Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1853-03-25
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RICHMOND ENQUIRER.
FRIDAY MORNING, MARCH 25, 1888.
THE STATE DEBT AND CREDIT.

THE STATE DEBT AND CREDIT.
Newspapers Of the North publishing, with sinister
purpose statement Of the debt Of Virginia. extracted from
the report of the House committee on Flnsnee
That report represents the debt OF the state al
and her 3l35ll These items are heaaea
over the country The official statement OF virginia nhsh
by her own officers bill was ON lis passage 10 he I'VE"
York Legislature making The bonds of Virginia oanksoe
In that State which would at have given them per-
nanent currency the commercial world nj the highest
premiums ensured their ready sale BY the State when
ever funds for public works required The agents
Of the State for The sale Of these bonds had taken great
pains 10 procure the passage Of this BILL by the New York
Legislature, which would have contaminated the series u
interchangeable aud most eecural exertlons ihey nave oee
making for years to establish the credit OF Inc
on the highest and securest basis The New York bill 49,
regarded hopeessy defeated by the report
OF the House Committee Finances and me most serious
npprehensons are felt est this ltined report anu Tue "
srus ted conduc, of the Legislature, in appropra,ng I'M
mense sums of money 10 works that are oca' 'o".'N
their scope and having prominent feature but coshhes'
shall bring down the State bonds very ma'e''a p'
below their present rates
The yroina press we are confident will do what II can
20 prevent the strong tendency of things TO result So de-
vouy 10 be deprecated 1t can be shown 10 DC loa' w
conception facts believe that the Slae ueo' a. "
-rr---h.. so2 900 ooo VI that ito RESOURCES al"
by any possible calculation susceptible OF being compressed
into the microscopic sum of 81 100000 Without entering
I'M tho details of the subject II must sufce 10 say al pre-
sent that upon the principles and rules by which merchants
end nractca men of business their accounts Of as
SETS and debs the debt is short S oo00O and her
prooer,y having market vaue-excusive Of immense inter
els which she owns valuable to herself and 10 Tue puo
but no, susceptible OF pecuniary pce-is u
the lest Sl3 600 ODO
The human mind is capable of vastly odd and astonishing
contortions II play singular tricks win ari'ha
cal figures as the mounebank with his wand or he i'
rubber man with his limbs Politicians metaphy sicuhs
heoloeians and loecians wonderful and alarm"
ing conces of what plain regard as very couoh
olace matters The debt of Virginia, is plain matter OF
ae, Ia estimating public debt and public credit the sim
oe rules observed by practical In stating Their own
affairs are the only sensible and safe guides are inc only
rules lead just results An ofhcia report. property
drawn ia bu dry matter Of detail financial Report le
ultimately framed is little more than simple balance sheet
showing debts and credits The Report OF the House Com
mittee 10 much than these. lis very statements u
items are agumentatve in form. II abounos IN argnmen
taton logical distinction, in metaphysical
IL ia treatise an oralon lecture an argument more man
Report II is the appeal of an advocate and not Inc pal
anced decision OF The Judge Il is ike The money articles
of the N.,o York Herald the GEAR side, cawing
down credit though drives brisk business In the line OF
.suILs pushing up credit az they do, but The STATE
debt which II tosses the eheral heights where magna
lion scars This is said with the kndes feelings Tor Its ca
cellent author.
Tho Report makes up It's aggregate OF o. ae
ey adding actual debt OF the State as represented oy
her outstanding honda Of bonds held by herself
against hesel-S4 10000 Of debts OF corporations Tor
which she is only surely holds mortgages TO indemnify
her against 80 100000 Of loans recently author
ized and SECURED by mortgages upon operating pro-
ductive rail roadshnd about % OF appropriations
public works. for the part contingent upon tue pay
corresponding subscriptions by other PERSONS anu
very much OF il contingent also upon the organization u
new companies in districts poorly supplied with caPlta-
The leading aaoy of the Report is its estimating a.
dsb. of the State what are either dool OF other cor
porations for which she is but the surety; or con
nnsent liabilities which may may NOT ever assume
the form OF actual debt-wi'tont also representing
the guild pro quo will acquire for the ohc, or the
decentralization taken for other The report might as
well have made OF the annual current expenses
the State for twenty years TO come, and set he egge
gate down debt without of setting The amount by inc
current revenues that will be assessed 10 discharge them
us to estimate debt the contingent liabilities she may H.
cur 10 the way Of appropriations from time to time du-
ring that perod without estimating the property she VIII
acquire BY the funds expended
The second leading aacy Of the report is The low Inquire
al which il rates the known of the Common wealth
These il comedies 10 be worth the undoubed OF
but a. 300 00U though The State owns s3sOo22O Of STOCKS
in banks and mortgages upon and socks In
nominay worth sli 900 00O TO show thu sl4 100000
Of property Ia moonshne-ha account of her
property in the River Canal. two bundled mes long
,ioo 10 produce $1,000 per anoum every year mere
nor ner large interests in other navigation companies
we clip the following table Of the rail roads OF the COM
from yesterdays Times her interests in which,
10 loans and subscriptions hough nothing in some OF The
roads lsted least one hall OF the aggregate
"a initial stock of the whole: