for the state a Code of Practise in Civil and Criminal Cases (1854).
On January 30, 1861, he made his principal speech, regarding the perilous situation created by the secession movement. Imbued with a strong feeling for the Union, characteristic of Kentuckians, he called upon the Republicans to recede from the extreme policies of their platform and help to preserve the common country.
This year he attended as a delegate the Union Convention in Philadelphia called to endorse President Johnson's policy of reconstruction. In August 1867 he was elected lieutenant-governor of Kentucky and the next month succeeded to the governorship, on account of the death of Governor John L. Helm. The next year he was elected to this position by a majority of more than four to one over his Republican opponent. He was a constructive and sane governor, using his influence and power to break up violent gangs of "Regulators, " and aiding the development of a common-school system.
He became entangled in a bitter controversy with Senator Thomas C. McCreery and Thomas L. Jones over charges and countercharges relative to a recommendation for the appointment to a federal office of Stephen G. Burkridge, a Union officer violently hated by Kentuckians.
This controversy seems to have been preparatory to the contest between Stevenson and McCreery for the senatorship a few months later. Stevenson won and in February 1871 he resigned the governorship to serve a term in the United States Senate. For the next six years he tenaciously upheld a political faith from which he had never swerved--a faith which he had imbibed from Jefferson and Madison, both of whom he had known in their homes.
He opposed the rivers and harbors appropriations bill of 1875 and in a speech against it declared that he clung to the "doctrines of close construction and rigid adherence to all the limitations of the Constitution upon congressional or executive power with greater tenacity now than ever, as the palladium of political safety".
In the disputed election of 1876, he went to New Orleans as one of the visiting statesmen and became thoroughly convinced that the election had been fair in Louisiana. On the expiration of his term he returned to Covington to resume the practice of law, and at the same time he accepted a position in the Cincinnati Law School to teach criminal law and contracts.
He died on August 10, 1886 in Covington, Kentucky.
Achievements
John White Stevenson was made chairman of the National Democratic Convention in Cincinnati, and four years later he was elected president of the American Bar Association. As the governor of Kentucky, he opposed federal intervention in what he considered state matters but insisted that blacks' newly granted rights be observed and used the state militia to quell post-war violence in the state.
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Religion
He was a member of the Episcopal Church and often attended its conventions.
Politics
Decrying the passions of the hour, he blamed the Republicans for the failure of the Crittenden propositions and all other compromises, and declared that the slave states have a right to resist the execution of a policy at war with their interests, destructive of their peace, injurious to their rights, and subversive of the ends and objects for which the Union was formed. Though strongly sympathizing with the Confederacy, he managed to keep out of war and free from Federal prisons, and not until 1865 did his name become prominent again.
Personality
He was somewhat reserved in demeanor, was a great lover of the law, and was strongly religious.
Connections
In 1842 Stevenson had married Sibella Winston, of Newport, Kentucky, and to them were born five children, three daughters and two sons.