Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1851-06-30
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atories of Mr.. Carter. gives glowing ac'
count Of the great physical capabilities Of
the Sta,e-its advantages Of soil. climate
water power, &c.,--its abundance Of min
erals, and its adaptationto all the purposes
of agriculture. mining and manufacture
He then states the Indebtedness and liabili
ties Of the State as follows:--
The whole amount Of bonds issued
by Virginia up to this time is.- *li,"ie,oo2'Si
Actual subsistins Liabilities for
which bonds will be issued in part.
and which the Suite must pay
whenever the money may be de-
mand,d, but which depends upon
the formation Of joint stock COM
pauics to a large extent ''t~-'o~''Ao
Making altogether as the actual ~
debt OF Virginia. io,oso,soo'oo
Her productive stocks are worth 81 ,o9''-'''oo
Leaving the subsistng debt OF the
Commonwealth to be paid by tax 40
But In hi, sum YOU must bear in mind, is inclu-
ded tho loan at present proposed to DO made
The thy levied upon real estate in Nirgiiin 10 one
null in the dollnr, one-tenth OF one per cent
which /. believe, abou, one-thrd of that paid by
Pennsylvania and Ohio.
Tho stock. Of the State in tho great works pcne-
.ratine the West, are now unproductive, owing to
the unfinished condition Of these works; but few
years more will sec large income derived from
Ibis source, which will Of course go TO the augmcn'
ta,on OF her mcans.'
The american commenting upon these
exhibits, says, the conviction will be clear
and conclusive that Virginia. on the score
of natural advantages and varied sources
of power and wealth, unques,ionably stands
as high, if not higher. than any other State
in the Union; and that her public debt,
compared with her ability to sustain IT, Is
but as "a feather on the camel's back
The wonder is that, in these fortune-seek-
ing times, such valuable and inexhaustible
elements ofpublic and private wealth should
not have had due appreciation.
We cannot see why such Coupon bonds
as Virginia is about to issue should not be
worth as much asany bonds. The prices
current. daily published in New York
show that Kentucky skies having but 20
years to run, lately sold for lo9a11o; that
Ohio skies having only 10 years to run,
lately sold for liz to 1l74; and that Z.
States skies. having but II years to run,
lately sold for lis to 100.
Virginia is surely as able and ready to
discharge her public debt as either Ken'uc-
ky or Ohio. And those who doubt it may
recolcct the time when neither of those
Western States paid their debts, and that
their public credit wasvery low. But who
has seen the day when Virginia failed to
discharge her debts :
Years ago. Virginia passed a memorable
statute. declaring her unalterabltBpurpose
to discharge her public debts, no matter
what may betide her. And those who a
gree with us that Virginia will never con-
tract engagements without seeing first how
she can discharge them, may safely pur-
chase her public stocks. Herstocks about
to come into the market, and placed under
the management Of Scldcn, Withers & Co.,
Of Washington city, run for 35 years; carry
six per cent. interest per annum, payable
halfyearly in Washington or New York,
or elsewhere if the parties shall prefer; are
free from the troublesome and expensive
formalities which attend the other forms Of
public debt; andpass from person to per-
son by delivery merely, without assign
ment or transfer on the records Of govern
ment. Each half year. the Coupons ofin-
terest become due on the LIST of January
and July; and may be detached from the
bonds,an offered or RENTED for payment,
as other paper is; or may circulate,as bank
notes do"
These statements and opinions are for,i-
fed by certificate of the Hon. Robert ]
Walker, lato Secretary Of the Federal
Treasury, who declares his conviction tina,
these bonds are fully equally in value to
any stock in the Market" and regarding
the time they have to run and the intercs,
they pay, preferable to any other"
With all Of these evidences of the value
of our public stocks, and the indisputable
character ofourState credit,wc would sue
gest to Gov. Floyd that he would enhance
the Market value of Virginia Bonds, i
he would advertise to receive proposals fol
the purchase of a million or two. at the Elk
ecutive or Council Chamber in the Cant
tai at Richmond, till 3 o'clock on the Is
day of August. This course would b,
more digni6ed, more in accordance witt
usage, in such cases, than for the Govern
or of one of the sovereign States. to be see,
dancing attendance, in the back parlor
Of Money Brokers at tho Federal Capital
We have no recollection, ever before I,
have heard that the Chief Magistrate ofan,
State of this Union, appeared on the Stool
Exchange hawking State Bonds. If thi
unusual, unbusiness-like mode Of disposin,
of our State securities be continued ,neithe
Gov. Floyd's statistics,nor R.. j. Walker,
certificates will keep our Bonds above par
By the way. we would like to know VIII,
Washington City is selected as the bes
place to negotiate Virginia securities I! w.
had supposed Boston. New York, Phila
delphia, even Baltimore. were better sup
Piled with capital. and consequently Stat,
bonds would be saleable at better rates il
either Of those cities. Again why over
look our own State Banks, If an agent is II
be employed. and select Messrs. Selden &
wi'hersi Again :-Ifhis Excellency had
any fancy for figuring as a financier il
Washington, why were the great Banker,
corcoran \ Riggs, the strongest houss
south OF Wall street, overlooked