Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1853-12-08


added. the amount sin h. ~l7.65lul1 %.
/ Besides the subscriptions. appropriations aud
/ loans actually made. tho subscriptions ahth'f=
+ lied fo he made Ia companies Of whose ofgani7az
/ ton no information has been received. aud ~
/ which many perhaps may never be organized,
/ amount 70 S2,9luUz0, But tbs i contingent
and not an actual liability il may az may not
F become real il depends upon the proetenbiiiit
Of routes to be determined By surveys not yet
made: upon the formation Of companies not now
! i'm existence. aud upon subscriptions by lndlAd
ual= or cnrnarafions the books for which haYe
moi been and may never be opened. No hPf"-
pIiation II necessary 10 meet the interest upon
such debt, aud 1t is not far 10 estimate me
amount n debt when it is next to Impossible TIM
th, ,pfira sum can ever be made So 1t Is "a no
+ erBl allowance IA compute the amount thai my
I he called for az one=hulf Of the sum authorized.
IT, then The remaining Aalf boz deducted, the
whole debt. after sabtractng the productive M
reziIaents rs before. will be ~l0,l26,oj1 %
Aifof this debt H. flcuumnated unprodnctiFr
aud though il II So now, no one doubts that some
/ at the principal works for which II was created,
+ Will beromt a. soon a. completed, highly Yaluu
bic Many of them. even III their unfinished
+ -tafe are worth more than fifty aud seventy -fkc
+. per cent aud readily sell for those sums IN thc
market; and the day is not far distant when $50
luaq confidently expect such 10 bring their par
whine aud Weld dividend equal 10 the aHticipa-
will be relieved from the payment Of the interest
of the debt. t. the extent Of the dividends, and
the sum nov levied for that interest may be CON-
eertcd INTO fund for the redemption Of tlc
principal. And even with regard 10 those stocks
winch may never bc productive in The form oi
dividends. and which have 10 market fnlac, lis
gratifying tu know TINT the works for which the
liability Wa incurred, have been the cnasn If
approaching the value 81 the lands IN the coau-
ties through which they pass; Of increasing Tie
pupuafiuu. Developing the resources uugmentng
The taxable property; diminishing the expense 81
transportation. aud Offering thofoughfarnr n orr
praplc-uddiug 10 their comfort and convenience.
Thus, IN anoth, form, ample return viii be ma"
fo fhe treasury, jaftlfying und proving the WIZ
dom OF thu investment ii the entire present
uuprodnctiec debt, with that which mny be called
foiunder existing law, amounts, ns stated, lo
@I9,I26,U1l %, II is an amount by 10 mean.
great in comparison with the resources 81 the
state. he fnlue of the whole property Of the
people is estimated by the Auditor # Public Ae-
counts mt ~6eu,0UO 900. The revenue to ie
raised for the support of government, lucludHg
the payment OF the interest upon the entire debit
az required hy the constitution, will be about
~90u0ODo. 1.-THE whole fthis -ain wcreraisedhy
an all foiotem tnN upon all property which might
boz subjected Ia tuNutpu, the rntr 81 tnN ucCe=-
airy to produce the amount would bo less Tim
ihrty-f,e cent? on the handfed dollars. and if il
br said that large amount OF the property 81 thc
people hu- been exempt by law from taxation, and
n sr estimate that amount AT oue.thifd al Tie
whole vet. if the whole -nm rcqnsit, Tor the an-
nual wants Of the government be raised in li1.r
manner upon Iuu,Uoou0U Of property ttho re-
manning tAo-tlird-. the rate OF tax will only bc ~
cents On the hundred dollars, small las compared
with the magnificent results Ia he attained by the
debt incurred. But a. the Statc derives about
half ul her revenue from ather sources, II Is
manifest that much les proportion in the haa.
drrd dollars will he required MI more, ii l. T.
lowed, Than oat half thnt amount.
Il Will Ia scen, that IN euImcmtng Inc iubai-
tic. at the state, | hayo omitted tho-e 10 H.,
Literary Fund. have done Intentionally
hcoause, IN my estimation, this can only hr co5-
-tdered dehl from the ~t0te#to herself. Tho
total productive capital 81 the I.itrury Fund J.
~l,6u6.-u2 ~ lhs amount was crcatcd vitb
the means ot the state, and il invested in ID,
stocks of tho state bunk, in state errtlicatcesu
other stoekr and N loaus To colleges. The laHd
possesses ~l,lGd,Jo3 - o State certificate.
The state, thou, owes this amount to her oHI
fund. Inc object in creating Ills fund va. b.
provide capital whose principal Wa never to H.
diminished hat which should be invested So II.
to lcd aa annua intorest ior the puposes e.
eduoutiulE II the State then, pHNs the mt,re#i
annual, and never lays the principal, she az
eompltshos the object she had in lew in creutjan
the1uud. ltamouuts othe same thing Us ua
king u1 annual direct appropriation from dt
Treasury equal 10 Thu interest II II never con
lcmpalrd 10 pay thc debt, and, thercforo.it j.
#ueelc- toe-timate it IL such. Ii i, and viii h'
considered aud estimated a~ IA part oi the or,jiua
ny expenses of the government. The dcbt wi
NOT br ioh,ntrom one pocket and paid 10 muil-
er but the means will over he faithfully provided
iurhueral1ug and cnlightcning our people.
Tho operations Of the Sinking Fuud, which
hue only commenced during the last hsed y,ar,