Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1853-04-19

III. s,5si"-t IL reducing: The ,al, Subscriptions II
81 III @u' IL; hnt appears iom the iitl -lat'itnt a! Ihc
An,titis thar large part "i The bonds soil was ap-
I:ei account o loans ana appropriations 'i tfr present
session. valid subscriptions equal 10 ). to- us So
rseal ot 81 II .G9 Bu; this bring thus enlarged
effects corresponding reduction in The loans md apHoPTIa
nns o The present session and will not vary the rrncrh
tc.uit OF debt and liabilities This OF 81 ,iG OILS 80
has "n actually subscribed by the Board OF Public Works
10 Joint stock companies, works rapid
"f construction aud will be paid last :e WORKS can be
carried forward. 1t depends contingency, but The
voluntary Abandonment Of the works BY the companies The
a'eIs bound {" pay par pasSH with the private corpora.
"7-she paying three dollars when they two The pri-
Ea'' roTp"rators compeabr by the conrts-and the
phti oil Pnlc Works liberty 10 snos@i!bc IN
" h.y We're Shed by the evidence that the Individual
"oSEtlhefs were solvent and aUe TO pay This item s
H','i'II M carried into rha table OF debt and liabilities
- io U!1 80, and ii may be- safely assumuct il will br
p"l'd .Ot 10 short tine II admitted by You 10 be pro
Gtry Included in the taDl.
if neat i an item S6Si 100 OF subscriptions ,in
locK companies not yet organized This is contingent
liability AMI u l. srld in the report that 'rhc liability
State an ms must depend the organization the
Companies In The Second AUDITORS report page l5 there
'r'ehoi oi authorized subscriptions 10 companies. o
whose "ganII,ii"n Information had received Both
sept lc3, ana the footing forth the pues S6S4 AGO.
tia il said in the lnt sinenen, o the Auitors thst
Sincc sum Scp lo32 the statute OF limitations has barred
~ amount reducing Is III $25 $50 naI there
fore carry INTO the table contingent anly cqra
22l5 zoo
Ia The report of hr Second Auditor page 3d. hee Is
statement o liabilities ot the State, o jhc
guarantee "t the commemorative bonds Of c"rporaou
of internal improvements, 5Ut September lcoe exhibit
ing III" amount 0t IS 9l S74 stated The report from
the Committee o Finanre The liability OF The State
depend The delamIt her obsos and in respect
10 So 100 600 they have already made default; has
pad the interest on that through The last fiscal year
and mrie provision or The fiscal year. Ii made
s'5Irct complaint that the report from the Committee
Finance takes nn notice OF the lien {" Ifr commonwealth
hc works o! The companies her indemnify against
loss confess regard those liens Jl small value On
motion made 10 the House o Delegates forr,luS- the
IN thp n hoes
Company. II vas argued ty the internal Improvement paty
dat thr mortgage extended only TO the night 10 receive The
tolls and that the value of the lien would be destroyed by
the fact Of being put ~ s1le na Maryland would
The purchaser al price merely nominal and the motion
tcrecl0se defeated
A. hc lien The James River COMPANY the State
n"nnt security L. that company for 90 100000 The
whole =tock OF The company is So 100000 Of which the
State So $50 O00 and private corporator- hold
Il 10000 which commando the market 10 100 OF par
r, whole amount being worth in The money market abon
S41U, GOO, about eighth OF the sum guaranteed
conclude what have 10 say these guaranteed bonds
With quotation from the OF Governor Floyd 10
tic relation borne them by the Commonwealth In adJt.
"u the direct debt ri the Stale above mentioned the
Commonwealth has rendered herself responsible In the
bonds u several corporations within the STATE to the
o 81 5i4 3d. ana has promised future 10
the amount ol 81 lob $50 making total o 9l.c9i
The effect OF the States guaranty these bonds j. render
cm riTfaaHy STATE bonds in e estimation oi purchasers
and toen holders. They hus compste in tr market with
, tebGnlrcs issc bv The state iGf her benefit; and
n they necessarily pressed y the companies which s
~, Them into market The STATE finds herself suhiyrtra
&" constant ani injurious competition "th secIfies
wnc wiio they drics Meu chet raiUc and riyue from
he enforcement nevertheless, all times tending I" de-
prcciale her stock or impede lis n'g"tia,ion II he
lls continually forced nta false POSITION aud De
mAc every The rival o herself she vii vainy niirrp
10 elevate with her night hani what she - thus Sead
l. presin with her lett In order 10 prevent The increase
continuance ~ 80 FALSE ro.try, ana {" enSaic - The
State AZ nil times me command her markets Inc
choice ~ her opportunities, aud tile selection Of
her times sale should deem crpeden' 10 Identity
guarantees tch tie other bonds AZ The STATE by issuing
in III stead coupon bonds similar 10 hUsc recommended
above and ?r"cctng herself aud ptos!dng Tor Their payment
and a.; the payment o the interest thereon a5 II may "!
u.. by Ithng from The respective companies ample gnlan
tsc- and cages o their property. By ihis measure.
air the liabilities Of he STATE the obligations ol the
cfr,Ia"n, will he Increased altered while The financial
mi hrs ot Commonwealth will b. moulded into sym
m2irIcli unotm and simple oraanlZatlon1 which Viii ia
cl''"o tho circua"n and sale o her s''Si, aud '"r'
qurny give value in the market ana estab
ilSh her credit on permanent and assured basis
From this quotation IL appears Guvtrnor!F oydcoisiIeIeu
guaranteed bonds riraAy STATE bonds in the esiini-
;i.n purchasers and foreign holders that they derived
,.i! ctei rdue and from the endorsement o.! the
rc and that the liability Of the State will not BE- '.rrea'sd
py substituting them with State bonds.
The sum IL >325 100 t. entered in the tsbI iler ;e head
Of Temporary Loan There is contest a5 10 ir nrhoua',
nor TACT OF its having been borrowed b. the audi.
tor ii" Board q Public Works 10 enable him 10 meet he
,.'.!- the Treasury Ii was borrowed under the au-
tI'Y oi l,w. which reqnitrd il should be returned ut ihe
rni ul six months. from the rrgn'a revenues nl the State
but HE ri the treasury has not been such as 10 en
,, the auditor To roirly with tins ndi,ry provision oi
rutir Works Ia cancel the debt against the auditor TO
avoid The necessity :" raising the revenue to pay II oy tax
un -I, ihcr. fare. without Comment, rAche II from
| ii.r r.t}r o, c;t hnd liability.
h rinu- ua the action of the present session o as
-mb. Laws have pussrd during tho session making ni-
ct uupoa,i0ns equal 81 542 $40 lnls sum Is dtpen
dent on no contingency known 10 The public iunc-
u.nr- are hy law E,qui:cl Ia cXpend this sum "r thr
specified 'cels as fast "a their eSlg"n-
c-- -hai require.
L9w- have IA sj auth"xng and requiring loans 10 certain
.l s;,.l ttinplnics equal IL S3UlUhW These i"p"hd
r NJ contingency other the acceptance o the loans
H. ma .!pun,S which there was ncveh doubt express
! ed. -,
~, learn rom the Jonl statement 0i The i"o AUDITORS 'a'
uay;ntnts on account Of these loans and appropriations
N cu mad. already. equal at The date 0t the statement
a. S:6.Gl and these Items, less HE pay InCnt VIII
| a.. =, ,riri in,p the table oi debt and liabilities.
T,s have passed authorizing subscriptions 10 joint soch
clnran,.S equal 10 ST. i6GiO Much ol This sum s tor
o mi; rgf,"nt oi capital stock Of companies already
,y .aani1"d and si be speedily called ior Much "i u
i. i, ~ o,ani.s which will be organized al an cary
r an! some 81 is companies who's. organization i
uncertain But all Of may he called to and very large
rrarnrnn wi certainty be rallied tCT subject tn These re-
mark, nOw submit statement "i III" debt and liabilities
! n III" State
| . -, m. nhlr sl6 Soy SIS 80
+ r,c, II puhic Works ani Literary thnj i2=@olS >!
| In,r- and appropriations present session. les .,-.,
- -, ,.'i, .i,,,,.. ihI OILS 81