Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1853-03-29
Si,3l3,5ll l3

be expected when the works are completed; any es'i
mate now OF those profits would be mere conJectural.
investments have been made in other works equal TO
409 9S6 94 but they have yielded no Dividend efeo
FORE though state Of complexion no profit Is expected
from them through the future
L, is absolutely essential 10 the credit of The State dis.
abuse the minds of capitalists of tho impression which thus
unfortunate statement Is producing. Nothing is SO sens
tive as credit Like the virtue woman it neither be
rai nor suspected OF fray 1t only be undoubt
ed but mus, be known 10 be undoubted. The whole evil
effect of this statement cannot be recalled II creates
suspicion ADD doubt.
These cannot suddenly restored The poison will have
time work before tho antidote can be applied fufcha
and transactions in the State stocks may have been
npped the of consunmation, and capitalists whose
and influence might have established the credit OF Inc
VIRGINIA bonds forever may rcco this statement, the
Of refusal under the circumstances bringing dsruS ana
dscredit upon them that may never be removed
Yet the is transparency specious TO those who
have knowledge the subject LIS first Item OF sl55695l5
TO- of course and not imaginary debideb In
the hands public evidenced by bonds Of The State 1t
s the only actual debt Of the State-a the rest s either
nominal or contingent or temporary.
The sixth l,em the 1923 AGO. of Temporary oans ap.
paren,Iy exception the remark but nrose in ancpa
ton of the 1852 YET be collected and ifa debt
must be credited by like amount out of those revenues;
which credit the Report nowhere gives.
The stem, 81 225ls is amount OF bonds held by
The State against herself partly by her Board OF pubic
Works AMI partly By her Board OF the Literary Fund That
part held ty The first named Board Sinking tdd-a fund
applicable Ia and intended for the liquidation % debt II is in
fact assets II is credit in The hands ot the State and not
debt held I.ninsl her. That portion held by The Lite
rary Fund purely nominal consisting OF mere entries
in certain ligets, under the head Of Literary f"nd
against the Commonwealth 1t is fund having entity
"A ia, fn
Of fixing the umouu of annual contributions b. The state
10 the o education The principal OF the fund viii
never be cr Tgc upon the Treasury Nor will the inters
ever be- Six per cent upon the fund is annually nppropr
ated Educ,,ion II but the Treasury s receiving
every year from the fines and penalties dedicated 10 thai
fund than the means requisite Tor The payment n he
interest Last the amount oi these hines was so- uoo
which Several thousands OF dollars greater Than Tie IN
terest VIVA became of this Sl02OOe' IL went into the
Treasury dsbursed other revenues ure dSbursed
The amount OF il entered debt against The Com
monweath. upon The books of The Literary Fund Inc
aIh will ever hereafter pay interest Of six
per cent moon upon the former items oil this iunc bu
she will rer, t from subsequently accrung fines and pen
ates mole ,unu-y Than sufficient every 10 pay as well
this interest ~ that oil The whole fund The Literary Fund
therefore dsb of that delightful agreeable character, the
principal OF which will be called for and the interest
of which is a1pod 10 the debtor annually with hand
some boot ht -r!es.
Neither laird item in the statement, 81 2b9 OF
oLD VALID scascRIp-ioSs, YET an actual debt II Is the
unpaid por The States subscription 10 companies that
have been o,un zcd and wh0sa works in progess-
The State has yet given her bonds Tor the amount and
her obligation pay 10 these companies rests upon the
contingency their being able II obtain private subscrip
lions 10 the OF twu-li5 oil SUN OF which ms
item is three hs very well known that those
i.t.,I tb fran, ph
their private subscriptions obtaned and that their
pecatons obtain further private subscriptions exceed
ingly unprunsing. Yet upon their success in this
behalf thar depends the States obligation her
contingent, Liability FOR this ST. 269, Into actual debt
Ii is earnestly hoped, however that these private
subscriptions will be taken. and that this Liability oi the
State will 10 be contingent We shall allow our
hopes this regard TO override our Fears and shall accept
this 81 IA 269 obligation OF the State though no.
yet funded oracaring interest.
The ne.t itcnl of 1854 AGO. is about which should
think the mos, morbid apprehension might feel itself al ease
at least awhile s neither actual debt nor h1cd
liability Ii authorized TO be subscribed by
the State the capital stock Of some forty petty corporations
yt not organized The private capila OF al
Of them is yc, no only not paid in but subscribed
There persons or corporations yot IN existence 10
whom The obligation Of the State be due II would be
startling uncencnt, morning in the Capitol that
an amia5c had suddenly incurred deb! OF half
million oi dollars Yet, answered The geneai
enquiry naturally asng-to ,chom ?? that 1t was ITO abolt
foriy Mr. AoJodys Tie STATE olici;ude and sympl.
thy would very quickly subsde There il yet no contract
the part pay this 1854 400 because there is no
"party Of The second part being as much principle oil
the law thar there must least parties 10 contract
as principle of the very sin2ulay and un.
lawycrly relied upon by the crn delcgaus non potest
deiegare.
The fifth item in the statement the So GA sd "GuARAS.
TED BONDS is upon its face debt o State It is but
contingent, liability that attach loss herself
except by voluntary She has paid the interest
few occasions upon portion OF these guarantees and this
treated BY the report capital iilustra
ton the fact that the guaranteed obligations her
direct debt But, however the obligations may be iies9na-
ted fact j. that she has rot Only the most undoubtedly
solvent cnurions between herself and css upon most Of
the uuaraer but mortgages oi niemnicatun. ample tr
The whole may indeed think proper pa he inter
est upon some Of those guarantees occasions when the
principal obgaIs suffer temporary mortunes; bu, she has
the power al lie very instant OF doing f1rccIose her
mortgages and reimburse herself The outlay or the sixth
item in the statement S3s 400 Of TEMPORARY LoASs
they are as has said and hcr designation purpor
temporary autcpations of the current ordinary
for 1852 and the collection of which has been delayed be
yopd the udr,ry period by the n;rodnc o; grin
cipes of tax on requiring reorganization OF The whole
revenue sys:sr into constitution The amount is
debt true debt temporary only and upon
the accrua. revenues The report, it uc recommends
the undn. Il about this amount "a permanent debt
Ii the crsl adopt The suggestion, and decree
then and ~. before, the amount be lcetmaely
regarded part Of the permanent public debt AS the
report suggests this measure SHALL in order avoid
the possibility OF misleading those who are Interested this
subject treat this item permanent debt OF The State.
How them s,ands the above statement when raced
cordng the liberal concessions OF the foregoing
mentary ! Thus
Bonds held by the public, SIS 500 SD
Old valid subscriptions, l,lii 269
Temporary loans, 32S 400
sl7,0,2lS4
Such 10 the total aggregate CT actual debt, and fixed
though not certain liabilities of the State of Virginia.
About the large OF appropriations included
as debt In The above printed have this
said something and shall probably have say The
sources of the State in the above that