Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-02-15

Your obcdicnt servant,
J. BROWN, JR.,
Second .3uditcr.
The Hon. the Speaker Of the House Of Delegates.
SECOND ArnlroEs OrrIcE,
9th February, $40.
SIR: In obedience 10 a resolution of the House Of
Delegates of the 25th ui | have prepared and
transmit statements, the exhibiting the amesnt
and character of the debt and the other the amount of
the Bank stocks and other resources Of the Common
wealth.
Statement presents the several points Of iniorma-
ton required rclatnn 20 the public debt Under The
Isl head the asGre. amount Of the debt Is shown to
be $685., 31 ~ by the 9TH, that part Of the stocks
ISSUED BY the Commonwealth account OF said debt,
to the amount Of 81 2S9,102 81 has been purchased
and is held for Stat" purposes by the public corpora
tions therein specified and that consequently the oct
standing floating debt Of ihe Commonwealth IS re-
duced in fact TO S:s53,374 &c. which amount is be-
yond its control, except with the consent of the hold
ers until the arrival of the respective periods OF re-
Gemption stated under head No !.
The additional amount, OF certificates which It may
he necessary to issue complete engagements which
have been partly complied with IS shewn under head
No. to amount TO SOL ~ ~
Under head No. 3 will be found the guarantees
which were authorized by acts of the last session of the
Legislature to the payment Of the principal
and interest Of loans proposed TO be obtained by certain
Joint stock companies amounting TO 81, 900, and
the extent to which the State has become actually
bound under those acts
Under head No. is given the amount Of the l;abili-
ties OF the State which its functonares have not been
vet required under The provisions Of the respective
10 assume. 1t is not perhaps precisely accurate eS
hibit but it is believed to be nearly Though not
called for presented with view OF rendering the
information respecting the amount of the actual and
probable future debt of the Commonwealth under ex
listing laws complete
The bank stocks and other funds held by the Com
monwealth at this date designated and classcd in
statement B. Those which specified in the first
full nominal amount, (say S6,2Sl Sos a The Cd
cles, amounting 1907 5t 10 consists Of stocks in
Internal Improvement companies, from winch divi-
bends arc commonly received These two descriptions
of funds make together S1,279 o23 a., and constitute
what may be termed the present available funds In
the Sd class nrc comprehended stocks, amounting TO
$349S,l 9S 81, held by the State in improvements now
constructing. Some of the principal undertakings
partcularlzsd in this class intimately connected
with the prosperity Of the Commonwealth, and cannot
fail, it IS believed, TO become less profitable
when they shall be completed and in full operation
The 18th class contains list of the oint stock i'm
provemens IN which the State is interested, TO the
amount of 81 ,2G39SS %, which have been completed
and from which dividends have been heretofore
ceived. 1t can scarcely be doubted that some Of the
most costly of these Improvements will, when re-
Geved from the endorsements in which they are in
vovcd proceeding principally from too limited CAPT. /
tai. be in condition to yield satisfactory dividends
consider it my duty, however to say, that from large
portion of the stocks Of this class such expectation
reasonably be entertained. The representatives in
the Legislature from the sections of the State in which
the several improvements lie are able TO form much
correct estimate than myself of their present
dit:on and future value.
Taking it for granted that the object Of the resolution
Of the House of Delegates TO procure exhibit of
the aggregate debt of the Commonwealth the one |
hand, and on the other similar exhibit of its avola-
bic funds assets of every description, showing the
ability of the State to exnguish that debt, the follow
ing view IS presented:
The existing debt of the Commonwealth as before
stated is shewn in statement TO amount TO e6,og2,
81 2?cts. The lst class Of stocks and other funds in
statement considered available, and estimated AT their
full par value amounts TO S62sl 26S "A, being within
3l0 40e % OF the amount necessary TO eXtngush the
debt Including, however, the Cd Sd and 4th classes
of funds contained in that statement as more or less
AVAILABLE the aggregate Of resources amounts TO ST.
9sl go 63, thus shelving nominal excess beyond the
debt of 1850 1886 ltmay be presumed that large
portion of the stocks composing this surpus will BIZ
available q considerable extent future periods.
Another view of the subject may be presented I'm.
der the 9Th head of statement is shcwn that omit
ling that portion of the State debt held by the public
for the of the Commonwealth there
remained outstanding, in the hands of private cor
BORA tons and individuals the sum of S5,3 o337l SO
min Against this amount the State holds 81 05S, 400
n the single item Of bank stocks, lst class of state
men. By To meet the difference of 81 ,294 974 30 be-
ween the two, there remains balance ofihnds amount
ng nomnally to SG,Gs4,3l7 q.
II is proper to observe that have omitted part of
he funds the investment in those works which have
cen prosecuted solely State account, or jointly by
he State and certain counties, the amount Of which
bout S3s0,000. Should these improvements ever be-
ONE Of revenue TO the Stale, they may fairly
taken into future estimates available in proper
on to their productiveness.
/ have also excluded from the estimate loans to the
mount of $780, 600, made to the University fVirgi-
ia from the Literary Fund From the nature of the
curity pledged to redeem this loan it cannot be en-
aced in the views above presented the security for
e loans being the annuity of the University out OF
Revenue of the Literary Fund derived from avaiia
stocks and funds embraced in class No Estate