Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-12-08

Nhhc oar public debt ~ hy means csnsider1bie, L
compared with our rsources, and while ample prov .
'ou has been rronpI!y made all demands the
treasury, II is due the n,crcs- and honor Of the
state. that our financial system SHOULD DC placed
more steady aud permanent Aas,s one which will pre-
serve faith aud credr besund the reach OF suspi-
c'on. AMI accommodate itself With the aitaina
be facility 20 the means Of cur citizens The neees
siy under which the states hive placed themselves
Of deriving their revenuss ffUm direct taxes. while IL
cherishes economy and responsibility. and ,iI,s
Vigilance which Is not felt TO much larger In
direct Contributions To the federal treasury, has moi
had eject OF rendering the people Of Vagina
pars'in ,ntas or n,cns bic any Just demand their
pihhc spirt Ii IL the Characteristic OF common
wealth that whatever is vAn;ed for the pgs!ic ser
vice. Is freely given. The bneiIs and the burdens
are shared by AL The an-ic patton the revenue by
means OF loans except cases OF great emergency or
where the ecis to which the state msy lend lis c-vd
At, VIII certainly be adequate reimburse the deb
tempting aud decisive species ct IdXaiion founded
on dsirusi of the intelligence and patriotism o the
people. IL no; timely checkea, IL " cnt in the esiab
ls'ment Vi public debt n discharge the interest of
which. t,e ordinary will No, moro than suf
bee We are far from having reached this pant Our
dtbl - entirely within cad compared with
that of many Other states IL /, really Uncomfortable
Bat tic present Is dScmSl favorable period tor
thorough elimination into our liabilities and resources
AID on adjustment of the which will hereafter
place our available meass more under our control.
eNtits " our Iiscil system nave become very
eo'Ep'eS ni on account of the numerous subjects OF
taxation, for these are fewer than in most other gov
ernmsns, nor on account Of the rates eff
sessed Tor state purposes Tor these lower IL bo.
iie'ed han IN any state whose jurisdiction and civil
last approximate Ia our own, bat conSeq uence OF The
multiplied agencies assigned 10 the various corpora
iions the amount Of stock owned 10y the common.
wealth proper m the baiss. tbs state stock held by
The banks ank the relations Of debtor aud creditor
winch exist between these several corporaiiuns and
between each OF them Rnd the state however cunye-
neni they may be found in Practice render tho nc.
counts OF our finances really very intricate. The NJ.
gregaie public debt OF the state sah.ut sSgIO9jS
The commonwealth holds stocks
and funds in banks and other
companies 10 the amount or 25ssS39 81
The literary iunl 10 the amoant af lAeSIl6 so
The fund for internal improvement
to the ampuutof 79s75s3 50
| The shaking fund 10 the amouniuf 6I5i7 Is
Making an aggregate uf 9l2O61lS7 20
held by the commonwealth ard corporations which
II has created, and over which 1t has entire conir
From the amount of these Stocks viz 81 951 ESQ 81
held by the fund for internal improvement, and the
amount oC these. viz: S2Sl1975 Al which are now
productive 1t will be that large porion uf the
stock held by the state. and state institutions are not
now available a means OF revenue or tho aryrs
gate OF Sl2066 lSI 30. the or Sc SS7790 "a is
either new productive may sorn Aecome so, and
Of that portion of the public funds which is now To-
tally nnproductye, there is large amour; held IL,
works OfiSlerna inprOvetu yet complete niuc
at which, II Is hoped will ere long become produc.
tive. The aggregate of debt. viz 1920 9I8 and
the aggregate of lands. VIZ sl2,O66IS7 50, both in.
cluds the ofSI .2I7S5s 81, OF state certificate.
held by institutions under the conrs ohe stnte OF
IN fact by the state itself Deducting this amount the
debt Of the state will be reduced the sun. Of IS
tI3,eS6 In estimating tia public debt il j. proper
10 regard the amount ofsubscripiols authorized but
IN acfnu nf MA I'll
| improvements, viz; S3.aS7,520.
! u will he several years before any conside rah bic
PORTION of debt is redeemale, and many years be
tIre u - entirely There is therefore, ample time
and IN my elimination, abundant reason for the esiab
listmcnt oi an adequate sinking fund, which will rem
der the redemption Of debt gradual and easy; md
A. ia the mean lime. the stocks owned by the state
and not productive. shall become So their pro
ceeds can he applied to augmen this fund or To such
other purposes as the interests Of the commonwealth
| may require
! The sexual IeScit in the rpyeoue Of Ina
last fiscal year exceeded the estimate sof the Ia
gcn"sal assembly. and made IL COR the exec
uiive under the net OF Mach Ia, lSle. auhoriz,
| the treasurer To- borrow from time To tine from the
/ Bank OF Virginia. the Farmers. and the Exchange
Bank. the OF Sl757OO prior to the first of October
and S250OO since that period ID the policy of loan.
generally questionable. there be no doubt that
II Is impoliiic p borrow meet The ordinary rxneu.
ses at government. The necessity for imposing the
/ ed by the accumulation OF interest, This policy of
loans ia tine Of peace, commenced - long since and
has been 81 gradually connected with the operation.
of our treasury, that II is difficult Pot m
end 10 nj once. unless advantageous disposition
can Nc made Of some "f the stocks held by the stale
A. very little ofihe revenue which You NAV assess
VIII lie received into the treasury before the ls of
October next and large portion of the revenue now
IN the treasury, will he required to pay the banks on
the 18th Of the present nonth It viii he necessary 10
\ provide sumo temporary means Of surplyiEy the def
cheney The value OF all stocks is Of peculiar and
delcofe nature, that perempOry sale of any large
amount, must always effect the price and cause sac
rItce. discretionary authority To SELL with so,ne
alternative provision, III case. sale be effect
ed on advantageous terms is probably The only means
by Which our stocks can he used 20 The Inme.
date demands of the treasury.
The banks, which promptly aided the commonwealth
during the past year. requ red by net Of the
last session. 90 furnish means OF puying s interest on
the public debt ia specie. its equivalent v hea de-
nlnded by the public creditors. So iar Us this de.
msnd was made they were subjected TO a loss of the
difference between specie and notes and ms j,
was incurred FOR The accommodation ui the stale.
submit whether IL Is not proper relieve them from IL
! The public warehouse AT Petersburg. the property
OF the stale is represented being entirely
tive, and charge on the treasury. suggest there.
fore, whether bc Eo expeJicR au horne its sale
! ~ Is eligbly situated, and may command its valBe.
recommend 60 your consideration the bill prepared,
with great care by experienced first auditor and
submitted 10 the general assembly ut III last session
on the sUbject ofour revenue laws
! In 1887 the executive loaned s980s5 80 part OF
the federal surplus. TO the Richmond and Peters &c
rail road company reserying the right adopt certain
precautionary measures 10 the payment Of in
ieresi, &c. The attention Of this company called
during the past year To the amount in orrear when
/ proposition made for the executive to sccep, a
drai the bard Of public works for tho amount oil
100000. that sum being the balance OF loan ri
Sl5O.O0O, auht uzcd by tho act Of March 30. 1893
/ 10 he made from the bouri Of public works 10 thu,
company. This arrangement was accedeS 10 by thu.
department. which leaves a balance Of 81 I 993 sc
still dss 90 tho commonwealth from The company and
gives ihecomiaOaw esi her bonds 10 the snioun
OF 100000
The advantages Of ~ energetic and judcious system
/ of internal mprovcm have been bsD ppg and too
extensively f,lt throughout The eomnunw cath, re-
quire any speculative recommendation to your afien-
ton. Thu. may De- regarded NJ part ofthe settled
pOlcy Of I,riaiq. ul jt oly remains ior reap