Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1852-04-21
STATE FINANCES.

shows that the amount of funded debt OF
the State and valid subscriptions 10 internal
improvement companies, is $iR9i4, S2S06.
The amount of subscriptions authorized to
companies not yet organized, and the a.
mount of bonds guaranteed by the State as
security for corporations and join. stock
companies, added to this sum, make up the
amount of So, 54S, 757 O6 as the sum total
of the debt and liabilities of the State. 1t
is conceded that the amount of the guaran-
teed bonds may be omitted from The esti-
mate of the sum on which it is necessary
to organize sinking fund in the opinion
of some the amount Of subscriptions au-
thorized to be made to companies not yet
organized, may also be excluded; thus the
sum on which seven per cent. annually
must be raised, is reduced to S16,404, 903
rs. Seven per cent on that amounts ST.
AS, sol %, which must be raised every
year for thirty-four years. The annual IN
terest at six per cent. on ST, ,51S 81 due
to the Board of Public Works and the Lit
erary fund, and the annual expense OF the
civil list and the incidental expenditures OF
each year-estimated at $3.50, 0OO-added
to the seven per cent. annually raised on
the debt as above, will form an aggregate
of 1914 ,225, 739 80, to be discharged by the
State in the next thirty-four years, exclu-
sive of subscriptions to companies not yet
organized and appropriations which may
hereafter be made! As an Offset to this
sum, the State receives small revenue IN
the shape of dividends from some internal
improvement companies, bank stock, sc.
The Committee then give an account of
the negotiation by the Board of Public
Works with SELDEN, WRITER'S s. Co., Of
Washington City, made in April last, for
the sale of bonds of the Commonwealth a.
mounting to So, 100000 These gentlemen,
private bankers, were employed as agents,
tcithout being required 10 gire security. They
are 10 account 10 Tue Otdlc lOr Oue miillOH
of dollars at par, and three millions at two
per cent. above par retaining all over as
compensation for their services. By this
operation, according to the Richmond Wing,
the State loses $40, 1000, the last quoted
price of the bonds being S1095 This house
also pays out the interest, amounting to
$24O, 900 year, which is subject to their
order one month before tits due, and thus
they realize profit of $1,000 per year.
They moreover have the power of desig-
mating the places where the interest shall
be paid, the State bearing the expense Of
transmitting the funds. In CONSCIENCE Of
this expense and the loss of months in
terest each year, the State does not really
, receive the par value of the bonds. The
Committee, in view of all the circumstan-
ces, suggest the propriety of inquiring into
the practicability of efecting some modif.
cation of the contract so as to make it more
safe and consistent with the interests of the
, Commonwealth.
This report is regarded by some as moth
, ing more, in the main, than document put
forth by the anti-Improvement party, tc
prevent farther appropriations. 1t may have
this effect and as our Democratic legislator.
, refuse to claim or receive the portion ofthe
public lands which rightfully belongs to us
all hope of carrying out the great improve
, ments which have been proposed, may as
we'll be abandoned for thirty years to come
The expose of Gov. FLoYD's contract with
the Washington bankers, however, is Gu
riosity. The idea Of entrusting so large an
amount of money to the hands of agents
6 ,cifhout security, is something new in the
history of such matters.
! Mr.. CLAY.-The seventy-fifth anniver-
sary of the birth of HENRY CLAY was eel
ebrated in New York City, on Monday the
18th instant, by grand festival The COM
pany numbered about six hundred, and
speeches were made by Senator JONES, Of
Tennessee, Hon. PREssLY EWING, of Ken
lucky, Col. VIM. M. PEYToN, of Virginia,
aud others. The speech of the first named
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