Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1850-09-06
nnrsrpvr THE STATE CREDIT.

o;dsation The subject is one Oh ic i'os' ho"ion'o'
will come before the Convention, and too much care Gun
not be taken, 10 throw stringent cohs'''uno"a'
arourd the credit Of the State
alou'u ''' FoR THE Enquirer
Suggestions in faror ofsome Constitution.
eae cgains undue augmentation Of The Pubtc deo'
! ~ n, Commonwealth. 49,, h,;o
nav many indications OF desire To have incorporates
n ,he amended Constitution some provision aesl,eu = b
IN VIC ,yncont and improvdent appropriations ol inc
inihsh ID n objects of internal improvement NO SUD-
@ If much greater Importance is keiy 70 engage i a.,
,enton The approaching sg il sppears that the
outstana.nss u vas s7,5ll,294 II
AZ liabilities ot the Commonwealth ''0o'''o "
20 which add appropriations nlhuc iaSl
oeson 10 objects OF Internal improve ooo mn nm
,:.,,,i,os sls,s44,9sl 06
Total aeu M that the debt and liabilities of the State now
we 80 nenrly nineteen millions Of dollars Ii Is proper
remark that the State Has s'0'AS sle54si5 10
gate amounting 10 "a sonlv 7379344 05
VI these and il is doubtful whether the remainder ever
arr hocome productive. Our present State debt and ao
WIN now nearly large as the State debt OF view oih
sanding The great resources OF mat oale, INV e
ernes annually derived from her canals, inc last
ngyenon of New York, acting no doubt IN ooeaehce 20
L nonnar will on the subject, wisely inserted III ue Co
,,i,pn such limitations will ensure saie'y agahs ah
''hadownp public debt, well as puncuaiy meet .he
ros, and gradually exnsnsh the principal Vi INA, WHICH
had been created prior to the aaonJm u s af Nav
government ~ ,hrne hundred thousand dollars (beng
49, f . nett revenues Of her canas are annuay apPheu
"a ,be nayment the interest and part OF inc canal oeo
W er The wear 1855 Million seven hundred lnousand
dars are required be applied to mat purpose ne e
qislatue authorized TO borrow money ~ iepei INVASION ~
snnnress instruction, and the Legislature may 10 NEE.
SUPPL deficits or failures in revenues or ior expenses not
ded for contract debts but such debts, direct ana con-
iinren, ngy in the aggregate sna MOI al any le eA
a ono million fdolas Except for the foregoing OBJECTS,
deh can be contracted 'unless such deo sha DC auo
lied by law single work or object 10 be distinct
Inns
w. a,ciion of direct annual tar 10 pay and suNccntto
NAV the ntere such dc as JdHS aue ana also 10 pay
and discharge The principal Of " e eem yJ hE
from the time the contracting thereof NO such iaT sdA
t Scct until shall at general election hare been sub-
mdto The people, and hare reeeired mGj0ry OF all the
a,ns raS FIR and against it, at such election"
% institution OF Rhode Island ordans that 'the Gene
raj Assembly shall power hereafter, without the eS-
press consent Of the people, 10 incur olase oeos 10 an
ponrt 1rcfedine mn thousand doars except in time OF
ror -, in ease of Instruction invasion; nor shall they IN
any case without such consent pledge the ialt Of te STATE
for the paymen; Of The obligations q Others me assent
OF ,wors Of members OF the General Assembly Is re-
cnircd m every bill appupa,ns the public money or pro-
pcry for local or private purposes.
iii Constitution Of New Jersey contains the following
"lLe legislature shall not in any manner, create any debt
or debts liability or liabilities OF the State which s' sil
al the aggregate with any previous debts or liabilities
q II, exceed one huld cG thousand dollars except Tor
$ Of war rcpe invasion, or 10 suppress nsur-
rccton unless tie shall be authorized by law, nr
some single object work, IL BIZ distinctly specified
therein which law shall provide the ways and means,
rl;:giNr
or liability as il falls due and, also, 10 pay and dis
hare III principal Of such debt or liability within thirty
five years the Ic OF the contracting thereof ard shall
be u..lc until such dcjt liability and the interest
thereon are fully paid and discharged and such law shall
take effect until shall general election haze been sub
mt 10 the people, and have received the sanction nj
minority a all the for and against II al such cleo
ton; a Ill money be raised BY the authority Of such ttw
shall be applied ony 10 the secs object stated therein and
To the yay nient @! the debt thereby q lted."
nh. Constitution of New JERSEY asl contains the follow
ng provision inserted probably with The view OF coun'eac
ting the modern practice known by The significant term oil
20 avoid improper influences which may result from in
tcrnxing and the same act sch things as nave no
proper relation each ohcr every law shall embrace but
one object and that shall be expressed in the title
The Constitution vi Louisiana provides that, "Ihc aggrc-
nae amour, of debts hereafter contracted by the Legsla
tuc shall never exceed the OF hundred thousand
dollars except the OF war; 10 cpc Invasion OF sup
press Instruction. unless the same be authorised BY some
law single object work. TO be distinctly specified
hcrcin ,rc shall prorde means By taraon,
for the payment of running interest during the whole time for
which said debt shall be conac co, and for the full and
puncua discharge maturity of the capital borrowed; and
said law shall be repeaabe until principal and interest are
fully paid and discharged and shall not be PIT into ercon
until after its enactment by the first Legislature returned 6y
a general election after its paSsage.'
The Constitution Mississippi orbdo the appropriation
of money to objects OF internal improvement, 'ness bill
for purpose approved by twotds of both branches
of the Legislature"
passed raise loan OF money upon the credit OF The State,
pledge the faith Of the State unless such law shall have
approved by majority of both houses of the Lcgisla-
Tic Constitution of Texas prohibits the Legislature from
borrowing money except by majority of trotrds OF both
houses of Assembly is the Legislature allowed 10 con-
any debt exceeding hundred thousand dollars except
in of war; repel invasion suppress Instruction
i The Constitution Of Iowa contains provision in refer
encc 10 the public debit loans &c, very similar 10 that
which has already BEEN referred 10 in the constitution Of
New Jersey.
The Constitution of Wisconsin ordans that "The credit
of the shall be- given loaned in aid OF any in
diyidua association or corporation" Unless for the pur
pose Of elng invasion, snppessing instruction or de-
Tending in time of war, the Legislature Is prolb
tied contracting debts exceeding tbs aggregate one
hundred thousand dollars and every law authorislng loan
shal provide for cvying annual Tax sufficient TO pay
the annual interest of such debt and the principal @ihh
five years"
The Constitution of Arkansas provides "that other
greater OF revenue shall at any tine be cvied man
REQUIRED for the necessary expenses government unless
by oil wo-lhds OF both l"uses oil the uehe
raj Assembly,
have moi seen the new Constitution Of Kentucky but
understand provides that law app0praiing money 10
objects of internal Improvement shall be carried into effect,
unless receive the approval oil maoly oi the So'eis as
the succte ling general election -,
The foregoing extracts demonstrate the hostility OF the
people Of New York, Rhode Island New Jersey Louisiana
Mississippi, Texas Iowa. Wisconsin, !rkansas and ken.
lucky, 10 large public debt They evince no unoounded
confidence in legislative discretion leg atre wisdom; on
the contrary they characterised by that snirit OF eau
ton and hstrust which observation has inspired and expc
rcnce has sanctioned
During the recent canvass example Of sister States
the mode of cecting the Governor Judges,
&c. has frequently been referred 10 With commendation
in my humble opinion, the example OF the above named
States regard to the subject vi SatC loans anu dlc
debts should be overlooked forgotten by the people OF
Virginia. approaching Convention Thisis no party
question which should recee The mature considc
ration OF Gl, whether ''Rciomsrs" or CONSERVATIVES -
rhos who advocate reform, limo way render more
valuable their country; the so called consrr-
yayes will hardly oppose the adoption OF some constl'u
cnal provision which will eiecudy shield them, as well
a fellow citizens, against inprovident and reckless
le j.
VIZ should not the amended Constitution designate the
debt beyond which IN, Legislature should be
prohibited from involving the State unless for the e1aor-
binary purpose repeng invasion suppressng lnsuT-
rcction? Why should the people OF Virginia allow the Le
gislaurc debts neelnte amount! what
ood rea. can he assigned for tacty surendeng to the
Legislatures power vast, abe TO abuse, so pregnant
with danger to this and succeeding generations! None
whatever.
The credit Virginia is yet lnsulcd, but unless some
constitutional check imposed upon legislative extavu-
ganc how long her credit be and her char
accr preserved from cpoac Tie mania for internal ul-
proveient induced the Legislature OF Pennsylvania To con-
tract State forty milon Excessive taxation fol-
lowed the necessary incidents yet Notwithstanding the
increased taxation the interest on her debt NOT punct-
ally paid OF course the character and the credit OF Penn.
syyana suffered Ii rests witt the people of Virginia and
the Convention o October TO whether the Legs
-..na ,t,IfnN ANN