Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-01-11

raj Gears past, in anticipation Of The time stipulated tor
the payment thereof, so that the balance that remained
on the frs! Of July last was only $l,O43,o0O. ABOUT
S64O, 900 of this stock was surrendered during the hscai
year, for which the public creditors were paid IN a meoi,
um equivalent to specie, at an expense 10 Inc lana
Fund of $685. 900. The particulars OF this TRANSACTION
will be presented to you in the annual. reporlo OF the ooin,
missioners of the Canal Fund. The measures aaopsu
for the payment of This debt, will fully sustain the cred't
Of our public stocks. The wisdom ut this course, con-
siderpd with reference 10 what was due TO The Puonc
creditors and 10 the character OF the Stale, cannot,
! think, be questioned. Notwithstanding public no'ice
wa, given in this country md in England, where 'he
holdrry Of a large amount of this stock reside, that IL
would be paid on the first Of July. and that interest
would thereafter cease, The sum uncaNed Tor on lie ooth
Of September, was nearly SiOO,GOo:
The second inslalment OF the Erie and ChaInplaln
canal debt is payable in 1915, and amounts TO $2,2lo,.
1877 50. The mrans for satisfy ing this debt are provided
by the investment Of the surplus canal funds, and tmay
therefore in all its financial arrangements be considered
as paid
There is an aggregate debt Of S3CG4 ,3C4 crested for
The construction of the lateral canals; and to This sum
will he added about 81 .Su0, 600 for the construction OF
the Gencsce Valley and Black River canals, making 4
total debt Of ST. lGi ,3O4, on account OF the lateral cana.s.
The revenues from these canals fall, as appears from The
foregoing statements, very far short of the sum required
for their maintenance and the payment OF the interest
on this debt. Ii is important that q system VI hnanee
should be adopted, which will at ali tunes ensure 'ne
punctual payment of the accruing interest on The pup
lie debt, aud ultimately e%xtngnish the principal. my
views on this subject were presented TO lie LFSisia'
ture in the annual message OF lc3G, TO which | lake the
liberty to direct your attention. - :,
The productive capital of The Common School Fund
is 81 .9lG,647 G5. Its income during the last fiscal year
was Sg4, 349 %. The annual apportlonment 10 The com
mon school,. is $4,000. Although the revenue OF the
present year falls considerably short oil this sum. the sur
plus of the preceding year is more than sufficient to
make up The deficiency. :,
The capital of the Literature Fund is S26S,092 Us, and
produced n revenue for the last year Of Sl3,Ul0 III.
The capital of the Bank Fund is $649.el5 40, and The
revenue from il for the last year was $25,oos I'll. There
was paid from the capital Of this fund during the year,
the sum of $l5s, 733, in %redeem!ng The bills OF i've OF lhe
safety fund banks. With the exception Of $3o,OOO, the
sum thus advanced has been repaid with interest. Ot
the repayment of this balance, there is not the slightest
reason for entertaining 4 doubt.
There has been deposited in The Treasury OF THIS
State, under the act Of Congress Of 1896. TO regulate
the deposi,e of The public money S3f974 $50 ~, for
which receipts have been given, %pledglng the faith OF
the State to repay the same whenever required by the
United States Government. This money has been loan
ed on mortgage, through the agency OF commissioners
of loans of The Sc vcral counties, pursuant 10 The act passed
al the last session Of the Legislature. The investment
will produce an annual revenue of about S2oO,OOO.