Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-01-02

I outstanding debt of less than SIX mlons OF dollars
the General Assembly holds under its control over e.
millions OF stocks and lcars, FIRST TO be aFpea 70
ills payment and the constituent body holds over inf
hundred millions in value Of property t, discharge TIE
| remainder, should the funds of The General Assembly
| prove insufficient.
The Who'll. Of this debt is held by the institutions and
cit zens of Virginia. except the sum OF S2,loo,4oo
which is held by cz ms of other States and foreigners
The State Of Virginia may well congratulate herstl'
that large part of her public debt held wtin he
own limits and constitutes part OF her wealth. ana
that capital 10 still seeking investment at from hve 10
nine per above the par value of the stock N The
legal and actual rate of interest is six per cent IN all
ordinary transactions This exhibits the strong c"nf-
dence of the people in the justice, integrity and pune
tuulity of the State. 1t pervadeu the whole commune
ly II is founded in the uncorrurtad honesty oil The
mass Of the people. No portion Of them, of any class,
condition or political principles deny The rights Of the
public creditor, refuse to advise the punclun and
faithful compliance with the contracts OF the Stale
On this subject, Virginia is one and ndivsita THIS
truth cannot be too frequently reiterated by the Gene
raj Assembly, while other States OF this Union, by re-
fusng to protect their credit cast unfouGded susp
cion the credit of all the States associated IN the
Federal compact The credit of Virginia has suffered
from the notifying and dscredtable refusal OF other
States promptly &c redeem their obligations And 10
not amss here 10 set forth That the debts OF The &C.
veral Sntes contracted their separate character
that State directly remotely bound for the debts
OF another and respects these debts, they are sove
reign and independent governments. With this com
pete disconnectou of the debts of the several States
and the separate action Of independent governments IN
respect to them, the credit and public faith OF Virginia
should in no wise be affected by course OF policy in
other States, which she Justly abhors and cannot too
strongly condemn.
The citizens of State eagerly seeking invest
ments in Virginia SIX per cent. stocks at from hve TO
nine per cent. above par value, and the premium IS
rapidly advancing. The right to redeem S26i 500 Of
,his stock has already accrued and the same right on
$500, 400 will in S44 The abundant resources
Of the Stale, and her promptnes5 10 meet every en-
gagement, induce the committee TO believe that
five per cent stock mi ht be sold at par in the current
and succeeding years to liquidae the SIX per cent
stock the periods of redemption occur nn different
loans The legal and actual of interest here is SIX
per cent individual credit cannot Obtain money low
The State bonds beuring the same rate OF interest
| command premium The public credit has risen
| above individual credit, where capital is needed and
among those who best know the resources oil the State
In many parts of Europe, and particularly IN Great
Britain where large part of public debt is held,
individual credit properly secured can readily obtain
money less than four per cent interest The capt
tasts there will learn to discriminate between the
States of this Union and when the temporary suspi
con thrown over the credit Of ALL shall have been dis
sipated by a strict compliance in contracts by The no
nest portion the public credit of Virginia will stand
equal TO the individual credit of Europe, as II now
stands superior u the credit of her own citizens The
committee would therefore recommend that The Co.
vernon and Council be empowered, under proper re-
strict ons, exchange State bonds irredeemabe for
period of years, and bearing interest not exceeding FIVE
per cent with the holders Of the redeemable SIX per
cent. stock. Should the holders Of such stock object
to the exchange then to make sale, whenever it
be done above par, of those bonds and to call in
and cancel the redeemable six per cent, bonds.
| The unne xed tabular statements (marked and %
contain estimates .f The probable receipts and expen-
d lures for the current fiscal year commencing the
first day of October, 1645, and terminating lst Oc,o
her, lo4i
Estimate Of the Probable Reeepts and Expenditures for