Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1853-03-30
state Debt.

ates finance committee, wasprepared by that EN-
inent croaker Hon. VIM. 0. GOODS. of Mccklen
burg-''CasSandra" Goode, as the Richmond Er-
Gn'insr not lnaptly names him, for his dolorous
ami nncred'ted Vaccinations of State bankruptcy.
1hs statement is dcmonstrably tallacous-less
o' financial statement" than an argumeDtatlye
report or speech to bolster delusivo prophecy
OF State ruin, OF frighten the Improvement party
of the House away from the State TreaGury. Ii
the last were its only effect we might perhaps
less regret its appearance Just now; but it will
fail of that end-its authors monomania on the
subject being well understood ih the LEGISLATURE
and it will only have the bad effect to depreciatc
the State credit abroad. and elnbarrass her now
Prosperous fiscal affairs at home. 1t is believed
that it will certainly defeat bill now on its pas
sage in the New York Legislature, making Vim
gdla bonds bankable in that State, and thus Civ
Ing them currency all over the commercial world,
at high premiums, and ensuring ready sale
whenever funds are needed by our State.
We have not the report itself before us, but take
the following abstract Off from the Bdttimore r.
msricm:-
Statement of d4sttss ira liabilities of Virginia
on the LIST instant -
Bonds held BY the public, $l5,569 SIS 81
Bonds held BY the Board Public
Works and Literary Fund, 1895, 5l6 81
Old valid subscriptions, l,l4t,260 46
Authorized by former laws, 664460 90
Guaranteed Bonds, 3.9l4,S73 90
Temporary loans, 329, 400 90
a. $23,l64, OS7 &c
Loans at present session to LIST
March, '53. 100000 90
! Direct appropriations to internal
Improvement companies up to 80, geo,
same day, l.393D08 90
Direct appropriations not to inter r....
nal i'm provemonts, $1,000 90
Authorized subscriptions, 100000 90
Total debt and Liabilities to fst
March, '5s, s2s,5e5D37 6s
| From the LIST of March to the 10th
inclusive, additional appropria.
tiOns were made equal to 2,oG7 500 90
From the 10th March TO 10th in
elusive, other appropriations -
have been made equal to 2,095,540 90
Total to 10th March, 1858. $685. 1T 6S
This sum may DC increased by
million.
TABLE oE RESOURCES.
Bank stock, 81, l43,S $50 90
Stock in other joint stock companies 743 ,207 so
Stock in Old James River Company, 254 $50 90
Bonds of joint stock companies, lS2, SIS 90
Bends of James River and Kanawha :, -.
Company, l,9S9,l45 SO
Applicable to public debt, S4,3l3,5Ll Is
La addition To this sum of resources, the Com
monwealth has invested in works of internal i'm
proyement, not yet complete the sum ofS9, 43Q, l59
As, for which profits may be expected when the
wCrksare completed but any estimate now ofthose
profits would be mere conectural.
Investments have been made in other works
equal to 81 ,409, $50 o. but as they have yielded
no dividend heretofore, though in state of COM
pletion. no profit is expected from them through
the future,
The author of this report must have been labor
ing under an optical illusion the debt of the State
is viewed through the magniiying end of the glass;
and the resources are seen through the reversed
end. Debt s32,00 200! resources s4.OOO,00O!
How are these figures made out? From the
report Of the Senate finance committee up to Sep
TENDER, 1852, we find the actual debtof the State
represented by her outstanding bonds, at Sl3,-
$685. 23. To this sum Mr. GooDs adds some
100000 ofsubsequent approprations-by loan
or subscription to public works-sl ,5225lS of
the States o,cn bonds on herself-over 81 100000
of loans and corporation debts on which The State
is only surety, with mortgages to indemnify
herself against lOss-and the balance Of over S.
100000, consists of appropriations to the stock Of
improvement Companies, some notyst organized,
to be paid ,chsn a pro ro!a amount is raised by
private capital!
This sum total of s32,0OO,0O0 is presented as
the actual debt of the State. although incurred by
appropriations" to Bank stocks-Stocks of I'm
provement Companies on mortgage, &c.
what individual citizens are accustomed to call
''invesments" rather than debts.
On the other hand, the resources are stated at
only S4,3l3,5lll Tie table gives the value Of
certain stocks, exclusive Of the banks at $780,
65l, but states the bank stock at only 81 49,
$50. But the true table of bark stock owned by
the State is given in the Senate committee report
is as follows
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