Republican vindicator. [volume] (Staunton, Va.) 1849-1857, 1850-12-16


That section OF the road, put under the COM
duct the Board of Public Works, is progress
ing well. The ground over which It passes, the
face OF the Blue Ridge is exceedingly rugged
and difficult, intersected every where BY abrupt
ridges and deep; precipitous hollows But such
is the extraordinary skill and precision with
which the work has been located by that highly
accomplished engineer, Col Crozet that the
cuts and fills need scarcely any earth to be
wasted or borrowed al any pcint. When conn
pleted, it will be a work OF which the State
may be justly proud.
To the report OF the Board of Public Works,
herewith transmitted, | refer you for detailed in-
formation touching all the works in which the
State is Interested.
Cannot dismiss this part Of the subject, how
ever, without bringing TO the notice of the leg
islatuse, more prominently han in the report
referred to, tie subject Of plank roads: they are
an invention OF comparatively recent date, and
are deservedly superseding all other roads trav-
eled by horses and carriages Their capacities
Tor heavy draught and rapid travel are very sur
prlslng. The cost ofthem is scarcely so much
DIS the nlacadamized road | would recommend
general law authorizing the Board of Public
Works 10 substitute plank roads for the ordinary
turnpike wherever it can be done, without aug
mentln@ The cost already fixed by law. Plank
roads at the North pay from ten TO thirty per
cent. upon the money expended in their con-
struction
must next invite your most earnest attention
and serious dellberatlon to the present condition
OF the hnances OF the State, anG to the nature
and amount Of public Indebtedness 1t is useless
10 deny orooncea the fact that the recent ap-
ProprIaions by the State for extended works of
internal Improvement have been of such magui-
lude aS to demand further provision for their
prompt payment at such periods as they NAV
respectively fall dae, and especially for the req
ular payment OF the interest thereon The credit
OF the State has hitherto been fully sustained
both at home and abroad but ii should be re-
membered that public credit is a tender and del
lcate plant which requires constant care and
nurture, Is instantly aud seriously affected BY
the slightest untavorabe Influences and is W ith-
cred by the least breath Of suspicion Some a.
larla has been already expressed within our bor-
ders, and, though it has been ahundanllv dem
ons,ra'ei IL another part OF this communication
That the appropriations made up 10 this time do
not justify such fears, while the system OF inter
nal improvements &c shich they have been de.
voted has been productive of an Immense ac.
eesslon to the taxable property of Virginia; yet
II would be unwise entirely TO disregard the ap.
prehenslons Which have been expressed ar ie
postpone that cautious examination Of The whole
subject which such a waning is calculated 10
suggest. There are many inducements to en-
force the proprety and urgency of this cautious
consideration OF the financial condition of the
State al the present time. 1t is only Av main
tanning the credit wholly unimparesi, that the
important works already commenced. and in
llallering progress, can be brought at an early
day toa successful completion; and it is not
until their completion that the rich harvests of
| profits and beHefits anticipated from them can
be tally realized, and augment materially the
revenues OF the State. Moreover any consider
able change in the fundamental laws of the State
| nrI tod to
credit In foreign markets & when such changes
are so extensive i'll their character as those lil-
eral measures which will probably meet with
The sanction oil the convention, which is shortly
10 resume It's deliberations, taere is no reason to
anticipate the fluctuation or depreciation of the
value OF our pnolic stocks, unless such casually
| IS prevented by those measures of wise precau-
tion winch may secure the unabated and nntate,-
ing confidence OF the moued interest in our own
and foreign markets. Nor can this caution be
more opportuney exhibited, or this foreseeire
preparation Tor the future be more efeaciously
commented than at a time when no panic exists
10 precipitate yoaractlon Or to disturb your calm
deliberations.
After the exposition of the Indebtedness of
the State, and her ability to meet all her engage
ments given III my last annual message, | do
not deem II necessary at this time to dwell at
much length upon this part of the subject |
would briefly remark that the present on.stantl-
ing debt OF the commonwealth is 9,036, 1879 so,
and there remains to be paid, on account of sub
scrlptlona made to organized companies but not
yet called for, $4, 632, SGS 40. Other appropri-
uons to the amount of $s440oo, have been
made to companies, of whose organization no
information has been received by the Board of
Public Works, the greater portion of which will
probably never be organized. Surprising that
the State will be called upon for 1867, 1872 of
this latter amount, (Which much exceeds the
probable demand, the public treasury will thus
be liable tor SIS 100000 upon subscriptions al
ready authorized
This sum OF So ,ooo,oo will shortly require
10 be raised by loans secured by the bonds Of
the State The sudden or even the gradual sale
OF so large an amount of State stocks can hardly
be effected without depreciation of their value
or on terms favorable 10 the State unless such
precautionary measures are adopted as may
render them more acceptable, than under pre-
sent modes of procedure they are likely to be,
to the purchasers of public securities.
Under these circumstances, | would recon-
mend complete reformation and re-oreaniza-
ton OF the financial system of the State The
form i'll which the public debt now stands is LA
Bile to grave objections, The transfer of stock is
encountered With SO many unnecessary tormal-
les and technlcaities as to impede the sale Of
the bonds OF the State, & to obstruct their ready
circulation Ill The money market; yet the utmost
facility oil transfer from hand to hand is the ne
cessafy condition TO ensure the permanent pop
lllany and ready acceptance of any public stock.
the evidences OF state debt should be impressed
as far as possible with all the qualities of cir
cnlaiiag lnedium. The experience of the fede-
fa government and otseveral of the STATES, has
shewt That the coupon bond possesses these.
characteristics in the highest degree, and meets
with more favor Than is extended to any other
investment in the funds. The light of snch en-
per'ence ought 10 be our guide, and should urge
| upon us the policy of initiating such successful
examples. | would therefore recommend that
the contemplated Issue OF s., 100000 he raised
upon bonds of this character.
| But in order 10 introduce that unity into our
financial system which is essential in so many
respects and especially TO ensure lis easy and
orderly management at home, and to secure
confidence ana aiay doubt or disrust abroad, |