Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-12-04

State purposes: for these are lover u IS oeeVeo nai
any State whose jurisdiction ard CIV, st "PP'oA.'n".'
10 onr own Int in consequ, Of The multiplied agrn
ces Assumed 10 the various corporations when iefH
n.r,s of it. The two great funds Of education ana IN
proycmcnt each of which consists chiefly Of stocks
Inc State and Of other corporations the amount Of Stock
owned by the Commonwealth proper in the Banks, The
Sote Slack held by the Banks aud the relations oil debt
ar and creditor which exist between these several cor
noro,;ons and between each Of them and the State,
however convenient they may be found IN practice,
render the accounts of our finances really very
Tho cgureua.e public debt Of the State Is ABOUT So
72o,94S.
The Commonwealth holds stock and
funds in Banks and other companies ..., -,
to The amonn, OF go go - -
The Literary Fund 10 the amount ct l,loc'iio ~
=. ,La .o 1mon ~, l Of ''A' 'r $50 -
The Sinking Fund 10 the amount OF oi''4' -
Making m oooreoate of Sl2066to7 30
held by the Commonwealth and corporations "hich
it has created and over which II has entre centr"i,
From the amount of these stocks, VIZ SOP ''eJ
go, held BY the fund for Internal Improvement; anu
the amount of these VIZ S2,H4,.'o 81 Mnsm a,r
now productive, it will be that large portion
of the stock held by the State and the state hst'"'
tons, are not now available means OF Revenue
OF the aggregate of $40 066l Isl So the sum OF oo1
100 "a, is either productive, or may soon Deoo'ne
So and of that portion of the public funds whch IS no"
works of internal Improvement not yet complete, hueh
of which, it is hoped, will long become productive
The aggregate Of debt viz: S672093S, and the agsfe
gate otunds viz 1906, lS1 so, both lncnde 'ie s
Of pa, S62 81, Of State certificates heid "
items under the control Of the State, or in act by M
State itself Deducting this amount, the oeot OF Tue
State will be reduced to the sumoi SJ,4'3,oco IN
timaling the public debt it IS proper TO regard .he
amount Of subscriptions authorized but not yet aPpeu
for, on account Of some contemplated improvements
viz: S2,1S7 30.
# will be several wears before any considerable por'
ton of our debt is redeemabc, and many years peoTe
/, is entirely So There is therefore, ample tme' ane
in my estimation, abundant reason ior Tue cs'a9i'In'
ment of an adequate sinking fund.- winch VIII renee.
The redemption Of debt GRADUAL and easy; aid ~
in the mean time the stocks owned by the State and
not now productive shall become 50, their proceeds
can be applied augment this fund, or to such other
purposes as the interests Of the Commonwealth may re-
qure.
The actual deficit in the revenue OF the last scai year,
exceeded the estimate Of the ast General Assembly,
and made il necessary for the Executive under The act
Of March L. 1870 authorize the Treasurer to borrow
from time to time from The Bank Of Virginia, the FAR
mers and the Exchange Bank, the sum oil Sl.',''o'
prior TO the st of October, and 3UU since thai Pc
rod If ihe policy of loans generally questionable,
there can be doubt that IL impoli:c to borrow 10
meet the ordinary expenses Of Government inc ne
cessity for imposing the tax only postponed, ana us
burden is finally increased by the accumulation OF IN.
So long since and hns been gradually connected with
The operations of our Treasury, that It IS difficult
even now put end 10 II at oncc unless an adran-
tageous disposition he made Of some Of the stocks
held b.; the State As very little Of the revenue which
You may assess will he received into the Treasury be-
fare the LIST of October next and large portion OF the
revenue now in the Treasury will be required 10 pay
the banks the 18th Of the present month, II VIII be
necessary to provide temporary means OF supply
ing the deficiency The value of all stocks IS OF so
,,,tn -
of any large amount must always a;ec: the price and
cause sacrifice. A discretionary authority TO sell,
with some alternative provision, IN case sale cannot DC
effected on advantageous terms, is probably the only
means hy which stocks can he used to answer the
immediate demands of the Treasury.
The Banks, which promptly aided the Common
wealth during the past year, were required by an act OF
the last session. 10 furnish 81 paying the interest
on the public debt, in specie or IFS equivalent, when
demanded by the public creditors So for as this de-
mand was made they were subjected 10 loss OF INC
difference between specie and current notes, ana as ~
was incurred for the accommodation Of the State,
submit whether is not proper to relieve them from IT,
The public warehouse al Petcrsburg the property
of the State, is represented as being entirely unpro-
duclivc, and charge on the treasury. suggest,
therefore, whether il be not expedien TO authorize lis
sale 1t is eligibly situated, and may command It's
value.
recommend 10 your consideration the bill prepared
with great BY experienced first auditor, and
submitted 10 the General Assembly at It's last session,
on the subject Of our revenue laws.
In 1887 the Executive loaned sos ,0G3 S3, part OF
the Federal surplus, TO the Richmond and Petersburg
Railroad Company, rcserving the right to adopt certain
precautionary measures to the payment OF in
tcrest &c. The attention of ths company was called
during the past year to the amount in arrear when
proposition made for the executive TO accept draft
on the Board Of Public Works for the amount of $780,,
00O that sum being The balance Of loan of Sl3oOoO
authorized by the act Of March 80 1888, TO be made
from the Board Of Public Works to tins company THIS
arrangement was acceded TO BY this department, which
leaves balance Of Sll 1893 60 still due 10 the Com
monwca!ih from the company, and gives the Common
wealth her own bonds TO the amount OF SlOO,coO.
The advantages Of energetic and judicous system
Of internal have bee too long and too
ens!yey felt Throughout, the Commonwealth 10 require
any speculative recommendation 10 yonr attention
This may be regarded pnrt OF the settled policy
of I-ainia and il only for 10 reap the fruits
of our experience and render future efforts
practical, by supplying those defects which have be-
come apparent either in the design The execution o.
our plans. The large fund which at an carly period
was SET apart and dedicated TO this purpose though u
has received considerable accessons from time to time
has been found inadequate 10 the demands OF our State
and series of loans have been authorized, to enable
the State to meet its engagements as stakeholder III
joint stock companies, as sole proprietor OF these
works. The aggregate of these loans now negotiated
in one form other amounts 10 S6,ac6,2-l. Author
~ has hecn given 10 negotiate loans 10 the amount o
50, 1880, which has not bccn applied for, and a
considerable part of which will probably never be re
quired The actual fund for internal Improvement nov
productive, may be estimated at Sa,7lI,27S fl. The
interest paid during the last fiscal year on loans for VA
rious objects of internal improvement was a7 l92 %
The acua! product Of internal improvement companies
during that period was Sl9,S27 03 or about four pei
cent. on the sum of si79,GG2 held By the State il
thirteen companies. The act of April ., 1885, pro
vides that the stock procured by the State in any com
pnny By means Of loans, with the dividends on it
and the income from State works executed by means
of loans, shall be considered a fund for the pay
ment of interest the loan and for its ultimate re
dempton. And if the income from these sources, TO
rc,hcr with the income Of The fund for internal improve
mcnt should bc inadequate 10 pay the interest on snci
loans the auditor directed the application OF th'
Board Of Public Works to supply the deficiency from h
Treasury. And if the Treasury should be insufficient
at the time to meet the demand, the Board of Public
Works are authorized to borrow the necessary amour
from the banks. 1t will be perceived that our public
works and the general fund have not been sufficiently
productive 10 the interest these loans, and tina
,io ores TREASURY