Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1852-01-21

nomalous class, though dictated by the soun'
est principles of philanthropy, has failed
its object; and unless policy, more enel
getic and efficient in its operation, be devl'
ed, it is feared that this population, whic
has already grown to be an evil, will Ill
crease. Whilst the census of 1850 show
that the increase of our white population
during the ten years preceGieg, was II pc
cent, and that Of our slaves was 8 2-3 pc
cent, it exhibits the startling fact, that ou
free colored population, during the same pc
riod, has increased at the rate of Z 20 pc
cent, and that too, during the operation o
those laws which were designed to rid us o
this improbable class Of our people. IL
drive them from the State by law, withou
assistance or providing them home, woult
be oppressive and harsh; and yet to PERM
the evil to grow still greater, is forbidden az
we'll by considerations of humanity as It's
contrary to the dictates of wisdom and sount
policy.
This question was deemed of sufficient
Importance to make it the subject OF constl'
tutional action, but it is obvious that further
legislation is necessary and beg leave
therefore, respectfully to bring it to your at
tention, and ask for it, as it deserves, YOU
most serious consideration.
The State credit is unusually good, and nc
difficulty, which has not been overcome,
has been encountered in procuring money tc
carry on the extensive Improvements IN
progress. Nor is any such difficulty appre-
hended in the future. State bonds are now
selling e. the treasury for a premium of three
per cent, and in the other money markets
of the country at even higher price. The
rise in the price of State stocks, during the
past year, may be attributed to the wise
provisions in the new constitution, tending
to prevent IN the future, rash & Law sh appro-
priatons of money to be raised by loans, 4
for sinking fund to extinguish, in short
period, the existing debt, as well as to the
change authorized by law in the form of :he
bonds, and in the place for the payment OF
the interest thereon. Until last winter State
stocks registered in the Second Auditor S
Office, and transferable on the books thereof
by the person by whom it was issued, or his
attorney, only could be sold; nor could the
interest on such stock be paid elsewhere IN
the United States than at the State treasury
The coupon bonds authorized to be issued by
the General Assembly, at its last session.
being transferable by delivery only, were
better suited to the money markets OF the
United States and to commercial communi.
ties generally. This change in the form of
the bond, and the power to agree to pay the
interest on it anywhere, enabled the Boaro
of Public Works to make sale of these stocks
bevond the limits of the commonwealth.
The actual debt of the State was, on the
1st January, 1852, about $11,921, ,O3S so
this dett, under the operation of the pro-
Wis of the constitution in relation to the
sinking fund, will be extingulshed in about
thirty-three years and any new debts CON
trcted after the first day of January, 1852
under the same provisions of the constltu'
ton, will be paid at the end OF thir!y-foul
wears from the creation thereof. The eX-
ertions to be made for the purpose ofpaying
the existing s. future debts will be doubles:
very sensibly felt by the country. The
revenue raised by taxation must needs bt
increased at least fifty per cent, unless the
internal improvements Of the State, ,ofwhicf
the State is either the part or sole owner
can be made much more productive thar
they have heretofore been. That the inter
nal improvements of the State may be made
more profitable by judicious appropriations
thereto, either for the completion of those
that are unfinished Or for the removal Of
other embarrassments thereof, and by bette
management of. these improvements, can
not doubt. As it is the will of the people
of Virginia that the State debt shall be paid
and that speedily, surely the internal i'm
provements of the State, to make which tht
debt was Chiefly contracted, should be made
to pay as much thereof, as well as the cur
rent interest thereon, as may be. And
must say in this connection, that l think
appropriation at this time, to internal i'm
prove,nents which will not in all probability
become dividend paying improvements, are
not advisable. The State of Virginia owns
at this time S7,256, ,416 13 of productive, s
So, 107 500 03 of unproductive stocks. A:
before indicated, this last class of stocks
ought not at this time to be increased. 1t i:
worthy of remark here, that the dividends
and interest On the productive funds will
the addition of the bonus on bank capital is
estimated in the accompanying report oftht
Second Auditor, 10 yield $40, 286 81;
sum equivalent to per cent. on nine mill
ions ofdollars.
1t appears from the First Auditors esti
mates that the deficiency of the revenue a
the end of this fiscal year will be $518,S1l
SO, if seve per cent. on the debt contrac e
and to be contracted prior to the 1st day ot
July next be set apart out of the revenue oi
this fiscal year: this deficiency will have
to be thrown upon the revenues of future
wears. If the General Assembly, however
and think it will be wise and constitu.
tlonal to do so-pay only the current inter
ests of the year. as heretofore, and satisfy
the further acquisitions of the constitution
as to sinking fund out of the revenues o
1888, which will come into the treasury
in December next, then the deficiency at the
treasury, on the lst day of October next
will only be $321, ,S52 56 and a tax, which
will bring in revenue to the wants of the
government, under the new Constitution
can be devised at this session of the Gener-
al Assembly.
The subject of internal improvement
which for many years has engaged the anx
ious attention of our people. is rapidly in
creasing in interest and importance, ant
will require your most serious and careful
consideration Whether we look to the vas
amount of capital already invested by the
State IN the enterprise, or the appropriation
vet required to carry out successfully the
schemes already begun, and, thereby make
them available for revenue and State pur
poses-or consider the magnitude of the OBJ