Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1850-12-11
NO. ".

nfho State The form in which the public debt now stands
is liable to grave objections The transfer o stock s en-
numbered with many unnecessary i1rhales a"a .ech-
nica;tie 90 n pee The sale of the bonds of the State
and 10 osruc their ready circulation IN the money market;
vet the utmost facility transfer from hand to hand Is the
necessary condition TO ,be permanent, PoPuisIy ana
ready acceptance Of any public stuck. The evidences o.
State debt should be impressed as tar as posso'e r ~
the qualities of circulating medium ne experience VI
the federal government, and Of several of Inc "'ds, ~
slewn that The coupon bond possesses these cafac'tsu
in the highest degree. and meets with more favor 'nan
extended any other investment IN The funds. Ine pgn
P such experience ought be guide, ard should urge
upon us The pcy of Initiating such successful examPs'
w0uId therefore recommend that Inc contemplated issue
of s. 600 900 be raised upon bonds OF this character
But. in order to introduce that unity into our hnaneh
system which essential in many fespects anu esec~
y TO ensure easy and orderly management a. nome sn
to secure confidence and aay doubt o distros'
would further rec mmend strongly The exiehsono ne sss
change To the public debt hitherto conraced by the con-
version of bunds already issued ino coupon oonos,
deenabe respectively at the several pecos no" preserves
by law This change could be effected on terms sd'sa
tageous to the Stae for do not DOUBT 'nal
premium would he gladly paid, TO obtain The exchange
ibe present unwieldy securities for ether bonds, which
would be readily and Immediately transferable INTO marker,
without any U the present formal restraints, "ou'o W.
be advisable make such exchange comPusory' ou',
could he effected al premium of per cent ON the par
value of this stock would recommend the caing n " 'n'
old bonds and the substitution of others. win coupons a'
ached transferable by delivery alone his wor'o ho
duce uniformity, simplicity and order into oir system, "
place of The nlricacy and confusion win ~hicn nov
tammeIed and would afford the bonds ready sale ana
free circulation such as could be reasonably antcpa-
ted from continuance perpeuatlon 0 our present oeiec
live system In order perfect this arrangement "oeu
be necessary auhose the payment OF Inc coupons VI
eres at the seat Of the National government OF Sucn
other point as might be designated by the Board of fuoo
Works.
In addition 10 the direct debt Of the State above mention
ed the Commonwealth has rendered herself responsible of
the bonds of several corporations within the oiae 10 he
amount Of 50 844,374 and has promised iuure guarane'
to the amount of l03 $50, making sum olal o So,-
o47 1884, The effect othe States guaranty 10 ihese oohos
is TO render them virtually State bonds in The esmalionot
purchasers and foreign holders. They thus compete IN me
market with the debenures issued by Inc oae or he' Wv"
benefit; and they are necessarily pressed oy we
nies which issue them into the MARKET the olate nnos
herself Subjected TO constant and injurious competition
with securities which, while they derive their pnhcPa
value and virtue from her endorsement, are neVer'heess
all times tending deprecale her own slocS OF u pe
its negotiation II the State be mus iolceo % '.o
false pc,i,on and be made every turn the Va OF hef
self she will vanly attempt to elevate win nel rgnl haau
what she is thus steadily depressing win ner 'e =" I
o nreyent The increase o. continuance or SO fala POcy,
and to ensure 10 the Saie at all times Tie conmano VI ne'
markets, the choice OF her own opPVI'une: s"u
selection of her own times Of sale, slouc deem exPeo
ent TO identify these guarantees with the oher oohds " o
State by ssnq in their stead coupon bonds similar 10 nose
recommended abuye, and protecting herseh ano r..us
for their payment and for the payment or lhe interest 'e'e-
on as il may fall due, by taking fom ne Itspec"'e
this measure neither the liabilities OF the Stale nor tne o1
paons of the corporations, will be increased or asies'
while the financial affairs of the Commonwealth VIII Do
moulded into symmetrical uniform, and simple organIa
ton which will facilitate the cifcuIaloh anu 0I,o " ~
stock and consequently give to increased value IN INC
market and establish her credit permanent and assufeo
basis.
The repo exhibiting the Of heterary fund here
with transmitted and you will be gralled ~ See ING
aging prospect wlic, II presents.
The coeces of the Stale unusually prosperous-'ne
University particularly at length 10 have resch'
ed the destiny which the prophetic vision oi us usirus
founder so long ago dscened in the future may ne sso
without, qualification that this noble Institution is secono "
none in America.
change Of The aw introduced into The Code has pre-
vented the printing Of the report OF The Board VI fsl"s
understand il is Of unusual interest," i"I o "pos"'
information 1t ought be pnted but ior 'h's provision
must be made by Law. ;,.
The Military Institute continues 10 be great ia'or'e %n
the virginia pubc From the report OF The Board oi
i,ors van will see its prosperous cundIon, nd you VIII %
nssed TO see the high testimony bears TO tne enefgyn
deIity and ability of the superintendent anu P'oesSos
Iosn amounting now to something over twenty ihous.
and dollars, made some years ag' !" ,ne Go'y .na
Henry CoIege The trustees have been relieved rom .no
,yspt o the annual interest. upon coudlon oi eohang
iyt.en vourp men, free o charge for tuition, t3'd' ne'
Sc This at the charged by The college, Is equiv.
ent IA sy,een hundred dollars year interest upon twenty
and al the OF almost any oner scnoo W
a II; Vro,na would amount least three thousand
ILL.,. The unreasonabeness Of this TAX upon 80 useuis
College is manifest ALL The institution is III aoe 10 oee
this burllen; and they ente am the hnpe that 'he eg
ure will relieve them from IL except SO tar as to require
b,ard and tuition, amounting to sum equal 10 to snnusA
uteres, upon the money due the State.
be Medical Cuiege in this city is fonrshlng undef inc
liberal and enlightened assistance given It last winter
the Legislature Asu,,u
are herewith transmitted. They are iull Of interesting
matter. E.
have no means of information concerning the asylum cf
the Deaf and Dumb and that f- the Blind, at Saunton.
presume however, they are prosperous
The Bank returns shew these institutions 10 % prosper
under the udcous management of their present officers
The reno of The Superintendent OF the ArmoTy sho~s
ba condition of that Arsenal The arms are IN ihorougn
state of preservation The operation OF mounting cann.e
authorized By the last Legislature, has been steadily going
on and the work is executed IN the most supe"o'
r., bo Adutant Generals report beg leave TO call your
,t,enion parculaIy The necessity for having complete
nrmcnt Of The militia is apparent, when we reflect mat
our annual quota Of from the general
ua,ed by these returns Virginia has, undoubtedly os'
greatly by imperfect returns. Inc ony mooe o enc.us
an appximation to correctness in them. was 'htougn 'he
cnntrp of the Adutant General over the pay OF Aduians
G regiments This has been changed by the new Code ana
serious injury will result to the public interest unless some
act is passed to ensure correct return.
IN connection witt, hi. subject, Ibes leave to CAL your
attention again to the necessity Of encouraging inc .Sun-
eer corps Of the State The importance OF ina, arm,
;s &c we'll known With small degree OF os'elng cAIe'
vice is wen onud have body Of twenty-five thousand mes
vs vfs' esppd Pps' and ready notice for n.s
vice. The preparatory drill, through WHICH 'ney co.
enable them ssS ~its for yosI ,sIss ssss
eliciene eooyenon of officers assembled il Richmond
mora, .," last touching the subject Of vouaeer giniEa-
III ,o ope i will bs the pleasure Of the %
exempt U the members bss ,S. . "A
ssrviee upon iures. 1t is thought BY se oes .oe 20
judse that This act will most materially '''00''S' ''' VOL
untper corps. ..,..d r,de, .r,, r.