Richmond palladium., 1849-12-05

the State avoids the expense o! IS
suing certificates for the unpaid interest.
as we'll as the paymen, of interest upon
the certificates so issued for an indefinite
period Of tIme-ihe expense OF which.
from repor, heretofore made at a pre-
vious session of the .islature. is shown
10 gre aflv exceed the intere>, on the SIM
pie loan. 10 say nothing of the confusion.
necessarily growing out of the issuing Of
certific aies lmany of which are for $40
and go aud of the keeping of complex
interest accounts.
The interest paid al the Indian Agency
in the city of New York. Is, July last.
was as before stated S95.3oo. being two
per cent. on 4.765 900. the debt al that
time under the new arrangement.
In January. 1880. we shall probably
have 10 pay. 100000. as two hundred
and thirty bonds coming in from July 10
January viii make up that amount.
The State commenced paying interest.
with july. l347. and 10 the present time
has paid five semi annual payments. a
mounting in the aggregate 10 nearly hall
a million of dollars-meautlne the State
stock has been gradually advancing IN
value until il now stands al seventy cents
on the dollar. (iis iull value taking SIX per
cent interest per annum. as the standard
i This fact must be gratifying 10 the friends
/ of The Siate--more especially 10 those
who took so deep an interest in the hon
orable adjustment OF the States indebt
edness: as il furnishes unmi>tak Fable evi-
dence of an increasing confidence in her
resources. as we'll as firm reliance upon
her integrity.
+ The large amount of Treasury notes
Commonly denominated scrip which has
heretofore been paid Tor taxes. has some
what embarrassed the State Treasury.
consequently we have al times been with
out the means TO pay our interest as II
became due-.ar the past dividends this
deficiency has been supplied by making
temporary loans from our banks (none oil
which remain unpaid. except the one
made 10 meet the interest IN July last.
To avoid this embarrassment upon the
Treasury and 10 enable the State to max {
her regular semi annual payments from
the taxes annually paid by her citizens.
the legislature by JOINT resolution passed
al the last session. instructed the State
Agent. to negotiate an extension OF the
! January payment Of interest. until March
of each Year In June last the Agent oi
State prepared and addressed n circular
TO our bondhoiiers "a copy of which was
also transmitted 10 the Executive Depart
ment) in which he proposed postpone
ment Of the payment of January install
men, of interest. until the first Monday oil
the succeeding March. at which time il
was iurthcr proposed that the deferred
dividend or interest should be paid wit,
SIX per cent interest thereon.
Up to October last. he had received
answers from two hundred and eight o
our bondnolders out of five hundred and
forty -nine--a large proportion of those
from whom answers have been received
accede to the terms of the circuiar--Somc
agree to the terms upon condition. tina
all the others will accede-a numbe
Welded reluctantlv--not wishing 10 op
pose any reasonable request the Stat,
may make in relation to this question. and
some refuse posiiively--fhc remaining
three hundred and forty one have not as
, yet ans wcred the Agent Of State. Ir
view of the critical position OF the State
upon this question, and the great com
pleXity that NAV be produced in keepin;
the accounts Of the Agency, do not tn,
reasons which have heretofore influc ncet
the proper officers. to negotiate tcmpora
f rv loans TO meet promptly The payment o
| interest due the bondholders. operat'
with the same force now heretofore
, believe they do: it is therefore recon-
, mendcd that provision be made by law I,
anticipate this contingency.
In conformity with the provisions Of a,
, act entitled IAN act for taking the sens
{ Of the qualified voters of the State, OIL
; the calling of convention. TO alter. a
mend. revise the constitution of thi
r State" tapproved January l5. 1849)
poll was opened at the annual eleciio,
r held in August last. at the places Of hold
5 ing elections in the several counties O
J this State. and from returns made to tn
office Of Secretary Of State as required
] by the act referred TO; il appears. tina
{ there were cast at said election. in favo
! OF calling a convention 81 500 votes an
2 against it. 67.4l8 votes: the total vote c
! the State for Governor is al $50; the "a
! tai vote of the State is l49.714. lin thi
+ latter statement the vote Of Fayette cout
: ~ for Governor is included. the total vo,
! Of that county not having been returned
, showing a majority Of G,6I2 votes in IA
: vor of n call for a convention over all tn
; the present General Assembly is plair
o II will become necessary TO provide b
:. law for distric.ing the State with vie
# TO the election Of delegates which sha
$ compose that body-and the time Of holc
c ing tine same 1t is mos, respectfully su:
o gesied tina, in the discharge Of this in
j. portant duty. the members Of the Gener
d Assembly should divest themselves Of a
!, party predictions. and make such a
: apportionment as VIII insure 10 the peop
n OF the State. full and fair represenia'io
q in TIM. bo1v-this being done great il
d ltiativc step is taken. which will tend
Q much as any other to predispose the pc
e pie Of the State to adopt the new cons
/ tuition which the convention may prese
r 10 them for their ratfic alton.
a, Willis, upon this subjec, il is proper
,r saw that il will be necessary to levy