Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1854-11-28
TUESDAY MORNING, NONEMBER 1854.

The fund thus set apart shall be called The sinking
fund, and shall be- applied to the paymrn: OF the IN
erca Of the State debit md the principal of such
part ~ may be rctccnahlc. Ii III part be rr'Iccun-
be- thcn the rrs;t!u" Of the sinking lund. after the
uav.nriit Of such interest shall be invested in the
hul;,is ur certificates If 'leht Of This commonwealth
ur uf some OF the States of this Uuon and applied
the payment nf the State debt rs it shall become IT,
deemublr Whenever, after the sold first day at Jan
rary, n debt shall be contracted by the ommon-
wealth. there shall be set Gpart in like manner annu
ay, for thirytour years, sum exceeding by one
per cent the aggregate amount of the annual interest
agreed {" be paid thereon at The time of lis c"nirac
ton; which sum slnl he part of the sinking fund,
and shall bc applied III the malicr before drccted.-
The Gene rll Assembly shall not otlrrwis. apprnpri
ate nny part Of the sinking fund or is accrlnG inter
cst. except i'll time ot war; I1Surrcclion nr INVASION.
80. The General Assembly NAV. at any time, dI-
rect sale OF the stocks held by the Commonwealth
in internal Improvement and other companies but
The proceeds OF such sale. if made hcfnrr the pay
ncnl Of the public debt, shall constitute n part Of
the sinking iund, an" be applied III like manner.
"3l. The General Assembly shall not contract
or cause 10 be issued certificates nf debt bonds oi
the State rrrdecuabe Tor period greater than thir.
tY-t"ur yras.
These are the provisions of the constitution Of VIZ
.inla in regard TO the contraction OF debt end the
Drompt paymcni ufin:rr,Wt and prcipa six per cent
OF the sam set apart annually paying the interest
and one per cent compounded for ihrryiunr years
being suIrirn; IL pay the principal /" carry those
provisions into cficrGIvc practice the Legislature {"
The STATE, nj its sessions of lSJ2J3, enacted laws
mpusin. ,nxcs upon the poop and property uf the
Srnc ch have since been III successful operation,
and will continue III force until every dollar oi Stn:r
debt rrrI,., and prospective. shall hav" been rr-
lcrtnc,l. Already the Commissioners nf IN" Sinking
Fund have rrir,iard portions of TINT Icbt rs thr
same hralnc rrdrrlrahlr, and will c0mtimu" annually
10 redeem u;hcr portions is they mature for rcrmp-
don fsy tie way ihe first Gay uf February next is
the period iiXc,t upnl for the redemption u another
instalnclt ui this Gcbt.
Tine interest upon the State debt has, at the same
fine been paid pr"mp; TIE first days of January
AIT, july uf each year; and upon the first day ui
January next, usual, III" tciml annual interest nhn
the entire debt Of the STATE viii bc la'-lhr mcccs'
sarv annuu, having been raised by taxation III Uhe
,iirncc To the foregoing provisions OF the coiStl;u-
| :iun.
| These gratifying events must occur and cannot be
nr,.v,Icd bv tnr failure suspension Of any hgcnt
or u.ru;s that ina, br employed by the Siatr They
are tie result % laws III operation in tile midst "t
urolc who REGARD them ~ just, not hur"usomc nor
Oppressive III inci' executions and VIII" would cheer
illv submit to qIa'!ruplc their present taxation RI
hrr than consent directly or Indirectly tu The !ra oi
rcpudiaun. THY hav" Incorporated into their con-
,tiiurinn and iu,libly impressed upon their statutes
the practical, oc"!"mIcH and sal" idea that "h'ncSty
| is the best policy. and hav" therefore, determined
that no debt sail h" created without, at the same
mc. making certain provisions Tor lis positive mn
| conditional rr,!.mpti"m al II specified time.
In the face "i these ia"ts-nnd thcy are nc"ntr"'
ycrLc. aui wi! be lacis ong as there are honor
and good ia! III Nirguians-l ask, you, SIR how can
hr suspension of any financial agent Of the State 50
seriously affect her credit as 10 prove disastrous tn h'
interest au unnecessarily involve II suspension n iL'
work on al. the improvements III progress within h"l
limits The idea is absurd, md but for the pr':>um!
ton ta: the writer could not have been \" w!tkrd!l
disposed, i mi.ht b., termed malicious.
| n!n, s::, very respectfully your "h III ser VI,
| W. X. DRINkARD,
! S. .'ry Bnmrl nf puhlic Work. Of virginia..