Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1853-12-06


stocks the SOth September last amounting to $780,
2T5 so.
Desiring however to mako full exhibit Of 6nan-
ces that our credit may stand unimpeachod and uniu
peachabe Is proper that the amount OF actual
subscriptions appropriations and loans authorized 10y law
and remaining be paid after the SOh September last Is
T5O,7Se as. The much greater part OF this amount
incurred for subscriptions in the proportion OF three
fs the part OF the state tn twohhs on the part OF
others be paid par ass with the payment OF indvid
uals and corporations The whole amount therefore, can
be called for at once, but oy aS the works progress
u il estimated that there will probably be demanded, be-
tween the SUih September 1888. and the period in
lsAb about SO 500 600 leaving the balance be- called
for in after years II the whole sum, however BE- added
| the amount will be $l165l ola P6.
Besides the subscriptions appropriations and loans acn
ally made the subscriptions authorized TO be made TO
panes OF whose organization information has been
cevcd aud Of which many perhaps NAV never he organ
ICED. amount to sPlOOSO. But this Is contingent s"d
not actual liability: it NAV not become real IL
depends upon the p,accaby Of routes 20 be determined
by surveys not Yet made upon the formation Of compa
MES in existence aud upon subscriptions 10y ndi-
yduas corporations books for which have not been
aud may be opened No appropriation sneccssary
meet the interest upon such debt aud 1t Is not fair to
estimate the debt when IL Is next 10 impossible
that the entire sum bc made IL is liberal
allowance to compute the amount that may be call.
ed for at one-hall OF the authorized. IT. then, the
remaining half he deducted, the whole debt after sub
stractnc the productive investments as before will he
! SO u5t ~. All of this debt Is dcnominatcd un-
productive and though it Is 80 now, no one doubts that
some OF the principal works for which II created will
become n soon completed highly valuable. Many OF
them even in their unfinished state worth more than
ffy and seycuy.Gyc per cent and readily sell for those
the market; aud he day Is not far distant when
NAV confidently expect such Ia bring their par value
and Weld dividend equal the authorizations of their
friends lthev do the treasury will be relieved from the
payment Of the interest OF the debt Ia the extent at the
dividends and the levied for that interest
be converted into fund for the redemption Of the pnC
pal Aud even with regard to those stocks which NAV
never be- productive IN the form o dividends, and Which
have NO market value i; is gratfin IN know that the
works for which the liability incurred, have been the
cause approaching the value Of the lands IN the
ties through which they pass OF increasing the popuh'
ton developing the resources augmcntng the taxable
property; diminishing the expense Of transportation; and
offering ,horoughiares people-aiiiuS to their
comfort and convenience Thus, in another form, ample
return will be made the treasury, IuStyng ami proving
the wisdom of the investment. /! the eutrr present un
productive debt With that which NAV be called for under
existing laws amounts, as stated to Sl"l"Ou'i -, Is
an amount hy great in comparison with the
sources of The value oi the whole property Of
the people estimated 10y the auditor of puhl' accounts
NJ 5000 100000 The to he raised for the sup
port OF government iucluiug the payment OF interest up
on the entire debt rei 10y the constitution, will bc
about - 600 900 Ii the whole Of this raised
hy an al HItoroH tax upon all property which might be-
subjected ton the rate o necessary TO produce
the would he less than thirtyhve cents on the
hundred dobrs and 1t be said that large amount OF
the property Of the 'eoPe has been exempt hy las from
tlSann and Il estimate that amount oue.th-d ct
the whole vet Il the whole requisite for the annual
o: the government bc raised n Ike manner upon
SiuuuuO,OuO OF property, (thr remaining tWothlrdSI
the rate OF will only be fty 500, small tax
compared with the magnificent results to be attained bN
the debt incurred But A. the state derives about halt Of
her from other sources, il is manifest that much
less proportion n the hundred dollars val ue required
not more 1t Is believed, than one "1t thar amount
1t will BE- seem tlt in euumcratug the liabilities Of the
state have omitted those 10 the Literary fluid. have
done Intentionally, because, ia my estimation this
only be- considered drb, from the state herself The
total productive capha OF the Literary fund $l6u6,
500 a. This amount created with tc o! the
State and invested in the stocks Of tie State banks ia
State certificate, ia other stocks uUi ia loans 90 colleges
The fund possesses ilt7,5,S 80 Of STATE c5rhcaies
The STATE chen. owes this amount 70 her own fund The
object C.rlu. uil land 10 provide capital whose
principal w,s never 90 Dee dniusntG bat which aHoulI
be invested To WELD annual interest for the pur
poses OF education. II the state then, pays the u..r,
BnDua' auI never paws tHc principal she accOmpshp-
he utisc, suc had Iu v,ew an creating the fund. L.
mount 10 tht same dining mixing 4.-ul ircc, at
Precipitation iror, ilr treasury equal jhs interest. o.
never contemplated 10 pay tr a'rt, ami therefore, 10
Is useless % estimate DO a7 .uch. u b. ii 90 Jr ,JusiI
'''i "a ata.f part ui tha u. nary e., p-rt-,=
u' gov '""'",. az ,'. "'' ''' '. 4''.' nom one
poe. ''" pau !" ''','' I,' ''' "''' ~" ever "'
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