Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1845-11-14
ll.2ss.953

ll2se.953 6.527 $50
By this estimate, which for the most part based upon
data that will not he qussoned and which cam no re-
rpeef, be pronounced very wide OF the mark the iunds Of
virginia II put into the market. would bring the of
59O-~herees her outstanding debt only S. $685.
O4I, creating bsldnce an JaroT ot her Treasury Of
S559543 or more than half m.Haoa.
twill be perceived mat. in this estimate the eoafiagsnf
liability OF the State, by CT its guasly OF James
River and kanawhl bonds tho amount Of 81 400 OOe
has not been con deIed AZ, however, these bond, are
not redeemable for thirty years. and the State has not
but twice had TO pay the interest them, and will not
probably be called upon do again. il has not been
deemed proper to consider this eOanseh and Usry
liability.
II may he asked whether the State receives from her
Stocks enough TO meet the annual debt
To ths the reply must in the negative. Her annual re.
ceps do not perhaps amount Than average of
cent, what has been estimated to be the market
osiae OF her Stocks IL Is 10 be observed, however, that
these receipts hereafter beceo great larger aud in
TACT VIII De larger by near after the year.
since the Richmond. fredericksburg Potomac Racoad
CO.. have commenced declaring dividend Of per cent
But, IL may be asked how IL happens that the stock of
the State worth more than the her debt when
the receipts from stock d. equal interest on her
debt happens in this way good deal Of her stock
paying but little more than per stands market
not very much below par. And this the with her
Virginia Bank Stock which only tays about "a per cent
and yet stands at 20 or IS Again: good deal Of her
stock paying no dividends nevertheless has decided
kef pafse For example: her James River and Kanawha
stock will bring about BIO to the share her Louisa Rail
Road. andh Richmond Petersburg Railroad stock will
bring from 80 To $40 And neither Of these stocks pay
Road stock would bring from 60 TO- although until late
W paying dividend. Those stocks 20 cess decided
market value, from confident expectation that they III
an time pay dividends From like cause stocks pnyiay
but small dividend, maintain comparatively high mar
ket value.
From these observations would appear to DO tho gr1-
sthf interest OF Virgins put her into the market
aud sPpy The proceeds TO the liquidation OF her debt or
thsest those proceeds more proaby than present
vested say IL would sPpssr be her prssesf interest,
tor u might not be her Jufne her true iserest For
many OF her stocks not paying any dividends may herea
Ger pay them and those Of her stocks paying small
dividends may shortly pay large SO that the income
from her stocks may IN time only the annual in
tere on her debt but contribute also relieve her people
from taxation
Thus have demonstrated. YrRnians. that your State
should resolve TO rid herself Of her outstanding
de she could accomplish il wi hou increasing the tsIs
ZION OF her people iota And what say yOs now TO
me proposition TO raise few millions for tho great purpose
OF ssas Improvement Will you plead the want Of sbi
Wh you, who have been accustomed to believe that
your ss'e was in debt mlions now that you dis
cover me ~ In esity free from debt be startled at the pro-
position TO incur liability Of but little more than seven
mions' when there is every TO believe that that
ohiy, Instead OF proving national debt will provo ma
uonal bounty In the neHt number this subject will be
farther considered, and interesting views presented
NOV ~ 1893 VIRGfNIUS