Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1852-04-13
Total,
s22,54s,757 o6

The committee do not insist that neeesstyrests
upon the General Assembly at its present session
to organise sinking fund for the extngushmentof
the whole of this sum. They concede that the
amount of the guaranteed bonds may be properly
omitted at present as the obligation to pay by the
State, does not attach until default by the co-ob-
Tigers. This deduction would reduce the sum to
eighteen million six hundred and forty-seven thou
sand, three hundred and eighty-two dollars and
six cents, as the true amount on which to esti-
mate sinking fund.
s'There is held by the Board of Public Works and
the president and directors of the Literary fund,
an amount of evidences of state Indebtedness,
equal to the sum of one million five hundred and
eleven thousand, five hundred and eighteen dol
lars and ninetyone cents. The relation which is
borne to the comm onwealth by these state eorpo-
rations, is such to create impression on the
part of some eminent men, that it is not necessa-
ry to compute this sum in the estimate for the
sinking fund-thoug it is conceded that the annu-
al interest must be paid thereon, through all time
If this construction be sustained, the estimate for
the sinking fund will be reduced to seventeen
million, one hundred and thirty thousand
eight hund ed and sxty-three dollars and fifteen
CENTS but there will be continued necessity to
raise a sum Q lual to the annual interest which
will oC cast variation in the estimate equal to
one er cent. on this amount.
1t has been further insisted by distinguished
men, that the amount of subscriptions authorized
to be made to joint stock companies not yet or
ganized, shall also be excluded from the estimate
for sinking fund.- IF the force of their reasoning
shall prevail, and, that be deducted from the
estimate, there will remain sixteen million four
hundred and four thousand three hundred and
three dollars and fifteen cents as the smallest pos
sibe estimate for sinking fund-leaving the ne
cessity however, to provide for the annual inter-
est accruing on any portion of the seven hundred
and thirty-two thousand five hundred and sixty |
dollars, which may be rendered valid against the |
treasury"
The committee estimate the probable receipts |
into the treasury during the fiscal year, ending on
the 3oth September 1885, exclusive of license |
and property tax, at S663.545 SO.
Inc receipts for 1854 are put down at the same |
amount, making an aggregate for the two years, |
OF Sl,327,09l rs. The disbursements from the |
treasury for the same period are estimated at S4,-
be raised in two years by license and property |
tax.
These estimates must be enlarged by any appro-
priation made by the General Assembly at this |
session, and by any which may be demanded |
on account OF interest to be paid on bonds of cor
poratlon guaranteed by the State and by any sum |
to be paid to joint stock companies
In estimating the amount of the public debt the |
committee fail to credit the commonwealth bv all 1
other available resources, regarding nine of them
as applicable to the extinguishment of the public |
debt, with the exception of those constituting the
fund for internal Improvement The probable
receipts from this source for the year 1858. |
are put down at S194,483.I6
The views of the present Committee of FL
nance, with reference to this subject are not in
accordance with those of former committees, and
will not, we imagine command the assent of the
Legislature of the public generally. It is pro-
posed to adopt the of sixteen millions and up
wards, as the basis of the sinking fund.- but as the
actual funded debt OF the State is only about
eleven millions, we should think that the require
1nehts OF the Constitution would be amply salts
ned by setting aside seven per cent of the latter
sum. The report concludes with statement in
relation to the contract with Selden. Witbers Il
Co., which we copy entire:
On the 18th day of April, 1851, the Board
of public works entered into contract with
Selden, Withers. q Co., private bankers of the
city of Washington, by which that house was au
thorized to dispose of the bonds of the common
wealth, to the amount of one million of dollars,
at par; aud also the further of three millions
of dollars, at two per cent. above par. By the
terms of the contract the house was to enjoy the
benefit of any premium which the bonds would