Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1852-05-07

nani them but they paid without interest How, then
be- ciimed that by the authorizing the subscription
or b. tic subscription ITSELF debt is contracted by the
within The meaning Of this clause when
there is not The Time % the the time .! the
ubsc:tiu any anna4 interest agreed be pad If the
r, 10 he set apart is only 10 exceed By per cent the
arreed 20 be paid ana there is interest agreed 10
hc mid then there nothing TO be set apart Nothing is to
apart until there is an 10 pay Interest; and
hearing interest 1t is not until such certificates is
s,lrd 70 those who lend money mat DEBT IS contracted
Within the nearing Of this clause OF the Constitution.
We bnv NV 10 fix the amount Of the State debt evil
dencc! ~ certificates bearing lnieiest-l AS existed on
tic Isl Of January 6ai As II WIZ os ailer a cav AND
before the for which taxes are now TO DC
impcsed.
I, j. agreed the. on ls Of January, 1852 the Whole
amount u anch bcung certificates was Sll9 o3S
20 unless there be added thereto The certificates OF debt
hid by The Board OF Public Works and Literary Fund,
which amount 10 3l3ll5lS 81.
rbr Auditor and tho Chairman of The Committee differ uD
on Tie question whether lie clause OF the Constitution, pre-
n. sinking iunt requires rer be apart
on !s 81 sig 81 OF ibis amount, there is bearing in.
.rcs II per s5lJuJp; 70 that the question is prac'i
caly as l., 5! 70! SIS 81 whether there is be rascd by
nnc r,r cent .nrc would 10 be tuise ii
m Constitution Ind been adnpteu winch one per cent on
this sn.r VIII DC less than Sl2 OUU
iir RonxsnS said if his were only question whether
there shall be raised by taxation Sl2UU more less and if
il were plain tllt the Constitution would De complied with
by raising The larger eum and doubtful whether II would
complied with by raising the SMALLER he would, In such
case, be for raising the lrrgcr sum
But xlctiy that There are some other
which make il necessary for us to NEE
tho question whether certificates of debt held BY the Lite
rarv Fund and The Board Of Public Works within the
meaning o the Constitution III be deemed part r TIC oate
debt.
l. "A 10 The Literary Fund The Legislature has apprp
paIcd funds 10 The Of learning and vested
in certain officers of Government corporate
body. IT, uncr the laws o; the State this corporate body
has right claim against the Stale il well claim
right ccnrrrsd 81 law, right conferred bv another
Now the Literary fund hds certifnte for S39uOu upon
which the law Code 23l Sec 81 requires interest 10 BE-
paid annually al The of per centim per annum
The rh for which this certificate issued was long since re-
drmtbe nat tie Legislature, n time when conl o"rro"
muncy per cent has continued II AT per cent
enlarge thereby The d.yored education. Ct il
this SIG coo there apart per cent part Of the
Striking fund II VIII thereby be determined that the Sinking
fuad OF which this is only pa is Ia he anncd 10 The
payment Only Of The interest s s3l9U0 but TO The
payment also he principal; chat having been long since
rcieenabel aud lrs the ncuc OF the Literary fund viii &c
diminished Il wont do 10 say that the certificate Tor
$4,000 be paid OIL the be reinvesi.d: there is
no g0ol bclisvc il be safely and securely in
vested per cent; and the practical effect OF paying II oil
must be 10 diminish Tie revenue of the Literary fund
The Of 1855 cTcang Sinking lurd expressly pEotib
purchase OF ay portion OF this cent debt held
ts Literary lnnd Tie incn, of the Legislature heln.
tas cc4y manifested is reasonable 10 presume that
the trainers Of te Constitution could have designed to raise
Sinkin! fun! for The cxiiagushrcnt Of This deb!.
3 As the fnnd for internal improvement. By the
1916 This fund.- the appropriation was for
50 years: is continue until the first day of January
1866 Code .! 1872 vel 2 p. POS Seeing then that me
e, from the Sitc To the Board OF Public Works Is not
DIT 10 b. pail at all cvc.ls, and which would require the
application o! money from lime 10 ;nle 10 c5Egulsn the
principal bnt debt which without any SUE Application,
wit"u such payments would under the terms o the
law creating the nGt bc AZ end on the Isl oil January,
1856 is not ren<unahl. Constitution
creating Sinking fund exringush that which by opera
lion Of law would be cx;iugu-hed without such iund
These tend with others which have been urged be-
fore Tie 0uss support The position taken by the Auditor,
hat the State debt used in The Constitution was IN,
tended include the certificates held by the Board OF
Putc Works and tie Board OF the Literary Fund, but the
actual State debt ns it existed on tho LIST nt January lSo 10
al :
Now 10 'hc Debt contracted after Inc first day OF Jann
AIRY 1852 Mr. Robinson said he agreed Ia respect 10 this
!eb, hat Iaw should be passed requiring the commission
Of r Striking fund to sci apart annually for 81 years
exceeding BY cent the aggregate amount VI me
annual interest agreho be paid thereon at tie inc Q: Us
contraction Ard only siiu! law be passed requiring
is done b. The commissioners but sufficient taxes
should DC raised cnahn Them - do IT, IN order that sui!
rn may be- r,-d pr the years 1872 ana 1913
81 only ascertain for what anoGGtretica'ts
rg 'C:cs: have tccn issued since the Isl OF Jnnaar!
l55l :=! estimate well as we Gen. The amount Tor
winch certificates will em lime 10 time be issued before Tie
rni % the yra:s and now mich Will have /" be p"v
I'D before The nd o the two years 10 comply Win NE Con
sitGtn. II there be- danger tst more certificates may DC
called for Than provide oT that danger may be guarded
against by cnactins The Issue shall he limited To snch
amour, maize provision for In such case, the B'aid
Public W;s would have 10 observe the rule ia!i down
in the Cod. al page 3Io, sec. 2
Let IL LOOK he AUDITORS Report the lOa OF
Anr Fl tells that the tt which after the first OF january
1852 under existing laws represented by
n" ,,.Inunt paid from the lat Of January,
l-32. 10 he IL Of April 1852, on account
o; subscription. and appropriations, S525, 1oo IS
Payica.s 10 be- made accnunt .! SUBJ
scGp;iUns and appropriations actually
made the Isl Of April 1852, l,723,Ql4 IS
Amount be Subscribed 10
organized companies when
private subscriptions
made 81. 1929 9G3 IL
Less BY what will probably
no, be called for 10000 90
l,G79,e5s II
Amount Of subscription.
ihurized 10 companies not
yc, organized 1850 60
Less wh.t there Ia strong
probably viii nc! 70 called
for 100000 W