Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1848-03-21
THE RICHMOND ENQUIRER.

/ rowing; then j, will be that our merchan! snips
will no longer find their way TO The conuleie'a'
ports OF The civilized world famine may coinc
pestilence NAV come; and the interest on this
heavy debt will come; as oppressive as II maJ
be, i, will have 10 be promptly provided loi; alu
then the tax satheIer comes; and, then, sI, y Mn ~
be, that posterity will say, weeping, IWoula "
God those law eivers had died before 'neS law
such chains OF oppression upon US. -
the subject: and if the House will give me lheif
attention Tor a short time, | will briefly examine
into the financial condition Of the state, lna1 we
NAV see whether il is such as should lus'iiy any
further appropriations The inquiry ! have maze,
and the exhibit | shall make 10 the House, VIII
be 10 ascertain the true Indebtedness as wen as me
available means OF the Stale, TO meet hef aeo's
and liabilities; and il | shall incorrectly sd'e dhy
item CT debt or liability, ! would inank menoels
10 correct me. TIL: exhibit is not ih'ehueu, a.
members suppose, 10 strike a blow al lhe c,eui
OF Virginia. No. Sir. il is 10 expose The pfodisa-
litY OF he internal improvement parry III 1his
House, that The people who sent them mere, ldnu
whose servants they are,) may apply ~ .nen, VIZ ,ne
scorpion lash. | strike down The cleuho ~,
GINA Ii | entertained any such Idea, shouiu
fear to give u,tcrance 10 il, lest my tongue &c
palsicd and my nerves paralized. | Strike uoWn
The credit oil Virginia Sir, ! am WING
that an impartial world should JUGS
tween gentlemen and myself. | am Wiling
line people oil Virginia should say VINO II IS
that is striking a, her c~redit-lhose WHO rech-
le>sly involve her millions on millions, Vi i,
who resist every thing like extravaganza, ana
urge The pfopriety OF paying thai portion VI 'ne
Stale debt that is now due, which amnuh's U
near S600, 900. MIR. Speaker, yon and were
here together six Years ago. II was ne hrit tinie
that | was honorec with a seat on tins moor. "ha1
was The financial condition of the Stale thent-
State bonds, sir, were % per cent. Delo" para
floating debt had been permitted 10 accumuialeto
near $3.50, 000-an impoverished treasury win
no means 10 meet the annual accrulns interest On
The Stale debt. Where was | found on that oc-
| casion2 Voting for Increased taxes 10 rcsusci-
taie Virginia from her fallen condition. Where
were gentlemen then? | ask again, where were
they 10 be found | will tell you, sir: bowling
| through the widths and breadlhs of Virginia with
as much terror as many prairie wolves, endeav-
orinslo deter lhe people and make them renounce
those who then cared 10 adopt The financial policy
hat has so successfully redeemed Virginia from
her then bankrupt condition. Mr.. Speaker, ! find
that ! AN travelling out of the course that | had
laid down TO govern me in This discussion. | tear,
100, | am wearing the patience oil the House.
| will therefore proceed 10 the examination OF The
financial condition OF he Stale.
The aggregate debt Of Virginia, prior 10 the
frs; OF January lel7, was S7,3i9, 292 20-as
follows:
Revolutionary war debt, carrying six per
cent, sri, O39 II
War debt oflsI2, AT seven per cent. $4,000 90
Internal Improvement debit per CT, ~5,l65.5ii "
/" 81 I" $500 90
" l,3G5, 800 90
Debt for subscription 10 bank stock, At 81
per cent. $50, 10Y 90
s7,3is,29 20
A portion Of this debt - held BY state
agents, an! under the control of the L.
cislature, md may be abolished al any
timr-as fellows:
BY the Bord Of Pub. WIS, 1884, Os2 II
BY the Sinling Fund, 80, s52 80
---- IL 1895 OF
Actual drhi, ,riorro 1T Jan, ls47, sG,934. 3G2 10
state bond. issued since, 52i $50 o.
ST,456, 1879 10
Liabilities u he State,
Guaranteed bonds Of The James River s.
hanawha Company, 100000
Guarantt ed lond- Of Cbesa-
prakr aud ohio Canal, 800 900
Balance az loan 10 Jas. River
& kanaw ha Company, 9Ji 600
Subscription 10 Louisa Rail
road, Isl, 900
Subscription to Richmond &
ljanvlllt Railroad, 800 900
subscriptiIn To various other
improvements, 81, sO0
- s~i,ll3,s0O 90
Debts and liabilities prior to The present
session N the General Assembly, Sll,51u,lI1 ~
Loans and subscriptions hy laws passed
ms session, sny Al least zoos. 600 on
sla,575,ll2 10
Bills reported to The House from The COM.
mlitee On Roads and Internal Savca-
ton, thatiare mol yet been acted upon, 100000 w
sl9,575,lia 70
/ presume, however, that there is no probabili.
w Of more han $500 900 OF the SI,00O,OOO re.
ported being passed this session, which will make
ihe actual debt and liabilities Of the Stale about
:i3, 900, 900.
Bank Stock. s3,sns, 600 co
Old James River Stock, 25i 'cUU w
nn"d 5000 %
R, ,i"' " "' g., 800 %
CertiGcare Il debt Of Petersburg Rail.
road, H,oUu v"
Guaranteed bonds of James River and
Kauawha Company, $500 W
Eands Of the Valley Turnpike Company, 9.5O 90
stocks IN Railroad Companies, lUIa w
R,vanna Navigation Company, 'tf,ol3 w
Roanoke Navigation Company, eO,UUU w
Dismal swamp Caiial, i2n,uuo W.
rpper AppomatOx Company, 3nouu w
Valley Turnpike Company, So.,uuo :"
Louisa Railroad Company, i13,oNU w
St, III, 953 %
Amount Of stocks in, aud loans 10, varI-
ans improvements unproductire, ana
cannot be Nlied upon az avali2hle
means, '
S1l ,039 ,i22 IL
The Houe will see, Mr.. Speaker, that have
estimated The stocks in The various improvement
companies a. their par valnc, whilst il is known
10 ever member that stocks in which The Stale
are interested are not paying, upon an average,
more than three per cent, except Bank stock, and
> tair estimate OF their value would be just aboul
one half whit have estimated il al. However,
| am willing the account shall stand As | have
presented ii. |, will be seen by this EXHIBIT that
alter exhauaing all he available means OF the
Stalc. we shall have the enormous debt and Ia.
bili,ies araiis, rs Of near s. ,000.0 0O. With this
LARGE deb; and liability Of near $4,000 600 and
in view Of lie situation ul the funds and resources
ii he state | woul ask the House, if am not
ius,ifed in lhc conclusion | have come 10, that
we ought 5 arrest further appropriations, espe-
cIalIy one O. such magnitude as that now under
consideration think good'ro!icy would dictate,
and The best, interest Of Virginia demands, that
VIZ should ares, this reckless policy. Yes, Sir,
recklcss-I Isl | am justified in character
izing i, as eckless; and as an evidence OF
his fact | will Inform The House, that By re-
lrr,rc. 10 The report OF The ID Auditor, session
1867. Dec. No 80. il. appears there had been
expended M . that time BY the Stale Sob ,62S
OF for works II internal improvement. And, Sir,
what would sou suppose the melt income 10 the
Stale from thi, vast expenditure is per annum2-
Would vou believe il, when | tell you, that il is on