Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1853-12-14

proportion of the surplus funds
of the banks at the expiration Of
their charters. No debt thus produc-
tive can be considered burthen to the
commonwealth. Another portion of the
productive stocks yields an interest of Z
per cent, enough to pay the interests up
on the debt and to lay aside per cent.
for the purposes of the Sinking fund.
The aggregate outstanding public debt
on the 3Oth of Semptember last, the ter
mination of the fiscal year, was $18.O41.-
IT'S so. The commonwealth now holds
large amount of stocks yielding interest.
The par value of her productive invest
ments is 1896, III 63. Some of the
stocks produce six per cent.-some more,
than others less than six per cent. The
interest thus produced may be safely said
to represent any amount of capital equl-
valent to that which would yield that
amount at six per cent. This fair mode
of arriving at the value of these stocks
Estimating them by this standard, their
value would be S8, ,121, 500, being less
than their par value. II these profitable
stocks were sold in the market, they would
probably yield the amount at which they
are eollulhLcu, anu LuuS HllOIOJ 1uA0
sufficient to redeem that amount OF the
state debt. But if they are not sold, and
the operations of the Sinking fund pro-
gress, in very short time, in comparison
with the existence Of state, the debt for
which they issued will be liquidated, and
the state will be in possession OF those
stocks-probabIy enhanced in value, af-
forded her so much capital to aid in NEE
ting her other liabilities or constituting n
fund for fuure Improvements. If this
amount, then, be deducted from the ag-
gregate outstanding debt. it would leave
u balance of uproductivo stocks on the
3Oth of September las: amounting to 3d.
92o.975 SO.
Desiring however, to make full cXhl-
bit of our finances that our credit may
stand unimpeachaed and unimpeachable,
it is proper to state that the amount of ac-
tual subscriptions, appropriations and loans
authorized By law and remaining to be
paid after the 3Oth of September last, is
81, $50, ,239 45. The much greater part
of this amount was incurred for subsCrip-
tions, in the proportion of three ffths on
the part of the state to two-t'fths on the
part of others, to he paid pari passu with
LuC pay VI luNtNt40hlo ou0 -SA RSAH
tions The whole amount, therefore, can
not be called for at once, but only as the
works progress. 1t is estimated that there
will probably be demanded, between the
3Oth of September 1853. and the same
period in 1855, about SO, 100000, leay-
lug tke balance to he called for in after
years. If the Whole sam, however, be
added, the amount will be Sl7,6T1 OLA
95.
Besides the subscriptions, appropria-
tions and loans autually made, the sub
sctiptions authorized to be made to COM
panies of whose organization no inforula-
ton has been received, and of which ma
ny perhaps may never be orgaized, amount
| to 1910 OS0. But this is contingent
and not an actual liability it may or may
not become real it depends upon the
practicability CT routes to be determined
by surveys not yet made upon the irfor-
nation OF companies now in existence,
and upon subscriptions by individuals or
corporations, the books for which have
not been and may never be opened. No
appropriation is necessary to meet the in
terest upon such debt, and it is not fair
to estimate the amount as debt, when it is
next to impossible that the entire sum can
ever be made so. 1t is a liberal allow
ance to compute the amount that may be
called for, at one-half of the sum author
lied. If, then tho remaining half be deduc-
Gated, the whole debt, after substracting
the productive Investments as before, will
be $40, 126,O5i 95. ALI Of this debt, is
denominated unproductive and though
it IS so now, no one doubts that some of
the priucipa! works for which it was crea-
ted, will becsme, oou as completed, high
ly valuable. Many of them. even n
their unfinished 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 VIC may confidently expect
such to bring their par value, and yield a
dividend equal to the anticipattons oftheir
friends. Ii they do, the treasury will be
relieved from the payment of the interest
Of the debt, to the extent of their friends
If they DO, the treasury will be relieved
from the payment of the interest may be
converted into fund for the redemption
of the principal. And even with regard
to those stocks which may never be pro-
ductive in the forms of dividends, and
which have no market value, it is gratify-
ing 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 /; de-
veloping the resources auSmenting the
taxable property diminishing the expense
of transportation and offering thorough
fares to our people-adding to their COM
fort and convenience. Thus, in another
form, ample return will be made to the
treasury, iustifyiug and proving the wis
dom of the investment. If the entire
present unnrodnctire dnnht. with that