Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1834-12-04

izniion an Of great frauds
Be, should tie absolute repeal OF these Al.
Resolutions not be approved 10y YOU mos, -.
nesily recommend teyou careful fevlsion ,e,ba.'
for the purpose OF tanning their objects mo,o
feciualiy, 10y Aiming just punishmeuis 10 al ~.
various mIsdeeds which may be perpetraed Inv ~.
principals or their accessories, in the vi.i'
scheme of violating the generous provisions of NV
laws themselves. Such a revision is the mo,. '
cessary at this time, in order TO reconcile mora
iainy The provisions Of some of these Acts wa
the general scheme of Executive duties il has h..
thought wise TO establish, WITH which scho.s'
they are by some supposed to be in conflict.
1t is impossible TO form any correct op,io,
the Financial condition of the Commmwo.,.,
without iuking into view that of the several o.s l
Corporations which it has created and ,ndoa,
for very different purposes, il is true, bu, VIII,
in their operation, have produced, and mus, cont
ne To produce, most important effects upon IN. ~
dit, resources and expenditures of the State II
this reason, | Will cali your attention 10 the .,n'
ton OF these Corporations, far as This is conn..
ted with our fiscal concerns. The special rrno,s
that will he made 10 you by each of them L',oas
ter, will exhibit heir actual condition in Other r.
spects, and will give you u detailed ntccon, NJ
their Iast operations AID future prospec,s
Al tie time of the csabils hiiem Of IN, e., =,
these Corporations, the Common wenl,l, NAV IN
be considered free from dcot. The sum ib'a ,i.'
by il was SO moons 'ierable, and was so .,s;I.
and pcrpc unlIy aim nishrd, til / the cxinc,;o y
the deb, was process, the effects Of which w..
no, fell. and could hardly be calculated. Tbc cn.H
rent disbursements OF the Government WERE ,,ro,:
dcd Tor by lis current receipts annually; and TIN
difference between them in any year, was III. ~
fer # Casualty To oil
dental differences, the General Assembly, in lSlo
most wisely d4pnvcd the Treasury OF all fund, nm,
&C. ding from casualties, and appropriated such IN
the encouragement OF leaning" Thus nsur;o,
rugalIty in the administration OF the rtyenpe h.,
conhnns DE regular expenditures to the reonlar
receipts Of The Government, without leaving any
surplus or deficiency thar could be guarded a.
galnst and al the same time making the yerv ne,
ligonccs and vices OF the community contribute IN
'heit own eradication, by aiding in lis future intel.
Ice uu Improvement
The last war with Great Britain Disturbed Tho
arrangement somewhat Much exposed to the at.
lacks OF the common enemy, at u time when tho
Government of the United States could not furnish
10 US that prompt and efcclual aid which lis dntv
required, the Stale was compelled to rely prjDcpa
ly upon ITS own resources. The taxes were then
increased greatly and TO enable us 10 carry on tia
war, l'tsc sums were borrowed by the Slate, IN.
on the pledge OF its own credn. When peace took
place, Virginia found herself involved in a consn
cradle debt bu, she was creditor of the United
Safes for much of its amount. Although the tax.
es were then very properly reduced, the receip,s
from this source, proved sufficient to satisfy all The
expenses of IA frugal Government. and 70 nro,dee
the punclua paymen, Of all the interest on this n,b
lie debt In this sntc of,klnss the accoun, OF his CO.
vernmcnt with the U. S. was settled in par,. On,
OF the proceeds then paid to the Commonwealth A
sum sufficient 10 extinsuish the debt then PAYABLE
by II ~as applied to that purpose but hayino m
immediate occasion for he residue, to avoid the O.
v'ls arising from hucualing system of revenue
or large surplus in the Treasury this rcsiducavr
appropriated by an act Of the Genera! Assemble
passed IN Isle, :" to public education"
Such is brcfh's'ory OF he origin ana procns,
OIL that great Corporation, now styled "ihG pre.r
dent and Directors Of the Literary Fund Byhs
prudent management Of the affairs OF Tins lnsiitu.
ton, (Which, with single well known exception.
have been admirably oonducrcd,) Us fms ta,e
augmented To an amount that is now con,nrtl
quite low ~hen ii IS estimated n money, h, a ndl
hon and half Of dolia,s. The annual recclgs
from this capital, efler defraying the nnnuat cfa.
yes upon them ot $50 000 and all the expcrs II
HE Corporation, have generally left surplus much
exceeding P3o U'0 10 be reinyestcd and converted
into new capital.
Ii is The judcious inycsmcn, of the cspial stock
OF ms institution and lis surplus profits that has
gwen TO II character and use not forcscen by is
iu'aors, and mad II Il most valuable fiscal agent
n very large portion OF the debt due hy the Smo
Greedy, IS now held Ivy and constitutes part OF
ire capital stock OF this Corporation. The surplus
proht al tbs c'pl'al, being regularly invested in
o'her STOCKS foI the payment of which the Com
monweal'h is bound ultimately, creates ne = com.
petition IN the acquisition OF these stocks thus in
crcaseS their value & producivcncss, so preserves
the credit of the State, and facilitates greatly many
OF lis fiscal operations.
To give full effect to this scheme, | recommend
to you the cnaciion of statute authorizing new
loans to be made to an amount tqaal 10 the debt
no" due, or soon To become due, by the State d.
reety. Some portion Of this debt bcaIs an interest
higher than even the legal rate, and much higher
than that at which new loan fer the sa 1,e amount
may be elected, probably. Therefore by applying
the proceeds oil such loan, TO the extinction els,
eA's''"S "eo', me treasury may be at reIIev'
Gu nom much OF the bnrhen of interest now chat
Scd upon II and ms the stock IS held by this C}-
poration, the only Effect will be TO change ,te
character OF this stock and to diminish somewhat
he fuurc surplus profits of this IN ,l,ution By
tohi'huin: this process from time to tme as M
debts become dG" for which III, Commonwealth IL
1Iund directly, the Treasury may be greatly =.
evfd 'ho"I diminishing the capital stock ofMa
Corporation in the least.
II VIII be pfu'lcn, also, as | think, to provijr
NAT so soon as the permanent capital of this nslnn-
ION shall have accumulated to an amour. deemed
ohcient to satisfy, cut of It's annual pU6lsr
he annual expenses of the Corporation and the
nnu"l charge with which it may be thoughtpro'
'+r 10 cucumber IT, that The surplus of such annual