Republican vindicator. [volume] (Staunton, Va.) 1849-1857, 1849-06-18
THE INDICATOR.
STANTON:
CREDIT OF THE COMMONWEALTH,
To the Editor Spirit of Jefferson

DEAR SIR II have observed In the papers late
ly, report of sales Of the bonds of our State at
So cents in the dollar, and am informed from au-
thentic sources, that small drafts on the Board Of
Public Works, as small as six thousand dollars,
have been returned OF refused TO be paid for want
of funds.
| know not how others may feel at this state of
things, but must confess for myself am shocked
| and mortified On the same day the State bonds
sold at ninety eight cents in the dollar the bonds
| OF the town of Norfolk even Norfolk, brought at
| the same sale, par value. Maryland skies are at
par and the Government SKIES at 113-New York
| SKIES 107-Kentucky 106-Ohio 1O4-and "the
bonds Of this Commonwealth at SO cents in the
dollar !"
| The Governor III his last message states that
various Internal improvement companies then
held or would hold by the LIST of January, 1849,
the bonds of the Commonwealth to the amount
of nine hundred and seventy-two thousand dol
lars, and these bonds must Of course be sold or the
works In the process Of construction be suspend
ed. He also states that of the numerous appro-
priations made at the two sessions precious to last
winters session, one million and half would be
required in lS49 and 1850. This sum also he
says must be raised, tf raised at ally on the bonds
OF the State. So that with the bonds held by the
Internal improvement Companies there must be
| raised two millions four hundred and seventy-two
thousand dollars, one and halt million of this
sum to meet the existing and approaching de-
mands on the treasury, independent of the ap-
preparations OF last winter. The liabilities of the
State from the appropriations of the two sessions
before the last, far exceeded the above sum of
w, 472 900, being actually 81, 1876, 63O But this
much 1t seems must be provided for at an early
day, so that it may be taken that two and half
millions OF the bonds of this Commonwealth are
now substantially i'll the market seeking nego-
tiation.
have not the means of ascertaining how much
this sum is swelled by the organization of other
Companies from the Legislation of last winter
The additional appropriation of some one hundred
and sixty thousand dollars to tine Alexandria and
Orange r. R. Co., making the whole appropria-
ton to that company five hundred and forty thou
sand dollars, is probably clinched, s, possibly the
enormous benefceto the Lynchburg and Tonnes
see X. X. Co.. amounting to nearly two millions
more and four hundred thousand dollars to run
the Louisa railroad through and beyond the Blue
Rdse, are beyond the reach Of any act of the Le-
gslature suspendlng appropriations and surveys.
80 that the Treasurer OF the State, OR whatever
other official tunctionary presides its credit
must look TOR means quickly to sustain our here
tofore unsullied reputation to an amount of a.
least five millions Of dollars. God save the Com
monwealth and the second Auditor!
| But Spel9ls past as we'll as crosses to ensue''
are tit subjects for observation-disclosures the mo-
ther Of wisdom! We barely escaped million
and quarter more to the Alexandria and Valley
Il. H., million and half more to the Covington
and kanawha R. r., and appropriations of thou
sands and hundreds of thousands like the fakes
OF snow in winter storm
| The Governor in his message before the last,
uses the following language: EEThe high credit
OF Virginia, both abroad and at home, and the
avldlty with which investments are sought in her
bonds leave no doubt of our ability" &C., &C.
But In his last message sad change has come
over the spirit of his official communication
Tie says, s'To press actively the sale of our State
bonds might not only impair our unsulied credit
but seriously lnJure companies we have under
taken TO aid" | do not think we can RELY safely
on loans for more than $40O, 900 per annlm. 81
can see no other resource but taxation or the sale
OF Bank Stocks" y deem it Indispensable to
the proper support of our State credit that the
second Auditor should be clothed with the power
OF disposing of them" &c.
As to taxation recommended by the Governor,
have looked carefully into the tax list, and /
find the Leg stature have already been astute and
searching Tor subjects OF TAXATION and that every
thing is now comparatively taxed but our wives.
our preachers, our cradles and our coffins-As
to the other and only alternative the Bank Stocks,
the dividend on these for the last year put into
the treasury the sum OF one hundred and sixty
three thousand three hundred and sixty-six dol
lars, and the Legislature distinguished at least
IN this respect for what it did d. most wisely
did not think it prudent to rip up the goose that
laid the golden egg. Nor probably did they
deem it sound policy to inform spectators and
bystanders that we had commenced selling our
estates to pay our debts. Still to this complex
ion it hath come or probably will come and it
is curious and may be a profitable subject of
enquiry to discover, when and how, and for
what purpose the credit of the State is staked,
to say the least in this extreme peril.
| In tracing back the history OF this monetary
cholera which has so suddenly seized upon our
very vitas, it is strange, by the way, to observe
seven of the States of this Union, who before our
very eyes have been swept into the gulph of
reputation and well-nigh of civil perdition.
1t will beseen by the quotation made from
the Governors message of December 1S47, that
up to that time our credit was unimpared. and
that strain OF grateful praise, like one of the
songs OF David, pervades that document but
when you reach the next communication of De-
cember '48, it seems to have come from the
lamentations of jeremiah. l commend TO our
present distinguished Chief Magistrate, a peru
sal of Young's Night Thoughts, or Harvey's
Meditations among the Tombs, for a spirit SYM
pathetic and congenia to his first executive COM
munication.
| And now, l. ask, what new element of POWER
entered into, or was introduced into our Legisla-
tive functions to effectsuch change as our late
straightforward Governor advises us, did occur
in the interim between December 1917, and De-
cembes, ls4s. There are no results without
| causes, and there are no results without cores
ponding causes, and there are no results arising
| from human means which cannot be traced to
the legitimate influences which produced them A
| more terrific foreboding does not I'LL the bosom of
the unwary mariner who feels that his barque
is approaching the eddy of the maelstroom, than
at this moment swells the heart of every patriotic
citizen for the apprehended fate of the common
wealth.
In looking over the proceedings Of the Legs-
lative body of ls47'4s, and in running over the
names, as there recorded in the yeas and nays
on the subject Of Legislation, to see how far these
or any other results can be traced to their causes
the strange and onlinous fact presents itself thai
there We're, during the greater part of that ses-
sion, one hundred and thirty-fvs members in