Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-27

that which he chose name paid the cost of il
in repalr-thnl every other Stale Work continual
charge upon the State to keep in repair beside sinking
the capital and interest op its COST will read state.
Of the tolls derived from each and the cost of re-.
P,ss and collection Of tolls for 1887:
Erie and Champlain Canal, $I2374o3 S477,ls2
Oswego Canal, 23SSI 81 SO
Cayuga and Seneca Canal, IL 64S 1881
Chemnng do 4 342 lG2S4
Crooked Lake do l,547 46S
Chenango do 955 1857
Aggregate, 81 .52c,7si scos597
Nett proceeds from all Stale works, SIT s03
Cost of Canals, ii ,U95 304
The nett proceeds from all the State works of New
York in 1887 about per cent their cost. But
that State far from engaging in wild and hazard
system Of public works, notwithstanding the capa-
city of her citizens 10 bear xalon. The whole amount
Of loans which she incurred from SG to 1887, only
S77371I0; and for the payment OF the annual interest
accruing that, different revenues of great productive
ness, pledged by law in 1917; and The CnnsIi.
tuition guaranteed that those funds should not be divert
ed to any other purpose These were.
due duty salt tax steamboat tax and proceeds from sale
of lands, which have yielded TO the present time,
S. 72 600, and kept down the interest on the State debt
prevented lis accumulation; and the State works have
by the aid of the from these revenues reilnburs
ed a considerable porlion Of their first But uri.
hue this chiefly their favorable location and the wise
pro vision of certain tn keep down the annual
interest The example of that State affords proof of
It's wisdom and excessive caution providing fund
pay interest before il created debt, aud furnishes
argument for the State of Virginia 10 embark in
lravagant and hazardous plan OF Stale improvements.
Mr. Speaker, let examine the financial cond.
ton Of our State. The Second Auditor exhibits in
his report of lc"I:
Existing State debt for Internal Improve.
nents, S3,lSS,lUO
Amount subscribed, remaining to be borrow.
ed, I,55s,n5O
FIR, W "'' s4746.l5o
Actual yearly interest on existing State debt, lol,lS6
Interest, when all acquisitions have been call
ed for. 274,459
Total receipts from fund Of Internal Improve
mpnls lio,i4o
The interest on onns does mot constitute all the charges
on the fund for Internal 10 de.
felt of receipts disbursements the current year,
of SlG0OOO OF the total receipts lom the fund Sllo.,
las the sum of SCI is received from is o3 shares
of bank stock at per cent dividends pledged to The
fund and S 900 only from tolls The balance from other
sourcrs The receipts from bank stocks are variable and
uncertain sometimes being seven q" eight per cent, and
then for ling period VI years fur or i've per cent.
The gentleman from Augusta has inIrodncpd state
men or running account TO prove that there will be no
necessity for increasing the taxes should the report be
adouted: his entirely cnnec'ura! ana i'und-
ed upon assumptions that nadm'ssibe In l'e hfst
Mace he assumes that bank stock will always yield SIX
u,r cent, dividends This is By no means certain, Tor
there been many consecutive yeats since the oaoP
Of our banking system, when Inc oanRs nave
declared
suncs that millions Of the surplus revenue received
from the Federal Government be diverted from the
Treasury proper and pledged 10 the fund OF Internal I'm.
provemenl, without creating deficit in the Treasury
This caunot b. done. And lastly, he assumes, that The
State inves, the surplus in six per cent stock and
borrow FIVE per cent The very reverse OF this has
been the usual Twothtds Of the existing debt
been incurred at Sir per cent and The Stale has sell
dam If ever received per cent on It's investments;
aud besides if that operation could he pe5i"rmrd with
entire safely there is no necessity tor The gentleman
calculations, and fear Of a State debt The Stale
would only have to borrow S20OUO quo al tUc per c',
and in vest it in permanent Stz per- cM stock and ie
cain by the single operation would Or S2JuUuO! lhs
would soon sweep away your present debt aud The State
would only have IN sell out It's six per cent stncR 10 re-
fund the loan. But is this great Commonwealth I" en-.
gape in such a miserable system OF stock 'hoIng:
wnuld beg gentlemen also Ia recnlrci, That the surplus
revenue received from the United States was not d.
saiion but depoSie with the State and does not con-
sst with wise legislation safe pulley To rear upon tins
revenue a s,upendous fabric when however improbable
i, may be- that will never be called for, yet the ext
gencies of the Federal Government may require that
deposi,c In that event, what would brc"ne OF the gen
teuan account? But Sir, this surplus cannot be d.
vcred from the Treasury proper because The ordinary
disbursements exceeded the ordinary receipts into Tue
Treasury, 1897 by scventysiS thousand dollars. Ex'
ccp, for he surplus revenue the taxes must heh nave
been raised. ,,,,
For 1887 ordinary disbursements S"nhnOO
Recent. INF, the Treasury 430D00
Excess of ordinary disbursements over re- $4,000
cripts ,) ,,,-
There was deficit Of receipts into the Treasury 1917,
10 meet pay,ens of $4,000, which has been PAID ont
of the surplus There deficit l"r the current year.
in the receipts of the fund of Internal Improvement OF
IOO ono which is also paid out Of the surplus WINE
vour Treasury proper is consuming the interest on Tue
srrnIus vour fund for Internal improvements is absorb
inc The ca pal at the Of SGO 600 The current year,
and $500 600 the next. ! will read extracts from Inc
Governors message and other documents, 10 snow
hp flr
the annual interest debt, even though hat dept
should not be increased
From The Governors Message "Thc Importance OF
providing adequate mems Tor the payment oi inc me
res, on the State debt, demands your seons attention.
The revenue of the fund for Internal improvement iais
short of paying the interest already charged upon IT, ana
when the full amount of loans authorized TO carry mo
effect existing engagements shall nave oeen oo'a'heo,
the annual interest charged upon the fund, Will exceed
lis disposable revenue by nearly $780, 10 meet
Ibis deficiency and to maniuin unimpared, the capital
and faith of the State, legislative provision iS H.
dispensbly necessary. ,r,. .,.,,o,
F,om the Second Auditors Report: "Ihe attenuon
rs rho sgsl,lure is respectfully called TO the tac that
br, FIR the reservation of $500 made IN June
on, of the United States surplus revenue e VI
Public Works would have been destitute OF '."uS " py
that amount Of interest accrued ana occf"g y" '"s
g. Gu, J.h, dining the past and current years
IT. :,aos oloue charged the fund during the cur
s estimated al STA 997; and The receipts tom
the revenue proper at Sil2,'4o 81
"The annual interest, winch VIII ee upo.
ITO fmd for Internal Improvement when The full amount
necessary 10 carry into effect the existing en-.
~ nen,s of the State, shall have been obtained, VIII
epsSaby ausun. s4 $685. more than double
be regular OF the fund at the present time Inc
ssssty of making early and certain provision tor tho
rmen of interest which will become due IN January,
ls39 and semi annually thereafter, will doubt present
itself at once to the consideration of the Legislature
From the Auditors Report: Looking to Inc lac. ,nss
the ordinary income of the State barely
drv tho nsnal and legal demands upon the treasury,
o ond ,b,, little or no surplus be expected from the
rse, Of axa,ipn adveting also to The sun more
importan, consideration that the increasing o-ooon. :.
YoTEBy giving the cost Of the New f ,s Is s s s ever
o11 m sum; the whole amount OF loans incurred
6m sI6iu 1897 stated above Tor ths purpose o.