Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1853-12-14

standard, their Value Wouio w VIZ Ic -
being less than their par value; Ii tnese
profitable stocks were sold IN the marke',
thew would probably yield the amount
at which they are estimated ana 'nuS
afford fund sufficient to redeem that a.
mount of the State debt. But If they are
rot sold, and the operations OF the Sinking
fund progress, in very short time, IN coiI'-
parison with the existence OF otate' ,ne
debt for which they issued will be llqulda'cc :
ed, and the State will be in possession oi
those stocks-probably enhanced IN Value'
affording her so much capital to aid IN meet
inp her other liabilities or constituting a
fund for future improvement. If this amount
then, be deducted from the aggregate out
standing debt, it would leave balance OIL
nnproductive stocks on the 3Oth of Septem-
ber last, amounting to 5000, ,275 50.
Desiring, however, to make full exhlo-
it of our finances, that our credit may stano
unimpeached and unimpeachable'it is prop
er TO state that the amount OF actual sub
scriptions, appropriations and loans author
lied by law and remaining to be paid after
the goth of September last is S7,7oo'Io9
45. The much greater part OF this amount
was incurred for subscriptions, IN inc pro-
portion of three ftths on the part OF the state
to wo-fhs on the part of others, to be PAID
pari passu with the payments OF individuals
and corporations. The whole amount, there
fore, cannot be called for at once, but only
as the works progress. 1t is estimated that
there will probably be demanded, between
the 90th of September 1853, and the same
period in 1855, about S6,500,0 900, leaving
the balance to be called for in after years.
If the whole sum, however, be added the
amount will be S17,67 Ola 95.
Besides the subscriptions, appropriations
and loans actually made, the subscriptions
authorized to be made to companies OF
whose organization no information has been
received, and of which many perhaps may
never be organized, amount to $2,910, ,OSO.
Bat this is contingent and not an actual IL
ability it may or may not become real F.; it
depends upon the practicabllity OF routes
to be determined by surveys not yet made !;
upon the formation OF companies not now
in existence, and upon subscriptions by
individuals or corporations, the books for
which have not been and may never be O.
pened No. appropriation is necessary to
meet the interest upon such debt, and 1t
is not fair to estimate the amount as debt
when i. Is next to impossible that the entire
sum can ever be made so. 1t is liberal
allowance TO compute the amount that, may
be called for, at e-half of the sum author
lied. If then the remaining half be deduc-
ted, the whole debt after substracting the
productive investment as before, will be
S19,126, ,064 95. all of this debt is denom-
mated unproductive and though it is so
now, 40 one doubts that some OF the prin-
cipal works for which it was created, will
become, as soon as completed highly val
liable. Many of them, even in their untin-
ished state, are worth more than fifty and
seventy five per cent. and readily sell for
those sums in the market; and the day is
not far distant when we may confidently
expect such to bring their par value, and
yield dividend equal to the anticipations
of their friends. If they do, the treasury
will be relieved from the payment of the
interest of the debt, to the extent OF the di-
viderds, and the sum now levied for that
interest may be converted into fund for
the redemption OF the principal. And even
with regard to those stocks which may new
er be productive in the form Of dividends,
and which have no market value, it is graf
ifying to know that the works for which
the liability was incurred, have been the
cause of appreciating the value of the lands
in the counties through which they pass !;
of increasing the population developing
the resources; augmenting the taxable prop
erty diminishing the expense of transport
tation /; and offering thoroughfares to our
people-adding to their comfort and con-
venience, Thus in another form, ample
return will be made to the treasury, justi-
fying and proving the wisdom of the invest
ment. If the entire present unproductive
debt, with that which may be called for un-
der existing laws, amounts, as stated to
S19, 1876, 054 50, it is an amount by no
means great in comparison with the resour-
ces of the State. The value of the whole
property Of the people is estimated by the
auditor of public accounts at $500 600, 900.
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, will be about S2,000,-
600. If the whole of this sum were raised
by an ad ralOrem tax upon all property
which might be subjected to taxation the
the rate of tax necessary to produce the a.
mount would be less than thirty five cents
on the hundred dollars; and if it be said
that a large amount of the property of the
people has been exempt by law from taxa
ton, and if we estimate that amount at one
third of the whole, yet, if the whole sum re-
Quisite for the annual wants Of the govern
ment be raised in like manner upon $500
900 900 of property, (the remaining two
thirds, the rate of tax will only be fifty cents
on 500, small tax compared with the
maonifcent results to be attained by the
debt incurred. But as the State derives a.
bout half of her revenue from other sources.
it is manifest that much less proportion in
the hundred dollars will be required-not
more, it is believed, than one half that a
mount
1t will be seen, that in enumerating th
liabilities of the State, have omitted those
to the Literary fund. nave done so in
tentionallv, because, in my estimation, this
can only be considered as debt from the
State to herself. The total productive capi-
tai of the Literary fund is S1,706S02 73.-
This amount was created with the means of
the State, and is invested in the stocks ofthe
State banks, in State certificates, in other
stocks, and in Ian to colleges. The fund
possesses S1,I67573 80 Of State certificates
The State then, owes this amount to her own
fund.- The object in creating this fund was
to provide capital whose principal was
never to be diminished, but which should