Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1840-02-27

with, is shown under head No. ? to amount
to S55l ,727 90.
Under head No. 5, will be found the quar-
ahtecs which were authorized by acts OF the
| last session OF the Legislature. to ensure the
payment OF the principal and interest ofloans
proposed to be obtained by certain Joint stock
companies amounting to 81 ,750, 900, and the
extent to which the State has become actually
bound under those acts.
onuer head No. 6 is given the amount of
'he liabilities oil the State, which its function
drieS nave not been yet required under the
provisions OF the respective acts to assume.
1t is not perhaps precisely accurate exhibit ::
nut 1t Is believed to be nearly so. Thouph
not called Tor, 1t is presented with view of
rendering the information respecting the a.
mount OF the actual, and probable future debt
oil the Commonwealth under eXistinu laws
more complete. '""'
The bark stocks and other funds held bv
the Commonwealth at this date. are desiuno-
ted and classed in statement b. Those which
are sPeclhed In the first class may be consid-
cred available or nearly so to their full nomi-
nal amount, (say S6,2SI,9 1868 74.) The 2nd
Grass amounting to S997,551 20, consists of
STOCKS In Internal improvement comn,n;es
from which dividends are commonly receiv'
ed. These two descriptions of finds m.Lo
together S7,e79,5 1923 "A, and constitute what
may be termed the present available funds.
LII the 3rd class are comprehended stocks. A.
mounting to S3,49S,l99 81, held by the State
IN improvements now constructing. Some Of
the principal undertakings particularized in
this class, are intimately connected with the
prosperity of the Commonwealth. and cannot
iaii III Is believed to become more or less prof.
itaDie when they shall be completed. and in
lull operation. The 18th class contains list
OF the JOINT stock improvements in which the
o Nea'e Is interested, to the amount of 81 DOB.
20 90, winch have been completed, and
from which no dividends have been heretoforo
received. 1t can scarcely be doubted that
some OF the most costly of these improve
nents too VIII, when relieved from the en-.
oarrassments In which they are involved. nro-
ceeuihg principally from a too limited capital.
ne In condition to yield satisfactory div;'
dends. consider it my duty, however to
say, that from large portion of the stocks of
,his class no such expectation can reasonably
be entertained. The representatives in the
Legislature from the sections of the State in
Which the several improvements lie. are able
W I'm iiucn more correct estimate than
value. > '''"-N
Iakng 1t for granted that the object Of the
resolution OF the House Of Delegates was to
procure an exhibit of the aggregate debt of the
commonwealth on the one hand, and on the
other similar exhibit of its available funds
or assets of every description, shewinu the a.
oility OF the State to extinguish that debt: the
following view is presented:
The existing debt of the Commonwealth as
before stated is shewn i'm statement A toa-
mount 10 So,o92,317 81 cts. The LIST class
Vi STOCKS ana other funds in statement Il con-
siuered available, and estimated at their full
within 1910, 10S SO of the amount necessafS5,
TO eXtingulsh the debt. Including. however
the I'd, Sd and 4th classes of funds contained
III llat statement as more or less available. the
aggregate OF resources amounts to SII.98I.-
|@o %, lhuS showing nominal excess he
You'd the debt Of $5,3S9,3I3 Sc. Itmav he
presumed that large portion of the stocks
composing, this surplus will be available to
considerable extent at future periods.
Another view of the subject may be presen-
'Go. ondef the 9th head of statement A it is
Shewn that emitting that portion of the State
dept held by the public corporations for the
use OF tne Commonwealth, there remained
outstanding, or In the hands of private corno-
rations and individuals the sum Of S.. 353-
3I4 80 only. Against this amount the state
holds 81 ,O5S, 400 in the single item of bank
stock, LIST class of statement b. To meet
the difference of SI.294,97l SO between the
tWo' there remains balance OF funds amoun-
ting nomlnally to S6,G94.317 70.
III Is proper to observe that have omitted
as part OF the funds, the investment in those
works which have been Prosecuted solely On
State account, orjointly by the State and GER
tain counties, the amount of which is about
S43oO,OOO. Should these improvements ever
become source ofrevenue to the State. thew
may fairly be taken into future estimates as A.
VdiiaDle In proportion to their productiveness.
nave also excluded from the estimate
loans TO the amount of $3.50, 900, made to the
= University OF virginia from the Literary Fund.
rom tle nature OF the security pledged to re-
deem this loan, 1t cannot be embraced in the
views above presented, the security for the
ioans being the annuity of the University ont
OF the Revenue of the Literary Fund derived
from the available stocks and funds embraced
III class No. of statement 3.
towards the payment of the Bank stocks
owned by the Commonwealth 81 ,932, 800 33
was apPlled out OF the surplus revenue of So
l9o,42/ w received into the treasury in the
hscal year ending the 30th September. 1897.
as was also the sum OF SOC, OG5 SO lent to the
Richmond and Petersburg Railroad Gonna
ny.
As it regards the liabilities of the Common
wealth, tending to increase her debt Inv sub
scrlptons to or investments i'm Joint stock
companies, it is evident that an amount of
funds corresponding with such increase is
simultaneously provided. Whether those
funds will be available or otherwise. will.
presume, depend principally on the character
OF the improvements.
Very respectfully,
Your obi. serv't.
J. BROWN, JR.,