Republican vindicator. [volume] (Staunton, Va.) 1849-1857, 1855-12-08
u such licenses denend upon the grant,

OF the people, the friends Of temperance
have Induced many of the couiis to refuse
such licenses. From this and other causes
mere was deficit IN the estimate ell this
Item $34, 02S AZ. add to this the failure
GA the part OF the James River and Kama
vi ma Company to pay the interest on its
cent to the commonwealth, Of SIG 11S 50,
aud lroia these sources alone the estimate
exceed the ieceip:s, S55S 335 50. The
apparent deficit. however, does not amount
to tins sum, because on other subjects Of
taxation there was considerable increase
upon the estimate. The estimates Of dis
hn'sement from the treasury have come
within few dollars of the actual cxpen-
dltuc. The deficiency, therefore. exists
III the receipts, and is attributable to the
causes just suggested.
1t Is gratifying to know, however. that
while there is an acknowledged defcien-
cy m the treasury, there has been paid
within the period in which it occurred,
by the Sinking Fund, of the debt ou.stand-
ing and dne prior to the 1st Of January
1852. $27, 1S3 33 , and there has been in
vested for the redemption of the debt ere.
ated since that period, $!91 800 so cents,
making $469,064 % cents. thus reducing
considerably the State liabilities.
The statement Of the second auditor
exhibits the condition of the Fuad for in
ternal Improvement.
The difficulties encountered by the
Board Of Public Works during the fiscal
year have been embarrassing. The law
properly prohibited the sale of State bonds
below their par value. The consequence
has been that the board has not been able,
from the depreciation oil those bonds be-
low par TO negotiate the loans necessary
to carry on their works and 10 meet their
liabilities. The general assembly, TO whose
wisdom the constitution has ntrusted the
power TO make provision to meet the obi
cations imposed by law, will no doub. re-
lieve the board from its embarrassment.
The actual amount Of the public debt at
the end of the last fiscal ear, exclusive Of
the temporary loan made during the year,
was $24.705,479 IS, consisting Of GIL
512 479 SO registered debt, and SIS, 1884,
600 Of coupon bonds, being an increase in
the two preceding fiscal years OF Sc, $685.
704 10.
Independent of the provisions made III
the constitution requiring seven per cent.
10 be annually set apart 10 pay the in
teres, upon this debt and to redeem the
principal, which will llquidate the entire
debt in about thirty -four years, the COM
monwealth possesses stock representing
the entire amount. And while candor and
truth require it to be stated that these
stocks will not produce anything like the
estimated value in the mark ct, yet the
stocks or the Improvements themselves
would produce very large amount, re-
ducing the actual debt BY their value.
OF productive stocks. the Fund for in
ternal Improvement holds So, 395, $50 46,
yielding all interest Of more than per
cent. IT. leans to internal Improvement
companies. secured b, mortgages upon the
several works, the commonwealth holds
s4,S75 2S3 80. The internal improve
men, fund, also possesses. in stocks OF fin
ished work, $4,000, $50 50, portion oil
which, when finished will become an in
terest bearing fund Aud ii holds i'll i'm.
proyemenis completed, but uneroduelive
S2.9O9,S34 63, making an aggregate oil
S2d2el 05l 81. Surely, with such an
amount Of property 10 represen! her In-
debtedness. the liabilities OF the State cam
net be said TO be beyond her resources,
more especially wren she is compelled by
her Fundamental law TO lay tax sufficient
10 pay off her debt, Independent OF other
resources, III Thirty -four years.
In addition TO the actual present debt,
the CONF onwealth is bound Tor subscrip-
tons and appropriations made by anlhorl-
~ OF law, for the sum OF S3,734, S51 %;
for subscriptions authorized by law, but
dependent ior their vitality upon the or
ganization OF companies to render them
effective, and upon subscriptions by others
than the commonwealth, 81 325, 740, max.
ing total of S6060,594 Oh. OF this
amount, it may be safely stated that not
more than 30, 000,00 will ever be called
for.
1t is proper 20 invite your attention
to the iac: that OF the debt thus stated, the
commonwealth has guaranteed the bonds
OF inierna! improvement companies aud
other corporations TO the amount OF So
0'500, and that the faith Of the State is
pledged for The punctual payment Of the
Interest aud final redemption Of the prin-
cipal Of these bonds. The interest Of
portion Of this amount has BEEN ana will
be punctualy paid. but that upon the
bonds of the Chesapeake and Ohio canal
company has been in default since the LIST
OF January, 1854; and il is certain that it
will be impossible for the James river and
Kanawha company to meet its next pay
ment OF interest The State is bound Tor
the pay mcnt, if the companies fail, and in
good faith she should provide the means
to Die the companies TO make the pay
ment. Nothing would contribute more to
raise State.4redit than 10 demonstrate an
alacrity to meet all her engagements with
out cavil or possibility OF failure.
The general assembly should not hesitate
TO step forward promptly aud manifest an
unmistakeb determination 20 raise by
taxation whatever amount is necessary to
place the credit of the State above suspl-
cion. even to the most skeptcal. The
State taxes are acknowledged to DC ex-
ceedingly moderate; ard the proud spirit
of Virginia viii! never revolt at any IN
crease which is required 10 protec. her
honor and maintain her faith, and at the
same time enable her to prosecute TO COM
pletion those works which are essential to
her prosperity and exaltatlon. She is