Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1854-02-17
Finances of Virginia.
We have been supplied through the kindness Of

our Senators with snndry reports &C., now before
the Etgislsture, and among them the report OF
the House Committee on Finance. From a hasty
examination thereof, we find thatthe actual debt
of Virginia on the sothi of September last was
sls,o4l,775 so. This debt,wa created at sundry
times for the following purposes for Internal I'm
provement, $40. 776.66s so. Besides this there are
outstanding coupon bonds, much of it for Internal
Improvement purposes, amounting to SO, s15, 900,
the greatest portion of which has been created
since January 1852. Then the sum of $3.50, LOT 90
is borrowed and Invested in Bank stocks to the
credit of the State. making thus the sum first sta
ted the entire debt of the State. The State owns
as credit upon this amount productive stocks
equal 10 Ss.121 500 of psr cent stocks, leav-
ing a balance of 9,920,275 90, as the debt now
requiring interest to be paid by taxation-s5s5,-
ZIG 53lper annum. The State is liable an addi-
ton on account of guarantees for various compa-
mics to the amount Of 50, 906.s74. The State also
owes, orsis laGle to Internal Improvement compa-
mes for balance of subscription (part having been
paid heretolore) S5,957,424 As. Then the State
has TO raise in order to complete her loans to
ternal Improvement purposes the of 100000,
while appropriations to organized works (not yet
called for but will be,) have been made 10 the
amount of S3s3.3l5, the three last items amount
ing to S7,75o.739 As. The State owns in COM
pleted works 1928 IS of worthless Stock and
has $3.50, 7S4 SO in works unproductiye because
not completed. The entire amount of stocks
ownea by the State amount to s2I 81, 4s4 &c. her
debt being three millions less than the par value
of her stocks, but in fact the item of seven mil
lions seven hundred and fifty thousand, seven hun
dted and thirty nine dollars, 45-100 should be
added to the State debt. as it is substantially such,
and must be raised by sale of State stock.
The total amount of receipts into the Treasury
for the fiscal year ending Sept. 30th '5s, from all
sources, exclusive of loans, and including pre-
MUM OF, S223, 557 on State stock sold, amounted
10 29s 81, and the expenditures for the same
period amount 10 the sum of Sits, O4S %, show
ing al aiance in the Treasury Iincludng balance
from sptexiops year, of s1s6, 25s SO. The esti-
mated receipts for the year 1854 are S2,194,T55,
and disbursements So, i25,18s; and for the year
1855 receipts estimated at 2,247246 and esti-
mat ID disbursements for same period S2,1s2, 664.
We s ould like to know how many new appro-
priations entered into this estimate. The total
amount. of State debt and liabilities is SS2 6O9,-
469 95.!
While the State of Virginia can never under our
present constitution fail TO meet her liabilities vet
the zeno mous -"footing up'' above is we'll calcu-
lated TO make us ask who is to pay this debt and
when, and it may well suggest to our Legislators
the necessity OF caution in the future. Our taxes
are high enough, and we should keep it constant
ly before that borrowing process in fact les.
sens temporarily our taxation as the premium goes
into the Treasury. But this is too temporary 10 be
OF benefit, while it furnishes an argument to
squanderers when told 10 beware of public debt
1t cannot be forgotten that by far the greater part
of Virginia's Internal Improvement outlay never
will become six per cent. stock, and the people
must pay the difference in interest, and ultimate
ly estipgush the principal also. Hence the inn
portance of confning State aid mostly TO leading
works, works which will benefit The State at large
that the people at large afford Gas they u.ti-
mately must) TO pay for them. see from re-
port of the clerk of the House of Delegates, th.t
appropriations are asked for this winter to the
amount of Sl0,000,000. II the ball moves, where
will it stop, and what limit be placed 70 State
Indebtedness? None whatever. And the only
course which can with safety be pursued is to con-
fine State subscriptionto leading works, and as far
as practicable 10 works to which the State is al
ready committed. Unless this is done, taxation for
interest and sinking fund will drive of half our
best population, who will move elsewhere rather
than pay their entire earnings into the pocket of
the State.