Star of the Kanawha Valley. [volume] (Buffalo, Va. [W. Va.]) 1855-1856, 1855-12-19

4 ASNS AASSWIllllU u lew
dollars Of the actual expenditure. -
The deficiency, therefore, exists in thu
receipts, anl Is attributable to the
causes just suggested.
It's gratifying to know, however,
that while there is an acknowledge
deficiency in the treasury, there his
been paid within the perioI in whic,i
It occurred, by the Sinking, of the
the debt outstanding and due prior to
the 1st OF January 1857, S477,lS3 81;
ami there has been investe. | for the
redemption Of the debt created since
that perioi, $l91, 9oo,9), making
s469,es4 %, thus reducing consider
ably the State liabilities. I
The statement Of the Second Au.
ditor exhibits the condition OF the In.
ternal Improvement Fund.
The difficulties encountered by the
Boarl Of Public Works during the
fiscal year have been embarrassing.
The law properly prohibited the sale
ofState Bonds below their par value.
The consequence has been that the
Boar | has not been able, from the
depreciation ofthose bonls below par,
I'd negotiate the loans necessary to
carry on their works and to meet the.r
liabilities. The General Assembly,
to whose wis lom the constitution has
entrusted the power to make provis-
ion to meet the obligations imposed
| BY law. willno doubt relieve the Board
| from its embarrassment. r Ar
| : The actual amount of the public
debt at the enl of the last fiscal year
exclusive Of the temporary loan male
turing the year, was 81, 7D5, 40 G3
cons:ting ofS11 ,5l2, 400 G3registere1
lebt, AMI S13,193.0J0 of Coupon
Bon Is being an increase in the debt
infthe two: preceding fiscal years Of
| 6.G63,7o l3. II - 1.~.1 4
In dependent of theprovision made
in the constitution requiring seven
per cent. to be annually set apart to
pay the interest upon this debt an / to
redeem the principal. which will IL
qui|ate the entire debt in about th;r-
ty-fouryears, the Commonwealth pos
sesscs stock representing the entire
amount. And while canslor an | truth
require it tebe state that these stocks
will not pro luce ANYTHING like the es-
timatel value in the market. vet the
stocks or the improvements them
selves Iwoull proluce very large
amount, reducing the actual debt by
their value. IT'S. e..
| OF productive stocks, the Funl for
internal improvement hol Is $685.
1882 SO, yelling an interest Of more
than 6 per cent. Inioans to internal
Improvement companies. secursl By
mortgages upon the several works.
Hthe Commonwealth holds d So 273
lib. g The Internal lmprovement Fund
also possesses. in stocks o unfinished
works. $i4,Oo1. 800 %. a portion OF
which. when finished, will become an
interest bearing finl. AMI It helds
Tin improvements completed, but nm
Epro luctive g. $50, S3l SO. making an
aggregate of S25,26l, 05l 81. Sure
fly, with such an amount of property
Ito represent her Indebtedness, the, il.
abilities Of the State cannot be said to
| be beyond her resources. more espe-
ciallv when she is compelled BY her
fun lamental law 70, lay a tax sufficient
to pay off her debt. inlepenlent OF
other resources, III thirty-four years.
In allition to the actual present
debt, the Commonwealth is bonn for
subscription anil appropriations male
by authority of law. for the sum of
S3, 1911 S51 O3; for subscriptions an
thorizel by law, but dependent for
their validity upon the organization
| Of companies to render themeffectiye
anlnpon subscriptions BY others than
the Commonwealth. 81 325 40, ma
king a total of So. ,o68, 594 03. OF
!. this amount. it may SAFELY stated
/ that not more than $4,000, 900 will
ever be callei for. .-s r . =. ]:
4 Itisprpper to invite yonr attention
| to the fact, that Of the debt thus sta
tel. the, Commonwealth, has guaraTl-
| teei the, bonds Of internal, improve
lnent companies AMI other corpora
tons to the amount of SO, sos, $40.
AMI that the faith of the State is
! pledged for the pnnctual payment Of
| the interest and final redemption Of
| the principal Of these bonls. The I'M
terest of a portion Of this mount has
been, an will be pnnctually paid, but
that uponthe bonds ofthe Chesapeake
and Ohio Canal Company has been
in default since the first Of January,
1851; AMI it is certain that twill BE-
impossible for the James River AMI
Kanawha Co to meetits next payment
ofinterest. The State is bounafor the
payment. if the companies fail, AMI
| III good faith she should provide the
means to enable the companies to
make the payment. Nothing Toul !
contribute more TO raise State credit
THAN TO demonstrate an alacritv to
meet all her engagements without
cayil or possibility Of failure.
rs The General Assembly should not