Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-12-08

monweath itself will sustain but little comparative in
jury. "
fhis be faithful picture of our situation there seems
10 De little reason to doubt the prudence
banking Capital of the State least To an extent
70 e expected dehct But IL any question the accuracy
oil tue description have given or the policy of
the impending danger by course similar TO that a. hc6
VIII ce't1,niy TIC adopted by other States, caution will
I'fuS s SUM 10 iorOear action until time
prove whstb''r my iorebodngs are well or IN founded =
f cd y o. such 1t may De callcdJ will be- more diff
hcuit Oi adoption hereafter Ger nnly: but N ia nrl
Ter ~ pause when dai than 4, run rasbly into nm
uied experiment where may be productive of such
serious eft
Should you d,terniine I, itcr,,s. the R,,L;
OF he Commonwealth, at this time various schemes pre-
sent themselves, 10y any of which, 1t is probable the de
sired emu may be atained But while each of these holds
out some peculiar advantages all obnoxious to Sc vera
strong objections IL belongs you only 10 conpare
.hese anu t. select that which you may consider the
most eAPedent, under present circumstances.
The mischief to b. provided for, is that of suddenly
,euuveu currency the vacuum IN which will be supplied
oy Others ana supplied probably by depreciang paper
~ Is not d'ttereny replenshcd by YOU The ,rrrat
hazard to be guarded against CORRECTING this mischief
Is me RISK oil running into in the OF
Tue remedy risk that belongs to the subject ,yerv
whsre out which, rs much aggravated in u country and
under government like this Such excess under anv
circumstances, would be equally perncious with the
hscile designed To b. prcventc and would tend ne
cesaiiy, to the production of the evil of depreciation
winch Is so desirable to avert There another peril
too, OF but little less Importance than this II arises
Principally from I'll" nauSe of government in which
ruling majority will sometimes regard its owl interests
as hose oil me WHOLE and overlook the claims of the
the partial application of proper remedy will be
OF little avail IL may produce excess somewhere but
inns excess cannot supply the deficiency in other quar-
ters 10 make the remedy useful, the same caution is
necessary In It's distributions that is required its crea-
ton TINS, while it will guard against excess any
wnpre, VIII also provide for deficiency every where
mere Is still another DANGER which ought not TO be
overlooked IN any arrangement that may be adopted in
reference TO THIS subject 1t proceeds from the fact that
any plan you may think 1t wise establish may and
most probably Will, be crushed or pu in eonardv N
some time or other by the action of the Federal Govern
neht therefore, common prudence requires that any
scee You may see hi to adopt, should be but mpora
ry; and mat the immediate interests of the Common
wealth should not be- involved in its success further
nah Is nuspensaby necessary The untiring vigilance
private interest aud the prompt sagacity Of indydu
ais, may perhaps he relied upon warn them of the
coming DANGER and to guard them AGAINST s effects.
but nothing short of this will do 1t would he roshness
To stake the immediate interests of the
Vouhaiy upon any scheme subject to be defeated by
another VIII than It's own; upon one which when es
taoshed must be placed beyond its CONTROL except h
distant intervals of lime.
The sum Of fifty thousand dollars appronrated hv Tho
act OF the 10th OF March last, Sinking Fund to be
applied TO the redemption of such portions OF the er6
Gates oil Debt OF tins Commonwealth, were held by in
oVduas ana corporate bodies aud could be purchased
AT par mas been received of the Treasury by the Com
mIssoners of the said Fund appointed by the said Act
But the received still remains in the hands M .,
treasurer oil The State subject to the order of the said
commissioners The only Certificates OF Debt of The
commonwealth which are yet payable are those held
ny The PRESIDENT and Directors the Literary Fund
amounting To $3i3O39 II. The redemption of anv IL
these Cerufcales positively prohibited either y the
c referred TO- or by that under which portion of hem
was vested in the Literary Fund; and as none of Le
other Certificates of Debt Of the Commonwealth held
by individuals or other bodies corporate could be pur
chased at par, the requirements OF the Act refrrd o
could not be satisfied by the redemption of anv snch
Nor mas any opportunity yet occurred when in the udu
heht oil The commissioners Of the Sinking Fund any
temporary investment Of the whole of any part he
SAID Fund so subject to their control might Ia We been
advantageousiy made in any other productive public
stocks F
As the existence of this fund viii contribute ucb q,
preserve the credit of the Common and 10 keen
the price OF It's stocks o all kinds par and as none
oil It's cerhcatcs OF debt will become payable for some
years yet TO come, II probable that the ac
the Sinking Fund be carried into Effect for ,ue ,i,
unless legislation is had upop tl,. su;sc,
belongs To you only TO decide whether the debts of the
commonwealth now due shall be satisfied out of tbr
iund provided for that purpose aud if not what dispo
siton shall be made oft until others may hrcs payable
Iwohitis OF the capital stock of the James River aud
hanawha Company having been subscribed by other pr
sons than the Commonwealth but the whole stock the
eSa'e Vi inc same was taken Tor the al,h i'm
pursuance Of the act of January 24th last and snn
eqna to one dollar upon each share of the twofhs sinh
scribcd as aforesaid having been paid by The snbsch
they thcreupon became BODY corpor5te h, ,nr,,'
OF The act of the 10th of March, 1882 The Presidrni
ana directors OF The James River Company hay-
same, IN conformity with the provisions of the ACT
last mentioned and in their said publication thcv an
o'ted Gay r2s general meeting of the Stockholders
IN the Cty OF Richmond to the end that the new com
pany might be daily organized The Stockholders met
IN pursuance Of this notice, and having performed the
duties required OF them by the said act they adjourned
on The 18th day Of May last At piraon OF thirty
day thereafter the whole interest of the Commonwealth
IN the works and property of the former James River
company was transferred by the said the James
river and h1nawha Company thereby incorporated sub
Jeci to the conditions thereby prescribed Thus the
former James River Company has become extinct *
cP of te necessary purposes required by the acts that
created THIS Company and which cannot be performed
by the new James River and Kanawha Company
The Reports of the Auditor and Treasurer which
VIII DC furnished TO you hereafter by those officers re-
sPectIvely, viii exhibit the pleasing infornaon that
the receipts OF the Treasury during the fiscal year end
ing with the 3Oh OF September last have
exceeded the which they were estimated Other
by the Auditor the Committee of Fina Of the last
Gen Assembly and that aho the disbursements Of the
treasury during the same period have also exceeded the
amount estimated for them that the excess of the
disbursements is less than that of the receipts In con
sequence OF this, you will fluid the balance remainin in
the Treasury the t day of October last greater than
mat which was there the day in the year e:l
his result, which plainly sews that the ordinary rrve
nues OF the Commonwealth arc now amply sucien nj In
slsy all s ordinary expenses, and that therefore no
chanse IN the present scheme Of taxation is required
must be highly gratifying An inspection, too of the
items composing the several heads of the
VIII probably satisfy you that some of these may I've still
further reduced with perfect propriety while the
lncrehse to be expected in many of the subjects Of taxa
ton, VIII necessarily augment tie of tic ordinary
revenue derived from thence without any alerntiu IL,
the present rate of the taxes
VIII he recollected however that the balance which
renamed IN The Treasury the LIST day OF Oct last has
bern since reduced by the payment of the
es % the sinking Fund OF fifty thousand dollars
ShouId TINS appropriation b. again continued the annual
balance i the Treasury that may be hereafter expected
must necessarily he much diminished in amount In.
decd similar appropriation Tor the current year might
possibly reduce That balance too low. would therefore
recommend that tho which may hereafter be appli.
ca TO the Sinking Fund should be defined but sl,d
be made To drprnd upon the state of the public funds
The expiration Ut the fiscal year taking care 20
~ we ileasnry always sufficient unuPpropraied