Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1850-12-13

4
seem = necessaFy q this time 10 dwell ct much
lsazth apca this part OF tie subject. woulj
fsaAfk that the 3resept oGisiandinr debt 81 the
CgsalaoaueaIth Is ee.136. ls0 90, Add there re.
nasas e e paid: 90 account Of Subscriptions
made q pgGanixsd companies, but not vet called
sof, et637,s6S ~. Oder appropriations. q he
an1aut Of es9s 200. have beea made to compa.
nie4 o. whose ofganizNripn no information has
beer received By the Board Of Public Works. ,hc
gnetter portion Of which will probably never be
orsaaIzsd SapPosiag that the State viii 81
eatled epoa for 1857 - Of this latter amount
lsS.sch msch exceeds the probable demand.) The,
Pusiic treasury will thusbe liable for S5 900 900
pp1a subscriptions already authorized
This sam Of - 900 900 will shsrsiy feqnire Ia )
raisxA bT loans secnred ~ the bonds or he r,..S
Ths snddsn Or eycn the gradual sale OF " larrs =
smsa5t q sIae stocks can hardly b effected via.
out depreciation Of their value or On ,er,ns fn
able 70 The Siaie uniess such precsntianarv 49,.
ufes are ADOPTED as may render them more srr~1.
pc taan anaer present nDle OF procedure try -
sssy y 3, % NE Pur-nasers df public sacrihces
1a1ef ihese eiFeamstaafes would recotumena
eecmplets refsfmaiion aad reorganiza,ion n ~
laaneial system ofihe State The form ia which
We Pablo debt nov stands is fable 10 grave ob;ee
llons The trapsfer Of stock isencum6ered with .
ueasss7safy Iormaiites and Iechniealities as
y impede she sale Of the bonds Of the STATE and Is
cpslfpet taetf ready circulation in the money mar
yet me utmost facility Of transfer from hard u
nana = me necessary condition to ensure he per
t.,etENt p'putAflLy and ready acceptance any
Pablis stoek The evidences Of State debt Should
iies az efrsisling mesa. fbe es1lptqieace Of
the federal government and Of several oil the States
has ahewn that the coapaf bond possesses these
characteristics 10 The highest degree, and meets with
fayer than Is extended to any other investment
In the funds. The tight o. such experience ought
10 Be guide, and should urge upon the policy
OF Initiating such successful examples ! would
therefore resentment that the contemplated issue Of
IS 0e0 900 ls raised upon bonds OF this character
RE- fne IN inf dueo IN II
nancsai system which is essential in 50 many re-
speess andespeeialiy TO ensure is easy and orderly /
management q hong. and 20 seetre confidence and /
alIay doubt Of distfust abroad, l would further I
recommend strongly the extension Of The same
change 20 lhe public debt hitherto contracted by the
conversion u The bonds airs adY issued into coupon
bonds. fstcenfaele respeetaiyely al the several
periods nov prescribed By law. This change could
Be effected 1s terms advantageous TO the State for
/ 30 MOI aoukt that considerable premium would
be gladly paid obtain the exchange Of the present
unwieidy sesafities forolhef bonds which would be
readily and ;mmediaieiy transferable in market,
without anytof the present formal restraints II
would not'be advisable to make such exchange com
puisory but if Il could be effected at premium of
per cent: ON The par value q this stock, would
recommend the calling in OF The old bonds, and the
substitution OF others. with coupons attached trans
ferable BY delivery alone. This would introduce
uniformity, simplicitySant order into our system,
in place Of the in,rieaey nlconiusion with which
II IS now tranlmelled aud would af9fd 10 the bonds
a ready sale sad free circulation, SUCH as could
not Be reag6nably anticipated from a continuance
or perpstlaoD of our present detective system. In
order IL perfect this arrangement il would be neces-
sary authorize the payment OF The coupons or in
tefest al the seat oftae National Government or at
such other point as might be designated by the
Boakd oflP1bic Works.
In addition 10 the Object iebt OF the state above II
msnloned he Comm5nweahh has rendered herself
responsible toT tho bonds Of several corporations
within she Stale, 90 the amoant of 81 Sii,37i and |
has PROMISED future guarantees TO the amount of
81 100 So making sum total of 50 9f7 S9iS3 The
effect OF The States guaranty to these bonds is 10
render them virtually State bonds in the estimation
of purchasers and foreign holders They thus com
pete in The nafke with the ebeHtdres issued by the
State iot hef own benefit; aad as they necessa-
rily pre- sset by the companies which issue them,
into the market the State finds herself subjected 10
a constant aud Injurious competition with securi-
ties which, while they derive their pEncipa value
and virIae from her endorsement are nevertheless
at all iinies fcnding1to depfeciate her own stock or
To impede iis negotiation II the State be thus
forced continually into false position and be made
al every lam the rival OF herself she will yainly at
tempt 10 elevate with her rgAthand what she is thus
steadily depressing with her left. In order 10 pre-
81 sEoes ohss RsfS
mites, asf the selection Of Der own time of sale
should dozen IL expedien identify these guarantees
with The sAeT bonds Of the State, by issuing in their
stead corsl1n bonds similar to those recommended
above and protecting herself and providing of their
payment iot the payment Of the interest there
companies ample guarantees and mortgages OF their
propeny.s By this measure neither the liabilities OF
the SsaesnDf the obligations of the corporations
will be iDsfased or altered while the financial az
fairs u the Commonwealth will he moulded into a
symmetrrAA uniform, and simple organization
which wig facilitate the circulation and sale of her
stock anEapBseqaenty give to il Increased value j
in the malg9t and establish her credit ON perma.
nent and Sssnred basis 4
The feta8t exhibiting the state OF the literary
fund is heSeiyith transmitted, and you will be graft
fed 10 ses.tae encouraging prospect which il pre-
sents.
ous--thc University particularly so it seems at
length TO have reached the destiny which the pro-
pheIie visited OF its iliustious founder long ago
discerned inthe future II may be said without |
Qualtieatt0Hh hat this noble institution is second 10
nons<in Arti6rica.
X changesf the law introduced in the Code has
prevented sh8 pfinupg OF the report of The Board Of
Visitors. Understand il isone of unusual interest
full OF imr1tiant information. Il ought 10 be print
ed; but for his, provision must De made by law.
The mlitSry institute continuesfo be great IA |
vorite with die Virginia public. From the report
OF the Boatdspf Visitors you will see itsprospefous
condition, ana you will be pleased 10 see the high
testimony ilbears 10 the energy fidelity and ahili.
~ Of the Superintendent and professors.
loan sfEQunling now to something over twen-
" thousand saollars, was made some years ago TO
the Emory AID henry College. The trustees have
been relievs4 from the payment OF the annual inter
est, upon easriiiun Of educating sExteep your men
free Of charge for tuition, board, FIRE, SC This Al
the rates charged BY the college, Is equivalent to-
sixteen hundred dollars year interest upon twenty
thousand: atai. at the rates Of almost any other
school or cdhege in Virginia would amount TO at
least three akusand dollars Thehnreasonahleness
Of this tax upon 50 useful college is manifest TO
all The Aki.utioa is i'll able to bear this burthen;
and they enisrtatn the hope that Tie legislature will
believe Them frnm III except 50 far as to require
rodrd aad iaEion, amounting to q sum equal to the
annual interest upon The money due the State.
The Medffal College in this city is nOurishinv