Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-12-02


amounts of several heads Il expenditures which
then entirely contingent IN their nature. This
of the disbursements of the Treasury during the last
year. ought not, however, 10 produce any matcri-
al effect upon the estimate of the present year No
is known to me, which Will require amy material aug
nenston of the amount Of amy class OF expenditures
ut this time. Nay, far from this being the case
of the expenses Of the last year may be- very pro-
perly curtacd and others will necessarily cease
dmlnuon of disbursements produced, will very
talnly reduce their amount within the present limit,
less some unforeseen event shall occur requiring I'M
creased expenditure. Should thing OF this kind
eSpcccdy happen, the surplus already in the Treasury
will. in all probability, suffice To provide for it.
Among the expenditures of the Government which
may now be very properly reduced as think. are all
those attendant upon the execution of the several Rcso
lu,ions and Acts ofthe General Assembly, which regard
allowance of Bountcs in land 10 the officers soldiers and
seamen oil the of the Revolution and in relation
the adjustment of other claims, by and against the State
concerning matters connected with that More than
fifty years have elapsed the origin Of all such
claims. During the whole OF tins long period the
raj tribunals charged with the investigation OF them,
have been constantly open to every claimant. Not
has elapsed but have been acted upon and If
the number disposed of in time bears any proportion
Ia that which have been called upon TO decide during
the short period have been in Office the aggregate
would very far exceed the total number of just claims of
this sort which by any possibility, could have exist
ed against the Commonwealth Moreover. the proceed
ing such cases. from its very nature invites to the
commission of numerous frauds, which it will be impos
sble to prevent because their detection ever be
work of the greatest dculty and because the detec-
tion when made, draws down no punishment upon the
10 declare such frauds to be crimes.
Under such circumstances every consideration JUS
tce and OF prudence to require that speedy ter
mination should be put to the investigation of all such
applications IN future recommend TO you, therefore.
the repeal of all the Resolutions and Acts
that apply To these particular subjects, after certain
day to arrive. Should it be apprehended that in
justice to any may result from such course, it
may easily be prevented by special legislation. 1t is
much better To provide IN tins way for few particular
than to continue rules which, experience
teaches are and must be, productive of much de-
moralization and great frauds.
n he Int, Of those Acts Ro-
solutions not be approved by you, | must earnestly
recommend to you careful revision of thcm for the
purpose OF attaining their objects eectually by
aiiixng Just punshments to all the various msdccds
which may be perpeated by the principals their
cessorcs the wicked scheme of violating the
provisions of the laws themselves Such revision is
the more necessary at this time, in order reconcile
more certainly the provisions of some ofthese Acts with
the general scheme OF Executive duties, it has been
thought wise TO establish with which scheme they are
10y some supposed to be in conflict
1t Is impossible TO form any opinion of the
financial condition of the Commonwealth without tax
ing into view that of the several great corpora
which it has created and endowedefor very diffe
rent purposes, ii is true but which, in their operation
nave Produced and must continue tn produce, inn
portan effects upon the credit, and expendi
lures of the State. For this reason will call your
tention to the situation of these Corporations far
this Is connected with fiscal The special
reports mat wi be made to you by each OF them here
AFTER VIII exhibit their actual condition i'll other respects
and will give you detailed of their past opera
tons and future prospects.
AT the time of the establishment of the of these
Corporations, the Commonwealth may well be consider
ed as free from debt The then dur by il in
considerable was easily and perpeally diminish
ed that the extinction of the debt process the cf
ecs Of which not felt, and could hardly be cacu-
lated The current disbursements of the Government.
provided for by its receipts annually the
difference between them in any year, the effect of
mere casualty To all such accidental differences
the General Assembly, in 1870 wisely deprived the
Treasury OF all the funds proceeding from casualties
and appropriated such to the encouragement of
ing: Thus insuring frugaity in the administration of
e revenue, by confning the regular expenditures
the regular receipts of the Government without leaving
amy surplus deficiency that could be guarded against
and at the time making the very negigences and
vices of the community contribute to their cradca-
ton by aiding in its future intellectual Improvement
The last war with Great Britain disturbed this
rangement somewhat Much exposed the attacks of
the common enemy, at time when the Government of
the United States could furnish that prompt
and eitectual aid which its duty required the State was
compelled to rely principally upon its own
The taxes then increased greatly and enable
10 carry the war, large borrowed by the
State, upon the pledge OF its credit When peace
took place, Virginia found herself involved in consdc
rabe debt but she creditor of the United States
Tor lnuch OF ITS amount Although the taxes then
very properly reduced the receipts from this source pro-
we'd sufficient to satisfy all the expenses of frugal Co
yerment and provide for the punctua payment of all
the interest this public debt In this state of things
the account OF this Government with the United States
settled in part Out of the proceeds then paid the
Commonwealth, sum sufficient to extinguisl the debt
then payable by it, applied to that purpose: but hav
ing immediate occasion for the residue, avoid the
evils arising from iluctuatng system of Revenue,
large surplus in the Treasury, this residue nppopr-
ated by am Act of the General Assembly passed in 1876
ito public education.
Such is brief history of the origin and progress of
that great Corporation styled 'thc President and
Directors of the Literary Fund BY the prudent ma
nagement OF the affairs of this Institution (Which with
single welknown exception have been admirably
ductcd,) its funds have augmented TO amount
that is computed quite low, when is estimated in
money at million and half OF dollars The annual re-
ceipts from this capital, after deaying the annual char
yes upon them of $600O0 and all the expenses of the
Corporation have generally left surplus much exceed
ing OOOO to be re-investcd and converted into new
capital
1t the udcious investment the capital stock of this
institution and of its surplus profits that has given it
character and use not orescen by its authors and made
III most valuable fiscal agent very large portion Of
constitutes part of the Capital Stock of this corpora
ton The surplus prGet of this capital being regularly
invested in other stocks for the payment of which the
Commonwealth is bound, ultimately creates new com
petition in the acquisition of these socks thus increases
Gher value and productvencss preserves the credit
Es State, and facilitates greatly many Of its fiscal ope
cations.
To give full effect to this scheme recommend to YOU
the enaction of statute authorizing loans to be
nad equal to the debt now due or soon to
become due by the State directly Some portion of this
eb bears interest higher than the legal rate,
and much higher than that at which loan for the
amount, may be effected probably. Therefore by
applying Tie proceeds Of such loan to the extinction of
The existing debt, the Treasury may be at once relieved
from much of the burthen Of interest charged upon
IT. and as the stock held by this corporation the only eff
feet will be- 10 change the character of this stock and
'imlnsh somewhat the future surplus profits of the In
stItution by continuing this process from time time
as the debts become due for which the Commonwealth
Is bound directly the Treasury may be greatly relieved
without diminishing the Capital Stock Of this corpora
lion in the least
1t will be prudent also, think to provide llrat so