Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1840-12-10

lations, and wholesome restrictions, corpo-
rations, like steam engines, are apt to pro-
duce mischevous results to themselves and
to society.
The finances Of the Commonwealth will,
no doubt, command Your early and most de-
liberate attention. While our public debt is
by no means considerable, compared with our
resources, and while ample provision las
been promptly made to meet all demands OH
the Treasury, it is due to the interests and
honor of the State, that our financial system
should be placed on more steady and per-
manent basis, one which will preserve our
faith and credit beyond the reach of suspi-
cion, and accommodate itself with the utmost
attainable facility to the means of our citi-
zens. The necessity under which the States
have placed themselves, of deriving their
revenues from direct taxes, while it cherishes
economy and responsibility, and excites vi
giance which is not felt as to our much larger
indirect contributions to the federal treasury,
has not had the effect of rendering the people
of Virginia parsimonious, or insensible to any
just demand OH their public spirit. 1t is the
characteristic of Commonwealth, that what
ever is wanted for the public service, is free
ly given, as the benefits and the burdens are
shared by all. The anticipation of the reve-
nue. by means Of loans, except in cases of e.
mergency, or where the objects to which the
State may lend its credit, will certainly be
adequate to reimburse the debt, is n tempting
and delusive species of taxation, founded on
distrust of the intelligence and patriotism of
the people. If not timely checked, it will
end in the establishment of public debt, 10
discharge the interest of which, the ordinary
revenue will not more than suffice. We are
far from having reached this point. Our debt
is entirely within our means, and compared
with that of many other States, it is really in
considerable. But the present is deemed a
favorable period for thorough examination
into our liabilities and resources, and an adj
justment of the account which will hereafter
place our available means more under our
control.
The details of our financial system have
become very complex, not on account Of the
numerous subjects Of taxation, for these are
fewer than in most other Governments, nor
on account of the rates of revenue assessed
for state purposes for these are lower, it is be-
lieved, than any State whose jurisdiction and
civil list approximate to our own, but in con-
sequence Of the multiplied agencies assigned
to the various corporations which form parts
of it. The two great funds of education and
improvement, each of which consist chiefly
of Stocks of the State and of other corpora
tons, the amount of Stock owned by the
Commonwealth proper i'll the Banks, State
Stock held by the Banks. and the relations of
debtor and creditor, which exist between
these several corporations, and between each
of them and the State, however convenient
they may be found in practice, render the &C
counts of our finances really very intricate
The aggregate public debt of the State is a.
bout So, 720,94S.
The commonwealth holds
stocks and funds in
banks and other COM
panies to the amount Of 2,54S, 939 80
The Literary fund to the
amount of l,46S,ll6 so
The fund for internal i'm
provement to the
amount of 1885,, 1888 50
The sinking fund to the
amount Of GI,547 Is
Making an aggregate of $l2,O66,1s7 80
held by the commonwealth and corporations
which 1t has created, and over which it has
entire control. From the amount of these
stocks, viz: $7,9S7 ,593 80, held by the fund
for internal improvement, and the amount of
these, viz: S2,714,27S Al, which are now
productive, it will be seen that large portion
of the stock held by the state and the state
institutions, are not now available as a means
of revenue. OF the aggregate of $l2, &c.,
1877 80, the sum of $6,SS7,790 "a, is either
now productive, or may soon become so, and
of that portion of the public funds which is
now totally unproduc tive, there is large a.
mount held in works of internal improvement
not yet complete, much of which, it is hoped,
will ere long become productive. The aoore-
gate of debt, viz: $6,720,94S, and the aggre-
gate of funds, viz: $I2,066, le7 80, both in
clude the sum of 81 21T S62 81 of st,te cor
tificates held by institutions under the control
Of the state, or in fact by the state itself. De-
Quoting this amount, the debt of the state
will be reduced to the sum of $s5,473 &c.
In estimating the public debt, it is proper to
regard. the amount of subscriptions authori-
zed, but not yet applied for, on account of
some contemplated improvements, viz: 3d.
1877, $50.
1t will be several years before any consid-
cradle portion of our debt is redeemable, and
many years before it is entirely so. There is,
therefore, ample time, and in my estimation,
abundant reason, for the establishment of an
adequate sinking fund, which will render the
redemption of our debt gradual and easy ;and
1t, III the mean time, the stocks owned by the
state and not now productive, shall become
so, their proceeds can be applied to augment
this fund, or TO such other purposes as the in
terests of the commonwealth may require.
The actual deficit in the revenue Of the last
fiscal year, exceeded the estimate of the last
general assembly, and made it necessary for
the executive, under the act of March 19,
1910, to authorize the treasurer to borrow from
time to time from the Bank Of Virginia, the
Farmers, and the Exchange Bank, the sum
of SlT5,700, prior to the 1st of ctober, and
$4,000 since that period. If the policy of