Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1854-04-07


OF MR.. M. r. H.. oF soos
Made in the House Of Delegates Of Virgin'c' Mlr'n -0''U0'
NJ, Spr.Krn:-I ask tho attention OF the House, "hle
assign the reasons for the vote shall sise' ana md hs b,ri,
rrmsrks on the condition of our finances. l shan Dc ~"
as the late period OF our session aamoa annn ono No for T the con-
s,ruclion of q rail road from the Virginia and IenheS'iI
road to certain plaster banks in the county OF omSun.
contains no element of private enterprises not even ue .
inint stock partnership between the State and lndl'ou %hn
bu, the construction is to be wholly on State account. Nv
work is essentially local In its character, and Il inc o"uers
NJ these plaster banks will not risk their money In an eh'r,.
prise, designed chiefly for their owe beneht, l an equan!
reluctant TO hazard the Commemorative. l can see 10 l'S
iifcatioH for such q bill.
Our labors, Mr.. Speaker, have drawn nearly TO a close
aud Of the enormous appropriations asked tor al Tue pesu,
ming Of the session, amounting, l believe 10 neatiy wen mi
millions of dolars, we have agreed to not quite one WI.
lion. And, | think, sir, 1t can be shown that the true anu
iudicious friends Of internal improvement have reason ~
congratulate themselves on the result, that this general De.
feat is preferable, even for them, to a general succcs.. ~
nrove this, ! must make a condensed statement Oh our
finances. The materials for a correct estimate nave oee"
procured only within the last few days, for neither the Au-
dIlor, nor the worthy Chairman of our Finance Committee,
GMr. MAp7z) knew wha, disposition had been made OF our
State bonds, when !hsy ,d MADE .de u, I si,or ,sns ans calls eaiIs' -
We were told, sir, that We had, and would continue 10
have, a considerable surplus in the treasury. Let US see 10"
" The baIance on the Is, day of last October. Is stated at
slS62s9 81. 1t should be remembered, that this balance
was the resui, Of loans. There was a direct loan O'
ia dO0 no and to this was added the net surplus of the Ia
ternal Improvement fund. amounting 10 S223.557 Sd mace
Nd chiefly Of premiums on other loans; bu, these premiums
are JuSt as a.. ~ 7, was by Inns borrowing money, that we co.
yered the real deficit Of s253,327 IL OF the last fiscal year,
and produced an apparent surplus. Inc same PoHcy haa
hean nursued in the Two preceding years, when the true de-
felt was, as the Auditor stated In his report December, 1897,
s3d3 9i5 81. Thus it appears, that for The last three years
we have borrowed, not only 10! woIKs Oh internal IMPROVE
-. l, ono, % old IN p,yinut the interest ut Our debt and
defrarine the ordinary expenses OF government, at the rate
of S2vO. 900 4 year. But, sir. VIII say nothing OF the past
| will assume this balance of $3.50, Z5O 81, as what our laws
have made il, The busis Of our estimates Tor the next Two
In order 10 correct the Auditors estimates according to
The facts now before Us, we must ntst eaanllne .G estimates II eu
know, sir, forms Il part OF the Income OIL our treasury. In
the first place, then, In calculating tho amount OF that sur
nLIs thc Auditor made no charge for the interest on the
Guaranteed bonds of the Chesapeake and Ohio Canal Cum
osuy, for which we have in part already mude an aPPropfi'
alton, and which II is now certain. we shall have 10 pay lot
IN Indefinite time.
AGAIN, amongst the future credits Of this fund, l find an es.
Innate Of $3.50 200 per nnnum, for premiums on me sale Of
our bonds. strike out this Item for reasons which VIII
presently explain:
These corrections may be summed up:
Net surplus OF internal improvement fund, tor
the year ending September Goth, 1854 accord
ing 10 Auditors estimate. s5iz'Si3
Deduct the estimate for premiums on
lolns, sloo,ooo
And Interest on Chesapeake and Ohio
Canal Bonds. from July LEI, 1885, 10
July Isl, 1854, inclusive, 4o,i3V
Corrected nc, surplus on September 3O,h, 1854, 377, 523
Net surplus of came fund. September a0!h, 1855,
estimated by Auditor, olZ.9ol
Deduct estimate OF premiums. as BE- ~
fore, l5U.UUo
q and c on lob bon5s 10000
ao 0"'' '"" - 100. 600
co,,cc,od a,,ro,us on seo,enber sO,h, 1856, 1892 e5l
say nothing of the possibility of the interest on the qua
ran,ied bonds OF the Jumes River and KanaSha Company
The Company paid the last instalmen, OF interest due, only
by usirg money loaned by the State itseli, Tor oIhet pun
poses.
The charge of the Sinking Fund will also be greater than
he Auditor supposed at the commencement of the winter.
/ Companies have been organized which he did not anticipate.
and we have appropriated at This session abont 100000,
nearly ali of which will be called for at an early day. / be.
lievc that the Auditor himself thinks that his estimate OF inc
appropriations for Internal improvements, likely ~ oe called
from Sc, 3i9, 1856 10 at least 81, 000. 900, besides the approPria-
lions Of This session, which would make a total oil nearly
eight millions. But II you reh:c,; sr, 'hat ms M ss set sGo "i
subscriptions aud Appropriation, authorised by laws oi former
sessions, think you will ugree with me, That It Is probably
at least n million too low. | believe these two years will call
for nine millions, cay five this year and Iour The next. III um
right, The public debt will bo increased beyond the former cs-
Innate. and there will be an additional charge TO make icr In,
lerest and Sinking Fund OF $50 35 the present year, and
Sll9,940 the succeeding year. In this calculation, l adopt
The Auditors rule Of averaging the interest on the whole
debt :. i &C 'Ss. % a"'Is Inc II ~ ys p;s a. 9 e,.,s, ,S sS.ee per xs sSa,, w Sus !
make u YET further charge Of s5o'uoo this year. afa s4o'V0o
next.
and expenditures for the two fiscal years. Ihey VIII y %
Balance in The Trcausury Oct. Isl, 1883, SLoo.<o
Ne, surplus O! the internal Improvement 'nha' a77 s2a
before shown, for the years 1851. u,h '"'7N'
oh and,, IeGea ~ ~ sa"' '''' l,G2l 1872
To,,, s2,la5,564
by the Auditor, s2.l25.ls3
Additional charge for the Sinking Fund, aO.3l5
Appropria lions made this session TO H.
terary and charitable institutions,
&c, not included In the AUDITORS
estimates, lo,lou
Deficit on Sept. so,h, 1854, s5s, ia
Au yeafs I u35 '"A'' V s2ls2. 664
Aa es,iw0ted' e III III "A 'A lls $40
Total expenditures and charges for 1915, s2,3:6.TlS
Deduct from this sum
Net surplus of Internal Improvement
fund for 1915, Sa32.9ol
AUDITORS estimates Of other receipts
for came year, lolo XIX o.o u,
Desci, on Sept. so,h, 1855, $685., 495
To this sum should probably be added, as ! said before, q
further amount of $4,000 for additional charges of interest.
Such, MI. Speakers The result. When our euccessors next
meet in regular session, instead OF a surplus OF S3ZOO0U, as
we fancied three months since, they will probably find a dehcH
in the Treasury OF $40 600 10 S420, 600. Were We now 10
provide for this, the taxes would be al once raised four cents
on the hundred dollars. | next proceed 10 inquire the amount
of our debt at the end OF tho two next years..
The Auditor reports that the actual outstanding debt on
the 3O.h of September last was S.9, 04l IT'S. The State Is
now also liable for subscriptions 10 the following amounts:
TO companies organized before September 3Olh, uo.,o
1853, si.1oOn39
To companies since organized, 3iOsO0
To companies yet unorganlzed, Zaos'o7o
Total o. former appropriations, SIC, $685. lg
Appropriations of this session, nearly oil 10 or.
gained companies, about 9uOOOo
ro,,y. sIl, 500 ls
Large PORTIONS of these subscriptions have been drawn
since last September, and | have already shown That nine
millions of dollars will probably be added TO our actual debt
on account of them, before October lst, 1855. Add the
$500, 900 of the guaranteed bonds Of the chesapeake and
Ohio Canal Company, aud you will have on that day an ac'
rual debt of s27, SAL IT'S To pay interest upon. And the true
- 49, % .nz LII, hefore Qctnhnr 1876 IL no farther apDro