The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1853-12-06

Besides he subscription.. ~,

Besides the subscriptions, spuronr;at;or.
and loans actually made, the subscrint;ons
authorized to be made to companies ~ s bss..
organization no Information has been ~,
ceived, and of which many perhsps nav ma.
yer be organized, amount TO o.. .9lo, ,os0. Buk
TINS y eeafingenf and not an actual liability.
u may or may not become real; it depends
upon the practicabiiity Of routes to be deter.
mined by surveys not yet made; upon the
formation of companies not now in existenoe.
ana upon subscriptions by individuals or cor
Porauons, the books for which have NOT been
ana may never be opened. No appropriation
= necessary to meet the interest upon such =
deot, and It Is not fair to estimate the amount
as debt. when it is next to impossible that
Inc entire sum can ever be made so. III is q
noerai allowance to compute the amount that
| nay pe called for, at one half of the sum au,
alor1zed. If, then, the remaining half he de-
uucsed, the whole debt, after subtractino the
s 10 ouueiive ,Ia Investments as before, will be
| vi lIo'eS4 95. All of this debt is denouaina I
ssu unp1odnstive; and though il is so now.
| 10 one ooobts that some Of the principai
VOTES Ior which it was created, will become.
as svvn as completed highly valuable Ma
ny ., theIi. even IN their unfinishedhstate, are
M woIln m41e 9 saan fifty and seventy Eve per
cent? ana Ieaoiiy sell for those sums in the
market; and the day is not far distant wban ,ss
may confidently expect such to bring their
| par value, and yield q dividend eouaf ta the
anticipations of their friends. If thew da ths
treasury viii be relieved from the payment nf
the interest of the debt, to the extent nf the
dividends, and the sum now levied for thar
interest may be converted into a fund for the
redemption of the principal. And even with
regard to those stocks which may never be
productive in the form of dividends. and which
have no market value, it is gratifying to
know that the works for which the liability
was incurred, have been the cause of appre-
ciatlng the value of the lands in the counties
through which they pass; of increasing the
populations; developing the resources: aug
menting the taxable property; diminishing
shefexpense of transportation; ana ofTering
thsroughfares to our people-adding to their
comfort and convenience. Thus, in another
form, ample return will be made to the trea-
sury, justifying and proving the wisdom Of
the investment. If the entire present unpro
duotiye debt, with that which may be called
for under existing laws, amounts as stated, to
l9,126,054 95, it is an amount by no means
great in comparison with the resources of the
state. The value of the whole property Of
the people is estimated by the auditor OF pub
lie accounts at $6o0, COO, 900. ~ l8
The revenue to be raised for the support of
government, including the payment of the
interest upon the entire debt as required by
the constitution win be about 81 100000. If
the whole of this sum were raised by an od
oalorein tax upon all property which might
be subjected to taxation, the rate of tax ne
cessary TO produce the amount, would he less
than thirty.fve cents ON the hundred dollars;
and if it be said that large amonnt of the
property of the people has been exempt by
law from taxation, and if we eStim te that
amount at one-third of the whole yet, if the
whole sum requisite for the, annual wants of
the government be raised in like manner up
on s400,0Oo,0o0 of property, the remaining
two thirds, the rate of tax will only be fifty
cents on Sl00, small tax compared with
the magnificent results to be attained by the
debt incurred. But as the3 State derives
about half of her revenue from other sources,
tits manifest that much less proportion in
the hundred dollars will be required---not
more, it is believed. than 0nehaf of that
amount. M
1t viii be seen that in enumerating the liza
biiGies of the state have omitted those to the
Literary fund.-. i have done so Intentionally,
because, in my estimation, this can only be-
considered as debt from the state to her
sell. The total productive capital of the LIZ
terary fund is $l,606,602 70. This amount
was created with the means of the state and
is invested in the stocks of the state banks.
in state certificates, in other stocks, and in
loans to colleges. The fund possesses 81
16z, 573 SO OF state certificates. The state.
then, owes this amount to her own fund The
objeetin creating this fund was to provide
capital whose principal was never TO be di
minished, but which should be invested SO as
to yield an annual interest for the purposes
of education If the state. then, pays the in
terest annually, and never pays the principal,
she accomplishes the object she had In view
n creating the fund. Ii amounts to the same
thing as making an annual direct appropria-
tion from the treasury equal to this interest.
iftis never contemplated to pay the debt. and
therefore it is useless to estimate it as such.
1t Is and viii be considered and estimated as
part of the ordinary expenses of the gov
ernment. The debt viii not be taken from
one pocket and paid to another, but the
means will ever be faithfully provided for
| liberaliziug and enlightening our people.
The operations of the Sink .ng tund, which
have only commenced during th9 past fiscal
year, will in few years exhibit results wor
| thy of its projectors The statements Of its
receipts and disbursements accompany the.
report of the second auditor, herewith COM
mNnicated.
The reports of the auditor of pubIie gae.
cunts and thu treasurer, will present the state
of the treasury, refer to them for the de-
! tails of the revenue and expenditures of the
government. The receipts during the last
| fiscal year, including the balance in the trea
l'sury at the end of the preceding fiscal year,
were S1,9s9,e77 79, and the expenditures for
| the same period, adding and deducting a small
amount of warrants issued and unpaid at the
| termination of the preceding and present fis-
| cal years. were Sl,773,6lS ~, leaving an un-
expended balance in the treasury On the lst
| of October, 1853, of Sl66,259 57; presenting
| the gratifying result that the taxes raised
| were more than sufficient for the ordinary
| expenses of government af
| The addition to the debt of the state. made
! at the last session, will of course require an
increase in the amount of interest to be pro-
/ yiIled for, so that we cannot estimate that the
/ same balance win be in the treasury ct the
end of the present fiscal year. IL is estimated
| that the receipts into the treasury frcm all
sources, for the present fiscal yer, will
| be about two millions of dollars, and il is be-
lieved that the expenditures for the same pc
| riod will about equal the receipts, showing,
as stated before, that the present rate OF
| taxation will be Sufficient Tor the current ex.
|. penses of government, and tepay the interest
of theentire debt of the state. as required by
the constitution. ii is impossible to estimate
what appropriations may be made At your
present session. You will Judge of the me-
| cessity that requires them, andof course pro-
| vide the means to meet all cur engagements
! and liabilities. -.
Ii connection With the monetary .l.fairs Of
| the state, i have 10 announce the death Of tn6
| late estimable treasurer. Robert bafief !. he
died in fh;s city ON the 2ist day % Ju}y iasts
y fill st;a road his duty