Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-03-03
{ On motion of Mr.. WINTHROP,
Tho House adjourncd-yea %, nays -.
I,ro,, The ". J.. .N'ein +,

From "
..crs or Tur SrArE.-We call the serious
t,enton Of our readers to Comptroller asg epofl
or the s,condton of the Finances OF me otate, &c,
and most sad and depoabe condition they are n 100
Where Wing management woul" nave an'.u u', ,,au
il unfortunately continued for year or TWO more,
hooran only knows In support OF the General una
,bre has bcen system of robbng Peter 10 pay raul,
carried on until the whole system OF credt Is 'ariy eA
hausted Ii appears that when the uehefl una, ''"t
is the fund from which monies are drawn iof .'g Iu
ren eypenses Of the Government was exhausted shey
ronlsn;sbed i,-how: Why by drawing MONIES from
sor,e other fund-such as the School Fund, Canal
Fund &C. 50 that the General Fund IS al inns inohei
indebted II these other funds in the enormous amount
nc s3j2I SIS To carry on the w'id ana eA.raN
ystem Of this Wig policy, temporary loans nave peeh
sso-,eJ Ia inst as merchant mechanic would run
an, n his neighbor and borrow hundred or Two aoi-
,rs or these loans and for which no provision what.
vcr have been made the enormous SUN OF 81 ,loo,ooo
falls due in the coming month OF March, ana 'here Is
in The Treasury but SS7 ,G75 II to meet 1t with
| The Canal Fund it appears, beside having been
r,nndered 10 supply the General Fund, has also been
sadly encroached upon by lis oeihg coh"ee'eu W."
hanks which have suspended. The loss from suspend
ed or broken banks amounts TO Sooi. 'f mus PRIV
no Tho pecular benefits which arise from connection
| of hank and Stale But the statement which most
amazed us was the Indebtedness OF the STATE from io1
to 1912 II appears that IN c3i Inc olate ueot over
the amount offunds on hand, was only ABOUT i'uo"oo
and that during this period OF twelve years foh lo1
| Crooked Lake the Chcmung and the Chenango Va
nails we're all completed, and yet the finances were Sc
admirably managed that the State deDt aiter al hest
works were finished was only about S2oo,ouo more
than in 1925. But in 1888 new Influences look posses
sim of the State The rule or ruin party came 'nle
mower and from that time up to the 9TH OF The Presen
month Of February, 1872 few months more man iou
years the State debt has run up 10 the ifeh'lni sun
of SOB AS Ala A. increase over the DEBT oil 1901
of SIS 9l7 9,S 90. All means OF repienshng me lfea
0yh led ~
abroad-onr stocks selling in our own market At ~ e
80 per cent. below par. The banks almost drained .
their last dollar to supply the urgent warts Of spe'u
thrift Government; no money IN Inc lfeasnry, anu a
" million and a half OF dollars due IN March ~
sum could undoubtedly be obtained by following up ht
WHO system OF borrowing stocks but this woult
not redeem the debt, but would reduce the Vaue Oh o"
stocks still more until they stood on par with those
PENNSYLVANIA, Illinois, and Indiana. Wen may th'
Comptroller ask "whatis 10 he done But Ar iae9
man uo kno1cs what be done, and he states frank
" that w extricate us from difficulties, we mus
raise n revenue by mill tax In this opinion ever,
friend Of Safe credit will JOIN HIM we must re
ject, and at ence, all those wretched expedents nl
which these financial embarrassments have orou9h
upon US. The credit of the State must he raised, ant
let but capitalists see that we preparing iunt
by which all future loans will be seen to be- rnet-ie
them but the determination TO raise anu sustain th
credit Of the State 10 lis former proud ana elevnte'
Standard and they will not only be willing but anSou
10 advance money at per cent. interest Whereas nov
it cannot be obtained at i per cent We hope tina
every person in the Stale will read this report with al
ten;on lie will find in it grand and mngnhcen
schemes which look splendid paper but are nere
realzed-tlere is nothing SAID about revenues unhear
of from canals unknow-no attempt to prove the exac
amount Of tolls be received in the year e?l, and OF
10 the year 1923. No fancy sketches of this kind vii
be found but plain, simple statement of facts, shown
our present depoEabe condition, and pointing gu. IN
way and the only true way of eStcatng ourselves irot
, the difficulties which surround us.