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

make Stlch exchange compulsory, Out; II 1t could
be affected at a premium of per cent on the
par value Of this stock, / would recommend the
calling in of the old bonds, and the substitution
OF others, with coupons attached, transferable
by delivery alone. This would introduce uni
tormity. simplicity and order into our system, in
place OF the intrlcaey and confusion with which
ii is now tra,nmelsd, and would afford to the
bonds Il ready sale and free circulation, such
as could not be reasonably antlci patedi from a
continuance Or perpeuaion of orr present de-
tective system. In order to perfect this arrange
ment, ii would be necessary to authorize the
payment OF the coupons, or interest at the seat
of the National Government, or at such other
point as might be designated by the Board of
public works.
In addition to the direct debt of the State a.
bove mentioned, the Commonwealth has render
cd hersel. responsible for the bonds of several
corporations within the State to the amount of
$2,S43; 374, and has promised future guarantees
10 the amount of S ), 1903. SEQ, making "a sum to-
tai OF So, 947 1874 The effect OF the States guar
anty to these bonds is TO render them virtually
State bonds III the estimation Of purchasers and
foreign holders They thus compete i'll the mar
ket with the debontures issued BY the State for
. her own benefit; and as they are necessarily
pressed by the companies which issue them, in
10 The market, the State 1itids herself subjected
TO a constant and injurious competition with Sc
catlties, which, wIIle. they derive their princi-
pal value and virtue frotn her endorsements are
nevertheless, at all times tending to deprccate
her own stock, OF to impede Its negotiation. IF
the State be thus forced continually into false
position, and be made at every turn the rival of
her herself. she will vainly attempt TO elevate
with her right hand What she is thus steadily de-
pressing with her left. In order to prevent the
increase OF continuance of SO fatal a policy, and
TO ensure to the State, at all times the command
OF her own markets, the choice Of her own op-
portuuities and the selection Of her own times
of sale, should deem it expedent to identify
these guarantees with the other bonds of the
State, by issuing in their stead coupon bonds
similar to those recommended above, and pro-
iectne herself and providing for their payment,
and for the payment OF the interest thereon as il
may fall DUE by taking from the respective
companies guarantees and mortgages of their
property. BY this measure neither the llabili-
sles OF the State nor the obligations OF the corpo-
rations, will be increased Or altered, while the
financial affairs Of the Commonwealth will be
moulded into a symmetrical uniform, and sim
pie organization, which will facilitate the circu-
lation and sale oi her own stock, and conse-
unenty give to it increased value in the market,
and establish her credit on permanent and as
sured basis.
The report exhibiting the state of the literary
fund is herewith transmitted, and YOU will be
grati6ed 10 see the encouraging prospects which
it presents.
The colleges of the State are unusually pros.
porous University particularly SO 1t seems
at length to have reached the destiny which the
prophetic vision Of lis ilustrious founder 50 long
ago discerned in the future. 1t may be said
without qualification that this noble institution
is second to none in America
A change of the law, introduced into the Code
has prevented the printing of the report OF the
Board of Visitors. understand 1t Is one5of un-
usual interest, full OF important information 1t
ought to be printed but for this provision must
be made by law.
The Military Institute continues to be a great
favorite with the Virginia public. From the re-
port Of the Board of Visitors you will see its
prosperous condition, and you will be pleased to
see the HIGH testimony it bears TO the energy. IL
eelty and ability Of the superintendent and
professors.
4 loan, amounting now to something over
twenty thousand dollars made some years
ago to the Emory and Henry College. The tIus-
tees have been relieved from the payment OF
the annual interest, upon the condition OF edu-
eating sixteen young men, free OF charge Tor
tuition, board, fire, &c. This, at the rates "Earg-
ed by the college, is equivalent to sixteen hun
bred dollars year interest upon twenty thou
sand and at the rates of almost any other school
or college in Virginia would amount TO at least
three thousand dollars. The unreasonabeness
of this tax upon so useful college is manifest
70 all. The institution is i'll able to bear this bur-
den and they entertain the hope that the Leg
stature will relieve them from it; except so far
as to require board and tuition, amounting to a
sum equal TO the annual interest upon the money
due the State.
The Medical College in this city is hourishing
under the liberal and enlightened assistance
given it last winter by the Legislature.
The reports of the Directors, for both Lunatic
Asylums are herewith transmitted.
have TO means of information concerning
the asylum for the Deaf and Dumb and that for
the Blind at Stanton. presume, however,
they are prosperous.
The Bank returns shew these institutions to
be prosperous under the judicious management
Of their present officers
The report of the superintendent Of the arno-
Nv shows the condition of that arsenal. The
arms are ina thorough state OF preservation
The operation of mounting cannon, authorized
by the last legislature, has been steadily gong
on and the work is executed lii the most supe-
aor style.
To the adjutant generals report | beg leave
10 call your attention partlcuiary Inc heoes-
stv for having complete enrolment OF the
,nijitia is apparent, when we reflect that our
annual quota of arms from the general govern
meut is regulated by these returns. Virginia,
has, undoubtedly, lost greatly from imperfect re-
turns. The only mode of enforcing an approx
nation to correctness in them, was through the
control of the ad jutant general over the pay OF
adutants of regiments. This has been changed
bv the new Code, and serious injury will result
10 the public interest, unless some act Is passed
30 ensure a correct return.
In connection with this subject, beg leave
10 call your attention again to the necessity OF
encouraging the volunteer corps Of the State
The importance of that arm OF service is well
known. With a small degree of fostering care,
Virginia could have a body of twenty-five thou
sand men well equipped, aud ready at very
short notice for actual service. The preParato-
ry drill, through which they go, would enable
them very shortly when in service, to be perfect
~ efficient. herewith transmit tor your con,